Big insurance increase (State Farm)--anyone else?

[Evolvd]

Stop drinking the Kool-aid and just think for a minute???? NO COMPANY, does anything which does not put their company profits, best interest at the forefront, no matter how much you believe they have good intentions. Yahoo admitted they use scan data to sift through people's "Free" email service to use and or sell. Just like FB and every data driven company. Data is sold all of the time for hundreds if not billions a year to company's who use your data for their gain. No argument here. Just remember, absolutely "Nothing IS FOR FREE"

How is asking for proof “drinking the kool-aid”? If you have any digital presence your data is being collected and sold…but somehow using a driving tracker is going to ruin your life?

Get a grip man.

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[308 Cal. Bullitt]

Speaking of tracking. For those who called or are thinking of calling Ford Pass to cancel the data reaping. Once they claim to have closed your account, there is a caveat that one should be aware of.

F/P tells you in a follow up email that you must do a Master Reset on your Sync screen, to avoid continued tracking as if you still have FP activated. How nice of them to keep watching you, if you fail to take this step.
Pulling telematics fuse, or disconnecting modem, will obviously be better to ensure privacy.

I suspect they still sell our gleaned data to anyone who asks, if we fail to do this reset.
I am sure insurance companies have zero interest in Mustang owners driving habits thou...

 

[CVN 80]

Car insurance isn't expensive because someone is male, or under 25 or lives in a big city. Car insurance is expensive because it's MANDATORY.

Because, by law, you have to have insurance on your car, the insurance companies are under no pressure to keep premiums on the ground. They also feel free to provide abominable service and they make every effort to screw people out of claims. Do you suppose any of them would pull that nonsense if people were free to walk away?

I've been with State Farm since 2010. I've never filed a claim. NEVER. I'm an excellent risk, from an insurability standpoint. So why am I paying several hundred a month for full coverage on an S550 GT, a Focus ST and a GSX-R750? For a policy I'll likely never use?

Because the law says I have to.

"Oh, but you MIGHT need it someday!" say the bedwetters, forgetting that "IF" is the largest word in the English language.

The insurance companies also operate as a cartel, all keeping their prices similar so a person can't get a significantly lower rate or significantly better service by switching their provider, so they stay put and absorb the loss.

Look, I think car insurance is a good idea. But just because something's a good idea doesn't mean it should be mandatory. And being mandatory is why the entire car insurance industry is a net drag on the economy.

 

[CVN 80]

Insurance companies adjusting for inflation really means "we don't want any losses on our profit margin" and industry wide price hikes is basically a form of collusion.

I figured out a bulletproof way to stop inflation dead in its tracks.

All we do is reclassify every item in the economy that can be purchased, from candy bars to aircraft carriers, as "EMPLOYEES."

Then nothing will ever get more expensive.

 

[93coupe/stroked]

LOL! I was with State Farm since 1975 for insurance on my vehicles!
I switched to Geico with the woman and paid low insurance premium's for a few years! We split up and she stayed with Geico, while I rejoined State Farm. With my 2020 base eco-boost full coverage and my work truck Nissan Titan, liability only my bill is $127 a month.
Hers with Geico with a Kia Soul is running $150 a month! oops!
This is in Louisiana.

 

[Skye]

https://www.cnbc.com/2024/04/11/why...skyrocketing-leading-to-higher-inflation.html

No surprises here: insurance and repairs expensive. Recent article provides some updated statistics.

 

[tdstuart]

Saw an interesting tik tok about State Farms loss report by someone familiar with the auto insurance industry.

Heres an article showing some numbers, shows that State Farm lost more on auto insurance than they made: https://www.carriermanagement.com/news/2024/03/01/259296.htm

He basically said that one reason insurance companies are losing more money than projected is because repair costs have increased and people are having their cars out for longer which means that people are needing rentals for longer. It takes a while for insurance companies to see a trend, determine the right price increase, and then for the price increase to get approved by whatever government authority. During that time they lose money.

Interesting to think that we (as a whole) might not be getting completely scammed on auto insurance. Or that the insurance companies are good at hiding that we are haha.

 

[lo-fi]

Saw an interesting tik tok about State Farms loss report by someone familiar with the auto insurance industry.

Heres an article showing some numbers, shows that State Farm lost more on auto insurance than they made: https://www.carriermanagement.com/news/2024/03/01/259296.htm

He basically said that one reason insurance companies are losing more money than projected is because repair costs have increased and people are having their cars out for longer which means that people are needing rentals for longer. It takes a while for insurance companies to see a trend, determine the right price increase, and then for the price increase to get approved by whatever government authority. During that time they lose money.

Interesting to think that we (as a whole) might not be getting completely scammed on auto insurance. Or that the insurance companies are good at hiding that we are haha.

A guy t-boned my dad's Toyota Highlander (not his fault) last summer and it took six months to get repaired due to parts inventory problems. My dad had rental car coverage, so the insurance company had to pay for six months. Under ordinary circumstances it was a two week job.

 

[BluePonyGT]

My son had an accident with his learners permit last Sept. it sucks to learn this lesson the hard way but that’s the way it goes.

My daughter, now in college, had a stupid fender bender early last year where she claimed fault right on the spot without thinking.

This was all it took for our insurance company I’ve been doing business with for 35 years for home and auto to send me a letter informing us they will be dropping us - giving us less than a month to find new insurance - a chore I haven’t done since I was 16 (I’m 51 now).

Loyalty means nothing. Shop around.

 

[tdstuart]

My son had an accident with his learners permit last Sept. it sucks to learn this lesson the hard way but that’s the way it goes.

My daughter, now in college, had a stupid fender bender early last year where she claimed fault right on the spot without thinking.

This was all it took for our insurance company I’ve been doing business with for 35 years for home and auto to send me a letter informing us they will be dropping us - giving us less than a month to find new insurance - a chore I haven’t done since I was 16 (I’m 51 now).

Loyalty means nothing. Shop around.

Good info and sorry this happened to you. What company was this with?

 

[308 Cal. Bullitt]

Posted these screen grabs elsewhere.
1st is from 'Bureau of Labor Statistics'.

Seemed appropriate on this thread as well.

 

[shogun32]

Loyalty means nothing. Shop around

Indeed. Geico disinvited me as a customer by tripling my rate. Yes triple. Progressive looked at me with a sideling glance but only hiked previous by 30pct.

I'm gonna switch to AAA in a few months probably.

 

[2morrow]

Yeah this is ridiculous, my rate more than doubled. I get that the cost of doing business is higher with market trends.

I'm sure the CEO's are enjoying their bonuses too...

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