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Does working at State Farm make you less likely to file a claim? Maybe. But I dare say that if you do file a claim it will be higher severity than the average claim. So what would be the reason for a discount if pricing is supposedly based on risk?
I have filed one PIP claim in over 35 years. (less than 10K and I was not the at fault party . The OIC (other insurance co) was on the line for PD and BI. To answer your question about how to calculate risks.. that's what UW for policies is for. THIS would be a discount. They are very different things. So perhaps a flat percentage based on the policy type and number of policies? Or perhaps a discount based on how long w/o an at fault claim or such. Other companies do these very things... so why is SF the last to figure it out?\
Progressive gives $100. 50 bucks every 6 months. Not a lot but something I guess.
Isn’t giving an employee an insurance discount against compliance regulations? It may not be against compliance, but it certainly doesn’t make sense from a risk standpoint.
It’s like giving preferential treatment when there’s nothing different about that risk of an employee. Employees don’t have less risk than the cohort of drivers or homeowners that they’re with.
While you are correct that there isn't less risk, this is a benefit that quite a few other insurance companies do provide for many of their employees. That said, State Farm's underwriting is more strict that quite a few other companies = so just as with all underwriting, it is a very calculated risk... but during this whole underwriting process, SF looks for the more seasoned,, lower risk, more responsible drivers = meaning they technically make better choices - ultimately making them better risks. Rewarding employees is something many other companies do. And it would be a great way to encourage those who qualify for SF policies, to make the move to SF policies and could even serve as a means of employee retention if utilized properly.
So not only Insurance 101 but business 201
We get our commissions back, it’s a great perk
Can you explain that, please?
Aetna employees should have far better insurance coverage than we have, high deductibles, limited networjs
The fact that we don’t is mind blowing🥹
Progressive only gives you $50 off your 6 month policy but, I guess it’s better than nothing. It comes as a credit back on your paycheck once your 6 month policy is done. It renews every six months as long as you have the policy and are an employee.
Pro
At USAA we don’t get a discount.