How much does your car insurance go up every year?

[Quattro Pete]

It seems like ours goes up by 7%-8% every single year, which I find ridiculous. This year it's going to go up from $1600 to $1710 for two cars, full coverage, annual.

No claims. No tickets.


Inflation rate is somewhere around 2% if I'm not mistaken. My pay does not increase 7-8% per year. And if anything, the replacement value of the cars we're insuring is going down as the cars become older.

I guess I need to have a conversation with my agent and possibly take my business elsewhere, but before I do, I wanted to inquire if your rates have been going up too and by how much, but only if you've had the exact same cars in your portfolio. Changes to cars would obviously change the rates.

 

[NHHEMI]

I just got my new policy in the mail a few days ago. My car insurance for this year vs last year went up $0.80 a month so $9.60 more for the year. I do hear you though. Seems like the insurance jumps every year despite the car value getting lower as it ages and even if you make no claims, have no tickets, etc...

 

[Quattro Pete]

Thanks. Yeah, I added clarification that my prices were annual and that we had no claims or tickets during that time.

 

[danthaman1980]

Mine kept going up until I switched to a different insurance company. My current provider is pretty good about not going up without any reason. I could save even more if I switched to Progressive.

 

[chefwong]

Mine has not in the last 2-3 years.
That is with Full.

We'll see how post Sandy what the rate will be - I'm sure there is a hike eventually, but maybe not the 1st year to STIR things up...

 

[raffy]

Wow! What company is your insurance with? We are with State Farm (Mutual Auto, not Fire and Casualty) and our insurance rates have remained very constant over the last 10 years or so, and in some cases even decreased as the values of the vehicles we own decrease.

Also, take a close look at your coverages. Many folks can do without Uninsured Motorist and Medical Payment coverage (those are for what other people do to you), and we do without those and save money that way. In our state, one cannot even get a license plate without proof of insurance, so Uninsured Motorist coverage is now superfluous! IMHO, all you really need for car insurance is Liability, Comprehensive, and Collision.

Your being in "Illinoistan" might be part of the problem. Not familiar with the laws, etc. there but Chicago being in your state definitely contributes to high premiums!

To give an idea how much we pay for insurance, our '00 Saturn (with liability and comprehensive only, no collision because of the low value of the vehicle) costs us about $150 per year to insure for 250K/500K liability and comprehensive, $500 deductible. When we did have collision, the total was a little over $200 per year. It's pretty much been at that level for at least the past 5 years or so.

 

[scurvy]

Mine has held steady for a number of years, but I have had attempts to raise the rate up to 10% despite neither of us having any tickets, citations or incidents. I gladly took my business to another company.

When my previous insurer called to ask why we hadn't renewed, I simply explained that Brand X gave us a much better rate for the same coverage which they were unable or unwilling to match.

I have zero brand loyalty when it comes to auto insurance.

 

[Quattro Pete]

Originally Posted By: raffy
Wow! What company is your insurance with?

Liberty Mutual. I've got home insurance and motorcycle insurance from them, too. All three have been going up.

 

[mrsilv04]

I haven't even checked since my last fender bender. I don't want to know...

 

[Rand]

I know farmers tried a 20% on me last year which I fought and got it down to about 5%

then this year they tried to slap me with at 39% increase

I called and they said it was a general rate increase.. I told the insurance lady she better have a backup plan for a job..

(she told me 28 people had cancelled already that day)

went to state farm and at least for the first 6monthes it went down 18% from the previous farmers rate (the rate before the 39% increase)

 

[opus1]

My vehicles have held steady or gone down. The bill for the Ranger just came and it dropped almost $4 since the last premium.

Now my homeowner's policy...

I'm with State Farm.

 

[Phishin]

This isn't really applicable to your situation Quattro, but I'll share my experience.

I had a crazy driving record. One accident cost my insurance company $1.2 Million.

I can't afford full coverage insurance. No way. Not yet. Maybe after a few more years perhaps.

But to be completely honest, I was pleasantly surprised by SafeAuto. I have two vehicles (1990 Chevy Truck, 2000 Nissan Altima). I have 3 times the state minimum for liability. Which I think is $75k property and medical. I have no collision on my own vehicles.

My two old vehicles are paid for. Insurance every six months is $170. That's $340 for the year. Every 6 months, when I renew my contract, my rates always go DOWN. I've had this insurance for 3 years. It started at $240/6 months. Now it's down to $170/6 months. That's less than a dollar a day for two vehicles and two drivers...each with DUI's on their records. Neither of us has had a ticket since we got our licenses back tho either.

Decent coverage....I could total someone's $75k Vette and break their arm and leg, and I'm covered. Just fine.

 

[Timothy Ferguson]

My insurance for both subies have never gone up in the 8 years I have had geico. They are pretty stable. My home insurance actually went down last year by almost 100.00 dollars too. I don't know who you have but I know there are a lot of factors. Like your age has a lot to do with it. My mother in laws insurance went up becuase they turned 55 plus. They moved to another insurance and it went down.

 

[HerrStig]

Originally Posted By: Phishin
This isn't really applicable to your situation Quattro, but I'll share my experience.

I had a crazy driving record. One accident cost my insurance company $1.2 Million.

I can't afford full coverage insurance. No way. Not yet. Maybe after a few more years perhaps.

But to be completely honest, I was pleasantly surprised by SafeAuto. I have two vehicles (1990 Chevy Truck, 2000 Nissan Altima). I have 3 times the state minimum for liability. Which I think is $75k property and medical. I have no collision on my own vehicles.

My two old vehicles are paid for. Insurance every six months is $170. That's $340 for the year. Every 6 months, when I renew my contract, my rates always go DOWN. I've had this insurance for 3 years. It started at $240/6 months. Now it's down to $170/6 months. That's less than a dollar a day for two vehicles and two drivers...each with DUI's on their records. Neither of us has had a ticket since we got our licenses back tho either.

Decent coverage....I could total someone's $75k Vette and break their arm and leg, and I'm covered. Just fine.
Looks like your driving record gets printed on a window shade. You AND the "ole lady"?

 

[friendly_jacek]

Originally Posted By: Quattro Pete

Inflation rate is somewhere around 2% if I'm not mistaken. My pay does not increase 7-8% per year. And if anything, the replacement value of the cars we're insuring is going down as the cars become older.


LOL. Welcome to the real world. Government claims inflation is under the "target" of 2% (read on hedonic adjustment) and Fed Reserve is printing money as quickly as they can. The real inflation is under 10%, so 8% sounds about right.
It's a huge scam. Too bad most people are unaware of this.

http://www.bls.gov/cpi/cpihqaitem.htm
http://www.moneyweek.com/investment-advice/glossary/h/hedonic-accounting

 

[friendly_jacek]

Originally Posted By: Phishin

I had a crazy driving record. One accident cost my insurance company $1.2 Million.

....I could total someone's $75k Vette and break their arm and leg, and I'm covered. Just fine.


I'm so glad I don't drive anywhere near you.

 

[rjundi]

2012:

One windshield
Hit and run on my Acura parked in Boston garage resulting in $600 payout.
Wife rear ended and then pushed into another car. Drive took off. Our insurance did collect on rear ending driver (left plate imprint in wife's bumper)

Our insurance is actually $30 cheaper. I was expected a large increase.

We pay $910(Progressive) two vehicles with $100 comprehensive and $500 collision deductibles. The maximum CSL you get which is $500k payout.

I am a jewel customer so they forgive more. I have been with them since 1999.

 

[Phishin]

Originally Posted By: HerrStig
Looks like your driving record gets printed on a window shade. You AND the "ole lady"?


She had a "vanilla" DUI a few years ago. I had a DUI in 2005 that involved a horrific accident.
We met eachother in recovery....an effort to make sure we don't drink anymore. It's been a cool way to start a relationship.

But for me, driving a car I paid cash for, and paying $300 some dollars a year for insurance on two cars, is starting to make a lot of sense to me....rather than a penalty for my past.

 

[Phishin]

Originally Posted By: friendly_jacek

I'm so glad I don't drive anywhere near you.


I'm cool now. Been sober for 7 years. Ol' lady for 3 years.

Yeah, I was a menace for a long time. But that was the old me.

 

[Quattro Pete]

Originally Posted By: Quattro Pete
It seems like ours goes up by 7%-8% every single year, which I find ridiculous. This year it's going to go up from $1600 to $1710 for two cars, full coverage, annual.

I just got an on-line quote from The Hartford for $1170. And if I move my other policies there, then this will probably be even lower due to multi-policy discounts. Time to move I guess. The Hartford isn't as highly rated as USAA, but I have no military affiliation, so I don't qualify for USAA insurance. Alas, from what I've read, the Hartford seems to be fairly well regarded.