Car Insurance skyrocketing

[ultrarunner]

A few years ago I heard about something called Broad Form Insurance in Washington.

Broadform Insurance Policy in Washington - Trucordia

If you're searching for a broadform insurance policy in Washington, call Trucordia. We represent many top-rated insurance companies.

crossinsuranceagency.com

Essentially, they allow one to purchase a liability insurance policy that follows the driver, rather than following the vehicle.

Thus, one has one insurance policy, and can have multiple vehicles, or even borrow a vehicle and still be covered.

I heard about on TV ads in Portland, OR. But, when I asked about it in Oregon... nothing.

I don't know if it truly would make a difference in cost, but it certainly would make some things easier.

I'm seeing notes that it may be available in: CO, DE, ID, IA, MD, MS, NE, NV, OH, TN, and WA.

Thanks for posting... not aware this type of insurance exists... and the office is only minutes away in Olympia WA...

Seems California is not a state on the list.

 

[MossRoad]

Some depreciation due to age of building?

I don't think it's depreciation as much as it is no appreciation since they were built in the 20s and 30s. There are many neighborhoods in this area where the housing has never appreciated to match the rest of the country.

 

[dodge man]

Mine has gone up gradually also but not terrible. My son who is 29 has had his gone up a lot and he is accident free and his car isn’t worth a lot of money.

I just backed into the setback jack on my trailer because I had the tailgate down. They couldn’t predict what my rates would do but I would for sure lose my accident free discount. I found a used tailgate in my trucks color for a little less than $800. Losing the discount would amount to the $800 in 3 years, I didn’t make a claim. It’s pretty sad when you’re reluctant to make a claim.

 

[LittleBittyBigJohn]

It’s pretty sad when you’re reluctant to make a claim.

That is all too common though. I've had full coverage on my truck since 2013 and it's all beat up now. I'd get something small and just deal with it since the cost for the repair was less than deductible and it would not be that bad. Then it all started adding up...

 

[ultrarunner]

Market share in California with the largest names outright leaving or curtailing… I do business with the top 3.

So much for bundled policies when they won’t write.

State Fair Plan is Insurer of last resort is averaging a 1000 applications per day and growing.

If you have a mortgage you have limited options… pay off mortgage by writing a check or selling or Fair Plan if available.

I expect more that are able to be self insured for fire in the future…

My home is fully fire sprinklered inside and out, clay tile roof, boxed soffits, triple pane fire rated windows, upgraded city fire hydrant on property and 4 minutes from Fire House…anything can happen but fire isn’t near the top of my list.

State Farm, 21.22%
Farmers (10 companies), 14.9%
CSAA (2 companies), 6.9%
Liberty Mutual ( 6 companies), 6.6%
Mercury, 6%
Allstate (5 companies), 6%
USAA (4 companies), 5.7%
Auto Club, 5.1%
Travelers, 4.2%
American Family (3 companies), 2.8%
Nationwide (2 companies), 2.5%
Chubb (8 companies), 2.2%

 

[5030]

We bought a used Suburban 2.5 years ago. I added it to the policy, expecting an increase. They sent me a refund check.

Why?

Accident free for enough years to erase our $2500 deductible down to zero. So they put the deductible back on, and that was more than enough to cover the cost of the additional vehicle. There was some left over, so that explains the refund check.

Suburban's are inherently a very safe to operate vehicle in the first place. We (my wife) has one as well and while they don't get good fuel mileage (my wife is averaging about 15 mpg with hers (LTZ 4x4), it's not only very comfortable to ride in (she drives it, I ride in the jump seat) but you 'feel' very secure in it as well. Unlike most vehicles today that aren't pickup trucks, it has a full ladder frame and heavy duty suspension parts and it's heavy as in built like a tank heavy.

My wife is crazy about hers and she don't care about mileage in the slightest.

The other ting I really like about them is routine maintenance like oil fluid changes are easy and unlike a Ford where you cannot even see the powerplant, her Suburban under the hood is laid out very logically and easy to access various components. The only downside to it is changing the transmission fluid and filter because you have to drop the exhaust crossover pipe to drop the pan but I leave that up to the dealer to do anyway.

Only modern vehicle where I can sit on the fender and dangle my legs in the engine bay.

I have no idea if the big Ford's Suburban copy is the same however but I suspect it isn't.

I can see why the Fed uses Suburban's to tote officials around in. Very comfortable vehicle and well appointed inside as well.

 

[Larry Caldwell]

Write your state legislator about tort reform. Insurance rates jumped 20% last year, due to court judgments. Tort reform used to be a big deal, but everybody dropped the ball.

 

[ruffdog]

Insurance rates are going up because most people drive more, more road rage, more fraud, vehicles cost more with fancy cameras and sensors etc, and shop rates are more.

Why Are Insurance Rates Going Up?

Why Are My State Farm Insurance Rates Increasing? | T.S. Peck Insurance

High rates in your State? Blame your State legislators, not the potus.

Why drivers should expect auto insurance rates to increase in 2024

 

[ultrarunner]

I might have thought with $5+ gas and gridlock that miles driven would be on the decline.

 

[2manyrocks]

This is why it shocks me to see such high losses on such a known line of business. The pandemic changed so much from normal, even 4 years later. Even the long term insurers are getting socked.

I keep looking at the vertical jump in the money supply graph that occurred in 2020, but kept rising through 2022. My guess is the risk assessments and reserves for losses were based on historical norms, but along came an unprecedented jump in the money supply which increased replacement and repairs costs to the point that the insurance company reserves to cover losses were insufficient. So now the insurance companies are repricing premiums accordingly.

 

[Hay Dude]

What’s the new saying? “You Will Own Nothing”?
Increased insurance is another increasing expense make sure we will own nothing.

 

[tacticalturnip]

I'm well over $200 a month now, and the wife's car getting a large branch dropped on it while in the process of claiming a deer hit...

You'll own nothing, you'll be priced out, and you'll be happier than ever.

 

[oosik]

Brother - there are other things that are skyrocketing also. Last fall - accidentally backed into an unseen board with the Power Wagon. One inch deep vertical crease - dead center - in the tail gate. From the very top to the bottom.

I thought it would just get "banged" out. NO WAY - tailgate had to be replaced. $2800 for new tailgate.

Just like clockwork - insurance rates increased also. It will take them a couple years or so - but they WILL recoup that $2800. Annual rate for my 2018 Ram Power Wagon, now - $1900. Prior to the accident - $1300.

You KNOW - the darn insurance companies are dead wrong - NONE of us are made of solid gold.

 

[Snobdds]

I keep looking at the vertical jump in the money supply graph that occurred in 2020, but kept rising through 2022. My guess is the risk assessments and reserves for losses were based on historical norms, but along came an unprecedented jump in the money supply which increased replacement and repairs costs to the point that the insurance company reserves to cover losses were insufficient. So now the insurance companies are repricing premiums accordingly.

View attachment 859087

That is a great take on it.

 

[ruffdog]

I thought it would just get "banged" out. NO WAY - tailgate had to be replaced. $2800 for new tailgate.

The F150 tail lights with the sensors etc are something like $1400 each too (just the light...no module etc). I'm glad my vehicles are simple with cheap insurance.

 

[CloverKnollFarms]

We insure three cars and three motorcycles for about $700/year. Now, we don't drive fancy vehicles, and have no tickets or accidents for 20 years.
We just revisited our homeowners policy last year to add the new 40x60 shop, and the price went DOWN... Something like $700yr for the home and two detached buildings.

Insurance has never been a big cost for us. Our largest monthly bill is groceries at $400/mo

 

[kenmbz]

We got hit twice with big increases, over 20% on car and truck.
More on home and apartment.
Now about $6,000 year just on insurance.
up from about $4000 in early 2019.

 

[Krazi]

I don't normally complain about such stuff bit it stinks because I just retired and didn't plan on these kind of increases. My rec property is more of a stone around my neck instead of a place to enjoy.

 

[CloverKnollFarms]

I guess, autos are getting awfully expensive, which also creates a large insurance liability. As people purchase $50k plus cars, something is bound to change. As technology creeps into even the headlights and tail lights… $$$$. It’s called progress they say. And you’ll be progressively poorer.

 

[scootr]

I guess, autos are getting awfully expensive, which also creates a large insurance liability. As people purchase $50k plus cars, something is bound to change. As technology creeps into even the headlights and tail lights… $$$$. It’s called progress they say. And you’ll be progressively poorer.

Partly the problem. When operating costs go up those costs have to shared by all of the customers... even the ones driving older less expensive cars/trucks. I could see where autobody shop costs are rising and we are feeling the trickle down effects.