Vanessa Lindsay reveals that insurers charge 17-20% interest on monthly premium payments, turning a $7,100 annual quote into $8,000 when split up. Filing a claim can spike rates across all your policies. She recommends paying annually in full and switching to insurers that don't charge interest.
Oh my goodness, I am so livid. I want to know— I just had to come online. I usually don't do things like this, but I need to do this. I just found out that the insurance company is raking us over the barrel, and it's not just me. So check it out. I got to build a thing that said it's time to renew my insurance, right? I'm like, okay, so it said your insurance for the year is $7,100. Oh, that's expensive. This is for homeowners insurance, right? $7,100. But if you pay it off in full, you're only going to pay $6,030, right? But if you make payments over the year, it's going to cost you $8,000. So I'm like, now wait a minute, so my insurance is never $7,000 because if I pay it in full, I'm gonna pay it in full, it's only gonna cost me $6,000. If I make payments over the year, like they give you the year to, you know, you make— I'm making monthly payments on my insurance like we do monthly payments on our insurance, right? It's gonna cost me $8,000. So number one, when am I paying this $7,000? But that's not even the kicker. So what you see is they're charging us interest on our insurance. So when you are paying your homeowner's insurance, probably your car insurance, because they're all sometimes bundled into one. I'm only going to talk about homeowner's insurance, but we need to check out our car insurance too. I'm sure they're doing the same thing, they're charging you interest. So then I said, now wait a minute, I got another one on another property. I said, well, let me call the company. I said, now how much interest are you charging me over the year? Them busters said 17.7% interest they're charging me— oh, excuse me, they're charging us on the loans. So they're giving us a loan on our— to make our premium payment every month, right? So now let me ask you a question. When you file a claim, if you've ever filed a claim, what happens? They jack up your insurance. So not only are you charging me this astronomical amount, $7,000 a year for insurance, then you're charging me interest on that $7,000. I'm paying it monthly. And then if I file a claim, which we never file claims because we know if we file claims they're going to jack up our insurance, so we try not to file these claims, right? I hope y'all dropping— picking up when I'm dropping down, because I'm telling you right here, this is some gems from me, and I know all of us don't know that. Like my mother always said, keep living, right? Okay, so now I done— I'm filing a claim, okay? And then they gonna jack up my insurance. So then they jacked up my insurance, so that means that my insurance is going to be higher next year. That means I may be paying more interest next year, okay? If you file a claim And then if you don't file a claim, you are giving these people money and they are charging you interest on the money you're giving them. They never give them back, right? So then let me ask you a question. On any other loan that we get, 99% of the time when we're paying our loan off, it's on our credit report and it's doing our interest. It was like, oh, she's got great credit, she's making this payment on time. That ain't going on your— that's not going on there. It is not. And so it's like, how are they able to do this? So, okay, so, you know, we always say, well, there ain't nothing we could do about— oh yes, there is. I'm not going to go stomping and fussing because we know right now we have to pay these insurances. But what I'm gonna do, I'm gonna stop you busters from taking my interest rate, charging me 17, 18, 20% interest on my money, on my property, on my houses. And then if you have multiple properties Okay, so any investors out there, you got multiple loans, multiple properties, you, you do whatever, right? They are— when you file a claim on one property and your name is attached to it, they're gonna look at all your other properties and all your other insurances may go up. And then if you file a claim, you go get another piece of property, they might be like, oh, you know, you filed a claim on this house back here, I'm not quite sure I'm gonna give you some insurance and I'm gonna charge you a little bit more. Okay. So this is what I'm gonna suggest that we do. I'm gonna do it every little month, every month for next year. Put a little bit to the side, a little bit to the side. When it's time for my renewal, pay that bad boy in full. You will not be getting any of my interest. I'm gonna ask you guys to do me a favor, share this with people, because a lot of us don't know. We're just like, for years we just go on and we just paying our shoes because that's what we do, right? We just pay our monthly payments. I don't know if it's The same thing for our life insurance. Hmm, might not be for the life insurance, but who knows. Now the car insurance, I'm sure it's for the car insurance too. And also for your homeowner's insurance or any other— check all your insurances and find out. And then share with others. And then let's see if we can find insurance companies that are not charging interest, which, you know, that's a joke. But who has the lowest interest rate? And we need to hightail it over there. How you gonna charge somebody 17%? You ain't gave me nothing. You are charging me something and you gave me nothing. And the minute I file a claim, you gonna give me the littlest possible. I filed a claim. We had a hurricane out here on my property. Do you think they gave me a dime? They gonna say, oh, we don't think that happened during this hurricane. What the? Okay. Yeah. I want you all to use some explicit when I found that out. So do me a favor, share this video. Call your insurance companies, find out if you're paying insurance rates with— what's your, what's your interest on your insurance if you pay it over the life of the year of your insurance? Did you know, for one, I'm— now they said my insurance was $7,000, they gonna charge me $8,000 over there. They charged me over— they actually, I calculated, is $1,400 they charged me on a $6,000 loan. $7,000 loan. I paid it off before, it was gonna be $6,000. And you're not— you didn't give me nothing. So what, you insured my house? That didn't give me nothing. Okay, but I'm gonna stop complaining. I'm not complaining, I'm just sounding the whistle and saying, how does this make sense? Somebody help me make sense. No, I don't even want you to help me make sense because this don't make no sense in my mind. But this is all a rip-off. What makes sense is We need to do what we need to do and stop these people from getting this interest rate by us being more in control and then saving up enough money to pay up my own insurance. So if I have, um, $250,000, I'm gonna do what I need to do with my $250,000. Let me, let me insure my own house, right? Let me get interest off of this because y'all getting interest in everything. So anyway, comment in the below if you knew this, if this was something new to you, if your insurance is, is, is breaking you over the cold. So check it out. I just had to come and say. So for those of you who don't know me, my name is Vanessa Lindsay, and what I do is I help people start, grow, build nonprofits, teach them about AI, teach them systems and tools. And evidently right now I'm sharing some information. So I hope these gems— I hope y'all picked up what I dropped down and will use them and take them and do what you need to do with it and give you a little bit of value. I hope you have a wonderful day, and I hope this information is valuable. Please do share it. I would really, really appreciate if you just share just a little bit of this because it can help somebody else. Multiple insurance companies are doing this. Okay, so thanks for listening, and I hope you have a good day, and I will talk to you on the flip side.
