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They aren't dumb. If there's an outlay, it's covered somewhere by income. :) |
claim pain
Pretty much any type of insurance claim increases the probability that your rates will go up with any insurer for that type of insurance (house, plane, car). I recall a consumer reports mag article (more than a decade old now) stating that you should never make three lifetime house insurance claims for any amounts because it is extremely likely that they will result in you being dropped from coverage and uninsurable. The article noted it was not the claim amounts that mattered - it was the aggregate number of claims.
It is ironic that you pay for insurance to cover loss, but using it (i.e., claims for losses) will raise your rates or may get you dropped. It's a free market, so nothing against the insurance companies - it is simply a matter of math (unless you want house flood insurance in some areas of the country - in that case no one will insure you, so the government has stepped in and offers flood insurance). Anyway, the lesson is DO NOT file an insurance claim unless the insurance payment offsets the future rate increases. E.g., if my house is damaged for about a $1,000 above my deductible, it likely makes no long-term economic sense to file a claim. |
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Lots of "Apples and Oranges" comparisons here. The quote by the agent regarding deer being an "forgiven" claim relates only to Automobile policies and is a standard practice with auto policies across most states in the US. Property policies being cheaper has absolutely nothing to do with that. Similarly, the Deer strike in the plane causing a raised rate is because of the claim paid not weather or not is was deemed an accident. Every Insurance carrier can show you the data that backs the premise that the odds of future claims increases significantly following any claim. (Regardless of the $ amount!) This same data gathering by the actuaries is why policies get non renewed after many years following theft claims. Theft on Homeowner policies as it relates to future claims is a significant predictor of future losses. I always recommend everyone do a comprehensive rate comparison every couple years of ALL of your policies. One carrier may be extremely competitive in one geographic area and have totally horrible rates in another. Similarly, a carrier may be super competitive in one type of policy (Auto) and have crazy high rates with other types. (Homeowner / Boat / Motorcycle) These can all be based on many factors. Some of which are sometimes as simple as the company wanting to be more aggressive and grow a certain market more where they feel they are under represented. |
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Actuarial data on repeat deer strikes?
?Similarly, the Deer strike in the plane causing a raised rate is because of the claim paid not weather or not is was deemed an accident. Every Insurance carrier can show you the data that backs the premise that the odds of future claims increases significantly following any claim. (Regardless of the $ amount!)?
I welcome the opportunity to see any statistics showing that I will have a greater likelihood of ever having another deer strike claim, let alone another claim based on the fact that this event happened. Given your expertise in this area, how long do you estimate that I will continue to see this surcharge? |
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And speaking of which, I know of 1 person that has had multiple bird strike incidents... Skylor |
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YOU may not be any more likely to hit another deer, but statistics works in the aggregate, not in single units. I believe the insurance guy here :) |
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