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Auto insurance increases

Yes, mine went up this year and I heard on the news yesterday that my state should expect about a 45% increase next year. I may increase my deductible.....
 
Yes, mine went up about $400 a year. We recently purchased a new car so that jacked the price up even more. My insurance company said to expect the same for my homeowners insurance. Very frustrating as we don’t put a lot of miles on vehicles and are not in a particularly bad area for crime or weather related losses. The suggestion was to increase deductibles but paying more for less coverage just runs through me!
 
Our homeowner's insurance went up 16% over last year.

We haven't filed any claims on home or car insurance, and we don't live in an area prone to severe weather damage.
 
MissGotRocks said:
Yes, mine went up about $400 a year. We recently purchased a new car so that jacked the price up even more. My insurance company said to expect the same for my homeowners insurance. Very frustrating as we don’t put a lot of miles on vehicles and are not in a particularly bad area for crime or weather related losses. The suggestion was to increase deductibles but paying more for less coverage just runs through me!
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So I just went back and checked. My car insurance went up about 15% before buying the new vehicle - we have more than one vehicle on the policy. I guess that wasn’t so bad compared to 40%!
 
My car insurance in the UK used to be about 200 GBP for fully comprehensive, it’s $2000 here in the US. :shock:
 
So has anybody's insurance explained why rates are going up so much, especially for auto insurance? I understand why homeowner's is going up due to severe-weather losses, but I'm confused as to why auto is.
 
I heard on the news it was from the increases in cost of repairs and new car prices. It made it sound like there were more claims for accidents.

As for Homeowners, mine went up and there have not really been severe weather issues here any more than usual, I don't think, so not sure why they would have any higher losses.
 
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Our auto doesn’t increase that much but both our homeowners insurance has increased 10-12% every year for the past four years.

We’ve never made any claims.

Interestingly my ring insurance hasn’t really increased over the years
 
I have shopped around in the past but my quotes either increase the home or the cars so that all the quotes I ever get are the same, lol. Until now, my home insurance has remained super super inexpensive for all the coverage I get. So I guess I pay it for our cars—even if we have had zero claims, tickets, etc. sigh
Hubby advises everyone in Ca not to switch home insurance carriers bc the new ones will up your premiums if you are lucky enough to find coverage! In his occupation, he has noticed that his clients are all paying out of pocket for water damage rather than use their insurance for fear that they will get dropped! Insane! Some Presidential candidates are promising to stop price gouging at the groc store but who is putting a cap on insurance companies??!
 
OboeGal said:
So has anybody's insurance explained why rates are going up so much, especially for auto insurance? I understand why homeowner's is going up due to severe-weather losses, but I'm confused as to why auto is.
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I was told it was because of the cost to repair cars and the sheer number of claims being made today. I understand the cost, but question the number of claims. I don't have these claims and I can't help but feel that we are all being rated equally.
 
missy said:
Our auto doesn’t increase that much but both our homeowners insurance has increased 10-12% every year for the past four years.

We’ve never made any claims.

Interestingly my ring insurance hasn’t really increased over the years
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Our policy seems to automatically increase the coverages. We are covered for an exorbitant amount for personal belongings - not including jewelry as that is covered by a separate rider. I can guarantee that if I had to replace all furnishings, appliances and clothing in this house since kids are grown and gone, I wouldn't come anywhere near said amount. I am going to call my company and go over some of these coverages. I did this years ago as the insurance to cover rebuilding was way over priced. I consulted a builder in my area to double check. That was years ago though so I have no real idea of rebuilding costs today.
 
MissGotRocks said:
Our policy seems to automatically increase the coverages. We are covered for an exorbitant amount for personal belongings - not including jewelry as that is covered by a separate rider. I can guarantee that if I had to replace all furnishings, appliances and clothing in this house since kids are grown and gone, I wouldn't come anywhere near said amount. I am going to call my company and go over some of these coverages. I did this years ago as the insurance to cover rebuilding was way over priced. I consulted a builder in my area to double check. That was years ago though so I have no real idea of rebuilding costs today.
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We’ve gone through all of that when the first large increase occurred and we’ve optimized our policy best as possible. We even went insurance shopping but our company is excellent and we couldn’t find comparable coverage. But it’s expensive and the relatively increases over the past four years has added up
 
missy said:
We’ve gone through all of that when the first large increase occurred and we’ve optimized our policy best as possible. We even went insurance shopping but our company is excellent and we couldn’t find comparable coverage. But it’s expensive and the relatively increases over the past four years has added up
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I like our company too which is why I am reluctant to change. I know I could get less expensive coverage but also less service whenever it might be needed. If you have a loss of any kind, you don't need the run around or have your company cheap out on you. I just find the automatic increases a bit much but clearly it must be happening a lot. The agent said I could get a much lower quote for a year or two from other companies, but the low rate wouldn't hold forever. I am sure that is probably quite true.
 
MissGotRocks said:
I like our company too which is why I am reluctant to change. I know I could get less expensive coverage but also less service whenever it might be needed. If you have a loss of any kind, you don't need the run around or have your company cheap out on you. I just find the automatic increases a bit much but clearly it must be happening a lot. The agent said I could get a much lower quote for a year or two from other companies, but the low rate wouldn't hold forever. I am sure that is probably quite true.
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Yes, this is exactly how I feel. They’ve got us by the you know what. But I look at insurance as peace of mind. I know not everyone agrees with that and that’s fine. But for me peace of mind is valuable. And I just hope the increases slow down.
 
Step 9 driver here. My car insurance is roughly 2100.00 every 6 months right now. It was 1600.00 every 6 months which is still crazy but tolerable. Now, thats just straight nuttyland.

I won't even talk about house insurance.
 
MissGotRocks said:
Our policy seems to automatically increase the coverages.
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So, I'm wondering if it's because the general contents coverage is usually a percentage of the home's value and since housing prices keep going up, the value of the home goes up, so the % amount for contents would increase proportionately. I'm thinking that's where the automatic part comes in.
 
Lookinagain said:
So, I'm wondering if it's because the general contents coverage is usually a percentage of the home's value and since housing prices keep going up, the value of the home goes up, so the % amount for contents would increase proportionately. I'm thinking that's where the automatic part comes in.
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I am sure it does but for us, it has now become disproportionate. I am sure the company will try to argue with me about lowering that amount. Honestly, I have no idea how much it might lower my rate anyway. I am going to call though and find out.
 
Our insurance rates usually stay around the same year to year. However, when we do get a "surprise" year, we call our agent and have them shop rates for us.
 
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