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You should have. Forty-nine out of fifty states have mandated liability insurance for auto owners for probably as long as fifty years.
Uninsured drivers have no place on our roads or highways. We should be more aggressive about identifying them, penalizing them, and getting them off the roads.
In some parts of the country it's 20% (or more) driving uninsured.
Especially common in areas where the insurance is super high and also where you have a lot of illegals for obvious reasons.
To everyone who interpreted my post as 'no fault insurance' and stating that it is even more expensive I suggest you save some money for a reading comprehension tutor.
I said NO INSURANCE. PERIOD. For poor people who can't afford car insurance - which they often don't have anyway.
Not 'NO FAULT INSURANCE' for people who CAN afford it.
And wealthy people sometimes choose to self-insure, and by that I mean NO INSURANCE also.
Actually I believe the best way to reduce insurance costs of all kinds is tort reform, but since most all politicians are lawyers, I wouldn't hold my breath.
Oh yeah, my insurance just went up ~$40 per year using Geico, SoFla, 2016 Lexus, loaded.
Also remember, it's better to shop around for insurance every 2-3 years. Being loyal to one company will cost you more actually. Auto insurance industry is very competitive so it's good to shop. See below:
Yeah, the typical profit margins on auto insurance is a few pennies per dollar.
Short of something like operating a nuclear power plant it's one of the most heavily regulated industries in the US where all pricing generally needs to meet state approval before being changed.
To everyone who interpreted my post as 'no fault insurance' and stating that it is even more expensive I suggest you save some money for a reading comprehension tutor.
I said NO INSURANCE. PERIOD. For poor people who can't afford car insurance - which they often don't have anyway.
Not 'NO FAULT INSURANCE' for people who CAN afford it.
And wealthy people sometimes choose to self-insure, and by that I mean NO INSURANCE also.
Actually I believe the best way to reduce insurance costs of all kinds is tort reform, but since most all politicians are lawyers, I wouldn't hold my breath.
Oh yeah, my insurance just went up ~$40 per year using Geico, SoFla, 2016 Lexus, loaded.
Its ridiculous to suppose that someone like me who pays for car insurance and has done so without interruption for the last forty years should tolerate the presence of uninsured motorists on our highways.
I don't want them or their junk jalopies on the road if they can't purchase some minimum amount of liability coverage to provide for people injured and property destroyed in accidents. If they can't comply with the law than take away their licenses. If they drive without a license than lock them up. IMO they are worse than thieves. There is a limit generally to the harm that thieves do. However, uninsured motorists routinely injure and even kill people who are on the roads, playing by the rules. Make civil judgments against them for the damage they cause in an accident non-dischargable in bankruptcy court. Let it follow them through life until they and others get the message that driving without insurance is a big deal.
You almost act like people don't get badly hurt or killed in car accidents. Forty thousand people a year die in car accidents.
Tort reform would do virtually nothing to help. The real reason accidents are expensive is simply because the number of property damage accidents is increasing and so are body shop bills. Tort reform won't reduce medical bills either. Health care costs are high in America and it has little do with or without tort reform.
Why would anyone in their right mind make excuses for uninsured drivers?
Rates are based on the experience of the company you are insuring through. If the company you use had lots of claims, their rates go up.
If you ate in a restaurant and the owner told you the cost of food went up and minimum wage went up, you would expect food prices to go up, right?
That's how insurance works. The whole idea is that you reduce your risk by pooling with other customers. If you are not happy with your insurance company, you should check out other companies' rates. Just because one company went up, doesn't mean another's will.
Also, all those companies that advertise new car replacement and accident forgiveness are going to have higher rates because those things cost more, too.
Thanks for the lesson Mr. Insurance.
When I spoke with the agent, his response was similar. As Heathcare and car repairs costs go up, so do the rates.
To your point, that impacts their bottom line so our costs go up. I’ll shop them around in another year or so to insure they’re at least somewhat competitive.
When we got our renewal for 2 cars a few months ago it was up $1000 from last year!!! Yes I said ONE THOUSAND dollars in 1 year!! We have never had an accident or a ticket. I figured it was a mistake and called them. They said it was going up because people in the area have made a lot of claims and we have to help pay for them. Are they kidding me??? I called another insurance co and got a quote of less than I was paying before the renewal so I switched. Absoultely crazy!
Time to pick up the phone and call around!
People also forget that insurance rates have a lot to do with your credit. If you have bad credit you could be paying $500+ more than someone with excellent credit! You could have a prefect driving record but if your credit is bad, your rates will be high!
As far as Torte reform.....it wouldn't work for auto insurance because every state has different laws. However, it would work for healthcare, but that's another thread!
I have a good deal of sympathy for the person in Florida who complained about uninsured drivers. In truth, uninsured drivers are most common in CA, TX, and FL. However, in no other state does it pass 5 percent.
I think people in those no fault auto insurance states would agree, especially Michigan and Florida!
“Tort State” is the way to go.
No fault is a good idea. It works great. If ou are in an accident, your insurances pays you. No fuss, no muss, not waiting. However it is an expensive luxury.
Still the reason Michigan is the most expensive insurance state is not no fault but the mandatory long terms serious medical/disability coverage. They insurance companies somehow managed to get that passed into law a while back. I am not certain since I was not here, but I heard they got the public to vote for it in an election rather than just buying off some legislators. It is very profitable for the insurance companies.
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