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

[Tucker80]

Yep, that's for bare minimum required by the state of Florida (practically 0 coverage if I ever need the insurance) and $1k deductible

Only thing I splurged on is roadside assistance

ah Florida! That makes sense. I used to live in South Florida and insurance was painful due to it being a no fault state at the time. Southern Ohio rates are clearly much better!

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[Skye]

Airports in CO are now more popular than ever for vehicle (rental cars left with keys inside) and converter theft.

Curious as to how age affects value, I found the following article. It would seem owners of any older vehicle have an advantage: the cats are not worth as much. Given the risk, thieves are inclined to seek out something else.

https://www.jdpower.com/cars/shopping-guides/what-is-a-toyota-catalytic-converter-worth#:~:text=The weight of the precious,of more stringent environmental regulations.

"Catalytic converters have been an attraction to thieves, with most Toyota cars being targeted. Reported catalytic theft increased by 325% between 2019 and 2020. Thieves are interested in them for the same reasons you might want to sell your converter. Most Toyota vehicles are targeted because they use more precious metals in their catalytic converters than other manufacturers, such as the Toyota Tundra, which has four converters and sits higher, making it easier for thieves to access."

"Newer converters contain less weight than older ones due to their size but have higher values of precious metals as a result of more stringent environmental regulations."

 

[RagmopInKona]

If nothing else add uninsured motorist coverage.
The number of vehicles on the road with lapsed tags and no insurance is crazy.
I have been seeing a lot of tag stickers of 2021 and 2022. With lapsed tags/plates I doubt they have insurance coverage.

 

[Skye]

I knew I shouldn't have opened that e-mail, especially on a Friday.

Homeowner's policy increase, Y-o-Y: 33%.

I thought I was doing well budgeting forward for 10-15% annual increases. Now, IDK.

Edit: I'd encourage everyone to read their policies in-full, every year, to include reviewing home characteristics and deductibles. Any information at all. Two factors driving my policy this year: 1) the perceived value of the house (LOL) and 2) hail and wind damage deductibles. Some companies allow you to adjust certain variables, to get back to a more realistic risk/cost scenario.

 

[ice445]

I knew I shouldn't have opened that e-mail, especially on a Friday.

Homeowner's policy increase, Y-o-Y: 33%.

I thought I was doing well budgeting forward for 10-15% annual increases. Now, IDK.

Edit: I'd encourage everyone to read their policies in-full, every year, to include reviewing home characteristics and deductibles. Any information at all. Two factors driving my policy this year: 1) the perceived value of the house (LOL) and 2) hail and wind damage deductibles. Some companies allow you to adjust certain variables, to get back to a more realistic risk/cost scenario.

Most insurance companies got absolutely destroyed by hail claims this year. Especially in places like Texas and Colorado lol. Definitely more severe hail storm frequency than usual.

 

[Skye]

Most insurance companies got absolutely destroyed by hail claims this year. Especially in places like Texas and Colorado lol. Definitely more severe hail storm frequency than usual.

That they did. Lots of claims.

As a test, by raising my "hail and wind damage" deductible to the level where I accepted 100% the cost of a replacement roof (cement tile), I drove my policy down to levels I haven't seen in years.

I'm grateful I was able to make adjustments to a more palatable 22% bump. YMMV.

I've got nothing on Florida. People living in FL have my sympathies.

My perception here: it's a mixed bag.

I'm sure there are some people who 1) genuinely had enough damage to need a roof replaced. Some have also commented that 2) new homes in-particular are being cheapened with crappy shingles, as a method of price control by builders. Shingles of old would last several rounds. The cheap ones? One and done.

Still, other neighbors who've been here a while, with prior repairs, they've been getting roof replacements for damage I cannot see. Those conversations often involve the phrase "free roof"...ugh. It's Friday. Whooosahhhh.

 

[ice445]

That they did. Lots of claims.

As a test, by raising my "hail and wind damage" deductible to the level where I accepted 100% the cost of a replacement roof (cement tile), I drove my policy down to levels I haven't seen in years.

I'm grateful I was able to make adjustments to a more palatable 22% bump. YMMV.

I've got nothing on Florida. People living in FL have my sympathies.

My perception here: it's a mixed bag.

I'm sure there are some people who 1) genuinely had enough damage to need a roof replaced. Some have also commented that 2) new homes in-particular are being cheapened with crappy shingles, as a method of price control by builders. Shingles of old would last several rounds. The cheap ones? One and done.

Still, other neighbors who've been here a while, with prior repairs, they've been getting roof replacements for damage I cannot see. Those conversations often involve the phrase "free roof"...ugh. It's Friday. Whooosahhhh.

Yeah, we definitely have the technology to make hail resistant roofs, but cheap builders don't seem to want to pay for that, lol. Really sucks for people. Also sucks if you have a solar array.

Luckily we don't really get hail here. Once in a great while it's large enough to do damage.

 

[mindo389]

My rate increase wasn't too bad. However, I live in one of the highest rates states. The politicians always campaign they will get rates dropped, but it never happens. Too much money gets passed off under the table, which is probably why the rates are high. Many people I know have camps in Mississippi and put their addresses there and pay that state's rates..

 

[Gregdd]

I was with Allstate for over 40 years. Hadn't had a claim in 15 years. Never had a large claim. 2 old geezers on policy. No tickets. They were charging me $2956 a year for my 23 Mach1. I almost didn't buy the car when I heard the rate. Its like they didn't want to insure it. Just switched to Erie $874 a year for the exact same coverage.

 

[skateflip107]

I've had auto coverage through State Farm for many years (20-ish) and usually been satisfied with their auto rates. But they just increased the premium on my '18 Mustang GT by 27% out of the blue. I haven't had any auto claims, tickets, or accidents recently. The only explanation is a cryptic note that about a "change in vehicle rating/group."

Insurance is so specific by state and even city, this may not be affecting owners in other locations--but if any of you have State Farm (especially in Texas) have you seen a big increase?

Same exact situation here. You're not alone. Basically, the..."well, inflation, yo know, so its more now because we said so" Im probably going to start shopping around unfortunately. They've been great for many years up until recently.

 

[Silver Bullitt]

Got my renewal for my Mustang through State Farm. Thought these increases were about done, but nope, another 14% increase. Almost pulled the trigger with Hagerty until I started reading some of the horror stories about them regarding claims. They were $400 per year cheaper than State Farm for the same coverage, but I have to admit, I’ve never really had any issues with State Farm when it came to paying a claim.

 

[DougS550]

You all didn't think that 15%-20% Auto Insurance "discount" and the multiple checks the Industry dished out during COVID was free did ya?

LMFAO....

Zinger.... they're taking it back now....

Yep, it all rolls down hill. Plus, mega corporations own multiple insurance companies so they can price fix without reprocusion s. Who would have thought, in just 3 years our economy could have been destroyed so fast. I did!!

 

[Skye]

Some recent survey statistics:

https://www.cnbc.com/2023/12/19/tes...ccident-rate-bmw-drivers-most-duis-study.html

- Ram has the "worst" drivers (speeding, accident, DUIs)
- Tesla has the most accidents (1) Busy Tweeting + (2) "It can't be the Autopilot OS" - Tesla
- Mercury the "best" drivers. Grand Marquis Owners for the Win!

The full survey:

https://www.lendingtree.com/insurance/brand-incidents-study/

Most recent stats on inflation, with insurance rates continuing to lead:

https://www.cnbc.com/2023/12/12/heres-the-inflation-breakdown-for-november-2023-in-one-chart.html

 

[HoosierDaddy]

Would be nice if the "study" involved a significant percent of drivers. It only included drivers who applied for insurance thru LendingTree's QuoteWizzard.

If that wasn't bad enough, I don't see sample sizes or time frame, just percents. So maybe the 3 percent of Ram drivers was based on one accident for 30 Ram drivers in the study. I suspect that is why defunct brand drivers had such good scores.

 

[Cobra Jet]

I’m going to start an insurance company and only charge $100.00 for coverage on vehicles.

I’d be making BILLIONS, I’d strip any existing Ins. Co. of their customer base and still be able to do payouts for loss claims and or damage claims.

The Ins. Industry is nothing more than a pyramid scheme. Think about how many YEARS we all have “paid in” without a single claim. What could you have done with all that money??? Those Companies have bank, lots of it - more than there’s probably a word for the total cash on hand. If they don’t, it isn’t because of just claims, it’s because of mismanagement, paying exorbitant “bonuses” and above ridiculous top level salaries where such isn’t necessary.

Why do any of us need to pay a 30-33% increase for a customer who has never made any claim or maybe doesn’t live in a high risk area? Why not dock the “repeaters”? Why not just stop insuring the repeaters?? They would STILL take in their BILLIONS per year by doing just that and STILL be able to pay on any claim and not jack rates 30-33%.

It’s absolutely ridiculous any more that Policy Holders (Vehicle/Home/Health/Specialty, etc) are getting raked over with such excessive rate increases.

My other disgust with the industry is this too (and yes, I know people can live wherever they want):
If homes by water are destroyed 1x or even 2x by a storm, then there should not be any rebuilding allowed in that location, because if it was wiped 1x or even 2x, it’s going to happen again. Why should the Industry have to pay out for lack of common sense? I mean if you’re home is within 100 yards of a raging ocean because it’s a “great view”, or on the edge of a river or bayside that’s known to redundantly flood, or it’s on the edge of a cliff because it’s a “great view” and it gets wiped due to weather or instability - why am I footing the bill via rate increases because people wanted to rebuild in the SAME LOCATION fully knowing future disaster is pending?

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