Bye bye COLA

[madamesilverspurs]

Last edited Tue Nov 14, 2023, 11:27 PM - Edit history (1)

It’s usually January before somebody makes a grab for my Social Security COLA, but the grab came early and bumped the landlord out of first place. This time it’s the car insurance; I’m suddenly paying over $80/month on a car I drive far less than 50 miles a month (in 13 years I’ve put less than 20k miles on it). The agent acknowledges that I have an excellent driving record, but the premium went up anyway because of inflation and besides, every company is raising rates. And after the first of the year the landlord will still get their increase. Once more I’m left with less than I was getting before the COLA.

I have been gently reminded that my benefit is not the purpose of insurance, that the only purpose of insurance is to enrich the company's shareholders. Still feels scammy.

Gritch off

[yonder]

1. Geckos and Emus don't work for nothing.

[TreasonousBastard]

2. Think of how much they'd take if you were still...

working.

[Merlot]

5. It would be exactly the same amount. No one cares if you're retired.

Well, maybe some senior discounts if you purchase something, but rent and car insurance don't get discounted.

[Deuxcents]

3. Don't know where you are, madame,

But I’m in S Fla and I pay 162$ a month and I’m retired so I don’t drive much any more. Every 6 months it goes up and I gotta hope my insurance isn’t going to flee the state like so many others have for car and home insurance. I don’t even have a parking ticket! No accidents, at all or moving violations. Florida is ridiculously expensive these days while our governor is MIA on the campaign trail wanting this for everyone 😤

[enid602]

4. Fewer miles

Some insurance companies charge less if you drive fewer miles. I think Limu is one.

[questionseverything]

6. We have a State Farm bundle, no claims for twenty plus years

It went up $40

Pisses me off because of the endless advertising waste

[LuckyCharms]

7. Gather some documentation related to your mileage.

I used maintenance receipts that show I don't drive very much.

It will take a few receipts. Subtract the mileage shown on each of the receipts over a specific time period. This will show how far you have driven during that period.

Call your insurance company and ask them to reconsider your premium.

I did this. They sent my receipts to their underwriting department, and they subsequently reduced my premium.

[Jirel]

8. Well, there are some things you can do.

You can start shopping for new car insurance. Everyone wants your *new* business. Don’t just accept that “everyone is raising rates.” Drop your liability coverage to the bare minimum and keep good UIM and PIP coverage.

I always did this with heath insurance for my staff. While other managers immediately might go for cheaping out on the worst plans to cut costs, I never rolled that way. While “everyone is raising rates” year after year, about 15% per year, switches from one high quality PPO plan to another (PPO = you’re unlikely to not have your existing docs in the plan, and you may pay a bit extra copay if you go out of plan but you STILL get to keep your doc) meant my rates tended to rise at most 2-3%, not 15%. Same thing with car insurance in most places. Really, same for most any insurance except monopolies like the few that provide flood insurance in any particular area, or for highly specialized coverage.

[Shermann]

9. I don't believe there are any insurance policies geared towards this

If you have a second vehicle that is a classic car and/or not a daily driver, you can get really reasonable rates. But if this is a primary vehicle, even if it isn't daily driven per se, you are probably stuck.

[not fooled]

10. Another reason to keep cars as long as possible

It makes sense to me to drop collision and comprehensive (IIRC) on old cars. Significantly reduces the premiums, although you're self insuring in case the vehicle gets totaled.

[spooky3]

11. If someone doesn't want to take this much risk, they can ask for a large deductible

on car and home claims. That also lowers premiums.