Insurance in Iowa

[CoachHines3]

i shop car insurance rates almost every year or so. I just switched because I was going to add a vehicle and it was going to cost me almost twice as much for adding the new vehicle.

switched to geico with the added vehicle and my price went down.

 

[Cyhig]

Agent of 33 years here..... I'm reading your posts about claims. Best advice I can give you: If you have a potential claim on your hands DISCUSS IT WITH YOUR AGENT FIRST. When you call those 800# claims lines, or 24 hours service numbers to discuss it... they ARE going to file the claim even if you did not intend to. Boom... now you have a claim on your record regardless if it gets paid. So important to discuss with your agent first. Then proceed from there.

Good insight. Are there any reasons why auto and home insurance rates have sky rocketed in the last couple years? My auto rate has nearly doubled even though my wife and I have a clean driving record and have never filed a claim. My credit score is 800+. We shopped around for different quotes, but all came back with near the same high rates. Everyone I talked to have experienced these same rate hikes.

 

[Cychl82]

Had this same issue, moved back to DSM in March, Colin quoted me an extremely high rate, using country financial now at about half what Colin quoted me.

Country Financial is really competitive right now. I have a buddy that works for him that loves their rates but has concerns that they could stop writing in Iowa in the not so far off future. Hopefully not because they are a very good option.

 

[Cychl82]

Good insight. Are there any reasons why auto and home insurance rates have sky rocketed in the last couple years? My auto rate has nearly doubled even though my wife and I have a clean driving record and have never filed a claim. My credit score is 800+. We shopped around for different quotes, but all came back with near the same high rates. Everyone I talked to have experienced these same rate hikes.

You can thank all the drivers that get into accidents texting, being careless in other ways and the cost of repairs going up for that.

 

[MJ29]

Good insight. Are there any reasons why auto and home insurance rates have sky rocketed in the last couple years? My auto rate has nearly doubled even though my wife and I have a clean driving record and have never filed a claim. My credit score is 800+. We shopped around for different quotes, but all came back with near the same high rates. Everyone I talked to have experienced these same rate hikes.

Storms (home insurance rates)
Uninsured and underinsured drivers
Drivers are getting more and more careless/selfish

 

[isu_oak]

Agent of 33 years here..... I'm reading your posts about claims. Best advice I can give you: If you have a potential claim on your hands DISCUSS IT WITH YOUR AGENT FIRST. When you call those 800# claims lines, or 24 hours service numbers to discuss it... they ARE going to file the claim even if you did not intend to. Boom... now you have a claim on your record regardless if it gets paid. So important to discuss with your agent first. Then proceed from there.

I did this and followed the agent's advice. Two reputable contractors (that the agent suggested) came to my house to assess hail damage. Both said there was more than enough damage, so I filed a claim. Now, after jumping through numerous hoops, I'm still fighting with State Farm to get my hail damage covered after a year and a half.

 

[CascadeClone]

Storms (home insurance rates)
Uninsured and underinsured drivers
Drivers are getting more and more careless/selfish

Nailed it - but I would also add inflation. Everything (esp building materials) went up a LOT post-covid. Supply chains breaking down, gvmt printing money, et al.

Insurers got a big surprise of more claims and higher $/claim payouts. Rates are jumping to both make up for some of that, and because of increased anticipated expenses going forwards.

 

[cycloner29]

I stated in another post about SF. Tornado damage was estimated at around $70,000. Estimates came in around $40,000 from another second party. State Farm paid $70,000 without even looking at the estimate from second party Original estimate was done by State Farm. Still scratching my head on this one.

 

[Dandy]

I’m currently going through the process of purchasing a new home

Got quotes from Farm Bureau, Western National (through my credit union agent) and State Farm.

SF premium was lowest
FB was almost double, which was a bummer. I wanted to work with Colin Newell ha

We are in the process of buying an acreage. Close in a month.

Called State Farm and they will not cover us, as the acreage has an old 1920's hog barn that is red tagged (bad roof) and SF will not do exclusions.

Farm Bureau is working on quotes for us now. This post doesn't make me feel too good.

 

[cytor]

I did this and followed the agent's advice. Two reputable contractors (that the agent suggested) came to my house to assess hail damage. Both said there was more than enough damage, so I filed a claim. Now, after jumping through numerous hoops, I'm still fighting with State Farm to get my hail damage covered after a year and a half.

I believe you. You did the right thing. State Farm pulls this crap in every state. They are hoping you will go away and accept their decision. Stay the course and get your roof you deserve.

 

[1UNI2ISU]

We are in the process of buying an acreage. Close in a month.

Called State Farm and they will not cover us, as the acreage has an old 1920's hog barn that is red tagged (bad roof) and SF will not do exclusions.

Farm Bureau is working on quotes for us now. This post doesn't make me feel too good.

Find an agent with your county mutual. A lot more flexible on things like old buildings.

That's where 95% of my acreages have gone over the last two years.

 

[nfrine]

Storms (home insurance rates)
Uninsured and underinsured drivers
Drivers are getting more and more careless/selfish

Today's vehicles are loaded with sensors too. It's no longer just a fender that needs to be repaired. Add EV's to the mix and it really moves the price up.

 

[MJ29]

Today's vehicles are loaded with sensors too. It's no longer just a fender that needs to be repaired. Add EV's to the mix and it really moves the price up.

Yeah. I love it when someone tells me, "I barely rear-ended them. How are repairs $5K?" Well ....

 

[1UNI2ISU]

Yeah. I love it when someone tells me, "I barely rear-ended them. How are repairs $5K?" Well ....

Not at all unusual to see a newer pickup with a $20k claim after hitting a deer. It's insanity and not changing anytime soon.

 

[madguy30]

Today's vehicles are loaded with sensors too. It's no longer just a fender that needs to be repaired. Add EV's to the mix and it really moves the price up.

Even before the sensors a bumper replacement would run something like $2000 at a shop.

 

[cyfan964]

I did this and followed the agent's advice. Two reputable contractors (that the agent suggested) came to my house to assess hail damage. Both said there was more than enough damage, so I filed a claim. Now, after jumping through numerous hoops, I'm still fighting with State Farm to get my hail damage covered after a year and a half.

This was me. I finally got a THIRD state farm adjuster to come out and we hit it off, he was understanding of my situation, and he got me fully covered in less than a day. I had been fighting with the first two adjusters for months. Adjuster 1 was from Florida, #2 was from Alabama, and the third was from Michigan. I don't think the southern state adjusters even know what to look for in hail damage.

 

[isu_oak]

This was me. I finally got a THIRD state farm adjuster to come out and we hit it off, he was understanding of my situation, and he got me fully covered in less than a day. I had been fighting with the first two adjusters for months. Adjuster 1 was from Florida, #2 was from Alabama, and the third was from Michigan. I don't think the southern state adjusters even know what to look for in hail damage.

I can't even get them to send a second adjuster/inspector out.

 

[MJ29]

One thing I see in my area of claims is that too many people are underinsured. State liability minimums barely cover anything if a vehicle is a total loss. So if your vehicle is totaled due to someone else's negligence, your insurance cannot recover 100 percent. This results in some sizable deficits.

Here are Iowa's requirements::

• $20,000 of bodily injury to or death of one person in any one accident;
• $40,000 because of bodily injury to or death of two or more persons in any one accident; and
• $15,000 because of injury to or destruction of property of others in any one accident.

 

[flycy]

Storms (home insurance rates)
Uninsured and underinsured drivers
Drivers are getting more and more careless/selfish

None of this has likely gone up. The cost after each definitely has significantly.

 

[MJ29]

None of this has likely gone up. The cost after each definitely has significantly.

There are several studies showing that drivers have gotten worse post-Covid.

Here's one article -- https://www.nerdwallet.com/article/insurance/pandemic-traffic-deaths