Car Insurance skyrocketing

[Jstpssng]

I still have the commercial policy from when I was self employed 20 years ago. It is less than I can find elsewhere and my tractor is also on it... important to me as I am always out in the road with it.

 

[Bearsixty7]

Wonder what the "migrants" are paying for auto insurance

I'm thinking maybe I just need the same insurance (and premium) they do!

I have my deductible on the auto's about as high as they can go at 2K and one is liability only. I also don't carry the big 1M/500K policy, haven't for years as it has just become to expensive.

Regarding the house, the agent said that we really should consider increasing the coverage even though it's already about double what I paid for the place. The big negative is that also increases the deductible, so far we have been able to keep the deductible at 1%.

 

[fatjay]

My insurance was 3800/yr for 8 cars and 4 drivers last year. It went up to $5600 this year. I am the only one driving, and i drive about 200 miles a month at most. I had cars in garage stored that i had insured because they had vanity plates. They got dropped. Drivers got removed, slashed everything down to $2100/yr.

 

[ultrarunner]

went up for house cars for both me and my parents, said there isn't a damn thing i can do about it between the floods and disasters, and prices, its is what it is now

I bumped deductible to the max of 10k and it did make a difference.

We are not a family that makes claims… so it made sense to go high deductible.

Agent said some longtime customers have $250 deductible.

Insurance lack of availability is killing sales of homes depending on risk.

3 agencies that have been community fixtures shuttered… owners said it takes a toll telling longtime wonderful customers… sorry, I can’t help you unless you want life insurance!

We don’t write home anymore and auto has become very expensive.

 

[Hay Dude]

Good thing ”income is exceeding inflation”.

 

[scootr]

A headline tonight says CA largest home insurance company in 2022 is leaving CA:

State Farm General Insurance Company plans to non-renew about 30,000 property insurance and 42,000 commercial apartment policies in California in order to maintain sustainability.

 

[ultrarunner]

Yes... Insurance is now called a crisis here... thousands of solid brokers and agents who have put their heart and soul building businesses in their communities our being hung out to dry...

Insurance agents sell peace of mind and the turmoil in the industry is far removed from peace of mind.

If you need a mortgage to buy a home you are required to have insurance.

After taxes, insurance is my biggest expense category.

A little off topic but insurance is a cornerstone to managing risk in business... often required as well as a must have.

Rental property is getting hit hard here with rent control and 3 years of no eviction for unpaid rent yet virtually no restrictions on the costs of being a housing provider such as insurance, utilities, repair costs, etc...

A few of my most senior friends say they had a great run but living today it's one crisis to the next...

I don't question and just not my head because history does seem to be one crisis to the next.

 

[CliffordK]

Auto insurance is crazy here in Florida

It probably doesn't help with all the Floridians not being able to differentiate between cars and submarines. Parking them in lakes, under the ocean, etc.

I got a small dent in my rear bumper and the dealer got $4k from my insurer.

My RAM pickup rear bumper is just paper thin sheet metal. The slightest bump, and it dents.

I think part of the problem with insurance repairs is that people expect their vehicles to be repaired to as good as new. Yet, there may be some small dents that should be considered "patina". Shopping cart dents?

There have been efforts over the years to make cars more dent resistant. I think Tesla is trying to go that way with the Cybertruck, but customers are pushing a bit of shopping cart dent resistance to extremes.

 

[CliffordK]

A few years ago I heard about something called Broad Form Insurance in Washington.

Broadform Insurance Policy in Washington - Cross Insurance Agency

If you're searching for a broadform insurance policy in Washington, call Cross Insurance Agency. We represent many top-rated insurance companies.

crossinsuranceagency.com

Essentially, they allow one to purchase a liability insurance policy that follows the driver, rather than following the vehicle.

Thus, one has one insurance policy, and can have multiple vehicles, or even borrow a vehicle and still be covered.

I heard about on TV ads in Portland, OR. But, when I asked about it in Oregon... nothing.

I don't know if it truly would make a difference in cost, but it certainly would make some things easier.

I'm seeing notes that it may be available in: CO, DE, ID, IA, MD, MS, NE, NV, OH, TN, and WA.

 

[North to Alaska]

Used to have Cincinnati Insurance when I lived in Iowa. Regretfully, they don’t underwrite in Alaska so I had to drop them. If there is an agent in your area, I would check them out and get a quote. They were reasonably priced and did right by me when I totaled our car a few years ago. Had them for homeowners insurance too and paid out for a lost hearing aid and a lost wedding ring…i was bad about losing stuff