Huge Range in Insurance Premiums

[rdhetrick]

Just looking for some thoughts.....

I fulltime in a 2005 Mandalay 40E Coach.

I've been with National General through Good Sam for a few years now, renewal is coming up so I started shopping.


Coverages and deductibles the same across the quotes.



National General: $1100 / year

Progressive: $2560 / year

Geiko: $2800 / year



I'm waiting on a couple other quotes to come back as well.



I'm very surprised that National General is soooo much lower than the others so far, makes me wonder if the coverage is truly equivalent, or if there is some fine print somewhere I've missed.

Anyone else experience such a huge spread while shopping around?


Thanks in advance!


Rob

[dons2346]

Interesting. I was with NG at close to the $2500 price. I am considered full time because of the amount of time I spend in the coach. Most insurance companies consider anything over 120 days a year as a full timer. Might want to check that out.

I did have a small claim ($7,000) with NG and they were a little hard to deal with and then they raised the rates out of sight. I think they were trying to get the $7K back within 3 years

[Aridon]

They all use different algorithms to determine rates. They place different preference on variables as well.

Progressive for us was cheaper. $600 a year for full replacement (no ACV). I'm sure it will go up as the RV ages but it was half what GEICO offered. Why? Progressive places a high value on credit score, claim free and continuous insurance without interruption. If you tick all those boxes (790+) the rates drop a lot, where as some companies like GEICO are better for middle market folks but higher than ultra preferred with progressive.

This isn't universal, but a general rule of thumb at least in our state where we are insured. As an agent for 16 years you could see a few variables and know exactly where someone would fit for the best rate. There are little things like Comp claim or not being married or not having a degree that can disqualify you from a top tier rate. You would never know it when you call in but you'd be amazed at what they use to determine risk.

[westernrvparkow]

It may also be the insurance company's way of telling you "Thanks, but no thanks". I better businessman than I told me he never said "No" to a customer. He just priced his services so the customer said it instead. It made for much smoother customer relations.

[fitznj]

It may be that one insurance company specializes in that product where as others do not:

Example 1 : I have classic car which gets insured through a company that specializes in classic cars - the quotes is $150 vs $850 through a "regular" insurance company for the same coverage.

Example 2 : I ride motorcycles and insure through an insurance company that specializes in motorcycles - the quote is 1/4 what I would pat through a regular insurance company.

I'm not sure if that is your situation, but National General may have better knowledge of the "full time" risks and insures accordingly where as others just put you in a "general" class.

BTW - pure conjecture on my part....

[rdhetrick]

To follow up:

I checked with several insurance agencies and brokers, the brokers all ended up quoting National General for the same quote I got from them direct. The brokers told me the same thing - that the other insurance carriers they work with were all 2 to 3 times higher than NG for the same coverage.

Yes, they are all full-timer policies.

I'm not sure of the reasons behind this, but at least in my case NG is WAY lower than the rest.

Rob

[JC2]

arhayes wrote:
You’d almost have to compare line by line on the policy quote to see where NatGnl was so much lower. You DID specify Full-Time with them too, right? Sure seems like an error.

I Agree. The price of National General is in line with what we paid before going full-time. The last (2) is close to what our rate went to "after" we went full time.

[arhayes]

You’d almost have to compare line by line on the policy quote to see where NatGnl was so much lower. You DID specify Full-Time with them too, right? Sure seems like an error.