Car Insurance skyrocketing

[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.