What insurance do you have and how much do you pay?

My rates keep going up. I haven't had any accidents in over 2 decades. No tickets either. I know it's based on the area and surrounding drivers getting into accidents and claims, but this is really bad. I have state farm. VA state.
Typical liability + 1k deductible for collision and 1k deductible for "other than collision." I have 31 years of licensed driving. We have a multi-car policy and a multiple line since we purchase renter's insurance from them too. I get all the discounts I can.

My rate has more than doubled since last year. It's now at $437 for 6 months 2014 trd sport 4x4. Is this rate increase what other people are seeing? I've called my agent and they claim it's due to inflation. That's bs to me. Insurance isn't a physical product. There's no reason for them to raise their rates this aggressively except to keep their stockholders happy.

 

If it is due to inflation- they mean that the cost for repairs and replacements is higher than it used to be, therefore they need higher premiums to pay for the same repairs and replacements. Pretty simple.

 

Unfortunately the only real comparison is going to be with people driving the same model truck, with the same experience and in the same area.

I’d love to have insurance that cheap. I pay $1200/6 months with a similar driving record simply because of the area I live in. Insurance costs tripled when I moved here for the same vehicle and coverage limits.

 

This ^.

It is inflation.

Wages increased, cost of materials increased, shipping, utilities , rents/leases. All of these things affect business bottom line. Therefore prices increase.

Factor in the astronomical used and new car prices and tada.

Unfortunately prices aren’t coming down. Ever. Shit doesn’t get cheaper when everything else contributing to it gets more expensive.


On a side note shopping around or threatening to is your friend. Gone are the days where being a long term customer means a damn.

 

Location, Company, policies, age, sex, MANY factors influence this!!!

I live in NE Ohio and have had Farmers Insurance for 12-13 years now. 2 vehicles, home, life insurance and camp in Pa. When the kids were at home, had 4 vehicles. They both have Farmers for their homes and vehicles now - same agent. I get a MINIMAL increase yearly or every other year....If I don't agree, I call and 'bitch out' (not really) the girl!!! Can't believe the increase you have unless you are in California or Florida????

 

Who is your insurance OP? I would love $437 every 6 mo.

 

Look at the cost to repair/replace a vehicle now days, new vehicle prices are through the roof and the cost is insane to repair collision damage on many vehicles because of the cost of parts and labor increasing and all the sensors around the perimeters of the vehicle and calibrations that are required when anything having to do with those sensors is removed or replaced.

 

World we live in is one big scam.

 

I put that in my original post. State Farm. Keep in mind that I'm 47 and have a spotless record, so costs will vary. Looks like I'm just having a knee jerk reaction, but it doesn't make it any better.

 

$1300 a year for my POS 2022 four-cylinder 4x4. And that’s on the multi vehicle policy with my wife.

 

I live in Minnesota and currently, that is about what I pay for six months of coverage. I take advantage of a 5% discount by having it paid directly out of my check account. We also take advantage of the 55-and-a live defensive driving classes. Supposedly insurance companies are supposed to give you a 10% discount for completing the course. The first course was an 8-hour one broken up into two 4-hour classes. Follow-up 4-hour refresher classes need to be taken every 3 years to maintain the discount. By the way, we haven't had to take any pass or fail tests. Some people don't take them because they fear a test.
One of my brothers moved to Texas last year and his insurance doubled.

 

I'm not disagreeing, but these companies are getting out of hand when raising prices because of inflation. There are many new stories out there where they have shown companies are artificially inflating prices and claiming inflation. In this regard where I am buying insurance, I would think that the rate that they increase their premiums shouldn't be so fast. We're talking 100+% over 12 months. Inflation is bad, but is it that bad?

Side note. I saw a wrecked Tacoma that rear-ended someone a week ago while I was in FL and I just thought to myself... there goes my insurance rates again.

 

Waiting for the 22 year olds paying $2k/yr to get mad at the 60 year old paying $400/yr LOL. Insurance premium comparisons are pointless on the internet.

 

Could be hedging their position against unavoidable bankruptcies when the fast approaching life insurance payout boom hits.


Powell had this to say about raising insurance rates yesterday. As stated above numerous times. The cost to do business and the cost of vehicles is increasing.

https://fortune.com/2024/03/12/why-inflation-high-jerome-powell-says-insurance-climate-change/amp/

 

I was looking for a sanity check to make sure my insurance wasn't the only one going up. That's why I posted the relevant driver info.

Also, I'd gladly pay $2k/year for insurance if I get to go back to being 22. lol

 

Don’t get me wrong I’m in agreement with you. Inflation is up but doesn’t justify prices in most instances. Throw in company after company reporting record profit year over year and well ya.

 

Without taking things too political, the math is not adding up in a post-pandemic world. It does not add up at all.

 

You’re paying for inflation, offsetting the cost of more expensive vehicles that need $1000 calibrated windshields or $2500 adaptive cruise control grilles, and the fact that it’s pretty much no longer illegal to drive drunk and high without a license in most of America.

 

During the pandemic a lot of corporations realized they could charge you a lot of money and provide shit service and there was nothing you could do about it.

 

It’s always been around $100/mo. Likely partly based on value of the vehicle, cost of repairs, area location

one time as a tech a car came in. It hit a rock. What do you expect out of parts debt paying them Pennies. Or potential availability things only coming as full complete or set left and right if you only need one piece.

made the quote writing what I need.
Ended up being $20k. Stuff that’s plastic broke as well.
Because they hit a rock. Insurance didn’t bat an eye. But yet tries to lowball me if a cheap car is totaled and use shitty comps calling the car something it’s not. Oh you have the upscale model? No we will pay you shit model.

so at one point there is extra parts I have sitting in my bay. That I don’t care for, don’t need, don’t want, or have space for. Insurance did not seem to care.

factor in ambulance chasers. Pay out because someone’s claiming they have PTSD now because a leaf fell on their car and chiropractor is billing to have them play on iPhone every day in the corner.

expensive vehicles with expensive repairs.
alignment? Factory advises 6hr plus including drivers assistance systems calibrations.
Bumper work? It has parking sensors and a camera.

that too