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QuoteReplyTopic: Auto, Home insurance,,,? Posted: 19 Aug 2024 at 7:49am
I have been with State Farm for my auto and home insurance for many years but last couple of years the premiums have steadily gone UP even with no claims filed on autos in 15 years and only one claim for hail damage on the house 2 years ago.
3-4 years ago I went to CAA ( cdn version of AAA I suppose )...
While house $ was about the same, truck insurance dropped BIG time. Currently at 74 cents a day(no collision on my '97 F150 ). All 3 (car,truck, house) have same anniversary date( my bday ) so I have 'clout' when shopping for insurance.
By having a CAA membership, I save MORE than the cost of that membership ! get every discount as I'm old,retired,low miles, etc.
3 D-14s,A-C forklift, B-112 Kubota BX23S lil' TOOT( The Other Orange Tractor)
Never burn your bridges, unless you can walk on water
Insurance has gone CRAZY the last 3 years.... ALL of the companies are Jacking up Prices.. Dont matter howl long you have been with them or if you have any claims..
Shopping around might save you $1. this year, but will rise QUICK after that.... I presently have Progressive for Cars.. Got a good deal 5 years ago... and now raising a GOOD PERCENTAGE each year.
We currently have Progressive for the auto policy, and Germania for homeowners. The biggest hang-up we have finding an insurer that will issue a ‘cash-only’ policy, as our home is ‘paid for’ we don’t need ‘replacement coverage’ that mortgage lenders require here in Texas.
I tried to follow the science, but it was not there. I then followed the money, and that’s where I found the science.
Welcome to the state with the highest insurance premiums in the nation!
I’m sort of friends with my agent. We had kids in school, scouts, and sports together. His story is that body shops are like everything else, can’t get help. Waiting time becomes so long it’s not feasible to fix a car, so things get totaled that otherwise might not be, insurance company costs go up, which is passed on to us lucky customers.
Well, it used to be that you were favored status when you paid your insurance premiums on time and you never filed a claim,,,,
It seems those that pay on time get the benefit of getting charged those HIGH premiums PLUS regular price increases to make up for the dead beats that don\'t,,,,,,I never have agreed with ME having to pay the friggin " Uninsured Motorists insurance for those same dead beats,,, that do not believe in any insurance at all,,,!!!
We have State Farm and it's taken the ususal price jumps but so has property values. Just look at your property tax and how much it has went up along with your property value and the price of building a new home.
Yep inflation has hit the cost or insurance and repairs on everything . as to say home values have risen so insurance to cover those insurance has risen . Seems a property value rise - the taxes on it rise also - so no matter which way INFLTION COSTS everyone . Seems if you own a KIA finding insurance for it is rough and owning a home in CAL or Florida many insurance co are not even writing in those states now . Then listening to the Climate Change propaganda - that is the reason insurance is going up - WE ALL ARE NOT GREEN ENOUGH - but if you park your EV in the garage when charging your fire claim might not be paid .
Faith isn't a jump in the dark. It is a walk in the light. Faith is not guessing; it is knowing something. "Challenges are what make life interesting; overcoming them is what makes life meaningful."
There's some bad news ahead for the nation's car owners, with anew reportforecasting that auto insurance — one of the biggest drivers of inflation this year — will continue to rise in 2024. In fact, residents of three states could see their coverage rates spike by 50% in 2024.
That's according to a new report from Insurify, a company that provides data about auto insurance rates. The typical U.S. insurance policy will jump 22% this year to an average annual premium of $2,469 by year-end, the report found. That comes after drivers saw their policies jump 24% in 2023, it noted.
The three states where insurance rates could jump by more than 50% this year are California, Minnesota and Missouri, the Insurify report found. Drivers in those states could see their rates rise by 54%, 61% and 55%, respectively.
Auto insurance remains a pain point for consumers after experiencing more than two years of elevated inflation. And even as the overall inflation rate is cooling — the Consumer Price Index dropped to 2.9% in July, the first time since March 2021 it's dropped below 3% — drivers are continuing to see their policy rates rev up, fueled by more climate events that are causing vehicle damage.
"Increasingly severe and frequent weather events are driving up auto insurance premiums," Insurify said in its report. "Hail-related auto claims represented 11.8% of all comprehensive claims in 2023, up from 9% in 2020, according to CCC Intelligent Solutions."
Drivers in Maryland currently pay the highest average rate, at $3,400, for annual full coverage as of June, the Insurify analysis found. Their rates are projected to jump 41% to $3,748 by year-end, it noted. The second most expensive state is South Carolina, with an average policy premium of $3,336 in June. That could rise by 38% to $3,687 by the end of the year.
As CBS News has reported, there are a few additional reasons, aside from climate events, that are driving up auto rates — even if your driving record hasn't changed.
First, the costs paid by insurance providers to repair vehicles after an accident, such as for labor and parts, have increased more than 40%, and insurers are passing those increases onto drivers. Secondly, because lawyers are more often involved in handling accident claims than in prior years, settlements are increasing, which also boosts insurance costs.
U.S. map showing the projected annual care insurance cost changes by state.
Some drivers are avoiding filing claims
The surge in auto insurance rates is prompting drivers to change their behavior, according to a new report from LendingTree.
About 4 in 10 insured drivers who have been in an auto accident or incident have skipped filing a claim with their insurance company, its survey of 2,000 U.S. consumers found. About one-quarter of drivers who filed a claim said they later regretted it.
Drivers who avoided filing a claim said they did so because the damage was minimal or the deductible was higher than the cost to fix their vehicle. But another 42% said they skipped an insurance claim because they didn't want their rates to jump.
"Once you've been involved in an accident of any type, insurance companies see you as riskier to insure," LendingTree auto insurance expert and licensed insurance agent Rob Bhatt said in a statement. "Your rates will eventually come down if you avoid claims for three to five years, depending on your insurance company. But you're going to feel a financial squeeze until then."
Still, Bhatt said it's typically worth filing a claim if the repairs will cost a few thousand more than your deductible, even if your rates subsequently rise.
"The whole point of having car insurance is to prevent an accident from leaving you in financial hardship," he said.
Faith isn't a jump in the dark. It is a walk in the light. Faith is not guessing; it is knowing something. "Challenges are what make life interesting; overcoming them is what makes life meaningful."
I have had State farm ever since I first needed insurance. If someone is at fault against you do you want a great company behind you or one that just meets the minimum standards for a permit to do business?
It really doesn't matter what your own claims history is except for the discounts that you get for a good driving record. It now goes mainly by what goes on in your region.
I grew up in the county just north of Washington D.C. and after high school I moved to the next county north and my car insurance premium went down by half, then later when I move to where I now live it was lowered again from the previous billing period. Granted it had increased over the years, but just moving 25 miles made a difference in the "Zone" I was assigned to.
Same goes for homeowners insurance, many companies are exiting the market for many sates like Florida, California and other that have have major catastrophes in rapid secession from previous ones. If your in a hi-risk zone, you'll be paying high premiums. Go ahead and switch to a cut rate company and then when something bad happens see just where you are after that company won't renew your policy.
I live in Maryland, far enough away from the silly circle that I feel my rates are reasonable. Full coverage on an 89 3/4 ton pickup is just over $400 a year. The 79 Astro which hauls the pulling tractor is the most expensive at near to $700 a year and actually went down this last billing cycle. Now Homeowners had an increase due to the offsetting losses nationwide due to natural disasters.
Edited by PaulB - 20 Aug 2024 at 6:21am
If it was fun to pull in LOW gear, I could have a John Deere. Real pullers don't have speed limits. If you can't make it GO... make it SHINY
Have had Mo Farm Bureau since the 1980s when matched up with the wife. Home Farm all the Cars Trucks Tractors Motorcycle and shop equipment are in our policies. House is replacement value as a recent build just prior to the Crazy expense increases. Least expensive is the KW. Low considered usage brought it to $328 a year Full Coverage. Yes rates have gone skyward the main culprit on oirs has been Un and Under Insured Motor Vehicles. The terminology is Gap Coverage, our agent warned was coming. Used to be around 9-12% motor vehicles were operated minimal to no insurance, underwriters note that as closer to 25% these days.
Drivers in Maryland currently pay the highest average rate, at $3,400, for annual full coverage as of June, the Insurify analysis found. Their rates are projected to jump 41% to $3,748 by year-end, it noted. The second most expensive state is South Carolina, with an average policy premium of $3,336 in June. That could rise by 38% to $3,687 by the end of the year.
I agree prices are higher.... BUTT - Writer needs to go back to 6th grade MATH CLASS.... No where NEAR 38% !!! .. $350. rise is more like 10%.
Well, I did talk with a Geico agent today for comparison pricing. Geico did have a little lower rates on my vehicles than my current carrier,,but the closest agent is 4 hours away and virtually unknown to me. My current agent has been a good friend and has never failed to come to our aid when the need arose,,,,MANY times!!! That to me is worth a bunch,,,!! The small difference in policy costs are not enough to make me want to break a 30 year business association that with the projected upcoming rate increases nation wide will most likely be strained some along the way,,,,,!!
Does anyone here really understand why we have to carry "Uninsured Motorist Insurance",,,,??
A couple of weeks ago ,,I got an inkling of what Steve just posted about ramifications of current financial plans from the insurance giants that refuse to lose any of their hard earned dollars,,,they would rather pass those hardships on to US the consumer,,,That right there,,Dr. P is the current American way,,,,,
I feel quite sure that State Farm will be my agent for another few years,,,,,
I'ma gonna ask again,,,does anyone understand why we have to pay for uninsured motorists,,,,??
The insurance companies ASSUME someone will be driving WITHOUT INSURANCE and will run into YOU... Then THEY are suppose to pay... BUTT.. they dont have any insurance becasue the DONT HAVE ANY MONEY !!! .... There for the Insurance Companies charge EVERYONE that does have Insurance a FEE to pay for the wrecks caused by the people who dont have insurance and can not pay..
The thing IS,,,,,Steve,,,I've asked the agents to explain and they tell me that I CAN opt out of paying for that coverage,,so Why do we have to pay for that idiot coverage?
I did ask the Geico agent this Am about this and she also told me to just OPT out,,but she could not assure me that I ain' t gonna to jail for not having it,,,???
Just be sure if anyone in your state starts talking “no fault” insurance to get out the pitchforks and torches and run them out of town! MI was the most expensive for years, I see we’re down to about 4th now. A few years ago they made a change where you could elect to have a limited or capped liability for an accident rather than everyone buying unlimited liability (required by law). That took or rates down a little, at least kept the rate of increase a bit lower, but it’s not going to last I don’t think. Too many ambulance chasing lawyers getting huge settlements which bites people in the azz who limited their coverage. You literally can’t win!
Here, if someone hits you, 100% their fault, YOUR insurance still pays to fix or total out the vehicle. The only thing the guy at fault has to pay is the deductible. BUT, this is one of the ways discount insurance companies show you a savings: they will leave off that coverage, it’s called mini torte coverage. If you are at fault and don’t have mini torte, you have to pay the other guy’s deductible out of your pocket. A lot of people don’t though, so now what, do you take someone to court over it for $500 or whatever? And the mini torte coverage is quite cheap really, but it’s one of the nickel and dimes they leave off to look cheaper and people often don’t realize the difference until they have the need!
Ya'll ought to try shopping for commercial truck insurance,, I'm happy I don't do haz-mat,, Staying with the Same company I been with quite a few years, even though I got a lower bid from another....it wasn't enough lower to switch...
Gotta remember this too,, good insurance isn't cheap,,cheap insurance isn't good... Jus sucks all this is going up in cost and workin man pay is stagnant.....
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