Amazed at the cost of insurance

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I have had root insurance for about a year. My premium for 3 vehicles was 114 then at 6 months it went to $128. Now at a year they want $208.
I priced a few other companies and they want in some instances 300-500 a month. That's insane. Has everyone experienced a dramatic price increase. I have two accidents on my record which I'm sure doesn't help but they are 2 and 3 years old . I had them when I signed up with root so that shouldn't be the sudden change.
 
My insurance company has been bumping me up $50/yr each of the past 2 yrs. But, I too was involved in an accident. So that $50 is really a pittance.
 
My insurance State Farm has slowly bumped me up. One accident over three years ago only a scrap no real body damage. When I got the DuraMax new 13 years ago
the truck was worth a whole lot more money and my insurance was $336 and change for six months now its deflated in value and now
my insurance is $440 and change I drive the truck less than 3000 mile a year now.
 
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Mine went up because the rest of Illinois's insurance went up. AFAIK the insurance companies get their data from a risk database, which includes but is not limited to from location, number of accidents, age, and most likely time until the next accident. I forgot what the database is called but you can order a free report on yourself. Maybe somebody else here knows what the database is called.
 
I just switched from Farm Bureau to USAA. Farm Bureau had me at $108/mo for two Subarus with full coverage and $900/yr on home (it was less than $700 on home 7 years ago with the same policy). I switched to USAA since I'm moving, got better "perks" on the auto insurance including a 20% over replacement value clause and accident forgiveness, and insured my new home for 3x the value of my current one all for a $30/mo decrease on autos and home insurance went up from $900 to $1600/yr. Farm Bureau wanted nearly $2300 on the house and it likely wouldn't have covered 100% if there was a total loss on the property.

I'm pretty much convinced that it pays to shop new insurance companies every 3-5 years, because they realize you likely won't balk at a $50 increase every year because familiarity breeds contempt; but once you look back 3-5 years ago and realize you're paying 30% more for the same policy with no claims or valid reasons why your rate went up you've got a perfect reason to shop. If I had matched policy for policy when moving to USAA I would have been able to save about $500/year overall, no small chump change there! Since all you are is a number to them anyways, does it pay to be loyal to an insurance company just because you've had them for XX number of years? I say no!
 
Youve always gotta shop it, insurnace companies show no loyalty. I had Liberty Mutual for 10 years, every year 20-50$ increase even though Ive never had an accident. I said I was switching because of savings, and they didnt even try to retain me.
 
I think (at least in NY) the time is 48 months for the insurance companies to no longer consider an accident. This would be collision, not comp.

Insurance companies can be all over the place. View risk differently. While GEICO has a 5 year good driving discount, there is not a lot about customer loyalty.

Look on Consumer Reports. Look around every couple of years.

Accidents, tickets, DWI and kids that drive are the things that drive up the price.

Some companies have accident forgiveness for the first accident (per person I think)
 
https://www.insurancejournal.com/news/national/2019/01/16/514822.htm

Rates have barely kept pace in personal auto, commercial is still doing terrible from a profitability standpoint.

I just spent 4K for 12 months to insure a house, two autos and a 2M umbrella.

Keep in mind that insurers have to target a loss ratio of under 50% in order to return expected profitability to shareholders, so you can do the math on what that translates to (at an account level).
 
I could tell you about a dozen horror stories of Internet based insurance companies . Everybody complains about insurance-until you need to collect on it. That's the big difference in the "name brand" insurance companies vs. the Internet "cheap" insurance companies.

Talk to any law enforcement officer or insurance agent and they will all tell you the cause of most accidents these days is distracted (i.e. cell phones, etc.)

driving. We are all paying for this.


Anybody who goes through an "Internet based" company with ANY ASSETS AT ALL ARE VERY FOOLISH!
 
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And also, your zip code is used to set auto insurance rates as well as homeowners. Crime in the area, etc all play a part in setting your rates.
 
When they start to jack up the rate, it always pays to shop around. Got to be vigilant and keep your credit score in tip top shape in preparation. Many car owners are burdened by too much debts that drag their credit score down, making it difficult to shop around for lower rate. Same goes for home insurance.
 
What's not helping is all the uninsured drivers, insurance fraud and flooded cars. In August, an uninsured driver hit my wife in her 2006 Pilot causing $4,500 of damages. Also my mother in law was in a possible accident a year or so ago. I say possible because she didn't think she bumped into the lady and there was no damage to either car. The lady sued saying it reaggravated a previous injury and insurance settled for $40,000. My MIL's / insurer's lawyer said the lady actually has a whole history of lawsuits relating to automobile accidents. Then you have all the idiots driving through flooded streets here in Houston every time any storm rolls through.
 
I use an independent agent and he shops my insurance each year through multiple companies.
 
Some minor accidents(under $500) in last 5 years but no increases with Progressive ($900/yr one payment two vehicles). Been with them since 1999ish.
 
Our also was going up in past three years; We used to pay $1200 a year for two cars so they manage it to $1400 annually, basically for no reason

I spoke to agent and he recommend to do safe driving online class with AARP then we have managed to put it back to $1200 again; We are happy campers again.

on the side note; it is funny how insurance companies when you buy a car, say for $30K they quote you for that brand new car $$; then after 3 years that car drops down in value say $10k and they do not adjust it accordingly
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Originally Posted by Audios
Youve always gotta shop it, insurnace companies show no loyalty....


No loyalty benefit?

I've had USAA for over 40 yrs on all my insurance lines. Let's just say I've had a number of "at fault" accidents. Yet, they never threw me under the bus or jacked up my rates considerably. On top of that, I've gotten pretty close to "free" annual auto insurance the past several years as their "subscriber's savings account" pay outs have kicked in.

Typically, they've refunded $150-$300 most years on auto insurance when they do well. And barring hurricanes and major flooding, they tend to do well. That nets my auto insurance down from $1100 to $900. And since I reached the 40 yr point, they've been paying out a portion of my $8000 subscriber's savings account (their contributions over time). Those payments have been around $650-$800 the past 2 yrs. I don't have any problem getting almost $1000 back every year (ie "free auto insurance"). As a long time subscriber, I had no idea there would eventually be an automatic payout of their SSA. Though if you leave them, I think they might stiill pay out SSA in a lump sum. How many other major insurers have these Subscriber Saving's Accounts with all contributions from the company?
 
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