Insurance premiums increasing?

[Guest johnhorace]

I received my quote today (2/25/12) from Condon & Skelly for coverage for a year beginning April 20, 2012. I noticed the premium had increased by $3 over last year . However,my coverage for $1300 in spare parts was not included, my comp deductible went from $0 to $50, and my collision deductible went from $0 to $100 :mad:. I have sent them an e-mail asking them for explanations :confused:. Has anyone seen this kind of increase lately from other companies, or from C&S? I haven't seen any mention of rate increases in any of the magazines I receive. - johnhorace

[jscheib]

John,

If youhave an accident, then the increase is $53 or $103, depending on what happens. I am not sure what percentagee this $3. actually is, but even if you paid $100 premium last year, that is a 3% increase. Not too bad, considerning other price increases. But, you always have the option to shop around.

John

[Larry Schramm]

John,

What are you insuring for how much and how much was the quote for coverage? I seem to find that the only thing that is not going up is my pay check.

[NTX5467]

A key issue would be "Why?" the coverage changes if you didn't request them? Might have been just a keypunch error somewhere OR a change in coverages they'll write (for which you should have received advance notice of the upcoming change).

Please advise what their explanation is.

Take care,

NTX5467

[Guest johnhorace]

Partial reply to posts received so far is as follows: ----> Thanks to all for comments and questions. Car can be viewed by clicking the "2" next to "Images" on my original post. It is a 1933 Dodge DP 6 cylinder four door sedan, restored to near original. Value of car is same as "agreed value" last year. Increase is effectively greater than $3, since coverage is (apparently) reduced. Shopping around online indicates Taylor and Hagerty are higher cost. Grundy web page seems to offer coverage only in MA and SC. Online quote from Condon & Skelly does not allow me to select exact liability coverage I now carry (because of my Umbrella Policy requirements), and thus appears to be lower than quote I received from them (but not comparing apples to apples). No answer yet from Condon & Skelly, as they are closed for the weekend. Will post additional info from them as I receive it.

[Guest johnhorace]

Note "emoticons" in original post. I am happy that the premium increased only $3, but angry that the coverage was reduced (apparently) for this new premium and confused while I await their response.

[John_Maine]

I'm with Condon & Skelly but don't come up for renewal until August. My premium has been $132 forever, so will see then I guess.

[john2dameron]

Insurance on my vehicles is coming up for renewal in March. Was assigned to a new agent last fall and everything has been messed up ever since then. I finally called the company and asked them didn't they have an agent close enough for me to speak to face to face. Got every thing cleared up and looked like it saved me about $400.00 per 6 months. I can't for the life of me understand what that woman was thinking but I guess I won't be bothered by her any more.

[Guest johnhorace]

Got a reply to my e-mail to Condon & Skelly today as follows: "Our policies now automatically include 1,000 spare parts coverage, we can add the additional 300 if you would like that amount. We have changed underwriting carriers and when we filed our rates with NY, they no longer offered 0 ded for comp. and collision, so your bill is correct." No name at bottom, other than "Condon Skelly". (End of e-mail response). So, C&S policies now give you less coverage for about the same cost as last year. :eek: (Eek!) I guess I shouldn't be surprised, although my experience with them for the past 15 years has been pretty good.

[NTX5467]

Thanks for the updated information!

In one respect, it could be termed a price increase due to decreased coverage . . . THAT's the "soundbyte" version.

Effectively, they've put a $300.00 deductible on your parts coverage (now with $1000.00 default amount included in the price) and raised the other deductibles (to probably the lowest alternative amounts). Obviously, you can elect to have more spare parts $$$ coverage, if desired, for an additional cost, but I don't see that as a really big deal. Just as I don't see the other small deductibles on the other coverages as a major financial change. With all due respect for your current/future financial position, the new deductibles (however small) might be more of an irritant than financially significant, all things considered.

In juggling my own car insurance, I did the deductibles to amounts which I felt I could safely cover, if need be, without causing financial issues to my reserves. Sometimes, the difference in rates, between $100.00 deductible and $500.00 deductible for example, are not worth the extra savings of the larger deductible. Unfortunately, from what I've seen, the local agent can't quote rate amounts, just submit the policy to "the raters" and see where things come out. They can tell you what other similar policies came out to, but NOT your policy. Therefore, it might take some time to really get the coverages and policy payments where you want them. This has been my experiences on normal automotive policies and on possibly changing some to "antique insurance".

Just some thoughts,

NTX5467