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

Bmeister

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State farm raised my rates twice last year. My driving record has not changed. I had enough and got a quote from Progressive......it was $700 / year cheaper for 3 vehicles. Called SF up and cancelled my auto policies after 26 years with them.
It's not your driving record; it's the statistical calculus of claims/accidents and probability assessment in your zip code, if you lease vs own, your credit score and how bad the drivers are in your immediate neighborhood among other factors. Check with your agent; a good agent will find out what caused the underwriters to push up your rates.

A buddy with no claims...ever...in his entire 50yrs of driving, moved to a northern Crook County suburb of Chicago (from the far west "sticks") and saw his rates triple for the same two vehicles he's owned. He has 800+ credit, owns two homes outright (only 1 mortg), owns both vehicles (a 2020 GC and a Prius...yeah...I know) and with all the discounts available he still got bent over. Geico, Progressive, State Farm all within a few hundred per year. 🤷‍♂️

Be careful to compare coverages/costs equally; they are not all the same. I do not want used or non-OEM parts to fix something if I ever had to make a claim. Yes, there is an insurance company who I have heard multiple times does this but since I can't prove it I won't say which.
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BrntWS6

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It's not your driving record; it's the statistical calculus of claims/accidents and probability assessment in your zip code, if you lease vs own, your credit score and how bad the drivers are in your immediate neighborhood among other factors. Check with your agent; a good agent will find out what caused the underwriters to push up your rates.

A buddy with no claims...ever...in his entire 50yrs of driving, moved to a northern Crook County suburb of Chicago (from the far west "sticks") and saw his rates triple for the same two vehicles he's owned. He has 800+ credit, owns two homes outright (only 1 mortg), owns both vehicles (a 2020 GC and a Prius...yeah...I know) and with all the discounts available he still got bent over. Geico, Progressive, State Farm all within a few hundred per year. 🤷‍♂️

Be careful to compare coverages/costs equally; they are not all the same. I do not want used or non-OEM parts to fix something if I ever had to make a claim. Yes, there is an insurance company who I have heard multiple times does this but since I can't prove it I won't say which.

Oh I did call them. State farm just raised their rate because people are canceling their premiums.

I used to live up by Chicago. When I moved to the far South my insurance immediately went up. Why....because of all the deer. So I have the complete opposite experience of your friend.
 
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zrickety

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Yes unfortunately only have the Jeep so its a Catch 22 but it is what it is I guess
and then you don't dare report if you get into an accident (I never have had an accident OR ticket but....) cuz then they raise your rates even more
Almost worth buying a beater car for next to nothing to get that 'bundle' with the house. Put the Jeep on Geico and enjoy your savings.
 

swedeviking

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Almost worth buying a beater car for next to nothing to get that 'bundle' with the house. Put the Jeep on Geico and enjoy your savings.
Hadn't thought of that I'll have to look into that.. Thanks a BUNCH
 

swedeviking

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Hadn't thought of that I'll have to look into that.. Thanks a BUNCH
I forgot to say neither Geico or Progressive will insure houses where I live since its designated a wildfire zone... I had Progressive for a few months at a great rate and then when I went to bundle with house insurance they said "no go" in my area. Same with Geico so we are pretty much stuck with either State Farm or Allstate so they can charge whatever they want for us "unfortunate" enough to live in a beautiful mountainous and forested area and I don;t ever want to move so until things change I have to stay with State Farm and bite the bullet
 

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Whaler27

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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)
Yup!

1) Rampant car theft with near zero chance of recovery, AND
2) Astronomical growth of crashing illegal aliens with no driver’s license or insurance, AND
3) More drug and alcohol-impaired drivers than ever, with soaring crash and fatality rates, AND
4) No meaningful punishment for property crimes, including smash-and-grab offenses, vehicle vandalism, and vehicle theft, so the people doing the harm remain active in circulation. They’re basically allowed to continue doing damage until they croak or tire of it.
5) Huge and rapidly climbing medical costs when there is an injury and, due to the above, a greater likelihood that all costs will be borne by the insured .
6) Rapidly climbing vehicle costs and repair costs.

The above influences are all driving insurance rates up in Oregon. I suspect the picture is just as bad in other kooky states like California and New York, but considerably better in states that protect citizens and enforce the law, like Texas, Florida, Alabama, etc.

I have State Farm too...
 

SmallCrawler

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Yup!

1) Rampant car theft with near zero chance of recovery, AND
2) Astronomical growth of crashing illegal aliens with no driver’s license or insurance, AND
3) More drug and alcohol-impaired drivers than ever, with soaring crash and fatality rates, AND
4) No meaningful punishment for property crimes, including smash-and-grab offenses, vehicle vandalism, and vehicle theft, so the people doing the harm remain active in circulation. They’re basically allowed to continue doing damage until they croak or tire of it.
5) Huge and rapidly climbing medical costs when there is an injury and, due to the above, a greater likelihood that all costs will be borne by the insured .
6) Rapidly climbing vehicle costs and repair costs.

The above influences are all driving insurance rates up in Oregon. I suspect the picture is just as bad in other kooky states like California and New York, but considerably better in states that protect citizens and enforce the law, like Texas, Florida, Alabama, etc.

I have State Farm too...
Check here to see the car insurance rates by state for 2022.

Looking at average annual cost of full coverage, NY is tops but Florida checks in at 2nd highest. If you scroll down below the chart, factors impacting rates for each state are provided.
 

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10/20/10 for Florida? 😳

5k for California?

What is that 40 years old? Man I bumped mine up beyond the required for instance 100k for property with the cost of cars these days. Hit a truck and damn thing might be 90k. Not sure if that is how it works but sounded like a good idea.

Maine must have the best drivers in the country!
 
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Wabujitsu

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Rates are always more expensive here in FL.

We have USAA for banking, homeowners insurance, and auto insurance on both Jeeps (2020 and 2021). We have had awesome service from them, consistently for two decades. However…our six month premium is $1,588.75. We have full coverage with, I believe, a $100 deductible.

As much as we love USAA for various good reasons, we are considering seeking auto insurance elsewhere. No accidents and no tickets for YEARS, and we never had kids.

Strangely, our homeowners insurance has NOT increased, in spite of Hurricane Ian causing a record-making amount of damage in FL, and us having a claim after the storm.
 

TX_Ovrlnd

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We've had State Farm for decades, yes we pay a bit more versus other insurance companies but we have always been treated great by our agents. Two different wrecks (not our fault) and the other insurance companies tried to use third party parts, our agents forced OEMs. We also have 0 deductible glass coverage I have had to use 4 times. I pay about $150 for two cars, a house and a small life insurance policy.
 

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Whaler27

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I switched from Farmers to State Farm in 1983. No tickets in 40 years for either adult driver. A pickup,
Check here to see the car insurance rates by state for 2022.

Looking at average annual cost of full coverage, NY is tops but Florida checks in at 2nd highest. If you scroll down below the chart, factors impacting rates for each state are provided.
That’s a cool resource. I didn’t think about the weather influence on insurance cost, which is obviously very large In some states, like Texas and Florida.

We looked at buying rural property west of Dallas. Texas, and the home insurance rates were extremely high. As it turns out, that particular community averages two tornadoes per year, with lots of other threatening weather, including roof and vehicle damaging hail.

I was surprised to see New Jersey wasn’t among the worst, because I remember reading about insurance companies leaving the state due to the high claim rates. (It’s also the most aggressive, courtesy-and-rule-independent driving I have ever seen.)
 

Punkn89

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Rates are always more expensive here in FL.

We have USAA for banking, homeowners insurance, and auto insurance on both Jeeps (2020 and 2021). We have had awesome service from them, consistently for two decades. However…our six month premium is $1,588.75. We have full coverage with, I believe, a $100 deductible.

As much as we love USAA for various good reasons, we are considering seeking auto insurance elsewhere. No accidents and no tickets for YEARS, and we never had kids.

Strangely, our homeowners insurance has NOT increased, in spite of Hurricane Ian causing a record-making amount of damage in FL, and us having a claim after the storm.
definitely search elsewhere. Been with USAA for 17 years myself. I still bank with them, but for insurance, it’s a no brainer to switch.
 

Pinky Tuscadero

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Geico forever here.
As much as I could save by buying a policy out of the car trunk of the guy at the tavern.... I guess I'm just a sucker for wanting coverage when I need it 24/7 and a very, very responsive company when things go sideways... which they have several times over the years.
Since few people don't actually have insurance but simply have a card that looks like they do.... best to skip fly by night policies that are much, much cheaper but cover nothing when needed
But... To each his own
Unsure why the OP's policy went up 40% all at once with no changes at all but I suspect something major changed that perhaps was forgotten as that is extreme for sure.
 

Mgg253

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The amount of misinformation and disinformation in this thread is alarming. But I recognize perception is reality for people.

underwritting is not as nefarious as many of you make it out to be. Companies exist to make a profit, everyone slices that Apple slightly differently, but make no mistake - it’s so heavily legislated and regulated you can’t slice it in some special and unique way. Car costs and parts costs as well as lead times to get each AND the labor lead times have grown at a far greater rate than your policies premium.

I agree with the people that shop their insurance - I do every year. It’s an unfortunate reality that unless you have significant capital to cover your own ass in an unfortunate event, we’re all stuck paying insurance. To the people that lower their coverage to save money, I hope a true accident never happens that genuinely ruins your life with no money in the bank to help you. I’m not insuring myself due to my own stupidity, I’m insuring myself against yours. If some jackass kills me being dumb, my family needs my $1m of underinsured coverage to replace a small part of my provisional part of the family.
 

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I keep my vehicles listed as Leisure only and 6,000 miles per year on each. I don't carry un or under insured as Comprehensive still covers that. and I have GAP. I decline Roadside as I have AAA and I don't need PIP/Medical as I have Long and short term through my Job for $6 a month, and Health insurance.

For 3 vehicles, Basic full coverage, with $250 ded. for comprehensive, and $500 for collision I pay $917.26 per 6 months with Gieco. Not too bad for Texas.
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