Rates are up by 50% ??

[soguinness]

My renewal notice just arrived and I see about 50% increase in my rate with no accidents and good history. I was payin $730 for 6 months and now all insurance companies show 50 to 100% increase for the rate. One State Farm agent just told me that rates are significantly up for all providers as she was explaining why her rate went up significantly from a quote 30 days ago.

Anyone else seeing this increases recently? I wonder if something that is specific to my risk profile or general.

 

[wtlloyd]

I'm in Everett, I see you're in Kirkland.
My renewal at Progressive is up 50%. I assumed it was because I had a windshield replaced, $1400 by Tesla, which insurance reimbursed.

 

[fr100]

Mine is also up 50% in CA. No accidents.

 

[yoshi10]

Just got the renewal notice from progressive and it’s up to 932 from 674 for 6 months. Ridiculous.

 

[Unclepaul]

Same with Homeowers insurance.

Inflation, supply chain issues, plus big increases in minimum wages have pushed insurance company costs way up. Private adjusters game the system as well to increase pay outs.

As long as Governments mandate insurance for any financed property, they can get the high rates.

 

[father_of_6]

We've had economic stability for so many decades that we've come to take it for granted. That's no longer the case.

Minimum wage has doubled in many areas in the last decade, and costs are increasing because of that. Scarcity, greed, and global health scares have caused some industries to vastly increase their prices, which in turn cascades to many other industries.

Additionally, insurance underwriters are taking it on the chin in some areas due to massive increases in housing and construction costs plus widespread natural disasters. Add to that the fact that Teslas cost a LOT to repair and are totalled for less damage than typical.

These things all add up.

 

[Nack]

I am sure the cost of repair/high rate of totaling is part of the equation. The battery packs are “easily” compromised and not easily repaired. True structural packs will be even worse.

 

[yoshi10]

Looks like this change mostly impacts Washington state drivers due to increase in medical and repair cost in this state. That’s what the agent told me

 

[Aikidoka]

Looks like this change mostly impacts Washington state drivers due to increase in medical and repair cost in this state. That’s what the agent told me

I'm very sorry to disagree with you. My rate in for my 2020 MY LR almost doubled. I and my agent are just starting to seek other quotes. I'm not sure I see the relationship people have been mentioning between the increases in minimum wages and the raise in insurance rates. What role do minimum wage workers have in insurance and car repairs?

 

[father_of_6]

What role do minimum wage workers have in insurance and car repairs?

When the lowest paid employee's wages are doubled, all of the services that we rely on them for cost more (cashiers, retail, groceries, etc). Since those goods cost more, the middle class is squeezed and starts looking for higher pay. It's a cascade.

 

[JMGNC]

My State Farm rate for a 2023 MYLR is $275/month. Looks like I'm the insurance lottery loser.

 

[A2be]

I have Tesla Insurance, in Colorado. 2022 Model Y LR.

First six months on that averaged $138/mo.
(although was lower after the first two months as our Safety Score got to 94 to 97 vs 90 assumed in months 1&2)

Was about $33/mo. less than we were paying w USAA.
(USAA quoted me $1550 for 6 mos. / Tesla actual came in at $828 for 6 mos, w/ full comp & collision and very high liability insured benefits).

 

[shyboy]

My insurance for 3 vehicle jacked up 1k in VA, nothing change, no claim.

 

[Arctic_Fox]

I haven't had insurance for a few years, as I had no car. But Progressive 23 M3P is $5,544 per year or $462 per month AND it went up 15% even though my agent said it would go down after 6 months. This coverage is over half the cost of the car! I've never been in an accident, and this car is 4x safer than other vehicles should reduce the premiums. She shopped around and other providers are higher, and I could save some by adjusting the coverage and deductible but not by much...

 

[Anson Fung]

Might be worth checking with AmFam/Costco insurance. Roughly 570 semiannually for each of the 2 MYLRs. Under 1k semiannually for the 2023 MSLR added to policy this June. Quotes I received from other insurance providers were significantly higher.

 

[father_of_6]

I haven't had insurance for a few years, as I had no car. But Progressive 23 M3P is $5,544 per year or $462 per month

WHAT?!?!?!??!?

Sorry for prying, but you have like 50 convicted DUIs, right?

 

[Darmie]

It is crazy right now. I even tried Costco for a quote and it's way more than travelers who I currently have.

 

[Unclepaul]

A good insurance broker will be able to shop between many different companies to find the best value for you.

Gotta shop around...

 

[father_of_6]

A good insurance broker will be able to shop between many different companies to find the best value for you.

Gotta shop around...

Seems strange to pay someone to shop for you though... certainly that's not free.

 

[TespaceX]

My State Farm rate for a 2023 MYLR is $275/month. Looks like I'm the insurance lottery loser.

That is insane for just a Model Y. I would t even drive the car at that point.
My Tesla insurance for a Model X is almost half of that. I’m in CA.