Allstate Insurance

[mr_boring]

I shop around each year.. NO need to stay with a company for years..

From about 2005-2020 I must have changed insurance companies 8-10 times, the whole time only using State Farm, Allstate, and GEICO. Every time my policy would go up more than a few bucks, I'd call one of the others and get a shiny new quote for a bit less. That hasn't worked as well the last 4 years, the quotes are all ridiculous.

I was late on a Progressive payment last year and those suckers dropped me 2-3 days after I made the payment. It wasn't even super late, I'm talking 2-3 days.

 

[Cheetah-kins]

You need to come up with a better argument....

Progressive netted $1.9 billion in Q4 2023, a 141% increase from the $826.4 million the company netted in Q4 2022, according to the company’s December earnings release.

The company’s net income for 2023 is $3.9 billion, more than a 400% increase from 2022.

Allstate annual gross profit for 2023 was $14.953B, a 14.1% increase from 2022. Allstate annual gross profit for 2022 was $13.105B, a 35.2% decline from 2021. Allstate annual gross profit for 2021 was $20.223B, a 4.46% increase from 2020.

State Farm Mutual Automobile Insurance Company reported a $3.5 billion increase in net worth and remains financially strong. The State Farm life insurance companies reported over $725 million in dividends to policyholders and issued a record $118 billion in new policy volume bringing the year-end 2023 individual life insurance in force to $1.1 trillion. As the number one Auto and Homeowners insurer in the U.S. and a leader in individual life insurance, State Farm is committed to serving its policyholders and remains a strong choice for insurance and financial services needs.

Well believe what you like but your numbers don't change anything I wrote . Also, insurance companies have bad years, too. Major natural disasters - a not uncommon thing - often require gigantic payouts.

Far be it from me to defend insurance companies, but saying that they just rake in money while the poor consumer gets shafted just isn't accurate, imo. The insurers as well as the insured are equally to blame for the current state of affairs, imo.

 

[Pew]

Everywhere I've read shows that Statefarm is still losing money with the auto insurance sector barely helping against the homeowner claims.

I switch insurance every few years anyways to keep my rates low.

 

[CKN]

Everywhere I've read shows that Statefarm is still losing money with the auto insurance sector barely helping against the homeowner claims.

I switch insurance every few years anyways to keep my rates low.

They may have lost money recently but AM Best still rates them A++ on financial strength.

 

[2strokeNorthstar]

Having to get home insurance quotes in CA due to being dropped soon. 100-200% increase. Never a claim in 12 years of ownership. Thanks

 

[JHZR2]

Allstate…. Yeah, they’ll steer you (which is illegal) to their direct job shops who will accept a lower rate of pay (and likely cut corners). Of course they’ll tell you you can pick any shop, so to avoid the law directly, but they’ll give a “proprietary” hourly rate that is lower than the prevailing rate. So for all intents and purposes it’s steering via refusal to pay.

Though I doubt any other company is any better.

 

[Cheetah-kins]

Having to get home insurance quotes in CA due to being dropped soon. 100-200% increase. Never a claim in 12 years of ownership. Thanks

I definitely have sympathy for you but the reality is many factors decide your insurance rate, and unfortunately past history sometimes doesn't make a huge difference in your price. The world is just becoming a more expensive place - scares me sometimes, honestly.

 

[hrv]

I definitely have sympathy for you but the reality is many factors decide your insurance rate, and unfortunately past history sometimes doesn't make a huge difference in your price. The world is just becoming a more expensive place - scares me sometimes, honestly.

esp. the last 4 years...

 

[Delta]

Everywhere I've read shows that Statefarm is still losing money with the auto insurance sector barely helping against the homeowner claims.

I switch insurance every few years anyways to keep my rates low.

I'm honestly wondering when they're gonna jack up my rates. I've been with them forever and currently insure my home and both cars through them. Always has been reasonable. Home insurance went up this year, but that is to be expected with building cost and the value of my home going up. Ironically wen I went from my '22 Tacoma to my current '24 it actually went down a couple dollars

 

[alarmguy]

You need to come up with a better argument....

Progressive netted $1.9 billion in Q4 2023, a 141% increase from the $826.4 million the company netted in Q4 2022, according to the company’s December earnings release.

The company’s net income for 2023 is $3.9 billion, more than a 400% increase from 2022.

Allstate annual gross profit for 2023 was $14.953B, a 14.1% increase from 2022. Allstate annual gross profit for 2022 was $13.105B, a 35.2% decline from 2021. Allstate annual gross profit for 2021 was $20.223B, a 4.46% increase from 2020.

State Farm Mutual Automobile Insurance Company reported a $3.5 billion increase in net worth and remains financially strong. The State Farm life insurance companies reported over $725 million in dividends to policyholders and issued a record $118 billion in new policy volume bringing the year-end 2023 individual life insurance in force to $1.1 trillion. As the number one Auto and Homeowners insurer in the U.S. and a leader in individual life insurance, State Farm is committed to serving its policyholders and remains a strong choice for insurance and financial services needs.

You cant take one quarter out of a companies history and make a case.
You cant even use 5 years but if this helps the year 2022 was one of their worst ever and 2021 wasn't much better, in fact their income for 2023 was close to what they made in 2019 even though sales are double. Income growth for 2022 was down almost 80% and down 40% in 2021.
Income growth was up 440% in 2023 and finally was able to match 2019 for net income after two disastrous years (no pun intended*LOL*)
The statement is too long to take a screen shot but here is the link.

https://www.wsj.com/market-data/quotes/PGR/financials/annual/income-statement

First number is 2023 down to last number 2019 from link above. This is on sales that are 40% higher in 2023 and yet net income only matches that of 2019

Anyway, not defending them. Buy insurance like you buy gasoline. Best price wins.
BTW- Insurance companies are in business like any public traded company to make money for their shareholders and I defend myself from that buy searching for best price of any company like I do any product.

 

[alarmguy]

I'm honestly wondering when they're gonna jack up my rates. I've been with them forever and currently insure my home and both cars through them. Always has been reasonable. Home insurance went up this year, but that is to be expected with building cost and the value of my home going up. Ironically wen I went from my '22 Tacoma to my current '24 it actually went down a couple dollars

Have you checked up to five other insurance companies prices online recently?

 

[DwightFrye]

My homeowners insurance TRIPLED last year and that doesn't even include the separate fire insurance policy that I had to buy through the California Fair Plan program. I just got my auto insurance renewal statement from the same company that I have "bundled" my H.O. insurance with. On the coverage for my two vehicles, my 6 month premium increased by $626 over what it was a year ago.

I spent an entire day shopping around. Most premiums were about the same for the same coverage limits. Hmmmm.....seems like price fixing to me. But I did find some savings by splitting the vehicles under two different companies.

I'll change insurance carriers every 6 months in the future if that's what it takes. In the past if premiums went up a hundred dollars or so I chalked it up to the general cost of living increases. But it has gotten to the point where the cost of insuring my home and vehicles is almost unaffordable on my retirement income.

 

[alarmguy]

My homeowners insurance TRIPLED last year and that doesn't even include the separate fire insurance policy that I had to buy through the California Fair Plan program. I just got my auto insurance renewal statement from the same company that I have "bundled" my H.O. insurance with. On the coverage for my two vehicles, my 6 month premium increased by $626 over what it was a year ago.

I spent an entire day shopping around. Most premiums were about the same for the same coverage limits. Hmmmm.....seems like price fixing to me. But I did find some savings by splitting the vehicles under two different companies.

I'll change insurance carriers every 6 months in the future if that's what it takes. In the past if premiums went up a hundred dollars or so I chalked it up to the general cost of living increases. But it has gotten to the point where the cost of insuring my home and vehicles is almost unaffordable on my retirement income.

Homeowners insurance has me kind of freaked out. In your case I would be depressed.
So far we are good but the insurance companies every year, for example this year filing for a 70% increase. Once again, the state will deny it and then you are supposed to feel good about whatever it is they end up getting. Cars so far as good, I guess over their the fire issue has the cars going so high. Here its wind damage on homes.

 

[alarmguy]

I just opened June 2024 Kiplinger Personal Finance Magazine
There stands an article on cutting your Auto and Home Insurance bills. Still have to read it but it does point out issues and reasons for increases on both the above.

That A.M. Best credit reporting agency says "The U.S. property insurance industry lost $38 billion in 2023, the largest underwriting loss in a decade ..."

I see another part that says if you live in Florida and have a roof over 15 years old the chances of getting insurance are almost 0.
They go on to state government regulations and regulatory issues haven't helped and part of the reason the insurers fleeing CA and FL
Compared to Texas where a streak of natural disasters have also hit and premiums moving upwards, the insurers haven't fled the state.

To others credit the roofing thing was a big deal in Florida. Florida only accounted for 8% of claims in the nation but accounted for 76% of all litigation claims in 2019. They say since Floridas new rules and laws are taking place there are signs of companies returning to Florida. I guess we will wait and see.

 

[2strokeNorthstar]

Have you checked up to five other insurance companies prices online recently?

I plan on checking 10 or so. I still have a month and 3 weeks

 

[alarmguy]

I plan on checking 10 or so. I still have a month and 3 weeks

Yeah, I suspect by next year I might be in that boat.

 

[2strokeNorthstar]

Yeah, I suspect by next year I might be in that boat.

Already got 4 and it's depressing.