Auto ins just doubled!

[Patman]

Shop around.
Same thing happening north of the border.
And there are better deals to be had.
They are hoping you don't notice.

It didn’t happen to me. My yearly renewal just came up and it only went up $5 a month (I pay $221 CDN for my 2018 Corvette and 2016 Civic)

 

[ripcord]

People significantly smarter than me strongly disagree with your economics professors.

Well, I'm not going to argue that recent fiscal policy has been anything other than crazy, stupid. Central banks increased the money supply during COVID by over 30% in a couple of years which is massively inflationary.

 

[GON]

They will probably just pumps Trillions back into economy and buy all the junk bonds.

At some time, maybe tomorrow, maybe 20 years from today, one can't devalue a currency any longer. The roman empire was a very clear example of this.

Well, I'm not going to argue that recent fiscal policy has been anything other than crazy, stupid. Central banks increased the money supply during COVID by over 30% in a couple of years which is massively inflationary.

I think the issue is significantly longer than recent, probably fiscal policy went down a road of no return shortly after 9/11.

9/11 was the first war in my memory that spent billions/ trillions without a single sacrifice (other than uniformed service members and their supporters, and U.S. workforce in the combat zones) from the nation at war.

 

[demarpaint]

If we didn't print money there would be no inflation. Insurance industry would simply not be able to raise rates on a holistic basis.

Inflation comes from one source, printing money to avoid the truth.

OK I'll respectfully disagree here, and say you're partially correct. I see it a little differently. In my case a 26% hike in auto and nothing changed from the year prior, including no tickets and accidents is OK? Then shopping around I see that 26% increase was a good deal because I couldn't get any thing cheaper, not even close. People seeing similar hikes in their policies as well, including homeowners. Here's the rub, in spite of natural disasters many of the companies are reporting record profits, others are doing fine too. I don't see printing money as being the culprit, I see corporate greed and being allowed by regulation to get away with it.

 

[JTK]

+1. A good way to tame inflation would be to keep an eye on the insurance industry, imo they're one of the biggest ripoffs there is. The thought of my homeowner's renewal in September is sickening................

In conjunction with my auto policy nightmare, my homeowner's policy went from $1100 to $1350 with this year's renewal. I know this is peanuts for much of the country, but I've never filed a claim in nearly 30yrs of homeownership.

 

[demarpaint]

In conjunction with my auto policy nightmare, my homeowner's policy went from $1100 to $1350 with this year's renewal. I know this is peanuts for much of the country, but I've never filed a claim in nearly 30yrs of homeownership.

All you can do is shop around. I'll be doing just that in September, I expect to get beaten over the head this year with a homeowner's insurance increase.

 

[The Critic]

In conjunction with my auto policy nightmare, my homeowner's policy went from $1100 to $1350 with this year's renewal. I know this is peanuts for much of the country, but I've never filed a claim in nearly 30yrs of homeownership.

Insurance is a form of risk pooling. Although your individual risk profile is a significant factor, it is not the only factor.

 

[grampi]

OK I'll respectfully disagree here, and say you're partially correct. I see it a little differently. In my case a 26% hike in auto and nothing changed from the year prior, including no tickets and accidents is OK? Then shopping around I see that 26% increase was a good deal because I couldn't get any thing cheaper, not even close. People seeing similar hikes in their policies as well, including homeowners. Here's the rub, in spite of natural disasters many of the companies are reporting record profits, others are doing fine too. I don't see printing money as being the culprit, I see corporate greed and being allowed by regulation to get away with it.

The insurance company's pat answer to the question "why do my rates keep going up" no longer applies. They keep claiming that spare parts costs, and the rising cost of repairs is the cause. While that was true during, and for about a year after the pandemic, it's no longer true today. Prices have leved since then. They are using an excuse that no longer applies to justify raising rates. I think they're trying to recoup some of the money they lost during the pandemic (like everyone else on the planet did)...

 

[grampi]

+1. A good way to tame inflation would be to keep an eye on the insurance industry, imo they're one of the biggest ripoffs there is. The thought of my homeowner's renewal in September is sickening................

I've always said that ins. is a legal rip off...that has never been more true than now...

 

[road_rascal]

In conjunction with my auto policy nightmare, my homeowner's policy went from $1100 to $1350 with this year's renewal. I know this is peanuts for much of the country, but I've never filed a claim in nearly 30yrs of homeownership.

When we first bought our townhouse back in 2016 the HO6/condo insurance was $600 (our single family house we sold was around $1300 a year), and the HOA dues were $350 a month. Now the HO6 policy is $1200 and the HOA dues are now $668 a month, over over half the of the dues going for building insurance. We never had a claim with our HO6 insurance but we've had a few hailstorms over the years plus very few insurance companies deal with condos/townhouses any more which is why it's so dang expensive.

 

[Professor Gascan]

As easy as it is to portray insurance companies as greedy, a lot of the rise in ins. rates comes down to the price people are paying for new vehicles. The average price of a new car in 2024 was almost 50k. Combined with 72+ month loans where the buyer is required to have full coverage because the bank owns the note, any minor fender bender means insurance is involved.

People buying $70,000 trucks to do nothing more heavy duty than haul some 2x4's a few times a year from HD or their money pit of a boat once a year, and the people buying $50,000 suvs when the car they're based on would be tens of thousands to buy and fuel over a lifetime are just as much to blame as insurance companies.


We live in a time where apparently people have no problem racking up massive amounts of debt on wants, with little regard to what they actually need, to the detriment to us all. I flip between amused and horrified that as a nation that only truly asks you to do one thing... consume. That so many could be so f'n bad at it. The fact that every adult basically has all the information they need to make good consumer choices in their pocket and still manage to do it so poorly is mind-boggling.

 

[ripcord]

As easy as it is to portray insurance companies as greedy, a lot of the rise in ins. rates comes down to the price people are paying for new vehicles. The average price of a new car in 2024 was almost 50k. Combined with 72+ month loans where the buyer is required to have full coverage because the bank owns the note, any minor fender bender means insurance is involved.

People buying $70,000 trucks to do nothing more heavy duty than haul some 2x4's a few times a year from HD or their money pit of a boat once a year, and the people buying $50,000 suvs when the car they're based on would be tens of thousands to buy and fuel over a lifetime are just as much to blame as insurance companies.


We live in a time where apparently people have no problem racking up massive amounts of debt on wants, with little regard to what they actually need, to the detriment to us all. I flip between amused and horrified that as a nation that only truly asks you to do one thing... consume. That so many could be so f'n bad at it. The fact that every adult basically has all the information they need to make good consumer choices in their pocket and still manage to do it so poorly is mind-boggling.

On the flip side, they have even more social pressure due to social media to be like the Jones'.

 

[grampi]

As easy as it is to portray insurance companies as greedy, a lot of the rise in ins. rates comes down to the price people are paying for new vehicles. The average price of a new car in 2024 was almost 50k. Combined with 72+ month loans where the buyer is required to have full coverage because the bank owns the note, any minor fender bender means insurance is involved.

People buying $70,000 trucks to do nothing more heavy duty than haul some 2x4's a few times a year from HD or their money pit of a boat once a year, and the people buying $50,000 suvs when the car they're based on would be tens of thousands to buy and fuel over a lifetime are just as much to blame as insurance companies.


We live in a time where apparently people have no problem racking up massive amounts of debt on wants, with little regard to what they actually need, to the detriment to us all. I flip between amused and horrified that as a nation that only truly asks you to do one thing... consume. That so many could be so f'n bad at it. The fact that every adult basically has all the information they need to make good consumer choices in their pocket and still manage to do it so poorly is mind-boggling.

Another flip side, if there weren't so many people buying vehicles they can't afford, there wouldn't be so many nice, used, and much less expensive used vehicles available for the rest of us...