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

[Zathras]

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?

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[Zeus]

You are not alone, I received a notification a few weeks ago that mine would be increasing around 25%. Clean record, multiple policies with them for over 20 years.

 

[Cobra Jet]

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....

 

[MCS]

Time to switch insurance providers. I had the same. At one point I was paying $225 a month CDN for a 2016 C300. Went to CAA with both my 2021 Mustang GT and my Mazda 6 GS Winter Beater and pay $225 for both.

 

[StangTime]

Shop around guys. You don't need to be loyal to any particular insurance company. I was with State Farm for 30 years until they were sold to Desjardins. Then they started playing the yearly rate hike game. Called and asked why. They basically said "just because". My loyalty to them meant nothing in their minds. Got fed up of that game and I called a broker. They found the same coverage with CAA for about $50 a month less. I've been with them for 2 years. Not a single rate increase.

 

[bigred90gt]

Ours just went up by $100/month for my car, my wife's 2023 Murano and our daughter's 2021 Mini. We're also in Texas, but we do not use State Farm.

 

[monte87]

Yup same here in NY SHITTY... I asked same question and they were like rates went up. Sad stuff........

 

[kiksbutt]

There was a 6% national average spike citing "inflation". I think they also had a major spike 6 months earlier.

 

[Obsidian]

Putting my tin foil hat on for a second. I wonder if they will tax v8s out of existence in the long run. Through government fees and insurance.

 

[JustSomeGuy]

Loyalty to an insurance company is the best way to guarantee you’re getting ripped off. Shop around-

 

[Zrussian13]

Shop around OP. I just went through this with farmers last November. I'm with state farm because they are the cheapest right now. (For me at least) Saved $200 a month on auto and $1000 a year on my house.

 

[kz]

Loyalty to an insurance company is the best way to guarantee you’re getting ripped off. Shop around-

Absolutely this. They rank their customers by likehood of going to someone else and those most loyal (and therefore least likely to switch) get the most increases. This isn't some kind of mystery, if you look you'll find articles describing this.

They're corporations and their only goal is to make money - they absolutely give zero shit about someone's loyalty.

 

[FreePenguin]

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.

 

[jhunt47]

State Farm here and mine went up as well about 15% overall. Homeowners and 5 vehicles been with them for 15 years. Same explanation group/rating change.

 

[Lunchabull]

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?

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