The article didn’t address about Nationwide’s supposedly push to sell Personal Lines direct to consumer. They announced about a year-and-a-half ago in my region that they were going to sell personal lines direct to consumer. Ticked off a lot of agents.
NJ/PA/NY area. I don’t remember saying when they would start selling direct. My territory manager from Nationwide was telling me afterwards of what level of respect they had to say to their agents of what they were doing. I felt like saying “Well how would you feel if your husband said ‘Hey I’m going to see other women.’ would you feel respected?” I kept my mouth shut on that one.
Big Jim,
Nationwide has been going direct and through independents in other parts of the country for years and in some markets been top dog. Just Ike thier exclusive agents have had relationships wth independents to help handle that business that NW is out of the ball park on. Multi distribution is necessary for all large carriers as consumers choose the way they want to purchase. It all comes down to does the agent provide value, which in 90% of the cases they do.
They also cut commissions, jacked their rates up, and tightened underwriting. Having been on the independent side I just moved clients to carriers with better rates, more flexible uw, and higher commissions. Now Nationwide captives will be able to do the same.
Online direct consumers are price shoppers who don’t want advisement or service; they want cheap. Agents work best for those whom we can add value.
Nationwide’s attitude may seem like, “Let them eat cake”, but that’s fine. There’s plenty of cake to be eaten.
Well, Progressive has been doing this for years selling direct and also through Independent Agents. Of course, Progressive still prefers selling direct as much as possible because they don’t have to pay commissions to agents.
In many markets agency business does much better than Direct at Progressive. They don’t show the signs of a carrier that prefers to sell direct, but rather all channels.
We have compared our Progressive quotes many times over the years with Direct quotes and Direct quotes have always been lower than agency quotes with Progressive. They deny that there is any difference, but the proof is in the pudding, so to speak.
April 23, 2018 at 5:54 pm
Rosenblatt says:
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Does Progressive really share the number of direct quotes they receive with their agents?? I’m not an agent, so I don’t know – that’s why I’m sincerely asking you right now.
September 6, 2018 at 2:27 am
Agency says:
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Agent said…
“Of course, Progressive still prefers selling direct as much as possible because they don’t have to pay commissions to agents.”
Don’t be fooled, someone in-house has to quote, close that deal and if they didn’t pay commissions, not only would fewer deals get closed, but they need to still pay the salaries of their agents. Let’s also not forget, these people have to be on salary, they pay payroll taxes, benefits, sick days, holiday pay, workers comp and you name it. Commissions for an insurance company is a bargain compared to what it costs them in-house employees.
That’s no different than any other company. If you’ve moved clients from Nationwide it means that at some point you moved them to Nationwide. Markets come and go and their relevant competitiveness does as well.
Nationwide seldom have the best rates and have depended on exclusive agents to keep their customers happy. If the agents become independent agents, I suspect many of them will move much of their business to cheaper alternatives. Many customers but their insurance because they like and trust the agent and if they have the same trusted agent, they don’t care who the insurance company is.
It appears to me that the Nationwide Eagle is trying to build it’s nest high upon the pillar that is- has long been the Big I “Independent Agents Distribution System “and that has literally been built by loyal Big I agents across the country! It is already apparent that their “Nationwide’s New Business Model” has been feeding upon it’s own offspring by” nicely” forcing the smaller agency’s to merge or sell. I wonder once Nationwide is able to hang their shingle out as a Big I Member-to gain credibility in the Commercial Marketplace how long it will be before they extend the olive leaf of direct contracts to competing Big I Members in the communities? I hope the Big I has not just allowed a Brown-headed Cowbird (Molothrusater-a brood parasite) to nest a top the Big I System!
I really think that sooner than later every company is going to go independent and online simultaneously, it’s the only and last chance before autonomous vehicles and the digital age overruns this industry.
Al Gore works for Nationwide??? That’s news to me.
Hey, you guys remember that time Dan Quayle thought “potato” was spelled with an “e”? Yep, that’s about as relevant to the article as discussing Al Gore right now.
The real question to all these “great benefits” to the exclusive agents is what is going to cost them to have their “independence?” They are charging, and 1099ing the agents for books of business they have already bought, or built with their own capital. Nationwide needs to think about the long term relationships with not just their current exclusive agents, but also all the independent agents out there. Be interesting to see how it plays out.
Wait for the uproar when the transitioning Agents are told that the Book of Business they worked so hard at building belongs to Nationwide. They determine a Value of that Book and the Agent will have to pay for the Book from Extended Earnings and Deferred Comp dollars the Agent has accumulated hopefully for retirement. A wonderful way for Nationwide to reduce a huge Agent liability expense that is on their Books.
To who? They are fortune 50 company and a mutual. They aren’t selling to pay shareholders as there are none. Literally only State Farm could buy them out of the P&C business.
I have been a captive for 37 years starting as a scratch agent with no policies. During that period of time, I have replaced probably no more State Farm policies than I can count on one hand. I replaced plenty of others. I remember one year when State Farm lost market share. Their CEO at the time vowed publicly that that would never happen again. That was about thirty years ago. I don’t think they have experienced loss of market share again. Every time agents with my company complained about never being competitive with State Farm, our management, composed mostly of failed new agent hires, failed Allstate agent & Allstate ex-managers stated that State Farm would go broke. I just looked at the growth of the top 25 P&C insurers. State Farm is at the top and their growth is greater than a lot of companies total size.
April 20, 2018 at 1:31 pm
Eddie says:
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Nationwide purchased Mutuals in the past…I’m thinking Global…AIG…some company with much deeper pockets than State Farm
Actually, a holding company could own them – like Zurich “owns” Farmers, which isn’t a mutual but a reciprocal.
April 17, 2018 at 2:31 pm
SacFlood says:
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I almost went with them. In late 2007-early 2008, I went through the process, flew back to Columbus, OH for training, did some pre-contract work at an office with two other agents; the reason I told them thanks-but-no-thanks was due to their 72-month production quota where if you missed one month, you were immediately on probation and, if you failed to make up that production the following month, you were terminated. Now in the Industry for over 33 years, with an independent Broker, and am happier, wiser, wealthier & less stressed than if I’d gone.
They told one of my partners that they had to be #1 in the office within 18 months. High pressure does not sit well with Independent Agents who represent several long term companies. Good Bye, thanks for stopping by.
Transitioning Agents need to be aware that Nationwide will claim ownership to your book of business, set a value amd make you pay for it either through private funding and/ or extended earnings and deferred Comp.
Headline: A leaner & meaner Nationwide. In the short run this will cause a lot of collateral damage to faithful producers who put all their eggs in one basket with N’wide. But when N’wide’s desire for an “open marriage” drives their formerly-exclusive producers to other arms (carriers), it will prove the truth of the old saying ‘Be careful what you ask for’.
Going independent and selling directly to customer at the same time – Nationwide did what eventually every carrier will end up doing. The captive model is simply not sustainable for the changes the insurance industry will see in the next 10-20 years.
Allstate has already begun selling products through independents. It will be curious to see how long SF and Geico stay the course.
Allstate has sold through both captive agents and independent agents for many, many years. It’s interesting to note that Allstate continues to increase support to their captive agents because the distribution channel sustains them. Nationwide has been losing market share for years and has laid off home office employees for those years while remaining uncompetitive. This is simply another cost cutting move by the insurer, but in the long term will cost them dearly.
I’m happy to see Nationwide moving toward IAs and less toward direct-response crap like did Allstate with E-Surance. I saw a comment on here about Nationwide having been uncompetitive, well I would argue that it might be because the agents, having only one carrier choice have taken creative license so-to-speak, being compelled to produce, and so sometimes don’t always present the risk to the underwriter in an honest manner. GEICO has been skimming the crap for decades now, with their target market being kids, and whose attrition rate must be horrible. However, I was told by a colleague that he has been running across folks in swanky Greenwich, CT who have GEICO for their auto, and then GEICO is now pushing AIG Private Client Group homeowners. That’s like having a McDonald’s drive-thru at Ruth’s Chris Steak House, or like putting retreaded tire on your Bentley. I can’t wait to see where that ends up.
Nationwide is in major reactive mode due to its resisting the independent agent model in favor of a 100% (or as close as possible) captive agency environment. The movement towards the independent agency has been in full effect for the last decade. Many L&H shops, and, more recently, P&C carriers, have migrated towards totally independent agencies. Not sure if Nationwide will benefit from it much unless they restructure its method of calculating premiums; I feel that lack of lower rates is their number one problem.
I’ve spent twenty five years working day and night, and on weekends. I love what I do and have always done well, and will continue to do so, no matter how all this plays out. What is hard for me to digest is the Columbus Dispatch had it on their wire minutes after I got an email. An agent in my office already knew the whole deal, in complete detail, from a Nationwide board member. I feel I was the absolute last person to know and no one at my company cares about that, at all.
It seems that every time these companies change their shorts they change their minds, or is it vice versa?
“Come with us and be a captive agent and we will support you and your community” – then when the **** hits the fan on the loss and expense ratios they forget they even have agents out in the field………….
Having weathered the shifting winds of Nationwide for many years, thru bad times and even mega bad times, it now appears the decision to stick it to the loyal agency force is a full micro burst! (A strong wind that will take them all the way down to the bottom) For many many years it has been tough providing adequate “Added Value” to the “Members” to make up for consistently non-competitive rates but that was what was required to stay in business so we did it … at least until now. I for one feel like I have been shot in the back, beaten and robbed! The narrative being proffered by the residents of the “Ivory Tower” truly falls flat on the ears of those whose lives have been dedicated to the company. We know who this benefits and who will pay the price.
It is “new” depending on which side of the fence you have been working. Nationwide as a company, not including agents has been screwing over its agents for years, covering its lies under the guise of “new contract” negating the ones signed years ago. Agents don’t have & have never had a contract,—the company does. There is no way Nationwide agents can have decent rates with the cash cow the agents have been to NWide going to buy the Allied’s, Wausau’s,—-etc.of the insurance world, build the NWide Tower,—etc., & finance the top-heavy management. They fire the janitor & then boast about their work to cut cost. I don’ know of an insurer out there with a higher expense ratio.
Their reps told our agency they wanted to be #1 in the agency in 18 months. That didn’t sit well since we have carriers of long standing who are #1 & 2 for many years and work with us well. No way we start moving business to them just to meet their criteria.
Nationwide has been moving in this direction for years with their commercial lines. After having bought Allied and Harleysville, they no doubt saw benefit with in dealing with IAs, and they also have permitted their captives to align with IAs to broker business. This isn’t a surprise.
I married Nationwide many years ago, we made strong vows that we would always support each other, stay exclusive, work hard to build a large family, and plan for retirement. We were to work together to a common goal and make changes as needed that would mutually benefit us both. I always stayed committed to my spouse and did as they asked.
It hurt when my spouse wanted to build another family a few years ago with online dating, I stayed strong and determined to make this marriage work and overlooked this because I remembered that we made a vow to support each other as changes were needed and continue to work towards our common goal. Then my spouse started seeing other people the marriage started to get rocky but I love my spouse and continued to push through this marital issue.
I just found out that my spouse has been planning since 2011 to take away all of the money I had worked to build for retirement and now plans to divorce me in 2020. When they divorce me they are going to make me either purchase back my livelihood at an over inflated cost or ask me to pay a large portion of their taxes if I still want to see my family. They are going to restrict me in many ways. I still do not know what these restrictions are but I feel that my billionaire spouse will only allow me to work in a way that will only benefit their bottom line. This does not seem legal or fair?
This is the best metaphor of what Nationwide is doing to its loyal career agents that I have seen. It accurately captures the feelings and fears we all have. I cannot believe what is happening to my company.
Unfortunately, Nationwide has decided to gouge its existing customers – 14% increase for 6-month premium in Oregon. For the math illiterate, that translates to 28% per year for a customer with no accident claims in 50 years!
Move it or lose it. That is the big, big advantage of being Independent. A one company captive has big trouble holding accounts when they have a big rate increase.
For someone who calls out ‘for the math illiterate’, you should make sure your math is right first…A 14% increase for a 6-month premium followed by another 14% increase for a 6-month premium translates to a 29.96% increase year over year – not 28%.
Just to correct everyone … a 14% increase on a 6-month policy does not equal 28 or 29% increase annually. It’s still only 14% per year. Insurance companies can’t increase premiums 14% in first 6-months and then 14% in the next 6-months. State Insurance Regulators require every increase to be filed before implementing – causing increases to happen (at most) ONCE per year. The original comment thinks his increase doubled (14% to 28%) but he’s wrong. If my car insurance was $1000 for 6 months and then increased to $1140… the cost of insurance per year would go from $2000 per year to $2280 per year. Still 14%.
The article didn’t address about Nationwide’s supposedly push to sell Personal Lines direct to consumer. They announced about a year-and-a-half ago in my region that they were going to sell personal lines direct to consumer. Ticked off a lot of agents.
Big Jim, what geographic area are you located in?
NJ/PA/NY area. I don’t remember saying when they would start selling direct. My territory manager from Nationwide was telling me afterwards of what level of respect they had to say to their agents of what they were doing. I felt like saying “Well how would you feel if your husband said ‘Hey I’m going to see other women.’ would you feel respected?” I kept my mouth shut on that one.
Big Jim,
Nationwide has been going direct and through independents in other parts of the country for years and in some markets been top dog. Just Ike thier exclusive agents have had relationships wth independents to help handle that business that NW is out of the ball park on. Multi distribution is necessary for all large carriers as consumers choose the way they want to purchase. It all comes down to does the agent provide value, which in 90% of the cases they do.
They also cut commissions, jacked their rates up, and tightened underwriting. Having been on the independent side I just moved clients to carriers with better rates, more flexible uw, and higher commissions. Now Nationwide captives will be able to do the same.
Online direct consumers are price shoppers who don’t want advisement or service; they want cheap. Agents work best for those whom we can add value.
Nationwide’s attitude may seem like, “Let them eat cake”, but that’s fine. There’s plenty of cake to be eaten.
Well, Progressive has been doing this for years selling direct and also through Independent Agents. Of course, Progressive still prefers selling direct as much as possible because they don’t have to pay commissions to agents.
In many markets agency business does much better than Direct at Progressive. They don’t show the signs of a carrier that prefers to sell direct, but rather all channels.
We have compared our Progressive quotes many times over the years with Direct quotes and Direct quotes have always been lower than agency quotes with Progressive. They deny that there is any difference, but the proof is in the pudding, so to speak.
Does Progressive really share the number of direct quotes they receive with their agents?? I’m not an agent, so I don’t know – that’s why I’m sincerely asking you right now.
Agent said…
“Of course, Progressive still prefers selling direct as much as possible because they don’t have to pay commissions to agents.”
Don’t be fooled, someone in-house has to quote, close that deal and if they didn’t pay commissions, not only would fewer deals get closed, but they need to still pay the salaries of their agents. Let’s also not forget, these people have to be on salary, they pay payroll taxes, benefits, sick days, holiday pay, workers comp and you name it. Commissions for an insurance company is a bargain compared to what it costs them in-house employees.
That’s no different than any other company. If you’ve moved clients from Nationwide it means that at some point you moved them to Nationwide. Markets come and go and their relevant competitiveness does as well.
Nationwide seldom have the best rates and have depended on exclusive agents to keep their customers happy. If the agents become independent agents, I suspect many of them will move much of their business to cheaper alternatives. Many customers but their insurance because they like and trust the agent and if they have the same trusted agent, they don’t care who the insurance company is.
It appears to me that the Nationwide Eagle is trying to build it’s nest high upon the pillar that is- has long been the Big I “Independent Agents Distribution System “and that has literally been built by loyal Big I agents across the country! It is already apparent that their “Nationwide’s New Business Model” has been feeding upon it’s own offspring by” nicely” forcing the smaller agency’s to merge or sell. I wonder once Nationwide is able to hang their shingle out as a Big I Member-to gain credibility in the Commercial Marketplace how long it will be before they extend the olive leaf of direct contracts to competing Big I Members in the communities? I hope the Big I has not just allowed a Brown-headed Cowbird (Molothrusater-a brood parasite) to nest a top the Big I System!
I really think that sooner than later every company is going to go independent and online simultaneously, it’s the only and last chance before autonomous vehicles and the digital age overruns this industry.
let’s try to stay on topic here guys
Al Gore works for Nationwide??? That’s news to me.
Hey, you guys remember that time Dan Quayle thought “potato” was spelled with an “e”? Yep, that’s about as relevant to the article as discussing Al Gore right now.
I agree. They are going to have to lower their pricing or risk losing a lot of business to lower competitors.
The real question to all these “great benefits” to the exclusive agents is what is going to cost them to have their “independence?” They are charging, and 1099ing the agents for books of business they have already bought, or built with their own capital. Nationwide needs to think about the long term relationships with not just their current exclusive agents, but also all the independent agents out there. Be interesting to see how it plays out.
Nationwide is going to get a HUGE cash influx from the sale of the books & avoid their promised retirement liability to their agents.
Bingo! And I would bet a dollar that other captives are watching this move and going “”hmmm…”..
Wait for the uproar when the transitioning Agents are told that the Book of Business they worked so hard at building belongs to Nationwide. They determine a Value of that Book and the Agent will have to pay for the Book from Extended Earnings and Deferred Comp dollars the Agent has accumulated hopefully for retirement. A wonderful way for Nationwide to reduce a huge Agent liability expense that is on their Books.
looking at other business models, it seems to me Nationwide is getting ready to sell the company in 2020
To who? They are fortune 50 company and a mutual. They aren’t selling to pay shareholders as there are none. Literally only State Farm could buy them out of the P&C business.
State Farm has their own issues to deal with with massive losses on Personal Auto and Home.
I have been a captive for 37 years starting as a scratch agent with no policies. During that period of time, I have replaced probably no more State Farm policies than I can count on one hand. I replaced plenty of others. I remember one year when State Farm lost market share. Their CEO at the time vowed publicly that that would never happen again. That was about thirty years ago. I don’t think they have experienced loss of market share again. Every time agents with my company complained about never being competitive with State Farm, our management, composed mostly of failed new agent hires, failed Allstate agent & Allstate ex-managers stated that State Farm would go broke. I just looked at the growth of the top 25 P&C insurers. State Farm is at the top and their growth is greater than a lot of companies total size.
Nationwide purchased Mutuals in the past…I’m thinking Global…AIG…some company with much deeper pockets than State Farm
Actually, a holding company could own them – like Zurich “owns” Farmers, which isn’t a mutual but a reciprocal.
I almost went with them. In late 2007-early 2008, I went through the process, flew back to Columbus, OH for training, did some pre-contract work at an office with two other agents; the reason I told them thanks-but-no-thanks was due to their 72-month production quota where if you missed one month, you were immediately on probation and, if you failed to make up that production the following month, you were terminated. Now in the Industry for over 33 years, with an independent Broker, and am happier, wiser, wealthier & less stressed than if I’d gone.
They told one of my partners that they had to be #1 in the office within 18 months. High pressure does not sit well with Independent Agents who represent several long term companies. Good Bye, thanks for stopping by.
Transitioning Agents need to be aware that Nationwide will claim ownership to your book of business, set a value amd make you pay for it either through private funding and/ or extended earnings and deferred Comp.
Headline: A leaner & meaner Nationwide. In the short run this will cause a lot of collateral damage to faithful producers who put all their eggs in one basket with N’wide. But when N’wide’s desire for an “open marriage” drives their formerly-exclusive producers to other arms (carriers), it will prove the truth of the old saying ‘Be careful what you ask for’.
Going independent and selling directly to customer at the same time – Nationwide did what eventually every carrier will end up doing. The captive model is simply not sustainable for the changes the insurance industry will see in the next 10-20 years.
Allstate has already begun selling products through independents. It will be curious to see how long SF and Geico stay the course.
Allstate has sold through both captive agents and independent agents for many, many years. It’s interesting to note that Allstate continues to increase support to their captive agents because the distribution channel sustains them. Nationwide has been losing market share for years and has laid off home office employees for those years while remaining uncompetitive. This is simply another cost cutting move by the insurer, but in the long term will cost them dearly.
I’m happy to see Nationwide moving toward IAs and less toward direct-response crap like did Allstate with E-Surance. I saw a comment on here about Nationwide having been uncompetitive, well I would argue that it might be because the agents, having only one carrier choice have taken creative license so-to-speak, being compelled to produce, and so sometimes don’t always present the risk to the underwriter in an honest manner. GEICO has been skimming the crap for decades now, with their target market being kids, and whose attrition rate must be horrible. However, I was told by a colleague that he has been running across folks in swanky Greenwich, CT who have GEICO for their auto, and then GEICO is now pushing AIG Private Client Group homeowners. That’s like having a McDonald’s drive-thru at Ruth’s Chris Steak House, or like putting retreaded tire on your Bentley. I can’t wait to see where that ends up.
Nationwide is in major reactive mode due to its resisting the independent agent model in favor of a 100% (or as close as possible) captive agency environment. The movement towards the independent agency has been in full effect for the last decade. Many L&H shops, and, more recently, P&C carriers, have migrated towards totally independent agencies. Not sure if Nationwide will benefit from it much unless they restructure its method of calculating premiums; I feel that lack of lower rates is their number one problem.
I’ve spent twenty five years working day and night, and on weekends. I love what I do and have always done well, and will continue to do so, no matter how all this plays out. What is hard for me to digest is the Columbus Dispatch had it on their wire minutes after I got an email. An agent in my office already knew the whole deal, in complete detail, from a Nationwide board member. I feel I was the absolute last person to know and no one at my company cares about that, at all.
It seems that every time these companies change their shorts they change their minds, or is it vice versa?
“Come with us and be a captive agent and we will support you and your community” – then when the **** hits the fan on the loss and expense ratios they forget they even have agents out in the field………….
Having weathered the shifting winds of Nationwide for many years, thru bad times and even mega bad times, it now appears the decision to stick it to the loyal agency force is a full micro burst! (A strong wind that will take them all the way down to the bottom) For many many years it has been tough providing adequate “Added Value” to the “Members” to make up for consistently non-competitive rates but that was what was required to stay in business so we did it … at least until now. I for one feel like I have been shot in the back, beaten and robbed! The narrative being proffered by the residents of the “Ivory Tower” truly falls flat on the ears of those whose lives have been dedicated to the company. We know who this benefits and who will pay the price.
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It is “new” depending on which side of the fence you have been working. Nationwide as a company, not including agents has been screwing over its agents for years, covering its lies under the guise of “new contract” negating the ones signed years ago. Agents don’t have & have never had a contract,—the company does. There is no way Nationwide agents can have decent rates with the cash cow the agents have been to NWide going to buy the Allied’s, Wausau’s,—-etc.of the insurance world, build the NWide Tower,—etc., & finance the top-heavy management. They fire the janitor & then boast about their work to cut cost. I don’ know of an insurer out there with a higher expense ratio.
Their reps told our agency they wanted to be #1 in the agency in 18 months. That didn’t sit well since we have carriers of long standing who are #1 & 2 for many years and work with us well. No way we start moving business to them just to meet their criteria.
Nationwide has been moving in this direction for years with their commercial lines. After having bought Allied and Harleysville, they no doubt saw benefit with in dealing with IAs, and they also have permitted their captives to align with IAs to broker business. This isn’t a surprise.
I married Nationwide many years ago, we made strong vows that we would always support each other, stay exclusive, work hard to build a large family, and plan for retirement. We were to work together to a common goal and make changes as needed that would mutually benefit us both. I always stayed committed to my spouse and did as they asked.
It hurt when my spouse wanted to build another family a few years ago with online dating, I stayed strong and determined to make this marriage work and overlooked this because I remembered that we made a vow to support each other as changes were needed and continue to work towards our common goal. Then my spouse started seeing other people the marriage started to get rocky but I love my spouse and continued to push through this marital issue.
I just found out that my spouse has been planning since 2011 to take away all of the money I had worked to build for retirement and now plans to divorce me in 2020. When they divorce me they are going to make me either purchase back my livelihood at an over inflated cost or ask me to pay a large portion of their taxes if I still want to see my family. They are going to restrict me in many ways. I still do not know what these restrictions are but I feel that my billionaire spouse will only allow me to work in a way that will only benefit their bottom line. This does not seem legal or fair?
This is the best metaphor of what Nationwide is doing to its loyal career agents that I have seen. It accurately captures the feelings and fears we all have. I cannot believe what is happening to my company.
Unfortunately, Nationwide has decided to gouge its existing customers – 14% increase for 6-month premium in Oregon. For the math illiterate, that translates to 28% per year for a customer with no accident claims in 50 years!
Move it or lose it. That is the big, big advantage of being Independent. A one company captive has big trouble holding accounts when they have a big rate increase.
For someone who calls out ‘for the math illiterate’, you should make sure your math is right first…A 14% increase for a 6-month premium followed by another 14% increase for a 6-month premium translates to a 29.96% increase year over year – not 28%.
Just to correct everyone … a 14% increase on a 6-month policy does not equal 28 or 29% increase annually. It’s still only 14% per year. Insurance companies can’t increase premiums 14% in first 6-months and then 14% in the next 6-months. State Insurance Regulators require every increase to be filed before implementing – causing increases to happen (at most) ONCE per year. The original comment thinks his increase doubled (14% to 28%) but he’s wrong. If my car insurance was $1000 for 6 months and then increased to $1140… the cost of insurance per year would go from $2000 per year to $2280 per year. Still 14%.
Good info…….