Anyone Else's Insurance Rate Increased? (+30%!)

[monte87]

Don't know about auto, but if you have home insurance with travelers - please do yourself a favor and switch to someone else. I had water damage in my house. Basically half of the house was gone (kitchen, finished basement, whole living are and master bathroom, dinning section etc.) Repairs were 120k, travelers paid 57k... And the first check was 54, after complaining - they gave us extra 3k...

Wow. Horrible.... sorry to hear and thanks on the tip. I only have them for auto, and next year they r done. I'm gonna get someone new.

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[Polski]

Wow. Horrible.... sorry to hear and thanks on the tip. I only have them for auto, and next year they r done. I'm gonna get someone new.

Thanks. I did most of the work myself, but I had a contractor to do drywall and plumbing. After everything was done by me, he showed up one time to take a look and estimated the whole project to be 120-130 if he did it. I spent 90k and a lot of my weekends and afternoons after work...

 

[josaycuervo]

Geico has been hitting us hard these past couple years (+15-20%). They wouldn’t even let a simple moving violation slide. I hadn’t got a ticket in years but they decided a 0-10 speeding citation was worth cashing in on.

Moved my Mustang to Hagerty. Better fits my use case and I’m paying less than half now annually.

 

[monte87]

Geico has been hitting us hard these past couple years (+15-20%). They wouldn’t even let a simple moving violation slide. I hadn’t got a ticket in years but they decided a 0-10 speeding citation was worth cashing in on.

Moved my Mustang to Hagerty. Better fits my use case and I’m paying less than half now annually.

What year mustang? via Hagerty... Mine is a 2021, would hagerty insure new vehicles?

Thanks Anthony

 

[josaycuervo]

What year mustang? via Hagerty... Mine is a 2021, would hagerty insure new vehicles?

Thanks Anthony

2019. Should be no problem insuring yours!

It’s an “Agreed Value” policy too. You decide how much your car is worth and if your car gets totaled they pay that amount out, no haggling or questions asked.

Obviously it needs to be within reason, but they’re more reasonable than most. Just think about what it would cost you to find your exact replacement, including any modifications. Factor in corresponding costs with time and effort (ex. Cost to have your replacement shipped to you). That’s the value you should pick.

The only stipulations are it can’t be your DD, needs to be garaged, and you gotta limit your mileage to about 5k a year.

 

[NightmareMoon]

Over the past 6 months my 2019 Bullitt insurance has gone up 30%! I'm with State Farm and I'm a 51 yo male. I stopped by the office and they said the classification had changed because of the price of parts. I can understand a slight increase due to inflation, but 30% seems like a lot. Any one else have this much of an increase?

Best idea is to get an independent insurance agent that works for you, and who will shop around for you every year or two. They probably get a commission from the insurance they sell, so I don’t see any extra out of pocket expenses on my end for the independent agent, just savings.

insurance comapnies change rates to manage their portfolio of drivers, like you would manage your portfolio of stocks. They will raise rates and lower rates to attract certain buyers from time to time or to reduce their exposure to other demographics in order to manage the risk in their portfolio or pursue whatever the business plan is for this month. There may not be any obvious rhyme or reason to it. If they raise rates that much, that’s your cue to bail on state farm and see what else is out there.

an independent agent can find insurance which is actually a good deal for you. Fwiw my independent agent hasn’t found state farm to be a good deal for me, like, ever.
There’s no “loyalty” on their part for you, even if your local insurance co agent is a sweet personality on the phone, so no need to feel any attachment to any one company or another. Your independent agent can look out for your interests as far as claims and customer service quality are concerned and they can also shop for combo deals with your home etc.

fwiw, I pay $220 for a 2016 mustang GT AND a brand new Tacoma, and we’re currently using Safeco/Liberty Mutual through my independent agent, and claims have always been drama free. Actually they really did me right on a home claim recently, well above and beyond what I expected.

so stop being a sucker and get a agent who is working you and not any one specific insurance company.

 

[traxiii]

The only time mine ever went down was when I moved from L.A. to the Bay Area, and later when I switched from AAA to USAA. Been creeping up, but I've also been increasing coverage, way too many Merc's and BMW's and other high end rides in the Silicon Valley.

 

[Stangnut]

Best idea is to get an independent insurance agent that works for you, and who will shop around for you every year or two. They probably get a commission from the insurance they sell, so I don’t see any extra out of pocket expenses on my end for the independent agent, just savings.

insurance comapnies change rates to manage their portfolio of drivers, like you would manage your portfolio of stocks. They will raise rates and lower rates to attract certain buyers from time to time or to reduce their exposure to other demographics in order to manage the risk in their portfolio or pursue whatever the business plan is for this month. There may not be any obvious rhyme or reason to it. If they raise rates that much, that’s your cue to bail on state farm and see what else is out there.

an independent agent can find insurance which is actually a good deal for you. Fwiw my independent agent hasn’t found state farm to be a good deal for me, like, ever.
There’s no “loyalty” on their part for you, even if your local insurance co agent is a sweet personality on the phone, so no need to feel any attachment to any one company or another. Your independent agent can look out for your interests as far as claims and customer service quality are concerned and they can also shop for combo deals with your home etc.

fwiw, I pay $220 for a 2016 mustang GT AND a brand new Tacoma, and we’re currently using Safeco/Liberty Mutual through my independent agent, and claims have always been drama free. Actually they really did me right on a home claim recently, well above and beyond what I expected.

so stop being a sucker and get a agent who is working you and not any one specific insurance company.

Thanks for all the "inside" info. That's good to know. I have one Alfa agent I'm going to try and if he can't help me, I'll try an independent agent. How do I find one? Just search "Independent Insurance Agent"?

The $220 you mentioned, is that every 6 months? I was paying $70 per month for one car and no additional insurance so no "multi" discounts. In October it went up to $76 then this month it went up to $90. I could understand the $6 increase so I just let it slide, but $20 per month ($240/year) was just too much.

 

[Stangnut]

More instructive to me than whether insurance is going up, down or sideways is the fact that there seems to be a trend toward expressing insurance premiums in monthly terms. I’m not sure what to say about that.

Actually I am, but it’s probably a zero sum game to head down that rabbit hole.

I'd always wanted to pay monthly, but they charged more to split it up. Sometime last year I noticed they finally quit charging extra so I changed it to a monthly auto-pay. It's MUCH easier to budget/manage this way.

 

[NightmareMoon]

Thanks for all the "inside" info. That's good to know. I have one Alfa agent I'm going to try and if he can't help me, I'll try an independent agent. How do I find one? Just search "Independent Insurance Agent"?

The $220 you mentioned, is that every 6 months? I was paying $70 per month for one car and no additional insurance so no "multi" discounts. In October it went up to $76 then this month it went up to $90. I could understand the $6 increase so I just let it slide, but $20 per month ($240/year) was just too much.

Per month. I was down under $100 I think before I added the truck.

You'll have to find someone in your state. Ask around, they're out there.

 

[Redfuzzbutt]

Gah. I shouldn't have looked at this thread but kinda glad I did...

I'm with Allstate and for a while, they had a rep calling me about letting them manage my investments. I ignored the guy, told him bad timing, etc. Then finally, one evening after I call, I finally said okay. Told him that if he could guarantee me that his company was giving me the best possible rates with the best possible coverage for my home, cars, and family and that nobody else would do a better job, then I could trust him with my finances too. Never got a call back.

I've been with Allstate for 15+ years now, never bothered to look elsewhere because "if I ain't broke, don't fix it" and honestly, it's easy to just let it ride. But recently, it's taking a chunk of change every month.

Three vehicles with full coverage and one with just liability, $3k premium every 6 months. Admittedly, I may be over insured and I have an extra $10k rider on the Mustang for the additional mods/equipment on it. But for sure, need to start looking elsewhere.

My dilemma is this: when shit hits the fan, eventually, which place can I trust to make sure I'm in the best possible position at the end of it?

 

[Mr. Met]

I was just notified 2 weeks ago that my Collector Car Ins. on my 94 Cobra will go up 14% because of a rate increase.

The problem with any Ins. Co. is that we don't have any control over them sporadically jacking rates.

I mean, did anyone think that all the "free money" handed out by many of these Auto Ins. Companies during COVID was really "free"? Some of these Companies gave back 15%-20% to their Customers.

So as an education lesson now you know that money wasn't "free", they're all taking it back now via the jacked rates.

Rates are regulated in all states (to varying degrees). They didn't give a refund because they wanted to, they did it because they had to look like they where doing something while paying fewer claims when no one was driving. That was one of their most profitable years.

Auto Insurers Reaped Nearly $30 Billion Pandemic Windfall Profit in 2020 as State Insurance Regulators Fail to Protect Consumers

 

[RagmopInKona]

How much does the premium drop if you raised the collision deductible to $1000?

Do the risk/cost math......

95% of people over insure.

not all banks will allow you to go up to a 1000.00 deduct.

 

[RagmopInKona]

I pay mine in one shot, so have to wait till next renewal to see if it is going to go up.
I'm at 3422.81 a year but that is 5 vehicles. 2 with full boat insurance, the other 3, no comp.

 

[RagmopInKona]

I do wonder if it is really about parts cost, and not more of them totaling out vehicles for what used to be repaired, to get parts in the wrecking yards while covid did it's best to duck up everything and now that profit margin is to tight.
Lately I have noticed a lot of pos going for the insurance scam, of the brake checking on the highway and back roads for no reason. If you don't have one yet, get one. a dash camera.

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