Rising rates due to the declining value of the dollar. Companies cannot pay the repair costs on claims without getting a rate increase. We can thank Bernanke for printing money 24/7 for our dollar declining.
I was told by a body shop the other day that GEICO policy wording is such that your car WILL be fixed with off shore parts if available, even if new. I don’t know if that’s true but if it is, that’s a huge savings to the insurer and for sure the consumer is unaware.
About 10 years ago I did a study on sheetmetal quality both factory provided and aftermarket offshore parts. Depending on the brand some offshore parts were better than the factory originals. The group of collision repair shops for whom I did the study rejected the findings because factory parts had bigger price tags and bigger profits.
BTW I just finished an 8 year stint with a Nationwide subsidiary and I found Nationwide to be the best! Sorry Becca didn’t have a good experience.
I got sidetracked. If consumers are unhappy with rising rates mostly driven by Obamanomics, they should be supportive of strategies used by insurance companies to hold prices down. If you insist on gold or platinum plated fenders for your car that got bent, expect rates to go up.
Oh, I get it. If consumers are unhappy with rising rates mostly driven by a record-setting stock market, increased consumer confidence, a recovering housing market, a decreasing deficit, and 39 straight months of private sector job growth, they should be supportive of strategies used by insurance companies to hold prices down.
LOL, what and who confirmed that load of bull Planet? Yeah, they keep saying it so people will believe it, but it ain’t so bud. Maybe in DC but not everywhere is experience what you say. The media is as pro-left as it gets and that’s what they want everyone to believe. Wake Up America!
draetish, those are facts. If you disagree with them, better come with some factual evidence yourself. You can have your own opinions but you cannot have your own facts. I think it is you who needs to wake up. Here, have a cup of electronic joe. It’s on me.
Ok Planet so who and where did you hear “your facts”? I heard that low interest rates on mortgage loans is over, the deficit is not decreasing my friend, no way, not the way this Adminstration is spending and the job market sucks unless you work for Obama, that is where the job growth is.
These are just a few sources. More than, “I heard that the…”
June 28, 2013 at 11:21 am
Libby says:
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FoxNews! As you say, “Oh, snap!” Cap.
June 28, 2013 at 1:25 pm
Captain Planet says:
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The voter who disliked my evidence either is like me and dislikes Fox so-called News or, “can’t handle the truth!”
June 28, 2013 at 1:39 pm
Libby says:
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I think that was draetish’s way of saying “Drat.” The same person didn’t like my snapping it, either. Curses, foiled again!
June 25, 2013 at 1:57 pm
SWFL Agent says:
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Not sure what auto companies can do to keep rates down. Repairing these newer autos is more costly (more airbags, backup sensors, etc), medical costs have risen, and the legal community is more aggressive. All major components of the premium dollar. Plus as companies find more ways to segment and price using credit models and GPS, the consumers resist. Other than some technology improvements on the servicing side, which isn’t much more than 3% to 4% of premium, the industy really hasn’t done much to lower costs.
When I read this headline, I went “Duh.” Of course consumer satisfaction is down as rates increase. Nobody likes higher rates. Carriers are making record profits and are trying to gouge the premium payors because they’re not getting record setting interest on their record profits. Boo-hoo.
“Private U.S. property/casualty insurers’ net income after taxes rose to $14.4 billion in first-quarter 2013 from $10.2 billion in first-quarter 2012, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus climbing to 9.6 percent from 7.2 percent. Insurers’ 9.6 percent first-quarter annualized rate of return approached the long-term average for the period.”
“Insurers’ overall results for first-quarter 2013 also benefited from special developments that bolstered investment results. Net investment gains — the sum of net investment income and realized capital gains (or losses) on investments — rose $0.4 billion to $12.8 billion in first-quarter 2013 from $12.3 billion in first-quarter 2012 as write-downs on impaired investments dropped. Excluding the decline in write-downs, net investment gains fell $0.2 billion.”
A combined gain of $4.4 billion. I guess they have to continue to increase rates so they can hit $10 billion. Or $15 billion. Or $20 billion…. You get what I’m saying.
Rising rates due to the declining value of the dollar. Companies cannot pay the repair costs on claims without getting a rate increase. We can thank Bernanke for printing money 24/7 for our dollar declining.
I was told by a body shop the other day that GEICO policy wording is such that your car WILL be fixed with off shore parts if available, even if new. I don’t know if that’s true but if it is, that’s a huge savings to the insurer and for sure the consumer is unaware.
Just had a dealing with Nationwide — their customer hit me; they denied any liability. Go figure — Nationwide is ‘not’ on your side!
About 10 years ago I did a study on sheetmetal quality both factory provided and aftermarket offshore parts. Depending on the brand some offshore parts were better than the factory originals. The group of collision repair shops for whom I did the study rejected the findings because factory parts had bigger price tags and bigger profits.
BTW I just finished an 8 year stint with a Nationwide subsidiary and I found Nationwide to be the best! Sorry Becca didn’t have a good experience.
I got sidetracked. If consumers are unhappy with rising rates mostly driven by Obamanomics, they should be supportive of strategies used by insurance companies to hold prices down. If you insist on gold or platinum plated fenders for your car that got bent, expect rates to go up.
Oh, I get it. If consumers are unhappy with rising rates mostly driven by a record-setting stock market, increased consumer confidence, a recovering housing market, a decreasing deficit, and 39 straight months of private sector job growth, they should be supportive of strategies used by insurance companies to hold prices down.
LOL, what and who confirmed that load of bull Planet? Yeah, they keep saying it so people will believe it, but it ain’t so bud. Maybe in DC but not everywhere is experience what you say. The media is as pro-left as it gets and that’s what they want everyone to believe. Wake Up America!
draetish, those are facts. If you disagree with them, better come with some factual evidence yourself. You can have your own opinions but you cannot have your own facts. I think it is you who needs to wake up. Here, have a cup of electronic joe. It’s on me.
Ok Planet so who and where did you hear “your facts”? I heard that low interest rates on mortgage loans is over, the deficit is not decreasing my friend, no way, not the way this Adminstration is spending and the job market sucks unless you work for Obama, that is where the job growth is.
http://www.foxnews.com/politics/2013/05/15/2013-deficit-estimate-lowered-to-642-billion/
http://www.foxnews.com/leisure/2013/05/01/us-housing-recovery-is-facing-obstacle-not-enough-homes-are-for-sale/
http://www.tradingeconomics.com/united-states/unemployment-rate
http://money.cnn.com/2013/06/17/news/economy/housing-recovery-builders-confidence/index.html?iid=obinsite.
These are just a few sources. More than, “I heard that the…”
FoxNews! As you say, “Oh, snap!” Cap.
The voter who disliked my evidence either is like me and dislikes Fox so-called News or, “can’t handle the truth!”
I think that was draetish’s way of saying “Drat.” The same person didn’t like my snapping it, either. Curses, foiled again!
Not sure what auto companies can do to keep rates down. Repairing these newer autos is more costly (more airbags, backup sensors, etc), medical costs have risen, and the legal community is more aggressive. All major components of the premium dollar. Plus as companies find more ways to segment and price using credit models and GPS, the consumers resist. Other than some technology improvements on the servicing side, which isn’t much more than 3% to 4% of premium, the industy really hasn’t done much to lower costs.
When I read this headline, I went “Duh.” Of course consumer satisfaction is down as rates increase. Nobody likes higher rates. Carriers are making record profits and are trying to gouge the premium payors because they’re not getting record setting interest on their record profits. Boo-hoo.
“Private U.S. property/casualty insurers’ net income after taxes rose to $14.4 billion in first-quarter 2013 from $10.2 billion in first-quarter 2012, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus climbing to 9.6 percent from 7.2 percent. Insurers’ 9.6 percent first-quarter annualized rate of return approached the long-term average for the period.”
“Insurers’ overall results for first-quarter 2013 also benefited from special developments that bolstered investment results. Net investment gains — the sum of net investment income and realized capital gains (or losses) on investments — rose $0.4 billion to $12.8 billion in first-quarter 2013 from $12.3 billion in first-quarter 2012 as write-downs on impaired investments dropped. Excluding the decline in write-downs, net investment gains fell $0.2 billion.”
A combined gain of $4.4 billion. I guess they have to continue to increase rates so they can hit $10 billion. Or $15 billion. Or $20 billion…. You get what I’m saying.
Libby, there you go again assuming. Sorry to disappoint you but it wasn’t me that disliked Planet’s evidence.