Auto ins just doubled!

[grampi]

I know everyone's experience is going to vary, but I've never had luck doing this. A lower rate for me always required an entirely new broker or agent. I guess the fact of the matter always boils down to shopping around. Problem is, what I fear in the future is these problem prone areas aren't going to have much of a choice in shopping around. Then what... Move next to me? Hey get off my lawn! LOL

The problem with shopping around is the person doing the shopping has to do a LOT of leg work. Using a broker solves this problem...

 

[grampi]

Regulated, LOL. As i mentioned when mine went up 26% in a year, I barked, loud. Then shopped around to no avail, in fact two local brokers couldn't come close to what The Hartford is charging me. The term regulated is bull.... Regulated allowing a 26% increase? Give me a break, especially when my Social Security went up a nonsensical 2.5% with the "cost of living." I guess they don't count insurance in the COL. How about insurance follows the cost of living increases? Insurance companies are in business to make a profit, people should never lose sight of that. To me good regulation would be twice the cost of living as a maximum limit. Rant off. It's never going to happen, too much money is being made.

I don't think "regulated", in terms of how it applies to insurance, has anything to do with regulating rates. What it does have to do with, I have no idea...

 

[grampi]

Tracking by insurance is only intended to increase rates, it may reduce your rate for a short period as a gimmick and then goes up after your trial.
Under 3% of folks save with tracking

Plus WTH wants an ins co watching your every move? Not me...

 

[grampi]

By the states. State law varies from state to state.

But they don't regulate premiums...

 

[BMWTurboDzl]

I hate to say it, but insurance is almost getting to the point of big brother (the government) having to step in and regulate premiums. As long as the law mandates insurance, there has got to be an end to these ever increasing premiums...it's no wonder there are so many uninsured drivers on the roads these days, and the more rates increase, the more uninsured drivers there will be on the roads...it's a never ending cycle...

Comparatively speaking I wonder how premiums have responded in "no fault" states?

Edit: NVM. Premiums are higher.

 

[demarpaint]

I don't think "regulated", in terms of how it applies to insurance, has anything to do with regulating rates. What it does have to do with, I have no idea...

I hear ya, I have no clue what regulated means either, all I know is they don't lose money.

 

[BMWTurboDzl]

Regulated by whom? And who keeps approving all of these constant rate hikes. Regulated my ars...

The state insurance commissioner signs off on premium increases and sets min coverage.

 

[BMWTurboDzl]

Regulated, LOL. As i mentioned when mine went up 26% in a year, I barked, loud. Then shopped around to no avail, in fact two local brokers couldn't come close to what The Hartford is charging me. The term regulated is bull.... Regulated allowing a 26% increase? Give me a break, especially when my Social Security went up a nonsensical 2.5% with the "cost of living." I guess they don't count insurance in the COL. How about insurance follows the cost of living increases? Insurance companies are in business to make a profit, people should never lose sight of that. To me good regulation would be twice the cost of living as a maximum limit. Rant off. It's never going to happen, too much money is being made.

Curious. Has your home appreciated too much as well?

 

[demarpaint]

The state insurance commissioner signs off on premium increases and sets min coverage.

It's tough to say it the way it should be said, but there's something worth looking into to curb inflation. They complain about the cost of eggs. lol

 

[demarpaint]

Curious. Has your home appreciated too much as well?

Not 26% in a year like my car insurance went up, that is what we're talking about here. I don't get my HO policy until September, I bet the cost goes up more in % than my house did. In fact in the case of my brother and son living in Florida their property value went down but the HO insurance went up.

 

[ecotourist]

Many love to hate on insurance companies, and BITOG is no exception. The fact of the matter is, most companies have slim profit margins that are similar to grocery stores (think 3% range). The cost of new vehicles as well as repairing vehicles is absurd right now, that is the true problem.

I've been thinking about headlights. Why do all new vehicles have these vehicle specific custom headlights?

I had round halogen high/low beams on my Fiesta. They were plenty bright and while they cost more than standard bulbs there was nothing crazy about the price. If people want these modern glamorous headlights they had better be prepared to pay - either out of pocket or through insurance.

To answer my own question - there is big bucks to be made by the manufacturers. They probably cost less than $100 to manufacture and sell for $1,000 - $1,500 when needed for repairs.

 

[tbm5690]

Drivers are worse/more distracted, cars are more expensive to repair/replace, and both of those factors will continue to get worse. Why is anyone surprised that rates are increasing?

Insurance is simply communal cost-sharing...we pay for the sins of others.

 

[CKN]

I can see Utah drivers driving around with no insurance AND a revoked registration...

Yea-as I mentioned it's obviously not a perfect system. Once your current tag (which is visible-but may be revoked) goes past the renewal date-then your chances do indeed go up of being stopped and your vehicle impounded.

 

[CKN]

This certainly isn't true for everyone. There are plenty of people in this thread with perfect driving records, zero claims, etc. that still have astronomically high premiums, and they continue to go up...insurance is a legal ripoff because mandated insurance laws give them the power to be this...

We all know that insurance is a legalized numbers racket. In other news the tides go in and the tides go out..............

 

[grampi]

The state insurance commissioner signs off on premium increases and sets min coverage.

THAT'S the regulation? Lol! I wonder if they ever disapprove a rate increase? Sounds like the regulators for the electric cos...

 

[ripcord]

THAT'S the regulation? Lol! I wonder if they ever disapprove a rate increase? Sounds like the regulators for the electric cos...

They do at times. Especially when the insurance commissioner wants to run for lieutenant governor.

 

[CKN]

I've been thinking about headlights. Why do all new vehicles have these vehicle specific custom headlights?

I had round halogen high/low beams on my Fiesta. They were plenty bright and while they cost more than standard bulbs there was nothing crazy about the price. If people want these modern glamorous headlights they had better be prepared to pay - either out of pocket or through insurance.

To answer my own question - there is big bucks to be made by the manufacturers. They probably cost less than $100 to manufacture and sell for $1,000 - $1,500 when needed for repairs.

I had Halogens on my 2020 F-150. Easily the worst headlights I have ever had on a vehicle. This was a common complaint.

 

[scoot]

I agree, it is reasonable, but then we get into folks that don't have it (either willingly or unable) and with no reliable public transportation and no insurance = no car = no transportation to jobs = no money = perpetual poverty circleyou

If you cant pick yourself up in the United States well I haven't an answer. I can still say United States, right ?

 

[scoot]

My 21 F250 was also worst I ever had .

 

[grampi]

THAT'S the regulation? Lol! I wonder if they ever disapprove a rate increase?

They do at times. Especially when the insurance commissioner wants to run for lieutenant governor.

That's probably the ONLY time...my motorcycle premiums go up every time my policy renews...every time...