I am always amazed when I hear of a client who doesn’t trust their agent or carrier. Maybe it is because of shenanigans like this. Let’s not tell the consumer up front there will be a rate hike let’s keep it quiet until we bill them after all the consumer is too stupid to catch it any way…NOT!!! State Farm has had the corner on the Homeowner market for some time but times they may be changing……
I think the real issue is the consistency of posting this type of information on the TDI website. If they want to post the rate filings for all companies (that is what California does) then that would be fair, but singling out State Farm seems like a cheap shot.
Perhaps if State Farm hadn’t been so beligerent back when they refused to lower their rates when all the other carriers did and refused to refund overchages, the TDI may have treated them differently. Rate filings should be public knowledge. State Farm is such a big player, they tend to set the rates for the other markets. All of them would like to take rate, but the poor economy keeps the market soft. Meanwhile, they advertise up to 40% off on Auto. What is wrong with this picture?
For the record, I am an independant agent, but I have to agree with Calif. But honestly, how many clients are going to spend the time to look for rate filings? Before any of you got into insurance, did you look to see if the company was filing for higher rates? No, you find out by calling to get a quote. It doesn’t seem to do any good by posting the rate filings, noone is gonna look at them, except for the competitors.
The confidential information at issue is reinsurance data that the TDI requested from State Farm. State Farm submitted the data confidentially. IJ was lax in not reporting this key piece of information, which is the central issue of the injunction. State Farm, reportedly has no problem with TDI posting the other rating information.
I am always amazed when I hear of a client who doesn’t trust their agent or carrier. Maybe it is because of shenanigans like this. Let’s not tell the consumer up front there will be a rate hike let’s keep it quiet until we bill them after all the consumer is too stupid to catch it any way…NOT!!! State Farm has had the corner on the Homeowner market for some time but times they may be changing……
I think the real issue is the consistency of posting this type of information on the TDI website. If they want to post the rate filings for all companies (that is what California does) then that would be fair, but singling out State Farm seems like a cheap shot.
Perhaps if State Farm hadn’t been so beligerent back when they refused to lower their rates when all the other carriers did and refused to refund overchages, the TDI may have treated them differently. Rate filings should be public knowledge. State Farm is such a big player, they tend to set the rates for the other markets. All of them would like to take rate, but the poor economy keeps the market soft. Meanwhile, they advertise up to 40% off on Auto. What is wrong with this picture?
For the record, I am an independant agent, but I have to agree with Calif. But honestly, how many clients are going to spend the time to look for rate filings? Before any of you got into insurance, did you look to see if the company was filing for higher rates? No, you find out by calling to get a quote. It doesn’t seem to do any good by posting the rate filings, noone is gonna look at them, except for the competitors.
The confidential information at issue is reinsurance data that the TDI requested from State Farm. State Farm submitted the data confidentially. IJ was lax in not reporting this key piece of information, which is the central issue of the injunction. State Farm, reportedly has no problem with TDI posting the other rating information.