Still don’t see Hartford on that list. Silence May be Golden, but common sense would teel you that a carrier that can say we reduced rates for our insured’s because we care, is better than one that does nothing
First, what is a 5% savings when a Brooklyn/Queens resident pays $4,000 annually for an auto premium–BS, that what is is. The acting fool had the nerve to say that this equates to a $15 million saving for NY (playing with number-stat. 101).
Please do be fooled by Mr. Mill’s comment regarding combating auto fraud. Auto fraud and tort litigation is not what is padding New Yorkers premiums. What is in fact padding NY premiums is the system of greed and deceit.
The numbers are clear..premiums have shot through the roof and NY carriers are making a killing! I am not lame, fraud is a problem in NY but so is it in numerous other states across the country. The difference is that the regulation are much stricter and carrier are not given a free pass to abuse the market.
5% is a drop in the bucket. This is an insult to any logical person. NY rates are out of control. Fraud is DOWN. Fire and theft, DOWN. Claims payout,DOWN.
PREMIUMS way UP!
I am well aware we live in democratic and capitalistic society. I am well are that stock carriers and other carrier are in the business to make a buck. I just don’t appreciate the propaganda that is constantly being used to justify price increases. Don’t blame the trial lawyer, fraud ring, or the medical provider for your rates.
Please wake me up when they announce a 30-50% rate reduction–which will never happen of course.
I agree that 5% isn’t much, but NY is MORE heavily regulated than other states, making carriers more reluctant to lower rates in good times, because if loss costs rise quickly, they can’t get rate increases to compensate. Over-regulation is part of the reason rates stay higher in NY – that and no-fault fraud. It is ironic, but true.
Five percent of $4000 is $200. Better than a 5% increase, that makes a $400 savings. I can use that. I run the NYPD’s No-fault fraud unit and take pride in these reductions some say that we would never see any reductions. My gas, electric, taxes and mortgage have not gone down only up, NEVER down. We have made 1/3 of New York States fraud arrests for the past three years and we claim responsibility for these reductions. Five percent this year maybe five next, some companies have dropped as low as 12% in one year. We’re working toward that 30%. Meanwhile we need residents to show elected officials that this is a great concern of their respective constituncies. We need juries to convict and we need the D.A.s offices to be more proactive. Many other things such as recent court rulings and coordinated industry efforts are gradually shutting down the no-fault fraud business in NY so that lower rates can be achieved.
NYPD-Lt.
Glen, as a tax paying citizen of New York and an insurance professional in NY for 10 years, allow me to first take this time to thank you and you team for the hard work in combating fraud in New York.
Although I can appreciate your post, it really is not an “answer” to what I was getting at. We all know that fraud is a real issue throughout the country…not just NY.
Glen, obviously a 5% decrease is better that a 5% increase. The point that I was alluding is that the actual stats. is of no justification for the premiums being paid for by New Yorkers in the boros. Glen, auto fraud is a major concern in other states but the difference is that those same states have a lower auto insurance premium across the board–unlike NY. ACCORDING TO BOTH THE NY GOV. AND THE FORMER INS. DEPT. BOSS, AUTO FRAUD ADDS APPROX. $200 TO EACH POLICY (SOME QUOTE ANYWHERE FROM $60-$200). Assuming that these numbers are correct, the average boro. policyholder would then be paying approx. $3,800 w/o auto fraud. AM I THE ONLY ONE HAVING DIFFICULTY WITH PAYING THIS AMOUNT FOR AUTO INSURANCE. HOW CAN YOU SINCERELY JUSTIFY SOMEONE W/O ANY AX/CLAIMS PAYING $2,500-$4,000!?
Additionally, based upon the profits posted by the major carrier in NY for the past few years, rate could have remained constant or even lowered. Based upon the current trends, there is no legitimate reason for increasing rates other that pure profit.
The sad part of all of this is that most people unfortunately just sit back and allow the media and politicians (puppets) to tell them what to think and what formulas to use.
Yoohoo….hello out there…..where are all the NYCM agents?? asleep?? You won’t be sleeping for long when your customers start calling you. This so called rate reduction applies to only a small percentage of your policyholders who must qualify. Have you read your company bulletins this week??
Once again we have to suffer as the ins dept and governor’s office puff out their chest bragging of their accomplishments while most of the people paying the freight will see nothing but further increases in the second most expensive auto ins state in the nation.
As we all should know by now….you can’t believe everything (anything?) you read in the press. Got to go now…I have a NYCM customer at the counter asking me when is he going to get his refund check! HA HA.
Ok Winston I think we stand on some common ground. I can attest to however, that the money being made by those who perpetrate fraud are, on an individual basis, in the millions anually. We have investigated clinics and billing companies that generate tens of million yearly. These people only represent a fraction of all those who are profiting. Truce
We must all understanding that the mainstream media is supported and ultimately controlled by the political powers and major corporations–directly and indirectly.
What “alert” stated is so very true. The so called saving also mentioned by Geico and Progressive will not affect All policyholder of those carriers. The statements issued by the Ins Dept. and relayed by the media is inaccurate and deceptive. It is simply and political tool and good press for an industry despised.
Although I am not trying to “bite the hand that feeds me”, the simple fact is the insurance/financial is a major political and financial force in the world. They look for any and every way to turn a profit (I am not knocking that). What I have an issue with is the way at which they go about doing that–some unethical, so pushing illegal (I have seen and experience this first hand).
First they blamed auto theft, when that went down it was arson, when that went down it was soft-tissue/litigation, then it was no-fault fraud…Next up, CREDIT SCORING. Anything to make a buck.
AS JEFF GREENBERG (MARSH & AIG) STATED IN AN INTERNAL MEMO FOLLOWING HURRICANE ANDREW: THIS IS AN OPPORTUNITY TO GET PRICE INCREASES NOW.
Glen, I hope that you and your unit will go after both Hank and Jeff Greenberg next.
I reiterate the Thanks to you by a previous post. Keep up the good work combating fraud. What can a concerned citizen do to turn in the bad apples who are profitting from fraudalent claims across the state? Accidents that barely, happen, doctor’s and chiropractic visits that never happen and the continuous billing scans for no-fault that DO happen? We sit by and watch and hear stories like these at the grocery store, bowling alley, workplace and yet nothing changes. More advertising of how to turn these crooks in is needed…most people don’t know the route to take even if they wanted to stop the abuse and fraud. No one wants to listen to someone boost about “using the system” to make money! Educate the public on how to report the fraud.
I am sorry you misunderstood the company bulletin. The percentage of policyholders that are seeing a rate decrease is a large portion of the book with some of them seeing decreases in the 13-14% range. Feel free to contact me at x2858 if you have any questions, I would be more than happy go over the entire stucture of the rate decrease.
Glen I’ve saved several hundred dollars by the 5% rate reduction of NYCM. I also would like to comment about you feeling that you’re going to be overwhelmed by customers coming to your office. IS THIS A BAD THING? Do you contact your insured’s enough now as it is? Could it lead to more business?
Still don’t see Hartford on that list. Silence May be Golden, but common sense would teel you that a carrier that can say we reduced rates for our insured’s because we care, is better than one that does nothing
Because Hartford has such a huge market share anyway. I think they’re just going after the big ones.
First, what is a 5% savings when a Brooklyn/Queens resident pays $4,000 annually for an auto premium–BS, that what is is. The acting fool had the nerve to say that this equates to a $15 million saving for NY (playing with number-stat. 101).
Please do be fooled by Mr. Mill’s comment regarding combating auto fraud. Auto fraud and tort litigation is not what is padding New Yorkers premiums. What is in fact padding NY premiums is the system of greed and deceit.
The numbers are clear..premiums have shot through the roof and NY carriers are making a killing! I am not lame, fraud is a problem in NY but so is it in numerous other states across the country. The difference is that the regulation are much stricter and carrier are not given a free pass to abuse the market.
5% is a drop in the bucket. This is an insult to any logical person. NY rates are out of control. Fraud is DOWN. Fire and theft, DOWN. Claims payout,DOWN.
PREMIUMS way UP!
I am well aware we live in democratic and capitalistic society. I am well are that stock carriers and other carrier are in the business to make a buck. I just don’t appreciate the propaganda that is constantly being used to justify price increases. Don’t blame the trial lawyer, fraud ring, or the medical provider for your rates.
Please wake me up when they announce a 30-50% rate reduction–which will never happen of course.
I agree that 5% isn’t much, but NY is MORE heavily regulated than other states, making carriers more reluctant to lower rates in good times, because if loss costs rise quickly, they can’t get rate increases to compensate. Over-regulation is part of the reason rates stay higher in NY – that and no-fault fraud. It is ironic, but true.
Five percent of $4000 is $200. Better than a 5% increase, that makes a $400 savings. I can use that. I run the NYPD’s No-fault fraud unit and take pride in these reductions some say that we would never see any reductions. My gas, electric, taxes and mortgage have not gone down only up, NEVER down. We have made 1/3 of New York States fraud arrests for the past three years and we claim responsibility for these reductions. Five percent this year maybe five next, some companies have dropped as low as 12% in one year. We’re working toward that 30%. Meanwhile we need residents to show elected officials that this is a great concern of their respective constituncies. We need juries to convict and we need the D.A.s offices to be more proactive. Many other things such as recent court rulings and coordinated industry efforts are gradually shutting down the no-fault fraud business in NY so that lower rates can be achieved.
NYPD-Lt.
Glen, as a tax paying citizen of New York and an insurance professional in NY for 10 years, allow me to first take this time to thank you and you team for the hard work in combating fraud in New York.
Although I can appreciate your post, it really is not an “answer” to what I was getting at. We all know that fraud is a real issue throughout the country…not just NY.
Glen, obviously a 5% decrease is better that a 5% increase. The point that I was alluding is that the actual stats. is of no justification for the premiums being paid for by New Yorkers in the boros. Glen, auto fraud is a major concern in other states but the difference is that those same states have a lower auto insurance premium across the board–unlike NY. ACCORDING TO BOTH THE NY GOV. AND THE FORMER INS. DEPT. BOSS, AUTO FRAUD ADDS APPROX. $200 TO EACH POLICY (SOME QUOTE ANYWHERE FROM $60-$200). Assuming that these numbers are correct, the average boro. policyholder would then be paying approx. $3,800 w/o auto fraud. AM I THE ONLY ONE HAVING DIFFICULTY WITH PAYING THIS AMOUNT FOR AUTO INSURANCE. HOW CAN YOU SINCERELY JUSTIFY SOMEONE W/O ANY AX/CLAIMS PAYING $2,500-$4,000!?
Additionally, based upon the profits posted by the major carrier in NY for the past few years, rate could have remained constant or even lowered. Based upon the current trends, there is no legitimate reason for increasing rates other that pure profit.
The sad part of all of this is that most people unfortunately just sit back and allow the media and politicians (puppets) to tell them what to think and what formulas to use.
Yoohoo….hello out there…..where are all the NYCM agents?? asleep?? You won’t be sleeping for long when your customers start calling you. This so called rate reduction applies to only a small percentage of your policyholders who must qualify. Have you read your company bulletins this week??
Once again we have to suffer as the ins dept and governor’s office puff out their chest bragging of their accomplishments while most of the people paying the freight will see nothing but further increases in the second most expensive auto ins state in the nation.
As we all should know by now….you can’t believe everything (anything?) you read in the press. Got to go now…I have a NYCM customer at the counter asking me when is he going to get his refund check! HA HA.
Ok Winston I think we stand on some common ground. I can attest to however, that the money being made by those who perpetrate fraud are, on an individual basis, in the millions anually. We have investigated clinics and billing companies that generate tens of million yearly. These people only represent a fraction of all those who are profiting. Truce
We must all understanding that the mainstream media is supported and ultimately controlled by the political powers and major corporations–directly and indirectly.
What “alert” stated is so very true. The so called saving also mentioned by Geico and Progressive will not affect All policyholder of those carriers. The statements issued by the Ins Dept. and relayed by the media is inaccurate and deceptive. It is simply and political tool and good press for an industry despised.
Although I am not trying to “bite the hand that feeds me”, the simple fact is the insurance/financial is a major political and financial force in the world. They look for any and every way to turn a profit (I am not knocking that). What I have an issue with is the way at which they go about doing that–some unethical, so pushing illegal (I have seen and experience this first hand).
First they blamed auto theft, when that went down it was arson, when that went down it was soft-tissue/litigation, then it was no-fault fraud…Next up, CREDIT SCORING. Anything to make a buck.
AS JEFF GREENBERG (MARSH & AIG) STATED IN AN INTERNAL MEMO FOLLOWING HURRICANE ANDREW: THIS IS AN OPPORTUNITY TO GET PRICE INCREASES NOW.
Glen, I hope that you and your unit will go after both Hank and Jeff Greenberg next.
Glen,
I reiterate the Thanks to you by a previous post. Keep up the good work combating fraud. What can a concerned citizen do to turn in the bad apples who are profitting from fraudalent claims across the state? Accidents that barely, happen, doctor’s and chiropractic visits that never happen and the continuous billing scans for no-fault that DO happen? We sit by and watch and hear stories like these at the grocery store, bowling alley, workplace and yet nothing changes. More advertising of how to turn these crooks in is needed…most people don’t know the route to take even if they wanted to stop the abuse and fraud. No one wants to listen to someone boost about “using the system” to make money! Educate the public on how to report the fraud.
I am sorry you misunderstood the company bulletin. The percentage of policyholders that are seeing a rate decrease is a large portion of the book with some of them seeing decreases in the 13-14% range. Feel free to contact me at x2858 if you have any questions, I would be more than happy go over the entire stucture of the rate decrease.
Glen I’ve saved several hundred dollars by the 5% rate reduction of NYCM. I also would like to comment about you feeling that you’re going to be overwhelmed by customers coming to your office. IS THIS A BAD THING? Do you contact your insured’s enough now as it is? Could it lead to more business?
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I have NY central Mutual car insurance and I am planning to move to North Carolina. Is this insurance licensed to do business in North Carolina?
NYCM slaps employees in the face while they ride there high horses. Go get some real insurance from a reputable company like state farm.