Insurance renewal premium shocker today

[LVSteve]

Yep, and it's where YOU live as well.

The insurance industry does it by zip code. Henderson zips are way cheaper for car insurance than Vegas zips, but they are all in the Vegas valley. Go figure.

 

[boykinlp]

It hit me too. For an 18 year old 2wd F150, mine increased from $360/6 months to $500/6 months, and that's without collision. I balked at the increase and said that we were going to have to do something different. Here is the thread I started about that.

Big Brother

I know many here think it's crazy to let your insurance company follow everything that you do in your car, but I am trying it for 6 months. Why? Because I hardly drive any miles at all. I generously estimated 5000 miles per year. I am using something called "Milewise", where basically I pay my auto insurance by the mile. Basically, they are checking for hard acceleration's and braking which is a change of 8mph/second, driving over 80 miles per hour, and late night driving which is between 11pm and 4am. I've been using it since May 5th, and have had no "bad events".

You folks will probably find this difficult to believe, but I have driven less than 40 miles in those 10 days. That has been less than normal, but now you may see why I am trying this out. At this rate, my truck insurance will be around $500/year or less, I believe. At the end of the 6 months, I'll let y'all know the results.
Larry

 

[YeshuaIsa53]

The wife and I have watched a nice house about half a mil, sell twice and is now empty for sale third time. Taxes, insurances, HOA fee, food and supplies, gas, people losing their jobs as the businesses cut back or go under, water, electricity, cell phones, health insurance, bad health: prices and survival has gone up and up. We check things when they go up. Up and down we go. Have seen children move back in with Mom and Dad, which the grandparents seem to like. Grocery bill blows my mind now. Try to replace an AC Unit in your vehicle. Lots and lots of people out there struggling to get by.

 

[chief38]

EVERYTHING has gone up way more than the news is reporting! Insurance, automobiles, housing, food, clothing, tires, etc. etc. IMHO there are bunch of reasons and causes that we are not allowed to discuss here and all we can do to try and change this is to vote in November.

I just purchased a new set of Michelin Tires for my Yukon. I paid exactly double of what I paid 4.5 years ago for basically the same exact tires. When the wife and I walk out of Costco we are amazed that the small shopping cart of food we have vs the ridiculous amount we just spent. Going out to eat at a fine restaurant is now hundreds ($250 - $300 per couple) and that is not a real fancy place! We went out to the Steak House called Chops a while ago and the cost per couple was over $400!! While we had a good time and the food was descent it, we were still in shock at the bill!!

All our insurance premiums have gone up drastically as well and we have had zero claims. Our credit score is well in the mid 800's (that affects what they charge you) and I pay my premium all at once, paperless & online ($400 discount for those two things). Each year I piss and moan and while I think I am being royally ripped off, we actually pay less than many of our friends and neighbors. Tough times we are living in now!!! (not joking)!

 

[CAJUNLAWYER]

I got my insurance bill today, and I was stunned. Both home and auto insurance premiums have doubled over the last two years. Homeowners premium has gone from roughly $1500 to $3000 and two cars (liability and comprehensive only, no collision ) from $2150 to $4020. Same home, same cars, same coverage, no claims since 2001. Is everyone else seeing such massive increases?

Well cry me a river. Come to South Louisiana, ground Zero is St. Mary Parish. Property insurance is now sometimes 4 times higher. Insurers won't insure anything with a roof over 5 years old. You have to buy three policies. Wind and hail with a 3% deductible, general casualty (fire) and then flood. It is absolutely crushing the home sales as nobody can afford the monthly insurance which often is more than the mortgage payment. I'm at the point where I am considering going self insured.

 

[fordson]

Very similar situation to Florida. Ten year old roof? Insurance Companies won't renew your policy until you replace the roof regardless of condition…..and at your out of pocket cost.Most companies have pulled out of Florida. We, and our kids, are grandfather covered by USAA, but they have pulled out as well.

 

[taz666]

Yep, and it's where YOU live as well. The auto insurers in NYS were approved for a huge increase this year by the state insurance board. Got my renewal shock a few months ago.

With all the illegals and inattentive morons driving on the roads, accidents and claims and payouts are way up. Add to that the elaborate electronics and sensors in every new car, and the high cost of the green electrics... what used to be repairable gets totaled quickly.

Reminds me of working on lawyers offices in Chicago (Harvey Walner) way back and watching "victims" walking through all day long. Most would come in and leave with a variety of braces/crutches. Others would be thrown out on their ears for wasting the lawyers time. Huge business.

 

[dockmurgw]

Hurricane prone areas and the swamps that used to contain the flood water are filled with housing tracts...now what could possibly go wrong with that? We are all paying the price for this.

 

[H Richard]

So far I'm not complaining. I just "shopped" my insurance, and the multi-line broker I consulted (as recommended by a friend that claimed he got his rates cut in half), told me they couldn't come close to the rates I'm already paying. State Farm, customer for 23 years, auto, 2010 Hyundi, and 2017 Buick Enclave, full coverage $500 deductible, $1472 per year, Home owners $302,000 on home $1078 per yr.


Maybe loyalty pays off. I did have one claim on a previous Toyota for $1000 about 8 years ago.


I do know that insurance companies do use your Credit Rating in determining coverage and pricing. Just one of the criteria.

 

[Glynn863]

IMHO insurance costs are somewhat of a "ouija board" type of thing. We lived in the same house / small town 26+ years. Then we moved to a larger metro area. Although the "new" house is approximately the same size as the "old" house, it's older, and the property tax is higher, but the insurance rate is slightly less. My auto insurance went down some as well. But as others have said, the rates have gone up across the board, and also IMHO, it's a culmination of post-scamdemic material costs, storm damages in recent years, millions of uninsured illegal invaders on the roads, and current democommunist economic policies.

 

[britbike1]

why insurance companies exist

Don't forget these companies are there to make money for their investors, not because they love you and want to take care of you.

 

[LVSteve]

Very similar situation to Florida. Ten year old roof? Insurance Companies won't renew your policy until you replace the roof regardless of condition…..and at your out of pocket cost.Most companies have pulled out of Florida. We, and our kids, are grandfather covered by USAA, but they have pulled out as well.

I think that stipulation is a cunning way of effectively pulling out of the state without risking the adverse publicity of saying out loud "We won't insure anything in Florida."

 

[BC38]

Not exactly. But they are declining to insure older roofs even though they are still in good condition. Shingle roofs are being replaced at 10 years. They even want metal roofs--that should last a lifetime--replaced at 20 years.

Doesn't your state have an Insurance Commissioner that could put a stop to that kind of "stuff"?

 

[LVSteve]

Doesn't your state have an Insurance Commissioner that could put a stop to that kind of "stuff"?

For sure they do, but if the insurance commission says "stop doing that", then the insurance company is off the hook if it pulls out of the state. "Government created a condition making our business unsustainable." Once they do it to one insurer and they bail, the rest will follow, pronto. Then the populous turn to the state government wailing, "We can't insure our property!" The likely end result is that the state has to set up an insurance system. Given the huge population and politics of Florida, that creates a problem.

EDITED TO ADD:

Just found out that FL already has a state run insurance company, Citizens. Then I read that there are questions as to whether Citizens is actually viable should there be serious hurricanes in quick succession.

Chairman Press | Chairman's Newsroom | Chairman | U.S. Senate Committee On The Budget.

 

[Rule3]

Very similar situation to Florida. Ten year old roof? Insurance Companies won't renew your policy until you replace the roof regardless of condition…..and at your out of pocket cost.Most companies have pulled out of Florida. We, and our kids, are grandfather covered by USAA, but they have pulled out as well.

Yep that is what happened to us. Never had a claim, then on year the company we had then, just pulled out a month before renewal. we had to rush and get a new roof, and find another company, at a crazy price, Then after the last hurricane, it happened again, We are lucky to have insurance, but it is outrageous! Plus the deductibles are so high.
We have home and auto together, no claims no tickets, old fart discount, safe cars, still $$$$$$

 

[Himhawkeye]

After being with Allstate on home & auto in Fla. for over 40 years with minimal claims, was advised last week they could not renew my home insurance due to my house being over 20 years old (it's 21).

 

[TX-Dennis]

Just got my renewal notices for vehicles and home. Both renew on June 25. Vehicle insurance is relatively stable - up just a bit, but not crazy. Home insurance, on the other hand, is up nearly $1000 over last year.

Not a fan.

 

[sophie]

I got my insurance bill today, and I was stunned. Both home and auto insurance premiums have doubled over the last two years. Homeowners premium has gone from roughly $1500 to $3000 and two cars (liability and comprehensive only, no collision ) from $2150 to $4020. Same home, same cars, same coverage, no claims since 2001. Is everyone else seeing such massive increases?

Yes, I live in Amarilo and the very same thing is happening with vehicle insurance and home insurance. Our newest vehicle is 11 years old and the premiums on our vehicles have doubled in the last year also. Our home insurance has increased tremendously and I get the same old song and dance story every time about how insurance rates and the insurance claims are causing the increases. I tried to change companies for both our home and our vehicles and believe it or not the companies I checked with were even higher on the premiums than the company I'm doing business with now. I just wish the rates would reach a happy medium and remain there for a year or two.

 

[LVSteve]

After being with Allstate on home & auto in Fla. for over 40 years with minimal claims, was advised last week they could not renew my home insurance due to my house being over 20 years old (it's 21).

What the heck can be wrong with a 20-year old house that they won't insure it? Is it just the age, or have building codes changed that much. Or, is it as I suggest in posts #52 and #54, the insurance cartel is set on casting Florida adrift with regard to home insurance. One can hardly be surprised they are leaving when learning that a 2017 Florida State Supreme Court decision allows courts to award a plaintiff's attorneys 2-2.5 times their hourly billing rate when courts rule in favor of policyholders.

I assume the court came up with that one in the hope that it would stop the insurance companies contesting so many claims. However, it seems to have resulted in claimants pushing for more money, no doubt egged on by lawyers salivating at the thought of mo' money. Yeah, the court fixed that one worse, for sure.

Here's a thought. What if the insurers also pull out of insuring cars in FL? While the rental companies would self insure (I assume to maintain the tourist market) what are the residents supposed to do?

 

[schutz5]

Insurance companies can use all sorts of ruses to cull customers and also get completely out of an area.
Nationwide pulled a trick on my agent that was a top tier Nationwide agent. Without previous notice they disaffiliated her.. So my notice read that the agent was no longer affiliated so the carrier could not renew. Sneaky eh? I complained to the insurance commissioner and they could do nothing.
On another property,Travelers has notified of doubling the existing replacement cost limits and increasing the premium "over 25%". So new premium might be over 100% increase.