Insurance renewal premium shocker today

[DWalt]

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?

 

[NYlakesider]

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. Is everyone else seeing such massive increases?

I sure hope not. Both my auto and home (same company) will renew in Sept!

Do you think its due to where you live?

 

[wnwitzell]

Insurance, yuck!

I just got my police renewal notice. And it did the same exact thing! Went from 2K to 4K! Same everything…..

 

[markeb]

Same numbers here. My Agent is shopping. No claims for several years.

 

[glenwolde]

Yes. Start shopping.

We've had more than our share of severe weather in the recent past. On top of that labor and materials are way up. I switched a year ago when I got a 40% increase in my auto insurance from Geico. I moved to them from Progressive for the same reason.

Then I got rid of my F350 (didn't really need a truck anymore) and bought a 2012 Honda mostly because of the insurance but also because at the time cars were just stupid expensive. I only carry liability now. The Civic is a disposable car.

Some insurance companies have quit writing policies in Texas entirely.


Edit to add: From this morning's CPI for April:

"The motor vehicle insurance index rose 1.8 percent in April, following a 2.6-percent increase in March."

Those are just one month increases. Insurance is one of the inflation leaders.

 

[CalifEd]

I renewed my Homeowners Policy Jan 13 this year. I felt very lucky since many Insurance Companies have quit writing policies for existing customers in California because of their 'losses'.
I had a water leak in my brand new kitchen and submitted a claim Jan 17.
I can't wait for next years premium.

 

[sjmjax]

I’m on a six month policy for auto insurance.
No accidents or claims in decades.
Rate goes up about $100 every renewal.
No fault State.
Agent claims it because of the number of uninsured motorists. (Illegals mostly)

 

[paplinker]

I’m on a six month policy for auto insurance.
No accidents or claims in decades.
Rate goes up about $100 every renewal.
No fault State.
Agent claims it because of the number of uninsured motorists. (Illegals mostly)

My car insurance just went down $130 yearly for paying for six months at a time up front.

 

[Tom S.]

Not as radical, but mine went up substantially. I shopped around and all the quotes I got were all equally high.

 

[soFlaNative]

My biggest fear of hurricane season isn't the storms but the yearly homeowner rate increases if not being dropped completely even with no claims.

 

[dockmurgw]

About a 20% hit on my last renewal. My home, barn, 2 garages, an office outbuilding, my tractor and 2 new vehicles will full coverage including collision...$2375 a year. Not as bad as some are paying, but I wasn't happy with the 20% increase. They said it was due to inflation driven increases in repair and replacement costs.
Local news also just reported BCBS requested a 19% increase for VT health insurance rates...thank God for Tri Care.

 

[DWalt]

Very significant inflation item, but I don't think that insurance premiums are included in any inflation indices. Nor are vehicle repair expenses which have also increased rapidly. All-inclusive true inflation increases are far greater than the government-doctored inflation numbers say. We are on the same path as what happened in the Weimar Republic after WWI.

 

[Jon651]

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?

This is my eternal question: Why is it getting more and more expensive to insure my car as it costs less and less to replace over time???

Now with my house I can see how a steady increase would be rational as it's value has steadily increased over the years on average, but the same cannot be said for any vehicle I've ever owned - yet the insurance costs keep going up.

 

[mtgianni]

Mine went from $2300 in 2022 to $3300 in 2023. When this years came back @ $4050 I found another agent who got a reputable company with the same coverage for less than the 2022 price.

Car insurance went up but we added a 16 yr old granddaughter. When her brother comes on next year I already cringe.

 

[Telecaster]

insurance coverage for medical payments might be higher thanks to Ocare and high medical costs. Just guessing.

Collision is high on newer cars thanks to the complex electronic junk they put in cars now. Three row SUVS, two additional passengers to cover?

 

[jeffrefrig]

I just got my police renewal notice. And it did the same exact thing! Went from 2K to 4K! Same everything…..

I’m wondering, what is a “police renewal notice?” Do you have to pay for police protection?

I just got something from my home and auto insurance. I think my policy renews this or next month. I suppose I should at least open the envelope and check it out. Thanks OP for the post.

 

[Telecaster]

We pay about $6k a year for two cars.

 

[CalifEd]

Very significant inflation item, but I don't think that insurance premiums are included in any inflation indices. Nor are vehicle repair expenses which have also increased rapidly. All-inclusive true inflation increases are far greater than the government-doctored inflation numbers say. We are on the same path as what happened in the Weimar Republic after WWI.

“Those that fail to learn from history are doomed to repeat it."

While we haven't seen hyperinflation like the Weimar Republic had (yet), we are suffering from one of their main causes, the excessive money printing to produce all of the economic stimulus programs for the last 15-20 years.

If government projects can't be paid for out of the budget, a government can, and we did, just decide to print more money to pay for them - then we have more money, right?

You just diluted the value of the existing, old, money. That is inflation.

 

[CalifEd]

I’m wondering, what is a “police renewal notice?” Do you have to pay for police protection?

Auto correct struck again.

 

[twodog max]

Our insurance has went up dramatically here so it is not just where you are. Prices go up coverage decreases. What a racket