Car Insurance skyrocketing

[scootr]

Car insurance at State Farm going up to ridiculous highs considering I drive so little.
I just got billed $500 for 6 mos on my van which I drive less than 50 miles a month.
Curious to know who is offering lower rates - what have you found ?

 

[Krazi]

I just got back from meeting with my insurance man. Cars are the least of my problem. The dream of home ownership is becoming a nightmare with insurance and taxes. My small rec cabin was reassessed after 20 years and doubled. The insurance company dropped it for whatever reason. The new company won't write my home cause the roof is 20 plus years old.Pay to play I guess.

 

[ericm979]

We have State Farm for all our cars. It hasn't gone up appreciably. Yet.

If you got a ticket or had an accident they'll jack your rates up for years.

 

[ponytug]

Car insurance at State Farm going up to ridiculous highs considering I drive so little.
I just got billed $500 for 6 mos on my van which I drive less than 50 miles a month.
Curious to know who is offering lower rates - what have you found ?

You might chat with State Farm agent about getting discounts and see what they come up with. Low mileage generally gets a discount.

All the best,

Peter

 

[LittleBittyBigJohn]

Mine is getting stupid again too. This is 6 months coverage. 500/1000 deductibles. The focus is liability only. But I do have 250,000/500,000 liability on all of them.

 

[Duds13]

Everything is going up, but ask some certain folks and they will tell you the economy has never been better and you are definitely better off now than 4 years ago!

 

[plowhog]

You might chat with State Farm agent

I stay with the same insurance company for decades or more and rarely re-shop coverage or cost. But I recently switched and found State Farm to be competitive and the local agent provides good service.

The service provided by the local agent is key. I had a very poor agent in Northern Nevada from the same company that has a very good agent in Northern California. Finally gave them the heave-ho. And glad I did.

Won't name names but if you think of something like all 50 states you are getting warm.

 

[riptides]

Homeowners insurance more than doubled two years. Shopped around still cheaper than competitors. Shocking.

Car/Vehicle insurance holding steady. No shocking changes.....

Shop around, ask for discounts, carry a large deductible if car/vehicle not newish.

 

[AndyMA]

I found Progressive to cheapest overall when I bundled.

Andy

 

[5030]

Everything is going up, but ask some certain folks and they will tell you the economy has never been better and you are definitely better off now than 4 years ago!

Only person I know of that says that is the current POTUS. IMO, he's dead wrong as usual.

If all of you had any idea what we pay to insure the farm and all the equipment plus the vehicles and the rentals, you'd probably have a heart attack.

Lets just say it's real close to 8 grand a year.

Lucky we can write most of that off as a business expense. Only gonna get worse, not better until the Fed gets inflation under control and that won't happen with this current administration.

Why I keep saying, get out and vote, but vote wisely.

Just glad we are mortgage free except for one rental and that rental payment covers the insurance on it amongst other things.

Our carrier just increased the deductible to 2 grand and we have no say in that whatsoever and believe me, I've shopped for insurance before and there are no deals to be had.

 

[5030]

I found Progressive to cheapest overall when I bundled.

Andy

I have a philosophy about cheap insurance and that is, if you have a claim, you better be holding on to your shorts because the cheapest carrier can also be a slow pay carrier.

 

[Snobdds]

State farm lost 6.3 billion in 2023.

With cars costing what they cost today and repair cost being crazy...it's going to go up a lot more in the coming years.

The replacement cost on a house today is around 50% more than 4 years ago. Guess what has to happen?

People love the equity the past 4 years has brought...but now it's time to pay for that equity.

 

[Duds13]

Only person I know of that says that is the current POTUS. IMO, he's dead wrong as usual.

If all of you had any idea what we pay to insure the farm and all the equipment plus the vehicles and the rentals, you'd probably have a heart attack.

Lets just say it's real close to 8 grand a year.

Lucky we can write most of that off as a business expense. Only gonna get worse, not better until the Fed gets inflation under control and that won't happen with this current administration.

Why I keep saying, get out and vote, but vote wisely.

Just glad we are mortgage free except for one rental and that rental payment covers the insurance on it amongst other things.

Our carrier just increased the deductible to 2 grand and we have no say in that whatsoever and believe me, I've shopped for insurance before and there are no deals to be had.

And all of his followers...

 

[CliffordK]

I only have liability only on my vehicles. There is supposed to be a muti- car discount. However, for some reason insurance companies seem to have difficulties understanding that a person can only drive one car at a time.

The cost of cars and repairs has gone through the roof. And don't forget to add in injuries and medical insurance.

It doesn't take much for an insurance payout to be in excess of $10K, and perhaps $50K to $100K.

 

[jyoutz]

I only have liability only on my vehicles. There is supposed to be a muti- car discount. However, for some reason insurance companies seem to have difficulties understanding that a person can only drive one car at a time.

The cost of cars and repairs has gone through the roof. And don't forget to add in injuries and medical insurance.

It doesn't take much for an insurance payout to be in excess of $10K, and perhaps $50K to $100K.

Absolutely. Costs of paying physical damage and medical claims drive insurance rates. It’s how the system has always worked.

 

[jyoutz]

Everything is going up, but ask some certain folks and they will tell you the economy has never been better and you are definitely better off now than 4 years ago!

The economy is good when you look at low unemployment and GDP. Of course, like always a better economy does involve increasing prices due to supply and demand, especially for real estate. I never had my home value increase when the economy was bad. This doesn’t mean that a hot economy benefits everyone. Those on fixed incomes like retirees don’t have their boat lifted by a rising tide.

 

[MossRoad]

We bought a used Suburban 2.5 years ago. I added it to the policy, expecting an increase. They sent me a refund check.

Why?

Accident free for enough years to erase our $2500 deductible down to zero. So they put the deductible back on, and that was more than enough to cover the cost of the additional vehicle. There was some left over, so that explains the refund check.

 

[jyoutz]

We bought a used Suburban 2.5 years ago. I added it to the policy, expecting an increase. They sent me a refund check.

Why?

Accident free for enough years to erase our $2500 deductible down to zero. So they put the deductible back on, and that was more than enough to cover the cost of the additional vehicle. There was some left over, so that explains the refund check.

My insurance has remained pretty stable with Allstate for the past several years with only minor 6 month policy increases.

 

[riptides]

My insurance has remained pretty stable with Allstate for the past several years with only minor 6 month policy increases.

When they more than doubled my Home Owners policy, two years ago, they claimed it was related to materials cost. Specifically lumber.

So with lumber prices coming down.....

See where I am going. LOL.

 

[Cataclysm]

My vehicle insurance has been going up a lot lately due to the facts mentioned. No claims.

I have 4 vehicles insured. No one else drives my vehicles. I told my agent that their risk is automatically reduced by 75% since I can only drive one at a time. Dead silence.

I then said I just want to insure my drivers license so any vehicle I drive is covered by MY insurance. Dead silence again.

I've never seen a poor insurance agent either.