General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAnybody else seeing a HUGE utick in their car insurance fees?
Wow. 12% rate uptick in what I paid in the Spring. That's an extra $180 a year MOOP, and no claims of any sort, no tickets, etc....Just want to know if I'm not alone in this rate increase or am I getting ripped off? Thanks.
sarisataka
(18,621 posts)I work in the industry and am seeing good drivers go up 16-18%. Those with accidents/ tickets are 20-40%.
The main factors are car repair costs to insurance companies are up about 25%. This includes delays waiting for parts which means more payments towards rental cars.
inthewind21
(4,616 posts)That makes perfect sense. NOT!
sarisataka
(18,621 posts)Are costs for parts and repairs going down in your area? Where I am we had bad hailstorm and appointments to get repairs were 10+ weeks. Shops rates all increased to hire people for the workload.
If a car needs parts the delay is useful as they can take weeks to arrive. Of course since demand is up that part is costing more.
onecaliberal
(32,831 posts)mbusby
(823 posts)...go figure.
Midnight Writer
(21,751 posts)My homeowner's insurance through them is another story. It has been rising 10% or so per year for the last few years.
Dysfunctional
(452 posts)I think they are only allowed to have so much money in reserve and either lower premiums or rebate some of the premium.
634-5789
(4,175 posts)bucolic_frolic
(43,141 posts)Companies do things for their own specific reasons. I had several insurers over the decades. One rates kept going up and up. I finally questioned it, and switched agents. Got a better deal. Then they had rate increases. So I switched to a direct enrollment. THey had rate increases. So I went to the lowliest agent in town. They had great rates. I get a small % off for no claims, no cancel, no accidents. I pay less than at any time in my life.
THey're companies, no less than big box retailers and frozen food manufacturers. They seek profit wherever they can find it. Is your money going to agents, marketing, advertising, return on investors' equity? You'll never know. And you'll never know until you shop around.
YMMV
underpants
(182,788 posts)But then we filed several claims last year.
Ritabert
(667 posts)...a perfect driving record. I'm shopping around. The person on the phone gave me the "car repairs are more expensive" nonsense and I hung up.
Celerity
(43,333 posts)asiliveandbreathe
(8,203 posts)2004 Avalanche..2007 HHR...WTF..so I went to Zebra...we have not bundled b4..so I checked co. we have home ins..
ready...our auto policy..for 2021-22..1600 jumped to 2000 for 2023.
.new quote..everything the same..down to 1255 with bundle we saved another 100 on home policy..is good to shop around...
Tree Lady
(11,455 posts)I pay in Sept so fresh on my mind, car, motorcycle, Motorhome, House everyone went up.
Insurance guy said home was because price of rebuilding went way up, the rest who knows?
inthewind21
(4,616 posts)Mine went up to. For no apparent reason.
TheBlackAdder
(28,186 posts).
They will take advantage of that relationship to juice the ones they think won't switch.
I will add that the majority of private insurance brokers won't guide you to the best policy, they'll guide you to the one that gives them the most commission or spiffs. They often do a hard sell on switching or using a certain insurance company, even if it gives less coverage or if the company had a low claim payout ratio. Some are rewarded for bringing a certain amount of revenue to their company, and are under requirements to meet certain tiers. If they are close to a tier, before the quarter ends, they'll try to drive people to them to meet it.
.
GoCubsGo
(32,080 posts)$300+ more than last year. I haven't made a claim on it in more than 15 years. My auto insurance stayed about the same.
A lot of your insurance costs depend on what state you live in. Your price hikes are happening in the state house, rather than with your insurance company specifically.