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I'm wondering if everyone is experiencing the kind of increases in automobile insurance costs that I'm experiencing in central Florida? I just got the renewal notice to renew coverage on our two vehicles (an SUV and a minivan) for the next 6 months.
It's just my wife and me (both over 65). No accidents, no speeding/traffic tickets, no claims of any kind, and we drive very low mileage compared to most drivers. Our insurance increased 47.2% compared to one year ago. We had an increase of about 24% the past 6 months and now about 23% for these next 6 months for a total of 47.2% increase for 12 months. Exact same vehicles, same drivers, same everything.
Is everyone experiencing these same kinds of increases in automobile insurance coverage?
On every renewal, I shop pricing if my insurance goes up any at all and I always find a better price than my renewal. Sure, the rates still go up some over time but it typically keeps me in pace with inflation. The big insurance companies use a strategy where they offer you a good rate to get you as a customer but then increase your rates at least 10% on renewal to increase their profits. Sometimes I will make it a year, every once in a while 18 months and then have to swap. It is super annoying and I really wish we could get legislation passed where they have to go back to 12 month polices instead of 6 months so we don't have to deal with this twice a year.
It is true? My agent told me that travelers insurance rate is pretty consistent, if no accident ,claim ecticia then the rates is pretty consistent every year And won't go up much is that right
It is true? My agent told me that travelers insurance rate is pretty consistent, if no accident ,claim ecticia then the rates is pretty consistent every year And won't go up much is that right
Not in my experience a couple years ago.
Independent agent told me the other day that my 18% homeowner increase was right in line with the 16-20% industry standard.
Our insurance is $875 every 6 months here in AZ. We're a longtime AARP/Hartford customer.
Wow how many cars, decent coverage? any accidents/claims etc?
Quote:
Originally Posted by Seguinite
Not in my experience a couple years ago.
Independent agent told me the other day that my 18% homeowner increase was right in line with the 16-20% industry standard.
Thanks for that.
Did you end up finding one with less rate increase than those?
For my Home only one broker found a cheaper premium of 900 (but they aren't doing insurance in my state soon so I didn't pick them), currently paying 950, 3 other quotes all around 1170, 1150, one is 1700!!!
I've posted a few times here about my own quest. I'll summarize so you don't have to look for them.
Senior driver, clean record, no claims, 800 credit score, two cars old enough for just liability - one sedan under 1500 miles per year, one truck minimal use, online driver training certificate every 3 years.
Home built 1986, new roof 2021.
I was with Pekin for 8 years. Here in AZ they were consistently competitive (I shop every renewal), quality coverage, excellent claims service. I had home and auto for the multi-policy discount.
Suddenly a very large increase on the auto a year and a half ago.
I made the rounds for quotes - independent agents and direct writers. Allstate had a good price but the agent tried to scam me by reducing coverage amounts to get to that price.
Next stop Progressive. With the up front discount for the telematics the premium for six months was comparable to half my expiring annual policy. But when I ordered the policy the premium was $50 higher than quoted. Why? My insurance history. Say, what? 8 years with one insurance company? Well, that gets you $11 back. 10 years would roll back the $50. Nobody else came close so I took the policy, leaving the HO with Pekin until renewal.
6 months go by and the Progressive policy has a big increase despite by telematics success. Well, you got a discount but it was offset by our rate increases.
More quoting and State Farm comes close enough with the HO and auto quotes (nobody else even close) with the telematics discount up front and the promise of potential discounts on renewal. I gave the agent a hard time on that. With the HO renewal not to far off, I moved it with the auto and just cancelled the old policy. That was June 2022.
December 2022 auto renewal the premium was actually reduced by about 5%. Pleasant surprise.
Forward to June 2023 the auto premium is up 5%. Net result - same auto premium for a year. According to the dec pages I avoided increases of more than 100%.
The Drive Safe and Save program has worked well for me so far. At $5 per gallon for gas I drive sedately anyway and my score has consistently been in the mid-90s.
HO renewal premium went up 2.5% but with a 5% increase in the dwelling amount for inflation, so I can't complain.
I got quotes from other carriers but nobody could touch State Farm's rates so I'll be staying put. for another year and hope there isn't a big increase in auto rates in 6 months.
I'm also a bit limited on the HO because I have a Pit Bull. Last year one company quoted a very good rate but attaches a dog bite exclusion the policy. Hard pass on that one.
We continue to be pleased with Progressive for two vehicles
August 2022 premium $257
February 2023 premium $260
August 2023 (due August 2) $256
That doesn't tell us much. What vehicles are you insuring? What coverages do you have? What is the limit (max) amount of those coverages?
For example, one person may have a policy with $10,000 liability coverage while another person may have a policy with $500,000 liability coverage.
Likewise, one person may have Collision coverage on a 20-year-old clunker while another person may have Collision coverage on a new $100,000 Cadillac Escalade. BIG difference.
What vehicles are you insuring? What coverages do you have? What is the limit (max) amount of those coverages?
For example, one person may have a policy with $10,000 liability coverage while another person may have a policy with $500,000 liability coverage.
Likewise, one person may have Collision coverage on a 20-year-old clunker while another person may have Collision coverage on a new $100,000 Cadillac Escalade. BIG difference.
We had the same vehicles with Allstate and got tired of never ending 10-13% increases.
1990 vehicle and a 2000 vehicle.
bodily 50K 100K 50K
uninsured 25K 50K 25K
under 25K 50K 25K
Nothing else.
Got my renew notice from Progressive. Went down 3 dollars!!
Went and checked the highest rated competition yesterday, Amica. They wanted 1400-1500 I forgot the exact amount as opposed to 629.00 from Progressive.
No body touches Progressive's prices for me.
I got the same little discount back in March, coincedentally when your post was made. Got my latest notice earleir this week. $2700 more! $2700! Granted I did have to file a claim back in December last year, but the agent ran it under my uninsured motorist coverage, and said it would not effect my rates - yea BULL$!%#! What raises ny bloodpressure even more is the fact the agent I just spoke with couldnt tell me why it went up, other than "Everybody is getting an increase", and I have to wait until like week after next to view the newest policy, more BS! I want to compare vehicle coverages now vs last March to see which one went up, and why, and make changes if I need to, if not to a whole new company. They have no issues sending me a bill, I would just like to see what the bill is Im having to pay first!
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