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Cherry-Picking Auto Insurance in FL
What must the auto insurance consumers of our state think about the profit levels of car insurance? Gauging it by the advertisements that we are all bombarded with there must be insane profits to be had, right? Seriously, to watch GEICO, Progressive, Allstate and others advertise relentlessly makes you wonder why they fight so fiercely over a product whose profits are supposedly regulated by the state.
Maybe it’s because they don’t write property insurance in Florida. You were aware of that, weren’t you? None of the companies mentioned above currently write property insurance here, plus a slew of other national and regional carriers as well. Although they all do write property in nearly every other state in the country. Why is that, you wonder…?
Maybe it’s because there’s not an altruistic bone in their bodies for one. And, they’re exploiting the state’s failure to enforce its own regulations to their advantage for another. How convenient that they all only offer vehicle insurance in Florida. They’re allowed to cherry pick the auto business and leave you to your own devices for property coverage. Ask yourself this…what is your biggest concern about insurance (not health insurance) in our state. Of course, it insuring your home….EVERYONE faces this dilemma of not only losing their coverage but also having to choose between a host of non-rated, start-up insurers that are, frankly, scary. The ability to get a GEICO or Progressive Homeowners policy, with their massive financial strength, would be a nice option to have here, would it not? Too bad for you….but quite convenient for them wouldn’t you say?
All these companies continue to cherry pick the vehicle lines here unimpeded even though anti cherry-picking laws are already on the books in FL because the state does nothing to enforce them. Watching them all fight over your car insurance without even a peep from them about your most pressing and important need, is sickening to me. And unfair. Where’s the governor on this issue?
Our agency continues to represent the best home insurance carriers we can find. We will always look to solve your property insurance needs and provide you with the best possible options available. While it would be easy to celebrate not having to compete against those big names, I think our state is hurt by allowing this selective marketing to go on.
St. Farm Withdrawal
The news that State Farm intends to withdraw from Florida further weakens our broken property insurance system and focuses more attention on the small domestic insurers that are left to pick up the pieces. A situation that should be a cause for alarm to us all.
I’m in the business yet I cannot come close to deciphering all the machinations the legislature has put the property insurance industry through in Florida. The result of all this twisted legislation is a regulatory climate that is so foul that the pullout of all the A. M. Best rated carriers is nearly complete….well done, Mr. Governor. What’s left are scores of small, domestic carriers that are ill-equipped to handle the massive property needs of a state like ours, even though we’re told they have a “rating”. Do not be fooled by these claims of an “A” rating from some mysterious rating bureau. Ask yourself how legitimate a grade of “A” can be when it’s handed to a 1-yr old insurance company that buys its reinsurance from the underfunded FL CAT Fund and has never experienced a Hurricane in FL nor managed the logistics of handling thousands of claims at once. An insurer like this has “earned” a rating of A?—-This is patently absurd. Not all non-Best rated insurers are scary, but the public should be aware of the difference as there’s only one “A. M. Best” and most other just can’t be trusted, especially when they grant superior ratings to clearly undeserving insurers.
The free market system is the best solution for our crises and will bring back the national, Best rated carriers we so desperately need. Government plays a valuable regulatory role but should operate in the background, not the forefront, of this problem. The sooner this is allowed to occur the quicker we get back to a stable insurance system using carriers we all can have confidence in.
David Bissell
Welcome to Bissell & Associates Insurance Blog
As a Jacksonville local, community-based insurance agency our goal is to bring top-notch, national and large-regional insurance companies together with expert customer service to the families and businesses in our area. We actively seek preferred Automobile, Homeowners and Commercial accounts by offering a host of choices geared to meet today’s complex demands. Few can match our selection of insurer, coverage and thorough market knowledge in designing the right program to fit your needs.
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