Q&A: Are Farmers Insurance rates competitive?
Question by unclemikeyt: Are Farmers Insurance rates competitive?
My friend has auto insurance with them and claims they raised his insurance rates 4 consecutive times (every 6 months). He has 3 cars with them and no accidents nor tickets during this period. Is this normal other insurance companies to be raising their rates during the last 2 years? I mean the economy sucks and they still raising rates?
Is the insurance business a monopoly? Do they raise their rates all at the same time, same rates?
Best answer:
Answer by mbrcatz
NO insurance company is the bestest, cheapest, for EVERYONE.
Insurance companies raise rates regularly. It’s not based on the economy, it’s based on CLAIMS ACTIVITIES.
A monopoly, is when only ONE business has ALL the transactions of that type of business. Any state that has more than one insurance company selling insurance, does NOT have a monopoly.
They don’t all have the same rates. Some might be raising the rates for someone with multiple cars, some only on male drivers, some, in one particular city.
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Comments
I would say Farmers Insurance rates are HIGH. They take advantage of consumers.
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