Insurance questions...

[A930Rocket]

Our auto insurance with Stare Farm was cancelled recently due to too many claims in a year and a speeding ticket between the four of us (not me though). Before that, we hadn't had a claim in 16 years.

I've gone with Geico and saved 50% of what we were paying. Also changed my homeowners to Geico and saved $1000.

Jewelry is double what we have been paying. Is there an insurance company that insures watches, rings and pearls only?

TIA

[basicporsche]

Try Jewelers Mutual

[john70t]

State Farm is not a good neighbor.
(that is my past opinion from reviews)

Pay into a good company.
Get quotes from other sources.
Research with a couple brokers.
It only requires a couple of phone calls.

An umbrella policy usually is cheaper.
But specific personal items may be a separate unicorn.
I don't know.

[ckelly78z]

Be careful with carrying state minimum coverage for yourself. I was in a bad accident 4 years ago where some distracted idiot ran a stop sign into my door (both at 60 mph). My injuries came out to about $88,000 for a hospital stay, and a newly rebuilt hip joint. His coverage covered $25,000 and the rest was up to my good insuance company. Luckily I did not have state minumum coverage, so they easily covered the cost along with pain, and suffering. I would have been on the hook for about $38,000 to the hospital with virtually none for pain and suffering (5.5 months off work learning how to walk again).

[id10t]

For jewelry just get a good safe and your regular homeowners... unless you have like The Crown Jewels.

[RANDY P]

state minimum is asking for it......it's really not enough based on current HC prices, which go up and coverage doesn't.

100/300 is what I carry, and I am with GEICO who just happened to be hungry when I was shopping for them. Keep looking..

[A930Rocket]

Our homeowners is way over the minimum but I don't have the number in front of me. We have an umbrella policy as well.

The jewelry isn't much - two rolexes (submariner and a datejust), a $35k ring and some pearls. We never wear them though and they are in a safe deposit box at the bank.

I can get a policy for $150 that allows us to take them out up to 8 times a year, which is 8 times more than we wear them.

Jewelers Mutual is who gave us the quote for $727 and $0 deductible.

[Chocaholic]

I used to have Geico. No tickets or accidents in 30+ years, yet rates went up routinely. Dropped them and went to Allstate. Same thing. Now with Farmers. We'll see.

They're all crooks.

[nota]

most will lowball you the first time
then up the rate if you renew

so get quotes from a bunch
every time a policy is up

any one ever have a renewed rate go down ?
with out a change like a kid left home
or you drop a car

[MRM]

If your jewelry is in a safe deposits box and you use it only a few times a year, you probably don't need any insurance. Or, if you prefer to think of it this way, you're better off self insuring.

I would look at your auto insurance again, though. Your real risk is underinsured/uninsured motorist coverage. That's the coverage that pays you if someone hurts you and doesn't have enough insurance to cover the damage. If you and your wife are coming home from dinner and are hit hard by a drink with no license and no insurance you have to look at your own uninsured/underinsured coverage to pay your bills and replace your earnings. Heaven forbid you both got killed, who would take care of the kids? Or what would you leave them as an inheritance?

You want two things. First, a large policy that has as much coverage for UM/UIM coverage as possible. That protects you. Then you need a Personal Liability Unbrella Policy (PLUP) for as much as you think you need to protect your assets. $1million is the absolute minimum. Best case scenario is a company that offers a PLUP that includes UM/UIM coverage. I only know of two companies who's umbrellas cover both liability and UM/UIM insurance. Those are Chubb and State Farm. I have a two or three (I can't remember which) PLUP with UM/UIM coverage with 100/300 underlying liability coverage. I will never go below that. I have State Farm and I've shopped my coverage with brokers several times. I can get way better liability prices but I can't get anyone to cover $2 million UM/UIM and that's a deal breaker for me.

Anyway, max out your underlying coverage to make sure your UM/UIM coverage protects you and you have a good umbrella to go above that. The incremental cost of higher limits of coverage is less than the cost of the basic coverage. You're less likely to need higher levels of coverage so the second million of coverage is less than the first, the third is less than the second, and so forth.

[Chocaholic]

On the other hand, if I bought every insurance that others said were critically important, I'd be completely broke. Insurance companies are like Vegas. The odds are heavily in their favor.

[LWJ]

Insurance makes me a nice living. Just sayin.

[Dantilla]

Originally Posted by nota

any one ever have a renewed rate go down ?

I have. Been with the same agent for years, have lots of policies. Sometimes rates bump up, sometimes they decrease a bit.
We also sit down now and then and go over everything. A couple times I've left the meeting with significantly lower premiums, as the agent suggests ways to streamline things.

I think my agent wants to keep my business.

I also like having somebody in a local, brick & mortar building. I can look them in the eyes and get answers immediately.
The whole office has a friendly, fun atmosphere. Kudos to the agent's excellent leadership.