Anyone else's insurance dramatically increase since 2022?

[Scamp]

Was paying just about $600 with USAA back then for 6 months of full coverage.

I'm now at just over $1k. They don't have a real explanation for me at the company.

Anyone else?

No tickets.

2015 V8

 

[EdP]

Was paying just about $600 a month with USAA back then for 6 months of full coverage.

I'm now at just over $1k. They don't have a real explanation for me at the company.

Anyone else?

No tickets.

2015 V8

A MONTH? That is $7200 a year. Mine jumped quite a bit so my agent found me a different company. I'm about $2000 a year.

Many people have been complaining about hefty jumps.

 

[arcman]

A thousand a month???? Wow. Live in a bad crime area? Awful driving record? In the last five years our bill for my 2015 and the wife's 2019 CX-5 has gone from $800 to $1,500 a year here in Wisconsin. I'm 71 and she's 61. No accidents or tickets but we had one car with a hail damage claim that bumped this year up $200. (Quotes ranged from $1,5k to $5,5k! Another reason your insurance is going up)

I'd like to know how much it costs to insure a car valued around $300k? Since my car was a salvage title, I keep an eye on the Genesis auctions but see lots of smashed up supercars. These companies loose huge money all the time on these things. The threshold for writing off a car these days is super low. I see cars all the time with bashed bumper covers, a broken taillight and some minor body damage getting totaled.

 

[tarhoosier]

My agent, a local independent agent, said companies love to "capture" customers. That is, a new customer that is taken from another company counts double to their business. (This is similar to the new car sales business.) Then after a year or two they raise rates and consider you under their control. Some of the increase may have been native to the company/general loss calculation and some a consideration of how infrequently owners will shop for new coverage. I have gone back and forth three times between two companies and found a reduction from the renewal cost each time. She said that changing every year may not be a good idea.

 

[FastCars]

Been with State Farm 30+ years, no tickets or accidents & they have doubled my rates since '22 on all 3 cars.
Just another mass rape & pillage by ins co's because they can & are getting away with it!!

 

[SirJangle]

Been with State Farm 30+ years, no tickets or accidents & they have doubled my rates since '22 on all 3 cars.
Just another mass rape & pillage by ins co's because they can & are getting away with it!!

Some of that sentiment is most certainly true. But most of the blame goes to the cost of claims rising exponentially over the past 3-5 years. Simple bumper bumps/fender benders cost thousands to fix today. When the cost of claims go up, premiums will follow.

 

[arcman]

We were with American Family (home/auto) for over 25 years and 6-8 years ago the rates went crazy. Loyalty means nothing (& 35+ years without a ticket). Woke up, did some shopping and found Integrity and got some huge discounts. Two years later they were almost the same, one year up over 50%. Probably not the smartest thing but I've been changing carriers every year to keep the rates down. It actually pays off.

 

[Alfer]

Sadly the folks running this country right now have caused costs of everything to explode.

 

[steveinarizona]

Can you keep your politics out of this forum? Please!

 

[Mcc]

Was paying just about $600 a month with USAA back then for 6 months of full coverage.

I'm now at just over $1k. They don't have a real explanation for me at the company.

Anyone else?

No tickets.

2015 V8

So this is not solely a Genesis phenomenon
Higher car prices are one of the factors pushing up car-insurance premiums. Premiums are also rising because of all the new technology now in cars, which can be expensive to replace.

“Cars have become more sophisticated, driving up their values and the costs of fixing them,” said Neil Alldredge, president and chief executive of the National Association of Mutual Insurance Companies.

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[Scamp]

A MONTH? That is $7200 a year. Mine jumped quite a bit so my agent found me a different company. I'm about $2000 a year.

Many people have been complaining about hefty jumps.

Oops. I meant $600 for 6 months. Now $1k for 6 months.

 

[FastCars]

So this is not solely a Genesis phenomenon
Higher car prices are one of the factors pushing up car-insurance premiums. Premiums are also rising because of all the new technology now in cars, which can be expensive to replace.

“Cars have become more sophisticated, driving up their values and the costs of fixing them,” said Neil Alldredge, president and chief executive of the National Association of Mutual Insurance Companies.

What doesn't make any sense is the price per 6 months for all 3 of my (very different) cars is +/- $50 !
'16 Hellcat Challenger (current value ~$48k)
'19 Infiniti Q50 Redsport 400 (current value ~$28k)
'23 GV70 (paid ~$70k)

We are both retired, so miles are under 7500/yr on each car. Prior to '23 rates were around $450/ea, now they are $800+ and replacement values on the 2 older cars has dropped significantly in the last 18 months. It makes no sense to me, prices for labor and parts have NOT doubled in a year !

 

[EdP]

What doesn't make any sense is the price per 6 months for all 3 of my (very different) cars is +/- $50 !
'16 Hellcat Challenger (current value ~$48k)
'19 Infiniti Q50 Redsport 400 (current value ~$28k)
'23 GV70 (paid ~$70k)

We are both retired, so miles are under 7500/yr on each car. Prior to '23 rates were around $450/ea, now they are $800+ and replacement values on the 2 older cars has dropped significantly in the last 18 months. It makes no sense to me, prices for labor and parts have NOT doubled in a year !

Just looked at the accident rate for Florida and it has not varied all that much over a 5 year period, but 2020 was down, as you'd expect. Nothing like the way rates went up.

 

[srobak]

You can thank the Kia Boys for part of this.

 

[arcman]

Wasn't there something like 300,000 plus cars totaled in the Florida hurricane?

 

[EdP]

Wasn't there something like 300,000 plus cars totaled in the Florida hurricane?

Sure, we all get to pay for them too.

How many cars destroyed in florida hurricane

Hurricane Ian caused widespread flooding across Florida, North Carolina, and South Carolina in October, resulting in losses estimated at between $41 billion and $70 billion. Among those losses were up to 358,000 vehicles damaged by floodwaters, according to Carfax.Nov 21, 2022