Outrageous Insurance Offer 36% mark up

[Count Orlok]

Why not?
There are no good insurance companies. They will all try to screw you if you make a claim. Your only protection is the contract.

okay. go with joe-blow insurance then and let ratings be damned. I've never seen a significant increase after a claim. In some states you can self-insure. Not enough people look into that.

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[timmmmeh]

If you were paying $2.8K per year, and now you're paying $3.8K every six months, that's way more than a 36% increase.

I strongly suggest shopping around. Nationwide tried to significantly increase my rates for no reason - I switched to CSAA and ended up saving money with better coverage.

If the numbers are true ($2800/year to $7600/year), that's 171% change, not just 36%!

 

[Oldsmobile_Mike]

This means nothing to the OP though. Insurance threads always end up like this with people posting what they pay as if it somehow helps. If you aren’t neighbors with the OP there is zero valid comparison.

Blah blah. It was a suggestion to try Rivian/Nationwide insurance, but thanks for tagging me with the rude reply. I appreciate knowing who to add to my block list. ?

 

[Thedude]

Blah blah. It was a suggestion to try Rivian/Nationwide insurance, but thanks for tagging me with the rude reply. I appreciate knowing who to add to my block list. ?

If you thought that was rude you lead a sheltered life. It’s a simple statement of fact.

 

[TexasBob]

Last week we were told our USAA would jump 30% as a "re-rating" that has nothing to do with us (so saith the unhelpful but always cheerful voice on the other end of the phone). Bid out the policy, ended up with Progressive back at almost exactly the original rates. I think the new normal with vehicle insurance is an annual re-bid.

 

[TollKeeper]

I am with State Farm, and have been for 29 years.

I have higher coverage limits, at 250/500/250

800+ Credit score, 1 accident 3 years ago.

That said, I am paying on 6 month policies:
195.04 for my wives soon to be gone Pontiac (liability only)
196.58 for my wives new Mini-Van Saturn (liability only)
200.55 for my GMC which when I get the Rivian, will become the spare vehicle (liability only)

Also have a home owners policy, and a personal liability umbrella policy.

Full coverage quote I just got from State Farm, replacing the Pontiac, with a $250 Deduct and glass coverage, higher limits of 250k/500k/250k
883.44 for a 6 month policy (estimated, still has to go to underwriting)

All said and done, I think its about right on par.

I will never recommend anyone go to Nationwide

Edit: For clarification.

My Quote was 1086.50. But that included a blanket Uninsured Motorist policy, which the one policy covers all my vehicles, at a cost of 304.59. So I devided that amount, and readded it back into the amount minus the Blanket Policy, and that gave me the 883.44. As far as I know, Colorado is the only one that allows a blanket uninsured policy. I know Missouri does not.

1086.50
-304.59 (uninsured policy, 3 vehicles. Devide amount, add to next line)
+101.53
=883.44

The 101.53 was also added to the above numbers for my other vehicles.

 

[NY_Rob]

It's not just insurance that's skyrocketing.... we have a 3/4 acre wooded lot in NC that for years was valued at $14K and the taxes were $120/year. Last spring they re-assessed all proprieties in Brunswick County and now that $14K lot is suddenly valued at $43K and the property taxes went from $120/year to $400/year overnight! Super happy about that

 

[nellbarr]

If the numbers are true ($2800/year to $7600/year), that's 171% change, not just 36%!

My progressive policy went from $900 to $1900/6 months. I just called the Rivian/Nationwide and they no longer quote. Referred me to National General/Allstate and they no longer quote. I am increasing my deductible for comp/collision to $1000. Florida is one of the highest but this is crazy for no tickets/accidents/ multiple discounts, garage kept……

 

[teartags]

I am with State Farm, and have been for 29 years.

I have higher coverage limits, at 250/500/250

800+ Credit score, 1 accident 3 years ago.

That said, I am paying on 6 month policies:
195.04 for my wives soon to be gone Pontiac (liability only)
196.58 for my wives new Mini-Van Saturn (liability only)
200.55 for my GMC which when I get the Rivian, will become the spare vehicle (liability only)

Also have a home owners policy, and a personal liability umbrella policy.

Full coverage quote I just got from State Farm, replacing the Pontiac, with a $250 Deduct and glass coverage, higher limits of 250k/500k/250k
886.50 for a 6 month policy (estimated, still has to go to underwriting)

All said and done, I think its about right on par.

I will never recommend anyone go to Nationwide

I live about 20 miles west of you and have almost identical stats. Lots of coverage on different vehicles and multiple houses through SF for many years now. They quoted me over $1100 for my impending R1T. I'm shopping around.

 

[citizen]

Folks in Florida and California have limited options with everyone pulling out. I'm in SoCal, tried to go with Nationwide when we got our S and the rate was better than our existing Farmers. However, they couldn't underwrite our other policies including our umbrella so we couldn't make the move.

Will see what Farmer's renewal looks like. We tried to go through a broker to quote with a broad swath of other insurance companies and the broker basically said no luck and to stick with our current insurer. Zero claims, high credit, continuous coverage, etc. Not super happy about the limited options.

 

[TollKeeper]

I live about 20 miles west of you and have almost identical stats. Lots of coverage on different vehicles and multiple houses through SF for many years now. They quoted me over $1100 for my impending R1T. I'm shopping around.

My Quote was 1086.50. But that included a blanket Uninsured Motorist policy, which the one policy covers all my vehicles, at a cost of 304.59. So I devided that amount, and readded it back into the amount minus the Blanket Policy, and that gave me the 883.44. As far as I know, Colorado is the only one that allows a blanket uninsured policy. I know Missouri does not.

1086.50
-304.59 (uninsured policy, 3 vehicles. Devide amount, add to next line)
+101.53
=883.44

 

[Ecupip]

Last week we were told our USAA would jump 30% as a "re-rating" that has nothing to do with us (so saith the unhelpful but always cheerful voice on the other end of the phone). Bid out the policy, ended up with Progressive back at almost exactly the original rates. I think the new normal with vehicle insurance is an annual re-bid.

I left USAA for Liberty Mutual when they quoted me half of my USAA premium. The next year when it renewed they more than doubled what I was paying USAA, so I ended up back with USAA.

 

[RivAW]

I understand insurance companies are raising their rates this year but raising my insurance to 36% is beyond me.
it is to me a reflection of corporate greed.
I always have continuous insurance.
Had only one claim (2020 no-fault incident with no injuries) in the past 10 years.
Currently for 3 vehicles, one year policy is $28XX.
Now, I got a letter from Farmer’s (my current insurer) that they are not renewing my policy but instead offering me a new one.
This time, it is for six months for $38XX, almost 4K. That’s 36% increase!
Are the numbers pretty average here in California? I know that there are variables but I haven’t moved nor got remarried or divorced nor have new driver’s or new kids or pets, nothing has charged.
My two other vehicles are 10+ years older so I could just get liabilities instead of comprehensive as what I currently have but men, 36% hike is just too much.
Does anybody have better offers out there?

Is it corporate greed? Insurance companies are private businesses and are having to average their losses to be able to make money and stay viable. It doesn’t help when new EVs like Rivian’s end up with $40k repair bills for what amounts to a fender bender…if they don’t raise rates, then how are they going to pay the claims? I’m with you…but there is a pretty obvious cause/effect here

 

[CharonPDX]

I think your zip code has as much to do with rates as your personal history. Some of these significant rate increases are messages from the insurance companies that they have too much risk (i.e., too many policies) in a particular geographic area and they are using increases to levelize their exposure.

Yep. We moved across town - to what everything says is a safer ZIP code - and our insurance rates jacked up 20%. In the same city.

 

[CharonPDX]

I left USAA for Liberty Mutual when they quoted me half of my USAA premium. The next year when it renewed they more than doubled what I was paying USAA, so I ended up back with USAA.

We just did the "one year Liberty Mutual dance" too. Went from "significantly cheaper" to "significantly more expensive" than our prior carrier. Do they think people just won't notice their rates skyrocket at renewal time?

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