Auto Insurance Premiums Up Sharply in 2023
#1
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I just got my GEICO six-month policy renewal, and paid it off this evening in my account on the web-site. It went up between 9 and 10% from what it was just 6 months ago...after a more or less similar increase in the 6 months before that. I thought, at first, maybe, just maybe, GEICO, after over 40 years with them (and many years of being treated extremely well with very low rates) was finally trying to rip me off and/or recover some of that money that I've saved over the years. But, still, I'm only paying about $1100 a year now for decent coverage, and my policy-document still shows the many discounts I have, for various reasons (almost every discount the company offers). I discussed it with a company rep, who said that severe weather, natural disasters, wildfires, the aftermath of the pandemic, crime (theft/carjackings, etc....) and a number of other causes were indeed driving rates sharply up in the last couple of years. And, after doing some research on-line, there are a number of sources that confirm this.....auto insurance is sharply up all over the U.S., and I actually am (still) not paying very much at all compared to many other people. Florida, in particular, is experiencing big increases...arguably the most expensive state in the country now for car insurance, mostly because of the hurricanes and violent storms. Some companies aren't even writing up Florida policies any more.
I posted this link because I thought it was one of the better and more well-written ones I've seen on this subject, although it is a fairly long article, so I didn't copy and paste the whole text.
https://www.cnn.com/2023/09/13/busin...ses/index.html
#2
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Travelers tried to raise my monthly premium from $140 to $180 on just my F-150 back in July, as well as adding another $200/yr on my homeowners insurance. I decided it had been too long since I had changed insurance companies and reached out to a local insurance broker. They got me a much better rate for the same coverage at National General, paying only $112/month on the truck(paid in an annual lump sum) and eliminating the increase on my homeowners' policy.
Now I've added my BMW to the policy and the the premium is $180 when divided by 12, but that covers 2 vehicles rather than the 1 that Travelers wanted to cover for that price.
There is no loyalty in the insurance industry. They do not care that you're a loyal customer, so do not show them loyalty. Move around every 2-3 years or you're just donating money to the insurance industry.
Now I've added my BMW to the policy and the the premium is $180 when divided by 12, but that covers 2 vehicles rather than the 1 that Travelers wanted to cover for that price.
There is no loyalty in the insurance industry. They do not care that you're a loyal customer, so do not show them loyalty. Move around every 2-3 years or you're just donating money to the insurance industry.
#4
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Try Florida- ours has doubled in the past 3 years. 2 vehicles, full coverage, 1 not-at-fault accident. Just over 4k/yr. I did shop around and found a couple of what I would call 3rd rate insurance companies for a couple hundred a year less but decided against it.
#5
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Here in southern Miami, my rate went up $15 a month. The reason after looking through full details was uninsured motorists.
On homeowner's insurance, I know quite a few people who have ditched (since they have no mortgage) their homeowner's policies after decades of having such coverage. Part of the problem is not just the costs, but many companies want a lot done on homes before renewing.
On homeowner's insurance, I know quite a few people who have ditched (since they have no mortgage) their homeowner's policies after decades of having such coverage. Part of the problem is not just the costs, but many companies want a lot done on homes before renewing.
#6
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Author of article not very knowledgeable of the industry......"Insurers tend to set policies by state"
That is because rates are controlled by each state, and any increases have to be approved by each state's Dept of Insurance.
That is because rates are controlled by each state, and any increases have to be approved by each state's Dept of Insurance.
#7
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Uninsured motorist is out of control everywhere because anyone can get a license now - I just increased my SUM coverage to $500K, on top of the premium increase. This is why when they tell you inflation is 3.7%, it's a fantasy.
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#8
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Most states "require" insurance. But in Tennessee, you have to get 3-4 tickets for not having insurance before anything is done. Some states require evidence of insurance to renew tags, but after renewal folks cancel the insurance (generally happens in nonstandard market).
#9
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I'm only paying about $1100 a year now for decent coverage, and my policy-document still shows the many discounts I have, for various reasons (almost every discount the company offers). I discussed it with a company rep, who said that severe weather, natural disasters, wildfires, the aftermath of the pandemic, crime (theft/carjackings, etc....) and a number of other causes were indeed driving rates sharply up in the last couple of years. And, after doing some research on-line, there are a number of sources that confirm this.....auto insurance is sharply up all over the U.S., and I actually am (still) not paying very much at all compared to many other people.
#10
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The high insurance cost is likely why there are so many uninsured cars with fake "temp" registrations or out-of-state plates in NY. Our friend's 22-year-old son, who is looking to get his first car, was quoted $6,500/year for full coverage if he wants a new car. Even liability-only coverage costs $3,000.
#11
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You sure made me feel good with this post! I just wrote a check to Erie for $1056 for a year's coverage of my wife and I with 4 vehicles (3 of which have collision, 1 with declared value) and $500,000 liability. A million dollar umbrella covering the house and vehicles went from $170 to $200 per year. The house insurance, however, did go up a bit more than 20%, in part because of a recalculation of the rebuilding cost.
#12
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Same here in NYC, for 2023 RXFsport, 2020 Q3 is now from Geico 3400 6 months 1k deductible on both. No accidents, no speeding or any moving volitions both garaged and all drivers over 40 years of age.
The only thing I can think of that may be driving it up is I have 1 Millions lability for protection against ever being sued as I own a multiple properties. Prior I removed rental car to try lower it, but did nothing really.
The only thing I can think of that may be driving it up is I have 1 Millions lability for protection against ever being sued as I own a multiple properties. Prior I removed rental car to try lower it, but did nothing really.