Car Insurance skyrocketing

[scootr]

I used to feel the same way. Then 15 years ago my truck was stolen, and 5 years ago my house roof was replaced due to hail. I think I’m actually about at the break even point.

My buddy in Ky got a $20k roof on the barn and house after a storm hit last year. I've never claimed anything more than a fender bender on a car or any house damage claim... so me not so much return.

 

[YanmarFever]

I've never had a claim in my life!

Insurance rates are outta control...

 

[JasperFrank]

How much increase are you guys seeing for your auto insurance? My rates have been steadily skyrocketing from Progressive, even though my car is actually getting older and I have zero changes in any of my parameters - driving record, claims etc.

Progressive increased my premiums 16.4% in mid 2023, now they've increased it again after just 6 months another 5.2% (that's an annual rate of about 10+%).

Thought inflation was moderating, but does not look like it is in the insurance space.

Well, in my case I've have not seen much of any increase, from Progressive. It has stayed at around $540 a year for the car. How ever, the Progressive motorcycle insurance, for my 500 CC, 44 year old bike, has doubled in the last three years with no claims or tickets. And I only ride about 600 miles a year on it

 

[MoKelly]

I always thought insurance companies made their money thru investing vs. underwriting.

They use the arbitrage between collecting premiums and paying claims to invest.

That is why Warren Buffet owns insurance companies.

 

[two_bit_score]

I always thought insurance companies made their money thru investing vs. underwriting.

They use the arbitrage between collecting premiums and paying claims to invest.

That is why Warren Buffet owns insurance companies.

Of course.

 

[kenmac]

If people would use an independent agent rather than a captive agent, you would have a much better chance of lower rates. My independent agent will shop other companies he represents when my rates increase. I don't have to bother calling around wasting have a day, or more shopping rates

 

[ultrarunner]

The Independents are often in worse shape at least in the California markets.

Im with a company with a book of business that is California... it's even in the name.

 

[scootr]

Todays headline reads >

Two more insurance companies have announced plans to withdraw from the insurance market in California.

According to filings from the state’s Department of Insurance, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. said they would both stop offering homeowners and personal umbrella insurance in the Golden State.

 

[ultrarunner]

Todays headline reads >

Two more insurance companies have announced plans to withdraw from the insurance market in California.

According to filings from the state’s Department of Insurance, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. said they would both stop offering homeowners and personal umbrella insurance in the Golden State.

Many firms want no part of fire insurance…

A huge concern is should an earthquake result in massive fires and firms want out.

I may very well be self insured for fire on moms house… obtaining coverage is proving near insurmountable.

Mom paid 3200 for home owners and I’m unwilling to beg someone to cover while charging 16k and this is with no promise of renewal.

I applied for Fair Plan in 1985 for a fixer home and in the weeks of underwriting legalese I had cleaned up the property enough to qualify for regular insurance.


That was my only experience with insurer of last resort.

 

[JasperFrank]

Wife just got a major increase with Pemco, I got a decease with Progressive this year. Then again, wife never tells me if she gets a ticket.