Insurance Rates Shooting Up

[Subliminal]

Who else insurance has gone way up this year? Mine was $130/mo at the start of the year, then went up to $160 about 6 months ago and next month will be $190. Nearly 50% increase without any accidents or tickets. Geico says it's an industry increase due to increased repair and medical costs.

Apparently it's the biggest rate hike in 47 years, with a national average of 15-20% over the last year - and as high as 88% in FL . Curious how much others rates have gone up.

 

[EpicTech]

Who else insurance has gone way up this year? Mine was $130/mo at the start of the year, then went up to $160 about 6 months ago and next month will be $190. Nearly 50% increase without any accidents or tickets. Geico says it's an industry increase due to increased repair and medical costs.

Apparently it's the biggest rate hike in 47 years, with a national average of 15-20% over the last year - and as high as 88% in FL . Curious how much others rates have gone up.

Oh lord let me tell you about my experience with Geico lol. They told me the same crap, something about increases in your geographic area based on a rapid increase in accidents reported. My thought was well crap, you guys are already gazillionaires, shouldn't you keep your customers rates the same to ensure customer retention? They said nope, we increase our rates and we already have figured in a percentage of customer loss, so as long we stay within that margin, we increase our rates accordingly. I offered up a sarcastic response but I may as well been dancing naked in front of a London guard, because I got zero reaction from him other than, "yes sir your policy will be cancelled as of date xx/xx/xxxx, Geico thanks you for your business.

Consequently I switched to the Hartford via AARP, and my Geico premium of $3600 dropped to 1300 something with the Hartford. Now how odd is that ?? Wild difference in cost and I have more coverage than what I had with Geico.

 

[ChristopherNeil]

State Farm — I pay $200/month, but that's full coverage, zero deductible glass/road hazard damage repair/break-in theft, 100/300 policy instead of 30/90, my business insurance, and my wife's wedding ring. In 92130.

 

[khail19]

In my experience, insurance companies will gradually keep raising your rates over time. I usually shop around after a couple of years with a company to make sure I'm still getting the best deal. I once made the mistake of staying with Progressive for too long, then I shopped around and realized I could get better coverage for less.

 

[hans611]

From what I have seen, Geico tends to actually be a bit more expensive than the other big ones....

Im paying $155/ month, have 50k/100k bodily, 100k property, $500 deductible for comprehensive/collision, $1k deductible for no-fault/PIP and the uninsured/underinsured is 25k/50k.....

So maybe a bit higher coverage than average... if I want to increase bodily to 100k/300k, property to 200k and also double un/under-insured its only ~$30/mo more... I may just do that, im driving a lot lately.

State Farm in Miami...

Apparently it's the biggest rate hike in 47 years, with a national average of 15-20% over the last year - and as high as 88% in FL . Curious how much others rates have gone up.

*Cries in South FL*

People drive like animals here though, it makes sense.... When I travel to other sates, I see a lot more "clueless drivers" that have no spatial awareness, drive slow on the left things like that... you dont see that here, here everyone is a race car driver and we are racing in the 24h of Le Mans, whether you like it or not, you are a competitor... Constantly switching lanes (causing more traffic), purposedly running stop signs, crazy speeding only to end up in a red light, etc....

 

[sterkrazzy]

I'm in FL and geico was by far the most expensive quote I got. They were over $300 a month for me. When they called me I kinda laughed at them and said there is no way I could even consider that. I had progressive at first and they were $220 a month with minimal coverage. I changed to allstate because it was like $170 a month and I had much better coverage. My parents have also had me on their allstate policy since they signed up with them, so I had something like a 225 month policy history with them and I thought that might help me if I ever got into an accident.

 

[CaptainRatty]

Allstate has been flat for me for the last two years, and I just renewed last week, but wouldn't be surprised if that well dried up based on what I'm hearing from friends around me. Two vehicles, full coverage $500 deductibles/ $600/6 months.

 

[Subliminal]

Well looks like I'm switching to Mercury, they're quoting $152.76 a month for slightly higher coverage than I have with Geico...

Bodily Injury: $100k/300k
Property: $100k
Medical: $5k (GEICO $3k)
Uninsured: $50k/$100k
Deductibles: $500
Rental: $50/day $1,500 max
Yes Emergency Roadside Assistance

Other quotes I got-
Progressive: $176.92/mo
Allstate: $97/mo w/ $952 due today
Travelers: $225/mo w/ $573 due today
Liberty Mutual: $258/mo
State Farm and Farmers wouldn't quote me online

 

[Kdubya]

I have Allstate in Fl and pay $250 a month full
Coverage for 3 vehicles. (17’ GTI, 22 Tiguan and 08 F150.) they have been consistent through the years. Now homeowners insurance? Ha they were about to raise mine to $3600 a year without telling me, made a phone call and got it dropped to $2600

 

[Tyler230]

Our American Family auto policy jumped 45% in June. Shopped around for a few weeks and ended up going with Progressive for the whole package - Home, Auto and Umbrella. This is western Wisconsin by the way.

 

[Boje]

Not entirely relevant because it's not about price hikes, but to make everyone feel better... I pay Geico ~$485 a month, living in Brooklyn. I had a 'no fault' accident in my previous car, a GTI also insured by Geico, in 2021 for which they paid out a LOT of money (car was totaled, I had big medical bills).

Got a quote from State Farm recently, was over $500 a month. Insurance is absolutely killing me. Anyone got any tips on how to get a better deal, I'm all ears!

 

[nosmirk]

I have a legacy Farmer's policy, my rate actually went down $1.68, now paying ~$124/month.

I go thru an independent agent so they'll find me the best policy w/ multiple companies. Wawanesa is another good one if you have a good record and they serve your state, USAA if you can get it, Costco uses Ameriprise.

 

[CaptainRatty]

Not entirely relevant because it's not about price hikes, but to make everyone feel better... I pay Geico ~$485 a month, living in Brooklyn. I had a 'no fault' accident in my previous car, a GTI also insured by Geico, in 2021 for which they paid out a LOT of money (car was totaled, I had big medical bills).

Got a quote from State Farm recently, was over $500 a month. Insurance is absolutely killing me. Anyone got any tips on how to get a better deal, I'm all ears!

Leave Brooklyn, get married, buy a home with a garage.

 

[krs]

Moving from eastern Idaho to Las Vegas, I knew my rates would go up, but it went from $350 for full coverage on three vehicles (usaa) to almost $700, a month.

I said screw that, keeping everything registered and insured out of Idaho.

But even the Idaho rates are up about $50.

 

[hans611]

that's technically insurance fraud lol

they could even deny a claim if they start sniffing around, maybe delete that....

(Unless you can make the argument of being a resident of both states, moving back and forth throughout the year)