Insurance Premiums Going Bonkers? [ADMIN WARNING: NO POLITICS]

[BullMoose1776]

Try shopping with a brokerage vs a specific. A GOOD brokerage will look through all the companies they handle and hook you up with the one with the lowest rate.

Or the one that gives them the best commission.

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[Retrograde]

...Maybe less advertising would help moderate the rates a little, and give us all a break from talking lizards, goofy jingles, and tired spokespeople.

It's been my experience that any company that advertises a lot costs a lot more than any company that does not. You've probably never heard of my insurance company.

Nonetheless, my insurance agent gave me the "we have to raise your rates because of inflation/increased repair costs/etc" speech. I responded with my "because of inflation/increased cost of living, I have to strip off the full coverage and just go with legal minimum liability" speech. His jaw dropped, "But, but--" I cut him off. "I haven't had a single claim, nor have I had a single ticket in the 44 years I've had the wheel in my hands. And between the $1000 deductible and what you charge for a year, I can pretty much fix anything on this unit and still be money ahead."

That said, my liability coverage is $260/year.

 

[caraholic]

Time to shop for a new carrier. I usually don’t his every two years or so. As they always raise rates on existing customers.

 

[Spartan99]

Would it be too much to ask for fewer insurance commercials? It seems that this ad category has exploded the last few years.

Maybe less advertising would help moderate the rates a little, and give us all a break from talking lizards, goofy jingles, and tired spokespeople.

Give us back the real Jake!

 

[JayCeeX2]

My sister is a paralegal for a PI attorney, she's dealt with claims with all these insurance companies for years. She's always suggested shopping new rates from new insurance companies every few years. You will not get any loyalty by remaining with one insurance company when it comes time to make a claim.

I was with Allstate for years, two years ago moved to Progressive and cut my rates in half. I pay about 1600/year for two vehicles, and I have two teenage drivers. And I don't just have the minimum coverage either, I do have assets I need to protect.

 

[No IFS]

Insurance companies are a business not a charity.

 

[Deleted member 59498]

I look at quotes once in a while no one ever beats my current with Geico. Never any luck shopping around.

 

[ForgottenTaco]

It doesn’t pay to stick with an insurance company for more than 5 years. All the good discounts you get when you first sign up start to drop off. Rates will also increase the longer you go claim free. They look at it as you’re more likely to have something happen. Kinda like your luck is running out type of thing.

 

[ecidiego]

Anyone else notice their recent or upcoming policy term's premiums have gone absolutely bonkers? My new term starts March 1. $1337 for my three Jeeps, up from about $980. Full coverage on all.
My '06 LJ's comp and collision cost double what they do on my '99 TJ (equal deductibles) -- either tons of people are wrecking '06 Jeeps, or the underwriters have discovered the "rarity" and value of those particular long TJ's.

(Clean driving records, accident free, homeowner, multiline policy defensive driver course -- getting all the discounts ahead already)

AAA in San Diego: Age 48, Married, 0 tickets, 0 accidents, 0 DUIs, driving since age 16, multi policy discount, 20 year customer dividend, homeowner.

2021 Gladiator, driven 6000 miles per year in San Diego:

$1200/year. Full coverage with fairly high limits, 500k I believe for liability. 250 deduct on comp.

Don't move to CA

 

[Shibadog]

Or the one that gives them the best commission.

Note that I said a Good broker. If the rates are too high, go elsewhere. My family had insurance with the SAME brokerage firm for decades (I’d still be there if. We hadn’t moved out of state). The “company” insuring us changed every year or two, but premiums never weren’t up a lot, and often would drop from year to year.

 

[Deleted member 59498]

Note that I said a Good broker. If the rates are too high, go elsewhere. My family had insurance with the SAME brokerage firm for decades (I’d still be there if. We hadn’t moved out of state). The “company” insuring us changed every year or two, but premiums never weren’t up a lot, and often would drop from year to year.

Yeah I have dropped a little fraction every year but 2023, was a bit of a surprise. Have had same policy for may years now. It never went down much 20 bucks here or there. Then boom almost 200 for this year

 

[Byrds8]

Here in FL, my premiums are $1600. That is with the two Jeeps at full coverage and a 2011 Ford Focus at liability. All clean records. I got it down to that when I switched from Geico a few months back. They wanted $2300. That is only carrying 25/50 with a $500 ded. It’s all nuts.

 

[randeeezy]

AAA in San Diego: Age 48, Married, 0 tickets, 0 accidents, 0 DUIs, driving since age 16, multi policy discount, 20 year customer dividend, homeowner.

2021 Gladiator, driven 6000 miles per year in San Diego:

$1200/year. Full coverage with fairly high limits, 500k I believe for liability. 250 deduct on comp.

Don't move to CA

dude whatever, that's cheaper than louisiana

 

[swedeviking]

This. I shop ins every 6 months and usually change every year. I have even gone back to a previous company that i had in the past. IDK but maybe they give cheeper quotes to new customers but i'll play that game.

Bad part about it is I went with a cheaper auto premium and then my house insurance went up because I dropped the "bundle" Can't win. And where I live in a wildfire zone few companies will insure houses so I had to go back to my "bundle insurance" cuz if I didn't my house premium would be outrageous

 

[Apexcars]

Try shopping with a brokerage vs a specific. A GOOD brokerage will look through all the companies they handle and hook you up with the one with the lowest rate.

Actually, what most brokerages do is look for the company that will pay them the most for your policy while still keeping your premium low enough that you won’t leave. Most insurance companies pay the writing agent a big selling commission and then much smaller servicing commissions on renewals. So the broker writes you and gets let’s say a 20% commission, then on renewal that percentage may drop as low as 3%. The broker looks for another company that will give him the 20% again when he writes the policy with them. Insurance agents make their money by getting a percentage of what you pay, if you believe that they are spending the time and effort to find you the lowest price just so they can get a smaller paycheck, you are kidding yourself.

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