View Full Version : Insurance premiums out of control
thepatriot2705
10-12-23, 10:07
One of my cars was involved in a hit and run today. Noticed my premiums went up again when I pulled up my insurance card for the cop. In under two years, my premium for house/cars has risen 41%. Are you all seeing the same?
Mine haven't gone up that much. A lot of the increases are regional. Trying to insure a house, car in Florida is crazy expensive now.
I live in an area with no concerns for natural disaster... my house insurance went up a little over 30%. The reason given was that lumber prices have gone up... We are obviously looking for a new provider.
One of my cars was involved in a hit and run today. Noticed my premiums went up again when I pulled up my insurance card for the cop. In under two years, my premium for house/cars has risen 41%. Are you all seeing the same?
It's a racket. I've owned over a dozen cars in 20 years and only once has my insurance ever gone down in that entire time. The make and a model only impacted the about of the increase but never reduced it.
And no, the issue isn't illegal aliens driving either. It's just unchecked corporate greed that is inescapable because you have to carry insurance. They know their market is completely captive, so why not raise prices.
USAA has. Went to get quotes to switch and all were just as outrageous.
Lets go Brandonomics. Rigged elections have consequences. Inflation is rampant or the Fed wouldn't have tightened the money supply so much since Lets go Brandon was installed in office.
I keep relativelly older Toyotas because expensive/new cars are dumb money in my opinion. But even my premiums which usually go DOWN over time took an uptick.
Look at all of the BMVs, thefts, robberies/lootings, car accidents involving uninsured drivers and crime related injuries around the USA... SOMEONE has to pay for it.
All of these folks around the country are claiming there "free stuff"... Except it isn't free. Insurance is a BIG part of the equation. LOTS of insurance money is being doled our for the REPARATIONS being claimed in certain parts of the country. Now add all of the NEW ILLEGALS that are... DRIVING.
Be careful switching policies. The ins companies are doing what the credit card companies did in the 90s. Bait you in with a lower rate, then drop the hammer 6-12 months later.
ChattanoogaPhil
10-12-23, 11:41
Our auto insurance premium went up over 30% from what is was 12 months ago. Same vehicles and no claims. So many things have risen in price. Fortunately I'm at a time in my life where it's only an annoyance if I look at, otherwise it has no impact on the way we live our lives. But if this was 30 years ago... a different story. The wife and I were talking the other day about young folks trying to raise a family and wondering how they do it with the price of homes and everything else skyrocketing in recent years.
Insurance Companies get to distribute the cost of natural disasters in to all policyholders. Total racket
My 3 month old $43k Harley got totaled earlier this year by a drunk driver.
Due to Michigan's no fault laws it doesn't matter who causes a wreck if you file a claim you can expect to get gouged the next 5 years.
I called several lawyers and they all said due to the rewriting of the laws a couple years ago it doesn't matter that I lost $15k having to replace the bike that quickly, I can't sue due to "no fault" laws.
So yes, I expect my rates to go from ridiculous to WTF, at the next renewal.
I work in the industry, it’s across the board. Inflation, rising frequency and severity in claims, CAT related losses are not localized like they used to be. Insurance companies are running over 100% combined ratios and loosing their shirts…I understand no one has sympathy for them but they are getting hammered with claims. Some carriers are pulling out of states all together. Reinsurance companies are also increasing their rates to insurance companies and forcing them to take higher retention limits, example: if ABC insurance company had a retention limit that was 50,000,000, that limit is now 100,000,000 before reinsurance gets involved. They are passing that exposure onto the insured. Cars are more complex than ever, a simple fender bender could be 5,000 dollars or more, I don’t work in personal insurance (primarily business insurance) but my advice is to increase your deductibles both home and auto.
1_click_off
10-12-23, 19:43
Be careful switching policies. The ins companies are doing what the credit card companies did in the 90s. Bait you in with a lower rate, then drop the hammer 6-12 months later.
This^^^^
Farm Bureau doubled my home owners and autos, I shopped them and then called my agent. He said he can’t compete and said he would switch if it were him. Said they ran out there first and went too high and won’t be in the same range for 2-3 years while the other come up more and they are forced to roll down.
All-State did the bait and switch on me. My autos were a 6month policy and they bumped those up and now I am just waiting for my homeowners to hit me in another couple months.
joedirt199
10-12-23, 20:55
Find a broker for insurance. I have one and he runs the rates for me every year and lets me know who offers the best rates. I haven't changed in a while so I must have ended up with a stable firm. They did a driving survey on the wife and I with one of those plug into your car big brother kit and found out we don't drive at night, don't speed or heavy brake and knocked almost 30% off our bill.
Mine haven't gone up that much. A lot of the increases are regional. Trying to insure a house, car in Florida is crazy expensive now.
And that is because it's mandatory.
My homeowner's insurance premium increased 26%. I extrapolated the replacement cost to be $231 per square foot based on the declaration page stated home value and square footage of my home. I recently spoke with a contractor who told me that his cost per square foot to build a new home was $160 per square foot less than 3 years ago. He advised me that the cost to build a new home today would be $240 per square foot and he expects that number to increase in the near future.
I also took a hit on my car and motorcycle insurance. Both vehicles are a great deal more expensive to replace than 4 years ago.
I don't lay all the blame on the insurance companies. I blame the clowns in Washington D.C. that are making bad policy and financial decisions that are driving the cost of everything up.
I guess I've been paying too much in the past. We now rent out our two houses in the short term w/VRBO. That sent us searching for a rider to cover the business use of the houses. We have a friend that works with State Farm. We already had our cars and motorized toys with them. We moved our house insurance over to them and the total cost with the rider was actually was less than my previous insurance AND my other coverage went down. All total I saved almost 10%.
My business insurance for my hardware/lumber business has gone up consistently over 10% every year for the last five years. I've shopped it for all I was worth but I can't find anything cheaper. That cost is simply passed on to my customers.
Shop around.
I'm a full tim e RV'er and was using Nat'l General. The increase this year was $600 for Tundra and Airstream; ~+33%. I went to Progressive and it was LESS than before the increase with an extra $10,000 in personal property to cover my guitars (Collings D1A, Fender CS Broadcaster).
Crazy price swings too! I shopped extensively and price range varied by over $1000 a year for same coverage or LESS! I'm one of those perfect drivers too. Never an at fault accident and last ticket (45mph in a 35mph zone) 30+ years ago!
BTW don't use a broker; they will tailor policies that optimize profits for them. Used to be a good idea but not so much in digital era when we don't really need an agent for prompt service.
Suwannee Tim
10-13-23, 19:31
Yeah, I got a modest house in Florida (hurricane central! aargh!) and a couple of old cheap cars. I take a beating 3 times a year, used to be only twice but the car insurance has gone bi-annual. It dulls the pain muchly to get on the other side of the business i.e. as a shareholder. Property and casualty (P&C) is Warren Buffet's favorite industry. What other business do people give you money to invest to keep the profits (they call it 'float') and pay you to do it? The business model of P&C is very different from most businesses and most analysts don't understand it therefore they avoid it. Some companies are better than others for example Chubb, Progressive and Travelers are among the best but it is hard to find a bad investment in P&C.
hotbiggun42
10-13-23, 22:30
I dont have homeowners. Just to damn expensive. Auto insurance increased by $30 this month.
I dont have homeowners. Just to damn expensive. Auto insurance increased by $30 this month.
Where are you at? I have no clue if what I pay is high or low compared to some other state. I pay about $1800 a year for $400,000 coverage on the house and $100,000 on contents, and a host of other benefits including $250,000 in personal liability insurance. As a comparison, I pay $1300 a year in full coverage on a $60K truck.
I work in the industry, it’s across the board. Inflation, rising frequency and severity in claims, CAT related losses are not localized like they used to be. Insurance companies are running over 100% combined ratios and loosing their shirts…I understand no one has sympathy for them but they are getting hammered with claims. Some carriers are pulling out of states all together. Reinsurance companies are also increasing their rates to insurance companies and forcing them to take higher retention limits, example: if ABC insurance company had a retention limit that was 50,000,000, that limit is now 100,000,000 before reinsurance gets involved. They are passing that exposure onto the insured. Cars are more complex than ever, a simple fender bender could be 5,000 dollars or more, I don’t work in personal insurance (primarily business insurance) but my advice is to increase your deductibles both home and auto.
I work in the industry as well, but more on the personal auto side, all I can say is hold on for the ride...
hotbiggun42
10-14-23, 06:06
Where are you at? I have no clue if what I pay is high or low compared to some other state. I pay about $1800 a year for $400,000 coverage on the house and $100,000 on contents, and a host of other benefits including $250,000 in personal liability insurance. As a comparison, I pay $1300 a year in full coverage on a $60K truck.
Southern Louisiana
Insurance Companies get to distribute the cost of natural disasters in to all policyholders. Total racket
How, exactly, is that a racket??
Southern Louisiana
Copy. I would imagine hurricane and flood country would have some expensive rates.
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