GM Truck Club
THE PREMIER CHEVY TRUCK & SUV FORUM
Founded in 2004 ~ We're the #1 Chevy Truck & SUV Forum.
Silverado & Sierra | Tahoe & Yukon | Suburban & Yukon XL | SUV & CROSSOVER
Results 1 to 5 of 5
  1. #1

    Default Texas Farmers Insurance asks for nearly 10% rate hike!

    Farmers filed for a 9.9 percent rate hike in June and implemented it immediately. The rate change covered nearly 300,000 policyholders with a “Texas Family Home Policy.”

    The Office of Public Insurance Counsel, which represents consumers before the state insurance department, said the hike was excessive and argued the company had failed to provide enough data to support the hike. In September, the insurance department contested the rates as well.

    “We continually evaluate our rates, and we have worked with TDI and OPIC to reach this agreement,” Davies said. “We are definitely committed to the Texas marketplace and we consented to reducing the rate.”

    Farmers agreed to reduce rates without admitting to any violations of state insurance code, according to the agreement.

    “This is good news for Farmers's policyholders,” said Jerry Hagins, a spokesman for the insurance department. “It's an example of rate regulation at work.”

    The lack of refunds for consumers, however, highlights flaws in the state's oversight of insurance, said Alex Winslow, head of Austin-based consumer group Texas Watch.

    “Instead of allowing the insurance companies to raise rates willy-nilly, they need to go to the Department of Insurance and get approval first so Texas homeowners aren't stuck paying overcharges needlessly,” Winslow said.

    Under the state's “file and use” system, companies can implement rates as soon as they notify state regulators about them. If the Texas Department of Insurance deems the rates unreasonable, excessive or unfair, it can order the company to pay refunds as well as interest to policyholders. Companies can then contest such orders in court.

    Steve
    10 Chevy Traverse LT AWD
    02 Chevy Trailblazer LS (110K+ miles - loaded except for 4WD - WRECKED!)
    99 Chevy Cavalier LS (105K+ miles - commuter car)
    78 Chevy Suburban Silverado (454, 3/4 ton)
    62 GMC 3/4 ton Pickup (350 police interceptor)

    Remember: Search Before Posting | Fill out Your Profile & Signature
    * I've been saying for years that I was going to change my username, and I finally did.

  2. #2

    Default Texas Farmers Insurance Company forced by state to back rates down


  3. #3

    Default

    This is the same company that threatened not to renew policies in Texas a few years ago because they argued they were loosing money over mold issues. The insurance commision forced them to continue existing policies or face very large fines and the loss of selling Auto insurance in Texas.
    But what ya gonna do when most of Texas politicians are taking large campaign contributions from these companies.

  4. #4
    Legend unplugged's Avatar
    Join Date
    Sep 2006
    Location
    High Deserts of SoCal
    Posts
    2,554

    Default

    ....arrgh!......ready, aim................

    State Farm has been very good to me.
    There is no way to happiness....happiness is the way.:yipi:
    http://kx6ijq.blu.livefilestore.com/y1pcOFVNH4ix1hjyGUVyXK5LRfef7qSeWzlZDorpQhIEfkZ2ZA  _vXMYypuKMJFw671uF2ZPhjez_j-atRmcjM2zQKpQi1JSsB75/burb1.JPG
    High Desert SoCal
    93 K1500 burb (personal) 350 AT 3" Lift 250K+
    02 Honda Civic LX
    Looking for a 1990's Miata for an engine swap

  5. #5

    Default

    Every state has different regulations regarding insurance regulations.
    I found this out quickly when I was in the Military I changed insurance companies almost every time I transfered due to the different state regulations that allowed them change my policy.
    While they may be great in Ca. they are allowed more leeway in Texas.

Similar Threads

  1. I Won Arbitration Against Farmers Insurance!
    By ChevyFan in forum Car Insurance Reviews
    Replies: 38
    Last: 04-15-2011, 01:39 PM
  2. N Dakota fines Farmers Insurance $750K
    By ChevyFan in forum Car Insurance Reviews
    Replies: 1
    Last: 07-23-2010, 01:32 AM
  3. Farmers Insurance - Really can they get away with this?
    By ChevyFan in forum Car Insurance Reviews
    Replies: 15
    Last: 11-13-2009, 02:58 PM
  4. Video - Farmers Insurance - ACCIDENT
    By ChevyFan in forum Chevy Car Forum
    Replies: 8
    Last: 11-22-2007, 12:38 PM
  5. Video - Farmers Insurance - ACCIDENT
    By ChevyFan in forum The Coffee Shop ~ Chit Chat
    Replies: 7
    Last: 11-18-2007, 09:56 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •