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 takeyour premiums and try to get them as high as they can, then they try to pay out as littleas possible to make a profit, those giant insurance company towers like the AIG onethat'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 buildingsand 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 overthose 45 years the claims that I put in and got paid for, I'm a good driver, came downto less than $6,000, so do the math who came out, the insurance company did, they cameout like bank robbers, if you take all the other insurance that I've paid in the last45 years, house insurance, health insurance, and car insurance,
your talking over $240,000that I gave to insurance companies, I have had claims paid for the house for hurricanedamage and health stuff done to me of less than $40,000 total, they made $200,000 offof me, so realize these insurance companies are making a lot of money, look at all theadvertising they do, hey they spend hundreds of millions of dollars advertising to tryto get you to give them money so they can make more profit, so I'm going to show youwhich 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 heardof them but they insure lots of things for other people, Mapfre is a spanish companyso why am I talking about it, well they bought a massachusetts only company called commerceinsurance, this was in 2008 then the commerce joined mapfre huge worldwide insurance thathas more than 50,000 agents, I'm not making this up, 50,000 insurance agents, now thisparticular company serves mainly the new england area in the US, but worldwide their in over49 countries serving over 35 million people, and at least here in the US if you think biggeris better, not in this case, they have so many complaints against them,
they have complaintsthat they kept billing customers even though they cancelled the insurance, of keep jackingup people's rates even though they haven't been in any accidents, and even not payingfor work at a body shop when people had their cars wrecked, they just flat out refused topay, as a mechanic I see this happening with many different insurance companies, I remembergoing 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 yournot covered for that, you know they want to make in as much as they can and pay out aslittle as possible, and make you jump through hoops half the time to get something thatyou've already paid for, now another company that's known for being a poor insurance companyused for cars is Metlife, yeah their like the largest life insurance sellers in theUS, metlife had $2.5 trillion in policies written the last time I checked, well of courselike 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, theyoften do a horrible job insuring cars,
I had a customer who was quoted $250 a month whichis high enough, and then when they got their bill it was actually $500 something, and theyjust 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 hadtheir insurance policy raised by 25%, so they called up and said what's up I didn't getin any accidents, and they said well that's the way it is and we're going to cancel yourpolicy when it's over because we don't like your attitude, these insurance companies arehuge they can basically do as they please, they take in all the premium money, of courseit's to their advantage to pay out as little as possible, but in many places it's law thatyou have to have car insurance, now here in the state of texas it isn't law, if you canprove 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 pointof the insurance company is they try to scare you and saying that oh your safe your coverednow, well they make a fortune because it's all done through math, they can't lose, wheneversomething bad happens then they just raise the rates in the future, like here in Houstonlast time we had a big hurricane, guess what all the insurance rates went up, and theyput a disclaimers in every one that would say,
oh the first $20,000 of hurricane damageyou have to pay for that's the deductible only for hurricane damage, so you don't wantto use a bad company, it's bad enough that your giving them a ton of your money, whensomething bad does happen, hey you want them to pay for the damage that was done and notraise your rates, but unfortunately that's how a lot of these companies work, I'll giveyou my own personal example, I had one car insurance and they made a mistake and insteadof 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, wellyou didn't pay, and I said well I didn't get a bill, I didn't get one in the mail, theysaid oh we only do it online now, I said well who did you email it to, and they mailed itto my wife's email, I said I'm the one paying it, it's my email you should have mailed itto me, so they dropped me, then I went all over the place trying to buy insurance andthey 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 giveme a policy, and it was more than I'd been paying before it was like $1,200 a year, andbefore 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 originalcompany that dropped me because they said I had a lapse in coverage and they wouldn'tcover me, they kept sending me a little credit card thing that says, oh we'll give you agood deal, so I went back to them and got the price that I had in the original placefrom the company that said they didn't want to insure my anymore then they kept sendingme 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 customershave 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 forbuying 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 getin a pinch a something happens, they make you go through a lot of hoops to get somethingthat you've already paid for
