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Old 12-05-2022, 11:53 AM
 
5,962 posts, read 3,706,857 times
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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?
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Old 12-05-2022, 11:55 AM
 
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My insurance has gone up every year as far as I can remember and only goes down when I shop

Fwiw if you had a 24% increase last time and a 23% increase this time your increase is actually +52.5% instead of 47.2% to rub some salt into the wound
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Old 12-05-2022, 12:10 PM
 
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Quote:
Originally Posted by Lowexpectations View Post
My insurance has gone up every year as far as I can remember and only goes down when I shop

Fwiw if you had a 24% increase last time and a 23% increase this time your increase is actually +52.5% instead of 47.2% to rub some salt into the wound
Technically, you are correct on the math. However, I simply estimated the percentages on the two 6-month intervals, but I calculated it on the year-over-year increase. So, the 47.2% annual increase is correct. The other two numbers are slightly higher than they should be. Thanks for pointing that out.
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Old 12-05-2022, 12:12 PM
 
Location: Niceville, FL
13,258 posts, read 22,822,968 times
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It’s definitely worth it to shop around for auto insurance every year or two. Florida allows for big rate hikes on existing customers.

Though note that anything for 2023 is going to probably be significantly higher than what you paid in 2022 because there have been a huge number of vehicles totaled in Florida this year because of Hurricane Ian damage and the insurance companies want to cover their losses from that/rebuild their reserve funds.

We use AAA for both home and auto insurance. They’re not rock bottom cheap- nothing in the state that is financially sound is- but they’ve been relatively low and with non-crazy rate increases for us by Florida standards.
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Old 12-05-2022, 12:18 PM
 
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Yes, it's absurd. The car valuations have gone up so insurance is following suit.
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Old 12-05-2022, 12:20 PM
 
78,335 posts, read 60,527,398 times
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Quote:
Originally Posted by Chas863 View Post
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?
Shop around.

I'd contact your agent to verify everything is correct and that something goofy hasn't occurred like a misassigned claim or other weirdness as the increases seem extremely large.
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Old 12-05-2022, 12:22 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
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I just paid all 3 of ours, and it ranged from $10-30 per car on the 6 month rate. The most was on the 2020 Outback, at about 8%. Since it's worth more as a used car now than what we paid for it new, plus the inflation on parts and labor, we consider that very reasonable.

Rates are also affected by accident rates and crime in the area, plus floods and damaging storms, and may be affected by credit scores. Here the state banned the use of credit score in rate setting so in 2020 we lost a good discount for our good credit.
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Old 12-05-2022, 12:44 PM
 
5,962 posts, read 3,706,857 times
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Quote:
Originally Posted by Hemlock140 View Post
I just paid all 3 of ours, and it ranged from $10-30 per car on the 6 month rate. The most was on the 2020 Outback, at about 8%. Since it's worth more as a used car now than what we paid for it new, plus the inflation on parts and labor, we consider that very reasonable.

Rates are also affected by accident rates and crime in the area, plus floods and damaging storms, and may be affected by credit scores. Here the state banned the use of credit score in rate setting so in 2020 we lost a good discount for our good credit.
We're not in a high crime area. Our area doesn't flood and there was no damage to speak of in our area from Hurrican Ian. Our credit score is excellent.

The only thing I can figure is that the insurance company is trying to make up for losses in other areas and other customers by charging US outrageous prices.
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Old 12-05-2022, 01:47 PM
 
2,746 posts, read 1,779,432 times
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I'm also in Central Florida. My renewal will come up in a month so don't have that just yet. Last renewal in July the premium went up 8% (3 cars, a 2017 compact car and 2018 SUV and minivan). Last January was up about 10%.

During the pandemic I switched insurance companies because my old carrier wanted to raise my premiums 10% in addition to not refunding anything for not driving for the period of time that things were shut down (which were supposed to be like 20% refunds).
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Old 12-05-2022, 02:05 PM
 
Location: Niceville, FL
13,258 posts, read 22,822,968 times
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Quote:
Originally Posted by Chas863 View Post
We're not in a high crime area. Our area doesn't flood and there was no damage to speak of in our area from Hurrican Ian. Our credit score is excellent.

The only thing I can figure is that the insurance company is trying to make up for losses in other areas and other customers by charging US outrageous prices.
It’s very much you paying for the losses in other parts of Florida. If you’re a homeowner, your next annual homeowner’s premium is also probably going to come with a nice hefty surcharge to recapitalize Citizen’s/help prop up the state high risk reinsurance pool like we had for a while following the storms of 2004 and 2005.
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