Car Insurance skyrocketing

[Hay Dude]

What’s the new saying? “You Will Own Nothing”?
Increased insurance is another increasing expense make sure we will own nothing.

 

[tacticalturnip]

I'm well over $200 a month now, and the wife's car getting a large branch dropped on it while in the process of claiming a deer hit...

You'll own nothing, you'll be priced out, and you'll be happier than ever.

 

[oosik]

Brother - there are other things that are skyrocketing also. Last fall - accidentally backed into an unseen board with the Power Wagon. One inch deep vertical crease - dead center - in the tail gate. From the very top to the bottom.

I thought it would just get "banged" out. NO WAY - tailgate had to be replaced. $2800 for new tailgate.

Just like clockwork - insurance rates increased also. It will take them a couple years or so - but they WILL recoup that $2800. Annual rate for my 2018 Ram Power Wagon, now - $1900. Prior to the accident - $1300.

You KNOW - the darn insurance companies are dead wrong - NONE of us are made of solid gold.

 

[Snobdds]

I keep looking at the vertical jump in the money supply graph that occurred in 2020, but kept rising through 2022. My guess is the risk assessments and reserves for losses were based on historical norms, but along came an unprecedented jump in the money supply which increased replacement and repairs costs to the point that the insurance company reserves to cover losses were insufficient. So now the insurance companies are repricing premiums accordingly.

View attachment 859087

That is a great take on it.

 

[ruffdog]

I thought it would just get "banged" out. NO WAY - tailgate had to be replaced. $2800 for new tailgate.

The F150 tail lights with the sensors etc are something like $1400 each too (just the light...no module etc). I'm glad my vehicles are simple with cheap insurance.

 

[CloverKnollFarms]

We insure three cars and three motorcycles for about $700/year. Now, we don't drive fancy vehicles, and have no tickets or accidents for 20 years.
We just revisited our homeowners policy last year to add the new 40x60 shop, and the price went DOWN... Something like $700yr for the home and two detached buildings.

Insurance has never been a big cost for us. Our largest monthly bill is groceries at $400/mo

 

[kenmbz]

We got hit twice with big increases, over 20% on car and truck.
More on home and apartment.
Now about $6,000 year just on insurance.
up from about $4000 in early 2019.

 

[Krazi]

I don't normally complain about such stuff bit it stinks because I just retired and didn't plan on these kind of increases. My rec property is more of a stone around my neck instead of a place to enjoy.

 

[CloverKnollFarms]

I guess, autos are getting awfully expensive, which also creates a large insurance liability. As people purchase $50k plus cars, something is bound to change. As technology creeps into even the headlights and tail lights… $$$$. It’s called progress they say. And you’ll be progressively poorer.

 

[scootr]

I guess, autos are getting awfully expensive, which also creates a large insurance liability. As people purchase $50k plus cars, something is bound to change. As technology creeps into even the headlights and tail lights… $$$$. It’s called progress they say. And you’ll be progressively poorer.

Partly the problem. When operating costs go up those costs have to shared by all of the customers... even the ones driving older less expensive cars/trucks. I could see where autobody shop costs are rising and we are feeling the trickle down effects.