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Info Seeker
Posts: 1
Registered: ‎07-14-2017

Re: 28% increase in The Hartford auto insurance premiums

Message 1 of 4 (151 Views)
our rates nearly doubled, no tickets, no accidents, retired, recreational driving only. 2 cars, we were paying $2000/yr. raised to $3700. We are X out.
Info Seeker
Posts: 2
Registered: ‎02-25-2016

Re: 28% increase in The Hartford auto insurance premiums

Message 2 of 4 (967 Views)

Thanks for your response. Agreed, however other insurance companies servicing this area face the same driving population and their rates do not appear to have similarly increased.

 

This strategy is not my supposition but what a trusted insurance professional has explained to us.

Trusted Social Butterfly
Posts: 6,865
Registered: ‎02-14-2008

Re: 28% increase in The Hartford auto insurance premiums

Message 3 of 4 (975 Views)

"...our Agent tells us that The Hartford has decided to increase their rates across the tri-county area in south Florida. Our renewal policy increased $690 annually. This, in spite of our clear driving record...".

 

You do realize your rates are largely based on the 'loss experience' for the company in a given geographical area. It matters little how good a driver you are. The rates are determines by how bad everyone else is.  I looked up crash stats for Florida. I couldn't believe the percentage increases.  Broward is up almost 11%. Other southern counties, not so much, but still significant.


“The world is a book. Those who do not travel read only one page.”
Info Seeker
Posts: 2
Registered: ‎02-25-2016

28% increase in The Hartford auto insurance premiums

Message 4 of 4 (982 Views)

Over the past year we have had our auto insurance through AARP and the Hartford, paying $2,497 for two vehicles. It is renewal time and our Agent tells us that The Hartford has decided to increase their rates across the tri-county area in south Florida. Our renewal policy increased $690 annually. This, in spite of our clear driving record.

 

My agent also tells us that it is a strategy the company has taken to reduce risk. They know that X% will drop them and switch to another company. They also know that Y% will continue with them and pay the higher rate, offsetting the lost revenue. So the insurance company, in the end, is able to maintain revenue with a smaller customer base and thus reduce their exposure to risk. Great plan for the company unless the value of X turns out greater than expected.

 

Although I think the Hartford is a top notch company I am one of the X's and am switching to another well regarded company with similar coverage, including accident forgiveness, paying slightly less than I did in 2016.

 

I share this in the interest of increasing awareness and motivating AARP to address this with the company and, if that doesn't happen, possibly making "X" greater than anticipated for companies that do this.