INSURANCE Rates for Farm & Ranch? Combined with Auto?

[Siesta Sundance]

Anyone price shop recently?

 

[Siesta Sundance]

I'm currently with Texas Farm Bureau, having American National look at my stuff now. Gonna check with Germaniana again.

 

[CGMKCM]

I bundled all insurance through Farm Bureau a few years back. Saved me quite a bit on Homeowners policy and insurance for my Ford F-550. My other two cars were less expensive to insure also.

 

[fried1765]

I bundled all insurance through Farm Bureau a few years back. Saved me quite a bit on Homeowners policy and insurance for my Ford F-550. My other two cars were less expensive to insure also.

Bundling insurance can certainly make economic sense.
That said, the real story on any/all insurance companies, is not told until you have a claim.
The goal of ALL insurance companies is to keep outlays to an absolute minimum.
YMMV.

 

[DaveFromMi]

My Homeowners Policy (State Farm) covers all of my acreage, woods, fields for liability. We have our vehicles and tractor insured through them as well. Have been with them since 1990.
Prior to moving back to the family farm, I had a separate liability policy under Farm Bureau for the acreage. It was a tax deduction as well, now not so much since everything is under the homeowners policy.
Note: A percentage of the Homeowners Policy, if it covers the land, can be deducted from your income. This is assuming that the land produces income.

 

[fried1765]

My Homeowners Policy (State Farm) covers all of my acreage, woods, fields for liability. We have our vehicles and tractor insured through them as well. Have been with them since 1990.
Prior to moving back to the family farm, I had a separate liability policy under Farm Bureau for the acreage. It was a tax deduction as well, now not so much since everything is under the homeowners policy.
Note: A percentage of the Homeowners Policy, if it covers the land, can be deducted from your income. This is assuming that the land produces income.

"Have been with them since 1990"
That may give you a warm & fuzzy feeling, but the real story will be told if/when you have a meaningful/substantial claim.
ALL insurance companies craft language to specifically AVOID paying claims!

 

[Siesta Sundance]

"Have been with them since 1990"
That may give you a warm & fuzzy feeling, but the real story will be told if/when you have a meaningful/substantial claim.
ALL insurance companies craft language to specifically AVOID paying claims!

1sr. Thanks for EVERYONE'S input!!


When it comes to the companies balance sheets, a credit rating on the company can determine if there catastrophic event and their ability to pay all claims, i.e. tornado wipes out several towns.


That said, that is the first thing I check.
State Farm: State Farm has an A++ AM Best rating. So, what cost of premium is that policy gonna cost you, compared to similar companies.

 

[fried1765]

1sr. Thanks for EVERYONE'S input!!


When it comes to the companies balance sheets, a credit rating on the company can determine if there catastrophic event and their ability to pay all claims, i.e. tornado wipes out several towns.


That said, that is the first thing I check.
State Farm: State Farm has an A++ AM Best rating. So, what cost of premium is that policy gonna cost you, compared to similar companies.

"Ability to pay" is most certainly a valid concern.
An equally important issue though may be, their WILLINGNESS TO PAY!
That usually becomes obvious only AFTER a claim has been filed.

 

[Siesta Sundance]

"Ability to pay" is most certainly a valid concern.
An equally important issue though may be, their WILLINGNESS TO PAY!
That usually becomes obvious only AFTER a claim has been filed.

agrree with that too! but that may be fought in a long drugged out court battle, willing to bet a jury of 12 is most likely to favor the customer.

<break>

With Texas Farm Bureau, not that anyone owns these pew pew things in Texas. TX FB automatically assumes the policy owners owns guns and they are covered, but each weapon is capped at $1500. I was in a terrible boating accident and lost all my stuf, the loss still hurts me today.

Other Insurance companies most likely require an additional rider, to insure the guns. Important to compare costs...apples to apples.

 

[jyoutz]

"Have been with them since 1990"
That may give you a warm & fuzzy feeling, but the real story will be told if/when you have a meaningful/substantial claim.
ALL insurance companies craft language to specifically AVOID paying claims!

I’ve had extremely good service from Allstate over the past 30 years, and they have been quick to pay my claims.

 

[fried1765]

I’ve had extremely good service from Allstate over the past 30 years, and they have been quick to pay my claims.

Likely, you have not had a major loss (over $100K)
Good to hear that you have been happy!

 

[jyoutz]

Likely, you have not had a major loss (over $100K)
Good to hear that you have been happy!

No, but auto claims and a new roof on my house.

 

[mikester]

Farm insurer hasn't been competitive for auto for me. I get a much better rate through a group plan for auto.

 

[fried1765]

Farm insurer hasn't been competitive for auto for me. I get a much better rate through a group plan for auto.

I do absolutely understand the "better rate" thing.
Unfortunately, the real news comes with how a major claim is settled.
I had a $240K claim in the late 80's, with USAA.
It was settled very satisfactorily in my opinion.
I am aware (not USAA) of other insurance claim shafting situations.

 

[DaveFromMi]

"Have been with them since 1990"
That may give you a warm & fuzzy feeling, but the real story will be told if/when you have a meaningful/substantial claim.
ALL insurance companies craft language to specifically AVOID paying claims!

I bought a new 2016 Chevy Colorado 4x4 in July of 2016. We lived in the Detroit area at the time. My son managed to "almost" total it by running into a tree the following November. It was $500 away from being totaled; the frame was bent in the front.
State Farm judged that it should be repaired. We found a great body shop that basically did some frame weld-up and replaced broken parts, including airbags. It ran and drove the same as new. The deductible was $500 and we had (1) accident forgiveness in the bank, so our rates didn't go up. The truck runs great to this day.

 

[fried1765]

I bought a new 2016 Chevy Colorado 4x4 in July of 2016. We lived in the Detroit area at the time. My son managed to "almost" total it by running into a tree the following November. It was $500 away from being totaled; the frame was bent in the front.
State Farm judged that it should be repaired. We found a great body shop that basically did some frame weld-up and replaced broken parts, including airbags. It ran and drove the same as new. The deductible was $500 and we had (1) accident forgiveness in the bank, so our rates didn't go up. The truck runs great to this day.

I love a story with a happy ending!

 

[mikester]

I do absolutely understand the "better rate" thing.
Unfortunately, the real news comes with how a major claim is settled.
I had a $240K claim in the late 80's, with USAA.
It was settled very satisfactorily in my opinion.
I am aware (not USAA) of other insurance claim shafting situations.

Unfortunately it's a pig-in-a-poke when it comes to insurers. Pilot (now Aviva) had a reputation for being excellent for auto but dreadful bordering on criminal for home claims.

ALL insurers will tell you how good they are selling you policies and collecting money from you. It's a different story when you need to make a claim.

 

[fried1765]

Unfortunately it's a pig-in-a-poke when it comes to insurers. Pilot (now Aviva) had a reputation for being excellent for auto but dreadful bordering on criminal for home claims.

ALL insurers will tell you how good they are selling you policies and collecting money from you. It's a different story when you need to make a claim.

SO TRUE !!!!!!

 

[Siesta Sundance]

Unfortunately it's a pig-in-a-poke when it comes to insurers. Pilot (now Aviva) had a reputation for being excellent for auto but dreadful bordering on criminal for home claims.

ALL insurers will tell you how good they are selling you policies and collecting money from you. It's a different story when you need to make a claim.

Yes sir, that's something no one wants to happen them, it can be overwhelming to deal with insurance companies for the claim process.

 

[Siesta Sundance]

I'm currently with Texas Farm Bureau, having American National look at my stuff now. Gonna check with Germaniana again.

Ok I got the quote back from American National.

Auto is $60 more than Tx FB, but the liability was increased to 100/300/100k because of the cost of medical/cars.
Ok that is something to consider and probably needs to be done regradless with Tx FB if I stay with them.

The House/Farm/Equipment policy came back $570 cheaper than Tx FB.

I do need to follow back up with American National, I do rent heavy equipment a couple times a year and I can add that Tx FB under Ag advantage, very much cheaper than paying the rental company insurance.
i.e. A rental dozer worth $125 to $150k is only like $60 a month by adding to my policy. The rental company insurance would cost around $750 for the month.