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

[WV millwright]

Good luck. I just went through a thorough price quote and State Farm was still the cheapest. I got quotes from Allstate, American Family, Farmers, Shelter, and Costco Connect (which is through American Family). This was for auto only (7 cars plus a boat), homeowner’s only, and auto/home bundled together. Ironically, going through American Family direct was cheaper than going through Costco. American Family was about $1K cheaper per year on auto than State Farm, but about $1,500 more on my homeowner’s, so overall State Farm was still cheaper. American Family was the next cheapest. There are too much in discounts for bundling auto/home to try and split them up from the quotes I received.

State Farm's multiple policy discount only applies to the auto policy. You get no discount on homeowners. This was what I discovered when shopping around. I still have homeowners with them but auto insurance somewhere else. Almost all insurance companies give the discount on auto not homeowners, so you can split companies lots of times and save money. This was 4 to 5 years ago when I switched but as of 1.5 years ago when I shopped auto again, it remained true, in my state anyway. Which is WV.

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[Silver Bullitt]

State Farm's multiple policy discount only applies to the auto policy. You get no discount on homeowners. This was what I discovered when shopping around. I still have homeowners with them but auto insurance somewhere else. Almost all insurance companies give the discount on auto not homeowners, so you can split companies lots of times and save money. This was 4 to 5 years ago when I switched but as of 1.5 years ago when I shopped auto again, it remained true, in my state anyway. Which is WV.

Must be different in Missouri. I have a Home/Auto (Multi-line) discount on my homeowner’s policy and an Auto Multiple Line Discount on my auto policies.

 

[Cory S]

Adding here.

My wife and I’s policy (renewal) went up $327 year last week, with 3 vehicles on it and 12 years of claim free membership. I guess it could be worse. $1630/year now. (Geico).

 

[Skye]

https://www.cnbc.com/2023/06/13/heres-the-inflation-breakdown-for-may-2023-in-one-chart.html

To compliment the on-going discussion. ^ Auto repairs and vehicle insurance are leading, one and two.

 

[LDHunter]

I had a sit down with my State Farm agent yesterday just before I paid the almost $2000 six month premium for my GT CS and my two pickup trucks and she pointed out that repair costs for home and autos were through the roof and that insurance companies have taken it on the nose for those expenses in the last few years.

Yet another fallout from the stupid government shutdowns for COVID!

 

[FreePenguin]

But hey cpi said we are 4% inflation! Shits not true at all.

 

[Silver Bullitt]

But hey cpi said we are 4% inflation! Shits not true at all.

Unfortunately, even at 4%, that’s on top of the 9% we saw last year. Never hear anybody talk about that. It’s time for some deflation!

 

[RagmopInKona]

Your insurance is going to go up anyways, Because if you don't have uninsured motorist coverage you might want to add it, as the popo are not doing anything about it even when they are in a wreck.
With vehicles average price now 44k , And insurance companies totaling out many of them, Insurance will go up. Then add that 15% of drivers are driving with no insurance and 42% with not enough coverage .

 

[MattMPA]

One of my clients is an independent agent. I expected our home owners' top go up as we had a claim at the end of last year. the auto policy had already gone up. It did. A lot. My client said that some of it has to do with insurers and inflation. A check with all the firms they represent only found even higher rates.

We switched to Cincinnati Mutual. We first switched the auto policy as they offer a state value policy for all cars - both our classic/antique vehicles and our everyday cars. When I combined the old car policy and regular car policies....the new one from CM was almost $900 less per year.

So, when the homeowners' went up, I tried CM. With the multi-policy discounts on both the auto and home and their better rates, we were about $400 cheaper for the homeowners'.

 

[Lgb0250]

State Farm covers our vehicles and homes. The car portion recently received a $200 yearly bump for our two newer vehicles. I decided to start shopping, again! But, the first place I checked was with our old insurer, USAA which has traditionally been one of the lowest priced ones out there. In our case they ended up being higher 5han State Farm. Looking at what others are paying I just decided to quit worrying about it. Compared to many others in this thread our rate isn’t too bad.

 

[Skye]

That's the impression I was left with after shopping around last year: that, within a given geographical area, everyone was generally paying about the same. In broad strokes. IMO, with customer bases are about the same in size, the liabilities are the same for that zip or collection of zips. I'm aware of and understand some find hidden pockets of value. Good on them.

I found some great companies offering great rates. But none of them wrote polices in CO.

I also found others offering low, low pricing. But when I read reviews of bad customer service or fighting to get a claim accepted, I paused.

And discounts, which are great up-front, but begin dropping in year two, falling off to almost nothing in a few years.

My vehicle coverage went up about the same as everyone else's posting here. My homeowners though, man, that's really been heading north. "You're home is now worth $68,000,000 (their valuations are way unrealistic and often laughable), so we're adjusting your policy accordingly." "You're house could burn down any moment (I live in the burbs, in a stucco house with a cement roof), so we're adjusting your policy."

Companies have been slammed with huge payouts, inflation, etc., and are looking to recoup. I can only hope the trend of increasing premiums begins flattening, the raises becoming less.

 

[lugbolt]

What's a new car cost? Average $48,000?

Teslas in different trims can be close to $200,000. And they are everywhere.

New F-150's can be up to and over $70,000

Silverados, $70,000-$110,000, depending on the trim.

body shops charge out the nose to fix them, costs for everyone keep going up and up and up (I work at a shop, not body shop, but I see the costs keep rising).

So it makes perfect sense that insurance companies are gonna have to charge more. It costs more to replace and/or repair the vehicles now. A LOT more.

Note that I don't agree with it, quite the opposite actually.

 

[HoosierDaddy]

What's a new car cost? Average $48,000?

Teslas in different trims can be close to $200,000. And they are everywhere.

New F-150's can be up to and over $70,000

Silverados, $70,000-$110,000, depending on the trim.

body shops charge out the nose to fix them, costs for everyone keep going up and up and up (I work at a shop, not body shop, but I see the costs keep rising).

So it makes perfect sense that insurance companies are gonna have to charge more. It costs more to replace and/or repair the vehicles now. A LOT more.

Note that I don't agree with it, quite the opposite actually.

Yeah, and since auto insurance is mandatory, insurance company hardly care. Most insurance is regulated and primarily to keep profits at a percent of income. So, if claim costs go up x%, so do their profits and rates. They only care if the rates get so high it significantly cuts into how many people can own a car. [/rant]

 

[Evolvd]

Yeah, and since auto insurance is mandatory, insurance company hardly care. Most insurance is regulated and primarily to keep profits at a percent of income. So, if claim costs go up x%, so do their profits and rates. They only care if the rates get so high it significantly cuts into how many people can own a car. [/rant]

Collision coverage is not mandatory, only liability, and liability is relatively cheap. It’s the banks that require collision as part of their lending agreements.

 

[The Demon]

I just got my docs and my insurance only went up $89 for 6 months. GT, Mach 1 and M240i.

I'm shocked and I will take it all day. Cocktails on the house!

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