Full Show: Best and Worst Auto Insurers for Claims and Will Non Competes Finally Go Away?

We love to help you save money, but there’s more to consider with auto insurance. Clark has long believed that the best auto insurers provide the best customer service when you need them the most. There’s a new report with a surprising list of companies that you need to check out. Also, Clark really doesn’t like non-compete clauses. The Federal Trade Commission has a new rule designed to ban non-competes in the workforce. Clark explains why these agreements stink so badly and why he’s so excited that non-competes may finally end soon.

Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the May 13, 2024, episode of The Clark Howard Show.

00:00 - Intro
01:52 - Best and Worst Auto Insurers for Claims
08:15 - Ask Clark - Insurance Hopping
10:21 - Ask Clark - Vanguard’s Individual 401(k), Multiple Participant SEP (Multi-SEP), and SIMPLE IRA Plans business
12:45 - Ask Clark - Vanguard Star Fund with a 60/40 split of stocks/bonds
16:46 - Will Non-Competes Finally Go Away?
22:48 - Ask Clark - Employer Offering no health benefits and offers stipend instead
25:04 - Ask Clark - Buying Heart Monitor at Hospital instead of Outside Retailer
26:04 - Ask Clark - Credit Card Account Review - Credit Limit Decrease

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Our Promise to You:

[okiejammer]

My parents' generation taught that Brand Loyalty was a 'Thing' that got better customer service and satisfaction. Sadly, like retiring with the Gold Watch after 50 yrs. with one company, these - and most all 'Loyalty' - has simply disappeared. 😢

[mikecole]

Clark, I’ve been with Amica for 17 years, at your recommendation. Their customer service is nothing like it used to be imo. When I recently called to see what my next premium would be and indicated I was shopping around…My actual premium bill was $50 less than quoted on the phone. Not sure if this was because I said I was looking elsewhere but not complaining. Still may shop around. Thanks for all you do.
You’re a bright light. Keep shining 🙂

[jasonellis]

As a former adjuster for a large global p&c company, I recommend going for a small to medium mutual insurance company, preferably based in your own state. A mutual has no fiduciary duty to anyone but their policy holders.

[robertconnors]

40 years with USAA, but very upset on the amount of money they are spending on advertisements, typically on sports networks. Wrote leadership and expressed my concerns that they should reduce advertising costs and send these funds back to USAA mutual shareholders in form of rebates. Customer service has declined over 40 years; typical call to solve simple problems turn into sales pitches to buy more USAA products, like annuities.

[okiejammer]

THANK YOU FOR THE TIME-STAMPS on your videos. 👍

[Serena]

I’m in TN, with Erie for home and auto. I recently had the first accident in over 40 years and first insurance claim (home or auto). The car was totaled, and Erie paid more than double what I'd expected. They were also super kind, easy to work with, and the rate on my new car is reasonable -- higher because it’s a brand new car replacing an old one, but not a lot higher.

[michaelc]

Body shops want to make money too, so they will favor insurers that authorize more work at a higher rate (and pay promptly). That's not necessarily the same as being on the side of the customer.

[edsweeney]

Insurance is the absolute poster-child for PRICE-FIXING.

[STJ]

Clark, great show I watch everyday. Non competes - unfortunately not every issue has a clear right vs wrong answer. Example, key sales people are developed over years, often in small businesses. After many years these people leave, start their own businesses, and take customers with them. Here in California, non-competes are not enforced anyway. Companies hire young sales people at low salaries and cap their commissions. They have no overhead and hustle. Pretty soon they need their own place, get married, etc... They leave for greener pastures, but without higher level experience and many customers to bring to the table it's not much up a step-up in pay. CFO's hate seeing sales people make more than them. Pizza delivery person at a giant company is horrible, but that is a distraction to the broader implications. Thank you for covering!

[sarashann]

I switched last year from Allstate to Amica. Glad I did.

[sconnell]

As an attorney who has small business as a practice area, I agree with Clark that non-competes are a ridiculous practice. I also agree that the FTC banning them this way is legally suspect. Millions of contracts should not just be invalidated by executive fiat. If this type of contract is going to be declared against public policy, it's better for the legislature to do so.

[markeckman]

A reminder about dividends from a mutual insurance company - They are already computed into the rate you pay by the actuaries. So this is not a savings. Your opportunity cost is the interest you would have earned on the dividend had you kept it in a savings account.

[dogpileable]

Auto insurance ad played during the podcast! 😂

[aulbertwest]

I use to deliver phone books. The company I worked for required a no compete contract. They lost the contract with Southwestern Bell. The employees all received a letter from the owner saying that if we wanted we could go to the new company.

[jamesodell]

I have my auto and homeowners with Michigan Farm Bureau and I have had one auto claim for flood damage and their were very fair with the payout.

[bgregg]

Highly recommend installing car cameras both & rear to have your own evidence for insurers. It's ridiculous not to protect yourself.

[ValerieT]

I retired from Chubb 2 years ago after 23 years there. They have always been very good about paying claims. But you do pay for the coverage. They were on a push to increase deductibles when I left because of so many claims & how expensive it is to repair vehicles these days. I won't buy insurance from any company that advertises heavily. Or from companies like Amica that constantly send me solicitations in the mail.

[Savannah-edrv]

Don't forget the Limu Emu from Liberty mutual! I had them for a while until they doubled my rates and I wanted to charge me $4, 000 a year for two cars! Insane.

[Rugrats]

I love AMICA insurance! I have my home insured w them since 98 and also have there car insurance and they always pay out well. I am very impressed w that insurance company including there outstanding customer service plus there price competitive

[couponuser]

You're absolutely right that it's advisable not to stick with a single insurance provider for more than 3 to 4 years. By this point, the benefits of your discounts have largely plateaued. However, when it comes to home insurance, there's a noteworthy caveat: older policies often offer superior coverage for roof damage compared to newer ones. Some companies have begun imposing stricter limitations on roof coverage, opting for actual cash value settlements that consider depreciation, or limiting repairs to materials of "like" quality. Additionally, older policies may feature fixed deductibles for hurricane damage, which tend to be lower compared to the percentage-based deductibles prevalent today, potentially resulting in thousands of dollars in additional costs.