Today I’m going to talk a car insurance company that you should not buy car insurance from, now of course all car insurance and all insurance companies are out to make a profit, they take your premiums and try to get them as high as they can.then they try to pay out as little as possible to make a profit, those giant insurance company towers like the AIG one that’s 3 blocks from here didn’t get built for free. it wasn’t jack and the bean stalk, it’s your insurance premiums that made them make a lot of money, to build those buildings and to pay themselves a lot, and to give you an example of my own personal car insurance.
I’ve been driving for 45 years, well over $70,000 in car insurance premiums, and over those 45 years the claims that I put in and got paid for, I’m a good driver, came down to less than $6,000.so do the math who came out, the insurance company did, they came out like bank robbers, if you take all the other insurance that I’ve paid in the last 45 years, house insurance, health insurance, and car insurance.your talking over $240,000 that I gave to insurance companies. I have had claims paid for the house for hurricane damage and health stuff done to me of less than $40,000 total, they made $200,000 off of me.so realize these insurance companies are making a lot of money.look at all the advertising they do, hey they spend hundreds of millions of dollars advertising to try to get you to give them money so they can make more profit.
so I’m going to show you which car company is the worst one that you shouldn’t deal with for buying car insurance, and the winner of this competition or should I say loser, Mapfre, you may have never heard of them but they insure lots of things for other people, Mapfre is a spanish company so why am I talking about it, well they bought a massachusetts only company called commerce insurance, this was in 2008 then the commerce joined mapfre huge worldwide insurance that has more than 50,000 agents, I’m not making this up, 50,000 insurance agents, now this particular company serves mainly the new england area in the US, but worldwide their in over 49 countries serving over 35 million people, and at least here in the US if you think bigger is better, not in this case, they have so many complaints against them, they have complaints that they kept billing customers even though they cancelled the insurance, of keep jacking up people’s rates even though they haven’t been in any accidents, and even not paying for work at a body shop when people had their cars wrecked.
they just flat out refused to pay, as a mechanic I see this happening with many different insurance companies, I remember going to a customer once to a state farm, and all I heard the agent in his private office, I’d pick up the phone and say, oh I’m sorry your not covered for that, oh I’m sorry your not covered for that, you know they want to make in as much as they can and pay out as little as possible, and make you jump through hoops half the time to get something that you’ve already paid for, now another company that’s known for being a poor insurance company used for cars is Metlife, yeah their like the largest life insurance sellers in the US, metlife had $trillion in policies written the last time I checked, well of course like everybody else in big business they get greedy, now of course they’ve expanded into car insurance and stuff, and from my customers experience and others that I’ve met, they often do a horrible job insuring cars, I had a customer who was quoted $250 a month which is high enough, and then when they got their bill it was actually $500 something, and they just said of we made a mistake when we gave you a quote so here’s what you owe us now.
I had another customer with metlife, they had no accidents for 5 years, they just had their insurance policy raised by 25%, so they called up and said what’s up I didn’t get in any accidents, and they said well that’s the way it is and we’re going to cancel your policy when it’s over because we don’t like your attitude, these insurance companies are huge they can basically do as they please, they take in all the premium money, of course it’s to their advantage to pay out as little as possible, but in many places it’s law that you have to have car insurance, now here in the state of texas it isn’t law, if you can prove financial responsibility like if you have more than $200,000 in the bank or something, you can use that has proof of insurance if you want to, but of course the whole point of the insurance company is they try to scare you and saying that oh your safe your covered now, well they make a fortune because it’s all done through math, they can’t lose.
whenever something bad happens then they just raise the rates in the future, like here in Houston last time we had a big hurricane, guess what all the insurance rates went up, and they put a disclaimers in every one that would say, oh the first $20,000 of hurricane damage you have to pay for that’s the deductible only for hurricane damage, so you don’t want to use a bad company, it’s bad enough that your giving them a ton of your money, when something bad does happen, hey you want them to pay for the damage that was done and not raise your rates, but unfortunately that’s how a lot of these companies work.
I’ll give you my own personal example, I had one car insurance and they made a mistake and instead of emailing me the bill for the year they emailed it to my wife, so I didn’t see it, I’ve been with this company for 10 years, then they dropped me because they said, well you didn’t pay, and I said well I didn’t get a bill, I didn’t get one in the mail, they said oh we only do it online now, I said well who did you email it to, and they mailed it to my wife’s email, I said I’m the one paying it, it’s my email you should have mailed it to me, so they dropped me, then I went all over the place trying to buy insurance and they said, oh well you had a lapse in coverage and now we want $4,500 a year instead of the $900 that I was paying, so I finally got liberty mutual they decided they were going to give me a policy, and it was more than I’d been paying before it was like $1,200 a year, and before I was paying less than $1,000, but I had no accidents the year I was with them, and then the next year they raised it 25% for no reason whatsoever, but then funny enough, like I said these huge corporations one side doesn’t know what the other is doing, my original company that dropped me because they said I had a lapse in coverage and they wouldn’t cover me.
they kept sending me a little credit card thing that says, oh we’ll give you a good deal, so I went back to them and got the price that I had in the original place from the company that said they didn’t want to insure my anymore then they kept sending me things that say of we want to insure you, it crazy they way these companies operate, now I’m sure a lot of people out there have a problem with their insurance companies too, I’ll give a mention to farmers their a pretty bad insurance company, I’ve had customers have problems getting claims paid from them and then having their rates jacked up if they get in a little fender bender, a lot of them they just don’t care about you, but at least now you know two of them that you should stay away from and when your in the market for buying insurance asks your friends what experiences they have, just don’t go out and buy it randomly, because you don’t want to be stuck with one of these bad companies that when you do get in a pinch a something happens, they make you go through a lot of hoops to get something that you’ve already paid for, so if you never want to miss another one of my new car repair videos, remember to ring that bell
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