anyone use geico insurance? - Page 5 - PeachParts Mercedes-Benz Forum

Botnst · #61 03-12-2014, 05:29 PM

Quote:

Originally Posted by elchivito

Holy CRAP bot!
I had heard of Horace Mann but didn't even know they did business in AZ. I just got a quote on all the passenger vehicles including the boychild's and it's 250 bucks per 6 months cheaper than what I'm paying GIECO.

I owe you a whiskey!!

You're on. And none of that cheap teacher crap, either.

elchivito · #62 03-12-2014, 05:39 PM

Quote:

Originally Posted by Botnst

You're on. And none of that cheap teacher crap, either.

Newp!

aklim · #63 03-12-2014, 06:08 PM

Quote:

Originally Posted by Skid Row Joe

I suspect that notion is the result of being bombarded with highly effective advertising done in signage, print, cyber, and over the television and radio networks.

Who doesn't recognize the gecko, or the Mayhem guy that hawk two brands of insurance?

In some cases, you are required by law or lenders, that you do indeed carry insurance before they will lend you money for a car or a piece of real estate - your residence for example, or allow you to get a drivers license, a license for your vehicle, or State inspect your vehicle to legally travel public streets and highways.

Whether it's a good idea to carry insurance on one's paid for real estate, is a whole other issue. To my knowledge, you are not required to insure paid for, non-lien holder property, but the owner of that property then needs to assess whether he is willing to risk up to total loss of the dwellings on that property, assorted legal liabilities, and the ramifications that follow.

When you carry insurance, you transfer the risk of loss to another to keep your asset whole.

For you, maybe. I don't buy every conceivable policy that I have been told to get.

Gecko, yes. Don't have him now. The other guy? Not a clue who or what you are talking about.

Seriously? Would YOU lend me money and put a lien on my house with no insurance? You that crazy? If so, I have a few people who want to borrow money and you can take a lien off their oil wells in Texas. No deeds though. Their good word. As to driving, would YOU be ok with me damaging your property and saying "Mea Culpa". Sorry, I got no job or money to pay. But it's ok. Your insurance can pay and jack your rates up?

That is fair enough. Let your house burn down for all I care. Now if I held the lien on it and you have no insurance, I could take the land but the house on it would be ashes and you'd still owe and probably not pay and declare bankruptcy.

Most, not all risk. There is still the deductible.

Skid Row Joe · #64 03-12-2014, 06:19 PM

Quote:

Originally Posted by Botnst

Now use Horace-Mann, with which I am very satisfied.

....sounds like the name of a public junior high school somewhere. Ha!

Check, Erie Insurance if available in your area.....

Botnst · #65 03-12-2014, 07:23 PM

Quote:

Originally Posted by Skid Row Joe

....sounds like the name of a public junior high school somewhere. Ha!

Check, Erie Insurance if available in your area.....

Perhaps you missed the part where I am satisfied with my current insurance company.

elchivito · #66 03-12-2014, 07:28 PM

Quote:

Originally Posted by Skid Row Joe

....sounds like the name of a public junior high school somewhere. Ha!

Check, Erie Insurance if available in your area.....

It's an insurance and financial vehicles company expressly for educators and school employees. $7B in assets and in business since 1945. You wouldn't have heard of it.

Skid Row Joe · #67 03-12-2014, 08:05 PM

....sounds like the name of a public junior high school somewhere. Ha!

Check, Erie Insurance if available in your area.....

Should have dropped the CC....

No, I hadn't ever heard of Horace or Mann, man!

HuskyMan · #68 03-12-2014, 08:53 PM

Quote:

Originally Posted by Skid Row Joe

....sounds like the name of a public junior high school somewhere. Ha!

Check, Erie Insurance if available in your area.....

Should have dropped the CC....

No, I hadn't ever heard of Horace or Mann, man!

Read: insurance for government sector workers only.

Skid Row Joe · #69 03-12-2014, 08:58 PM

Quote:

Originally Posted by HuskyMan

Read: insurance for government sector workers only.

Sounds like another what Geico was.

Might make another nice acquisition for Berkshire-Hathaway's collection of insurance companies.

The "7 Billion in assets" figure, going back to 1945 sounds attractively enticing though, at first blush.

Botnst · #70 03-12-2014, 09:47 PM

Quote:

Originally Posted by HuskyMan

Read: insurance for government sector workers only.

In your experience as an actuary, is it your opinion that every consumer of your product should pay exactly the same, regardless of the probability of this or that segment being a greater or lesser risk?

Botnst · #71 03-12-2014, 09:51 PM

Quote:

Originally Posted by Skid Row Joe

Sounds like another what Geico was.

Might make another nice acquisition for Berkshire-Hathaway's collection of insurance companies.

The "7 Billion in assets" figure, going back to 1945 sounds attractively enticing though, at first blush.

Geico started as a "Government Employees Insurance Company". They lowered their standards (no longer just gov), increased their rates, and got rich as a result.

USAA essentially reconfigured Geico's original model and is making good money off that.

aklim · #72 03-12-2014, 10:05 PM

Quote:

Originally Posted by Botnst

In your experience as an actuary, is it your opinion that every consumer of your product should pay exactly the same, regardless of the probability of this or that segment being a greater or lesser risk?

He's not an actuary. However, he has spoken to one not too long ago who said.......

INSIDIOUS · #73 03-12-2014, 11:08 PM

Quote:

Originally Posted by Botnst

Geico started as a "Government Employees Insurance Company". They lowered their standards (no longer just gov), increased their rates, and got rich as a result.

USAA essentially reconfigured Geico's original model and is making good money off that.

Not sure that says much for gov employees?

Botnst · #74 03-12-2014, 11:12 PM

Gov employees are mostly middle class and though they vote somewhat leftish, they tend to be conservative with regards to behavior and financial attitude. They are probably among the safest of bets for any insurance company but since they are not wealthy, they won't carry lots of insurance products.

USIA makes money by narrowly focusing on gov/mil employees and descendants. You can betcherass that the actuaries worked-out how their kids act!

Skid Row Joe · #75 03-13-2014, 01:33 AM

Quote:

Originally Posted by Botnst

Geico started as a "Government Employees Insurance Company". They lowered their standards (no longer just gov), increased their rates, and got rich as a result.

USAA essentially reconfigured Geico's original model and is making good money off that.

Yes, and yes.

Quote:

Originally Posted by aklim

He's not an actuary. However, he has spoken to one not too long ago who said.......

Quote:

Originally Posted by Botnst

Gov employees are mostly middle class and though they vote somewhat leftish, they tend to be conservative with regards to behavior and financial attitude. They are probably among the safest of bets for any insurance company but since they are not wealthy, they won't carry lots of insurance products.

USIA makes money by narrowly focusing on gov/mil employees and descendants. You can betcherass that the actuaries worked-out how their kids act!

Govt. employees would seem to me to be good bets, to insure.