If someone ever wanted to “fix” the US government before our current fiasco, they could have started by tackling the absolute scam that is the US insurance industry.
Nevada here. Costs went up 50% in 3 years before they just pulled out of Nevada. They blamed Clark County which is Las Vegas. Almost understandable if you’ve driven in Vegas.
After helping a friend acquire car insurance, I came to the conclusion they are exploiting low income people by overcharging for monthly payments and only issuing 6 month policies, allowing them to raise rates more frequently. This is in addition to high rates, more than the vehicles' worth.
Insurance on a beater is still high because of liability. Hit another car and you can easily do $15,000 in damage. The high premiums are to pay for the other guys vehicle.
Worked in auto insurance around 2020. Prices started to increase then. Pandemic made car parts impossible to find so cars were being totaled out due to car parts costing so much. That added expense is being passed on via rate increases.
My agent called me yesterday and said my rate was going up 17% for each of the cars. Said it was nothing I'd done, it was just the increase everyone was getting. She said it had been a rough morning as she was tasked with calling all policy holders and telling them.
I dropped 2 cars and a driver, now have 3 people with 2 cars, no incidents but State Farm keeps increasing my rates. I’m in Tampa and pay $720 a month. Was told it’s bc there are so many uninsured drivers in our county. It’s ridiculous and why I’m leaving FL.
I think you need to reread my response. I didn't say they were national. I said in the states. Also, no. Other insurance companies pulling out only increased rates. Fewer options meant increased rates by insurers.
Also, Peter Navarro on NPR today, basically, “we will replace taxes with tariffs”.
No taxation without representation becomes no taxation no representation.
Insurance companies have factored in climate change & disasters. Don’t live on a flood plain, or too close to forests, near tornado alley, anywhere a hurricane can get you, or own a rechargeable vehicle. Otherwise you’ll be just fine
My auto insurance and my electric bills have skyrocketed! I’m a single person fending for myself and spend more on bills than anything else, except for when I have to buy eggs!
California here...I have 2 older cars and my payments almost doubled as of last year. I'm so glad I don't have a car payment because if I did I'd be shelling out an uncomfortable amount of money each month just to drive. I also have an excellent driver discount, no accidents since 2006 🤔
A coworker of mine got a new car and was required full coverage($180+/month). Got into a 5mph fender bender causing the car to die thanks to icy conditions. Took it to a mechanic who is saying total damages are $12k and insurance refuses to cover any of it.
In the United States, the average price of a new car was $47,218. You want to drive around in a $50K+ car you need to insure it, and it won't cost $100 per month.
They take and take and take and take and take and take and take and take then when you need them they. Don’t give and want to raise your premium, well where is my money that I’ve been giving for the last 25 years ????!!!!! Total thugs ripping us of because it’s a law to have to have it .
Do an investigation on 1.) why it’s so hard to get oem parts for older vehicles and 2.) why vehicle paint jobs are so extraordinarily expensive these days.
Mine was going to almost double this year. Shopped around and got a better deal for the same coverage. I’m sure eventually that one will go up too. Ugh.
Aside from people sucking at driving, rampant immigration didn’t help. There are people driving who have never driven on a US road before with the protection of “new driver” bumper sticker and a gps screen distracting them.
Homeowners insurance is worse IMO. My policy premium is set to go up 34%, in Kansas. My hail/wind deductible is increasing 150%. Was quoted 6 other companies, and this is the best. So I am stuck with the ridiculous increase and worse coverage.
Ours went up over $100 last year without any changes on our end. We just had to eat that cost as other companies all quoted higher if we switched. And we use with a local company who we’ve known for 15+ years… it’s yet another financial stressor on normal folks’ plates. 😒
My rate hasn’t gone up for a few years here in Virginia, but I have a pretty good policy. Our state recently raised the minimum liability per vehicle from $30k to $50k. With all the technical advancements onboard a small fender bender can cost $10,000 in repairs.
My wife’s late model car had a minor fender bender that the insurer considered it totaled. The car was less than a year old with less than 14000 miles.
All the electronic features. New windshields with the calibrated controls for lane departure warnings, self parking and auto adjust cruise control can cost $5,000. Just for the glass and recalibration.
Mine doubled. Been with progressive 10 years, no accidents or tickets. When I called to find out why they refused to give an answer because their legal department doesn’t allow them to. And you can’t talk to anyone in legal, they don’t have phones apparently.
State Farm keeps raising rates even with safe driving record. Even older vehicles have increasing premiums. It is long overdue for feds to control percent increase allowed and protect consumers.
According to NHTSA, motor vehicle crashes cost the American economy $417 bn annually. I’d be surprised if
a) - that includes everything
b) - anywhere near that amount is fully insured
The crash tax no one realises they pay.
I was a user of Liberty Mutual until recently realizing they were charging me almost $200 a month for a 10-year-old car when I’d had no major accidents, tickets or other concerns. I went online and found two different insurance companies willing to give me better coverage lower deductible for $59
My 2022 model year vehicle from a maker that is known to hold it’s value well, especially in the Northeast, has gotten one year older, has lost 6% of it’s value since last assessment period, and yet my auto insurance has increased by 38%, for the same coverage.
If you can get it. Homeowners insurance I mean. Ooo don’t get me started! You have to change your roof for us to cover you, ok, done. Now you need to cut those trees that have been there since day one…🙄
Dude, been there done that. First it was roof. $13k. Tree. $1k. Tree limbs. $600. Ok. Got a break in the rate for ONE WHOLE year. Next year: New siding & gutters $40k as my insurance was CANCELED. Yes, siding needed doing, but we had to rush to get it done. Apparently they have to have 3 reasons to
cancel us, so they wrote that we had leaves in our gutters. Duh, it was that time of year. They weren't full. They also listed mold on our chimney. We'd just gotten our 1st rain after a long drought. 🙄 Anyway, got it reinstated. 9 months after that our rate nearly doubled. No claims. Between
what we've done outside and in, there's not so much original house left. We're required to carry it by the mortgage company, but it's costing us an arm and a leg. We can't keep doing this forever.
Oh, and we've had 4 or 5 insurance companies in 8 years because they keep fleeing this shithole state (Texas), so we're moving back north. We didn't want to be here anyway (his job brought us here).
I have consented to monitoring by State Farm. I am a safe driver so my premiums are very reasonable, even for my young drivers, as they are responsible as well.
Our car insurance costs went down when we got rid of our second car several years ago. We minimize our risk further by driving as little as possible. This is made possible by the fact that we live in a city and can walk, ride a bike, or take public transit to the majority of our destinations.
We got rid of our second car over two years ago. We drive about 5,000 miles per year, and we have excellent driving records. Our premiums keep climbing, presumably related to our city’s reckless driving problem. :(
I’m here in CO. Our rates are double what we paid in WA and for good reason. People are speeding, weaving in and out of traffic all while texting. I’m surprised I haven’t been hit yet.
Here is a scene from today outside of my office in Chicago. It's a mile from my home, so I walk. Street is 2 lanes w the parking lanes typically full so people tend to drive slower. Oh and they threw a little paint down for cyclists. lol
Three cars in a crash that required them to all be towed away
Comments
Two, even if this were true, it would mean rates should have dropped after companies pulled from CA and they haven't.
No taxation without representation becomes no taxation no representation.
I call shenanigans.
There is no 'why' other than because they can get away with it. Drivers with decades-long clean records have seen their premiums DOUBLE.
Weird that NPR is interested in THIS right after terminating Kaiser Health.
America is so great.
That's all that needs to be said.
Okay, okay... I'm paying 30% more for the same insurance with the same company in Michigan as I was in NYS.
More, #Geico charges you a fee for every payment even if you pay in full. I refuse to pay it and pay the insurance and nothing more.
No wrecks, no claims, good ratings thru “drive safe and save”. State Farm. Missouri.
oopsie daisies
a) - that includes everything
b) - anywhere near that amount is fully insured
The crash tax no one realises they pay.
Hold onto your butts!
Three cars in a crash that required them to all be towed away
Bandwidth and server space isn't worth it.