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I am going to call my insurance carrier later today, but thought I would check in with this group becuase many of you have proven very knowledgable about insurance issues in the past. I was just looking at my recent monthly car insurance bill and notice my annual premium jumped by almost $360 a year. The thing is we have not had any tickets or accidents in over 5 years that would result in increases in our rates and we have had the same cars for several years now and have not added anything or modified our coverage in anyway. I have never seen my car insurance go up before unless there was some actionable event on my part. Did you notice a change in your bill too? Just curious if this is something related to changes in session law at the NC general assembly or if something is going on. I'll share what I find out from my insurer today but in the meantime I welcome any insights from this group! Thanks!
It's not just about your personal claims but also the claims of the whole group. Costs have significantly increased, as with everything else. You might have noticed the price of cars have skyrocketed. Insurers pay those higher costs when cars are totaled. Cost of parts have gone up, the labor to repair has gone up, etc.
I am going to call my insurance carrier later today, but thought I would check in with this group becuase many of you have proven very knowledgable about insurance issues in the past. I was just looking at my recent monthly car insurance bill and notice my annual premium jumped by almost $360 a year. The thing is we have not had any tickets or accidents in over 5 years that would result in increases in our rates and we have had the same cars for several years now and have not added anything or modified our coverage in anyway. I have never seen my car insurance go up before unless there was some actionable event on my part. Did you notice a change in your bill too? Just curious if this is something related to changes in session law at the NC general assembly or if something is going on. I'll share what I find out from my insurer today but in the meantime I welcome any insights from this group! Thanks!
It would be useful to know what % increase that is. 5%, 50%?
Lots of inflation, especially in things related to automotive.
The increases all require state approval so there can be a number of possible issues. (Inflation, new laws, updated rating zones etc. etc. etc.)
Your insurance agent should be able to explain exactly why in a short call.
My homeowners went way up a while back, it was due to a lot of hail in the area in the previous year or two.
The increases all require state approval so there can be a number of possible issues. (Inflation, new laws, updated rating zones etc. etc. etc.)
are you sure?
This is not pipelines?
The added $360 a year represents a 15% increase in our premium. I am used to seeing out homeowners insurance go up each year, but this is the first time I have seen our car insurance go up when we haven't added a new car etc...
But thanks for the explanations...that makes sense about overall claims against the group and the climbing prices of cars including used cars. I guess I got too used to depreciation of our cars over time, but these are unusual times. I will still call my insurance today for more details but I think you may have nailed it! Thanks!
I am going to call my insurance carrier later today, but thought I would check in with this group becuase many of you have proven very knowledgable about insurance issues in the past. I was just looking at my recent monthly car insurance bill and notice my annual premium jumped by almost $360 a year. The thing is we have not had any tickets or accidents in over 5 years that would result in increases in our rates and we have had the same cars for several years now and have not added anything or modified our coverage in anyway. I have never seen my car insurance go up before unless there was some actionable event on my part. Did you notice a change in your bill too? Just curious if this is something related to changes in session law at the NC general assembly or if something is going on. I'll share what I find out from my insurer today but in the meantime I welcome any insights from this group! Thanks!
Get quotes from other insurance carriers for the exact same coverage that you have now and that will tell you if you're being ripped off. BTW...my rate actually went down for this year. It also helps if you have both home and auto insurance with the same carrier as well as multicar discounts.
Homeowners insurance rates did increase this year because of the sky rocketing home values and replacement cost increases due to inflation.
In January renewal: a slight increase in one car, slight decrease in other car. Pretty much washed out each other. 2015 camry, 2020 Corolla, both driven less that 7000 miles a year.
Homeowners went up about $20. Umbrella went down $60, BUT the company changed the coverage. Otherwise it would have stayed exactly the same. I was haven the choice of which plan I wanted.
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