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

[WV millwright]

You can also look into paying your entire policy upfront. I pay mine yearly and receive a substantial discount by paying it in full. Usually at least 10% depending on the company. I also have a broker that shops different companies and I try to make sure I can get yearly policies that way I only have to deal with the increases once a year instead of twice. At least I only get mad once a year.

Won't renew till July but last year was about $3500 for the year with 4 vehicles with full coverage, a 19 yr old daughter driving 1, and full coverage on a travel trailer. 100/300 on coverages

Sponsored

 

[2016S550]

You can also look into paying your entire policy upfront. I pay mine yearly and receive a substantial discount by paying it in full. Usually at least 10% depending on the company. I also have a broker that shops different companies and I try to make sure I can get yearly policies that way I only have to deal with the increases once a year instead of twice. At least I only get mad once a year.

Won't renew till July but last year was about $3500 for the year with 4 vehicles with full coverage, a 19 yr old daughter driving 1, and full coverage on a travel trailer. 100/300 on coverages

I did that this time with the autos, saved about $120 that way. Then I got a call from my tax guy the next week telling me the good news, the IRS needed an additional $7k from me. Taxes and Insurance are at the top of my shit list

 

[WV millwright]

I did that this time with the autos, saved about $120 that way. Then I got a call from my tax guy the next week telling me the good news, the IRS needed an additional $7k from me. Taxes and Insurance are at the top of my shit list

I feel your pain but only to the tune of about $1200 for the taxes. Cut into my upgrade money for a little bit.

 

[Nitrousfedlx]

Yea, seems like the more you try and better your life by working hard they are all circling like vultures to get their cut. Between insurances and taxes (auto personal property, income, sales,
mortgage) we are all getting killed. I hope it never happens but if widowed I am going to find a way to minimize my contribution to the government and insurance companies as much as possible.

Ur first sentence says it all buddy!

 

[TrueBlue22]

State Farm here too. Home, umbrella liability, and four vehicles insured (2022 Pacifica, 2022 Escape SE, 2020 Escape Hybrid, 2022 Mustang HPP). Rates on renewal at end of April just went through the roof. Paying nearly double as an accident-free 48yo for the Mustang vs. the Escape Hybrid with my 18yo son as primary driver. Total BS. And my agent and her office staff have completely lost their minds recently, making idiotic errors with the policies. My oldest policy is a real legacy - basically inherited it when my dad passed away in ‘94 (I was 19), and it dates back to his 1967 Galaxie. State Farm couldn’t care less. Time to shop. Meanwhile, the Hagerty policy on my 2011 5.0 hasn’t budged in five years, and it just renewed.

 

[LDHunter]

I just had a HUGE rate increase with my State Farm Florida policy too... Mine was more like 30%. I'm about to start shopping.

 

[ClayDee]

Same here, but Progressive. Monthly payment went up approximately $70 a month out of the blue, first part of the year, three vehicles on the policy, all full coverage. Nothing on my driving record.

I called Progressive an inquired about the sudden rate change, I was told specifically "Inflation".

Checked rates with other carriers through my insurance agent, Progressive was still the cheapest or the difference in price wasn't worth making a switch.

I've been with Progressive since 2005.

As most of you may know, politics and our current administration play a big factor in all this.

 

[White Stallion 11]

USAA just bumped my entire policy 10% today (just renewed). (and it's not a mustang just a regular car with liability/uninsured/underinsured/medpay) I think the insurance increase is across the board.

I priced out some other insurance companies, and they are all within like 15 dollars of my current renewal, so not switching to break up my multi policy discounts.

It is. Have been with USAA for years and what you discovered was the same as my shopping around.

 

[snakeyes]

Yes - I have heard that nationally all insurers have raised their rates. My policy added $300 dollars yearly to the same policy from last year. I asked my agent who is a personal friend and broker to shop my policy and he said the company I was currently under was the best rate. He stated all insurance for all products, home, car, health, motorcycle have all gone through the roof.

 

[Crayon]

My GEICO has gone up recently, too. But, my area has had a huge increase in auto theft.

 

[MAGS1]

As most of you may know, politics and our current administration play a big factor in all this.

While I don’t disagree that national economics plays a large role in price increases, remember that insurance rates are done at the state level. Each state has its own insurance regulator that has to approve any change in rates proposed by an insurer. Some states have caps on increases and some do not. And the insurance companies have to justify said rates to the insurance regulators, so there’s a lot of data involved. So, while it’s easy (and most of the time justified) to blame whoever is in DC, don’t forget that a lot of this insurance stuff is at the state level. And that’s where I’ll leave it before this thread gets all political and locked up

 

[hlfbkd420]

Upstate NY here, I have had Geico since I was 16 (32 now). My rate went up about $10 a month on my last renewal of 3/4/23. I currently have 3 cars on it, Mustang GT, Explorer and Ford Fusion $268 a month all with full coverage. Maybe give Geico a try?

Had Geico for years.... Managed to total my wifes Kia twice in 2 weeks and my rate went up $30 a month.. Got in another accident less than a year after that and Geico raised my rate from $190/mo to $640/mo... Needless to say, I dropped them for American Family who kept it at $190/mo at the time. It kept creeping up anyway to about $240/mo.. Two years later I called Geio when I bought the Mustang and they wanted $230/mo... Back to Geico for me..

My insurance has NEVER gone down.. No matter my driving record or shopping around.

 

[hlfbkd420]

Quick note about Geico. They are the ONLY insurance carrier that didn't squawk about adding my Roush P2 blower and Rims to my policy with FULL coverage of the aftermarket parts value. I probably pay extra for it but my rate didn't change when I bought this car. State Farm only covers up to $5000... Other carriers won't even let me add it.

Geico also offers Mechanical Breakdown Coverage for $8/mo.

 

[JetGray_Mach1]

state farm is trash, Geico has always given me the best rate.

 

[wazslow]

Well, my “agent” was an independent broker and unless my rate went up
more than 50% they would not research cheaper rates. I had to ask two times if I understood correctly. I had 10 days before my policy was to renew and had to wait for them to call me back. Before they returned the call I had already called another company and purchased my own policies with no agent or broker. I was very very surprised.

My guy calls me each year before the renewal and lays out my options.

Sponsored