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Old 02-27-2018, 02:52 PM
 
Location: Colorado Springs
4,837 posts, read 4,952,340 times
Reputation: 17303

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Colorado is No. 3 in the country for rising car insurance premiums. Here’s why.

https://www.denverpost.com/2018/02/2...premiums-rise/

"Colorado’s 54.2 percent increase in the average premium between 2011 and 2017 lagged only Montana at 64 percent and Mississippi at 60.3 percent and outstripped the 20 percent gain measured nationally. Those hikes don’t account for costs from the May 2017 hailstorm that hit the metro area, which caused a record-setting $1.4 billion in damages, but that event can only drive costs higher in the future."

Oh hail!
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Old 02-27-2018, 03:11 PM
 
20,905 posts, read 39,184,055 times
Reputation: 19193
In COLO SPGS our homeowner's insurance ran $3700/year.
Here in Peoria, AZ our homeowner's insurance is $370/year....that's not a misprint.

In COLO SPGS we replaced the roof twice on our 2005 house, once in 2007 and again in 2011.
No hail storms or forest fires here in the Phoenix metro area like in COLO SPGS.
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Old 02-27-2018, 03:22 PM
 
6,573 posts, read 1,352,342 times
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Yes, I believe this absolutely. Three years ago, our car insurance was $135 a month for a fairly new Mazda sedan. Now we are paying $205 a month for the same thing, although nothing has changed except that it is a newer model. (I live in SW metro Denver, btw.)
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Old 02-27-2018, 05:34 PM
 
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I saw the hail damage to cars in my neighborhood and it was fearsome, every piece of glass was shattered, even on the doors, and any sheet metal that faced the sky was pock-marked. Some wooden decks got pounded so badly they had to be replaced. In the Aug 2007 storm EVERY house in our community of 94 homes got replaced, as did THOUSANDS of homes in Briargate and Pine Creek. When I took the check to the bank the teller laughed and said "I've seen a lot of these lately." Underwriting losses like that, plus almost a thousand homes burned to the ground, will make insurance rates dance like a man possessed.
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Old 02-28-2018, 06:36 AM
 
319 posts, read 151,052 times
Reputation: 1276
Quote:
Originally Posted by Mike from back east View Post
I saw the hail damage to cars in my neighborhood and it was fearsome, every piece of glass was shattered, even on the doors, and any sheet metal that faced the sky was pock-marked. Some wooden decks got pounded so badly they had to be replaced. In the Aug 2007 storm EVERY house in our community of 94 homes got replaced, as did THOUSANDS of homes in Briargate and Pine Creek. When I took the check to the bank the teller laughed and said "I've seen a lot of these lately." Underwriting losses like that, plus almost a thousand homes burned to the ground, will make insurance rates dance like a man possessed.
What is frustrating is even if you have a garage, and park your car in a garage, and therefore it does not suffer hail damage from a particular storm, your insurance will still go up, because of the "insurance pool" effect. Ugghh!!
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Old 02-28-2018, 07:40 AM
 
Location: Washington Park, Denver
6,947 posts, read 6,555,534 times
Reputation: 7437
Quote:
Originally Posted by townshend View Post
What is frustrating is even if you have a garage, and park your car in a garage, and therefore it does not suffer hail damage from a particular storm, your insurance will still go up, because of the "insurance pool" effect. Ugghh!!
But I think they give you lower rates for having a garage.
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Old 02-28-2018, 07:42 PM
 
Location: Colorado
915 posts, read 496,274 times
Reputation: 1009
Quote:
Originally Posted by Mike from back east View Post
In COLO SPGS our homeowner's insurance ran $3700/year.
Here in Peoria, AZ our homeowner's insurance is $370/year....that's not a misprint.

In COLO SPGS we replaced the roof twice on our 2005 house, once in 2007 and again in 2011.
No hail storms or forest fires here in the Phoenix metro area like in COLO SPGS.
The Phoenix area is somewhat unique in its almost complete lack of natural hazards. However, I find it funny that Peoria, AZ is the only place I have ever lived where I needed flood insurance.
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Old 02-28-2018, 07:46 PM
 
Location: Colorado
915 posts, read 496,274 times
Reputation: 1009
Seems odd to blame this on hail. Hail is certainly not a new phenomena.
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Old 03-01-2018, 08:12 AM
 
5,427 posts, read 2,825,425 times
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The rate rise probably stems from higher rates of vehicular theft and damage from attempted breakins. The parasites follow the normal residents during boom times.
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Old 03-01-2018, 02:41 PM
 
5,444 posts, read 4,849,855 times
Reputation: 15033
Quote:
Originally Posted by whocares811 View Post
Yes, I believe this absolutely. Three years ago, our car insurance was $135 a month for a fairly new Mazda sedan. Now we are paying $205 a month for the same thing, although nothing has changed except that it is a newer model. (I live in SW metro Denver, btw.)
You might want to shop around. I'm with USAA and for a 2016 Honda HRV EX-L and a 2009 VW Jetta SEL, we pay 135 a month. This is for 2 adults, no kids, clean driving records, in Castle Rock.
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