Insurance increase

My semi-annual premium went up $50. I called my insurer (State Farm) to ask about the rate hike since I had no at-fault accidents, didn't move, didn't change coverage, etc. My agent told me that late last year State Farm actuaries determined the 996 cars (as a class) were due for a premium increase. I again asked why (high theft rates, increase in accidents, above average rate of hail damage???) and was told they didn't have viability into the issue. Has anybody else seen their premium increases in the last 6 months? Who is your insurer and what kind of rate hike did you see?

I have been using State Farm since at least 1985. I currently have a 996, BMW X5, 2008 Mazda3, 2010 Mazda3, Toyota 4Runner, and F250 Super Duty insured with comprehensive and collision. My family has not had any accidents or tickets in the past two years, but our insurance has increased on every vehicle (except the 996 that I just bought), even though they are getting older. On average I would say $20 every six months for each vehicle. If you look at State Farm's recent financial statements, their costs for insurance payouts have gone up significantly and their earnings have gone down. If it were not for their investment earnings, they would have had a loss this past year. I think there are a lot of individuals and lawyers gaming the insurance companies, but that's a discussion for a different thread.

I hadn't even thought of looking at their 10k. Interesting you've seen a rate consistent rate increase, this is my first in a couple of years

Between two houses, six cars, and my wife's engagement ring, I pay about 7k per year in insurance premiums to State Farm.

Carriers take rate, carriers give rate, it does not always make sense nor is it attributed to a single cause. I go to carrier meetings and the company rep will be bragging that they did not take a rate increase. However if you look into the rate filings with the state you see that they raised one class of insureds 5% and gave that 5% to another group of insureds they feel are more preffered.

I shop my auto insurance once a year minimum and often every six months. It's worth the effort. Costs go up in general so the price of insurance goes up in general. If the pool of insured costs go up, if the employees (health care) costs go up, the insurance costs go up, even if you have no incidents. You mention no "at-fault" accidents. Were you involved in a "not my fault" accident ?

Just got a letter from state farm informing me of an insurance premium increase. It's about $50 bucks. I'm going to shop around for a better rate.

Usaa has been great for my family, if any have served in the military you qualify.

Biggest effect on your rates is your credit score.

Quotes source post: 14200572

That's true, which most people don't realize or understand. I used to work at Geico and the single most important data point for the price of your insurance (after the year and make for collision coverage) was credit score. What does credit score have to do with driving? Nothing. But that doesn't matter. The facts show credit score is the most predictive data point when trying to identify who is going to cost you money.

Quotes source post: 14200607

Interesting. I was told by my agent that most individuals were going to see an auto premium increase, at least in South Carolina. My credit score is as high as its ever been, between about 830 and 855 over the past year, so I don't think that's my issue. I did have a really large claim in 2015 when my house burned and most of the contents were destroyed. I ended up tearing it down to the dirt. This is a picture out the wall of the master bedroom. I was sleeping in the bed, under that rubble pile in the picture, while the fire was burning in the roof of the attached garage. My youngest son was up playing video games and he noticed the orange glow outside his window and woke us up. The firemen got there quickly and did a great job putting out the fire, but they completely destroyed the inside of the house doing it. Everything was smoked and soaked. It got so hot in the garage that the aluminum MGB/MGC hoods melted (that's about 1200 degrees). No one, including the dog, was injured and most things are replaceable.

Quotes source post: 14200616

Well, I'm surprised you can get insurance based on my experience. 3-4 years ago I had a homeowner's claim for $3,200 under an insurer other than LM. First claim in 20+ years as a homeowner. I'm guessing your claim was a tad more than mine. Decided to shop around as LM raised our rates (all policies are with them) last year about 12% (~$300). Was told by an agent (for Eerie and others) that I needed to get my history clean before they could write a policy. I had little choice but to stay with LM. Eddie

Unfortunately, insurance isn't immune from inflation. Auto insurance is starting to see the effects of low fuel prices, which puts more cars on the road, distracted driving (texting) and the bumper or mirror that used to cost $500 now costs $5,000 because it has some sensor in it. State Farm lost $7B last year. Their money bucket needs to be filled up again.

Quotes source post: 14200675

Not if this is correct, https://static1.st8fm.com/en_US/cont...ual-report.pdf And they've done pretty well over the past few years based on the below published NI. 2011: 1B 2012: 1.5B 2013: 1.8B 2014: 1B 2015: 2.1B 2016: -2.5B Were our premiums decreased when they were rolling in the cash? Eddie

As a whole. I was referring to their auto underwriting losses only. Actually, your reference does show $7B loss "Underwriting Gain or (Loss) (7,196)" http://www.propertycasualty360.com/2...on-auto-underw

Quotes source post: 14200675

Accident rates going up. While more miles are being driven this is not the biggest contributing factor. The biggest contibutor is distracted driving accidents. I have had 4 insurance "claims" since 2009. 3 were claims against other drivers who ran into my car (the Boxster twice, the Cayman S once). In all the accidents I was *stopped* and the driver ran into my car and each time the driver was on his/her damn cell phone. The 4th claim was for a mule deer encounter. It was too dark to see but I would not have been surprised if the mule deer was using a cell phone... (And just so you know I am probably the only person in CA who doesn't use a cell phone while driving. In fact while I have two cell phones I don't use them that often at other times. Last time I needed to add air time I tallied up how much air time I had used over the past 12 months and it came to around 800 minutes.)

Geico just raised my 6-month premium by $100. Clean history, no accidents or tickets, and perfect credit. They'll be losing my business as soon as we get our new house.

Try AAA insurance, we've used them since 2005 and the prices and service has been very good. For example, previously State Farm premium was about $3,500 for the home. AAA was $1,200 for the same coverage. And then in 2007 much of our property, and parts of the house burned in the huge San Diego fires. AAA was great, they paid plenty, and no increase in premium. Same with a couple of cars that my kids totaled (no injuries), AAA was great.

I've been with State Farm almost ten years. Never had a claim and I have a great credit rating. Every year my premiums go up, I need to look elsewhere.

Quotes source post: 14201085

Been reading up on insurance lately, not because of price because my Agent is MIA. Your 10 loyalty is probably costing you money. The number crunchers figure they can raise your rates because they calculate you won't leave. Surprise them! I'm going to surprise them after being with the same company since 1992!

Anyone using Geico or progressive? There a lot cheaper than state farm.

Quotes source post: 14201675

See post #17 above.

I have Geico for my 2 SUV's, manageable rates (here in NJ) but I moved my P car to Metromile and the rate dropped by half. no claims experience with metromile but Geico was easy to handle on one claim I had five years ago for a parking lot fender bender.

I'll add another vote for USAA. I've had them for auto (and motorcycle) insurance since 1984, and thier prices are about as low as they get for Los Angeles. When we lived in Monterey, our rates were less than half of what they are here. Sigh. We also have them for homeowner's insurance. I've had a few claims with them (stolen Honda Hawk motorcycle, a likely drunk driver rearranging the left side of my pickup when parked at 2AM), and they have been reasonable, and quick, with the settlements. Insurance sucks, but you have to pay to play.

We had been with Erie for 27 years till I gave them the boot in February. Among other issues Erie sent me a notice they were increasing the premium on my 996. They previously called my wife to tell her they wanted to stop by the house and update their records on the car. The policy was a stipulated value of $20,000 which after their "records update" they put a value of $36,000 on the car. I told the agent.....sold! If they can find me a buyer at that price I will sell the car imediately. After having a market report done by a dealership, showing them the blue book and NADA values, they still said it was worth $36,000 and needed to increase my premium. Buh bye! I changed agent and companys.

state farm is $494 six months and progressive and Geico is $274 and $295. Just wondering how hard it is to make a claim with one of those, Geico or progressive.

Quotes source post: 14203817

If you get hit by someone insured by them, you will be shorted. They negotiate really hard, and have no consideration. After all, what can we expect from companies that spend all their money on advertising? Oh? ... reserves, so we can help the injured? --- Nah, better to buy some TV time. We are a company focused on Sales! Our quarterly profit reports and annual bonuses am da goal.

We have been with Progressive for just over 6 years. No one can touch the premiums for comp, coll, and more than state minimums for bi. We insure three cars and our house with them. Do we see increases? Yes, minor ones from time to time, but that's expected for many of the reasons mentioned above. It's all about risk. All insurance carriers employ actuaries and they decide risks and what premiums to charge. Companies that are profitable and continue to grow such as progressive, hang on to the good risk, and raise rates in the bad risk. This lowers their overall risk and sendsvthat bad risk to the competitors. Everyone is going to have their theories about the big bad insurance companies, but as long as what is owed is paid when the time comes, that's all that matters to me.

A few years ago I switched to eSurance to save money. After the first year, they raised their rates. I called them to ask why, because I had no changes. They told me that the states dictate the rates that they give based on some metrics. So, I called up the state. The guy I spoke to said that its just something that insurance companies do. My state did not change anything. The insurance companies raises the rates. That is why each insurance company can 'accurately' claim that you save money by switching to them. The only way to save money is to change insurance every cycle. I am with my employer MetLife now, and my rates are decent. I pay $600+ for the year for the 01 996. I am 30+, and excellent credit score and no recent traffic incidents in my family, with 5 cars on my policy.

Quotes source post: 14200607

So I have a thought on this... I have had a credit freeze in place for the last few years and my credit rates have gone up. My wife and I are over an 800 credit score but you can't run our credit while we have a credit freeze on our accounts. So how does that make this possible? Maybe there's something I don't know but I don't see the correlation.

"Can anyone see my credit report if it is frozen? Certain entities still will have access to it. your report can be released to your existing creditors or to debt collectors acting on their behalf. government agencies may have access in response to a court or administrative order, a subpoena, or a search warrant." Taken from consumer.ftc.gov

Quotes source post: 14202168

I've had Erie for the last 17 years. When I first got into HPDE I was driving a 94 Miata. A few months after I put coverage on it, they sent me a letter that they typically would not insure a car with a HP to weight ratio that is so high, but since I have been a long time customer they would make an exception. I got rid of that car, and had a couple e36 M3s, no issue with those. When I got my 996 I decided not to even try. I already had a Hagerty policy for my 1974 Beetle Convertible. I just added the 996 to the Hagerty policy. They actually have a stated value policy for track/street cars. Covers you on the road, in a garage, in the paddock, on a trailer. Just not on the track. For the Beetle and 996 I am paying $478 per year. $10K on the Beetle and $25K on the 996. This is with 250K/500K coverage since my umbrella policy requires it for all auto policies.

Someone I know that worked in the insurance industry described it like this... Imagine a clock - at 12 oclock is the highest price, 6 oclock is the lowest. Basically, all insurance companies fall somewhere on that clock. They slowly move their way around it. Basically they drop prices to get an influx of customers and then slowly start working their way back up to the top - at some point it hits a critical point where their customers are leaving and they reverse direction and start lowering until they build back up. That being said, I've stuck with Nationwide for homeowners and auto since we signed up with them in 2008. They've been great when it comes to claims - but every couple of years I need to call my agent and ask what the hell is going on (homeowners went up over 20% in the last two years with 0 claims). He has been pretty good about working within the frameworks of the company to get the prices back down. I'm sure I still pay more than I could be paying, but I'm loyal to a fault when a company has treated me fairly. Cheers Charlie

I was loyal to Safeco for 30 years but last year we shopped via an independent agent and we changed all 5 cars, the house and a 2 million dollar umbrella for significant savings. We've had no claims or tickets and a 810 credit score so we were eligible for the most favorable rates out there. Never make small claims like windshield repairs or house water leaks if you can help it because they will get their money back. Save you insurance for the "big one".

I'm also with State Farm and of course, I made several claims on my property in the last 5 years and yes, my premiums have gone up. If it wasn't for other people and animals damaging my stuff, then I'd hardly ever have to call "A good neighbor". (pardon the commercial)

Quotes source post: 14200499

Yep, had a accident last year in the 996 that was "technically" my fault (an out of town driver panic thinking his lane was ending and slammed on his brakes, just at the time I was checking to the left to change lanes), and USAA did not raise my rates!

USAA pissed me off. I did file a claim (but decided not to go through with it, called ask them to delete the claim) then they raised my rates.... I have (3) vehicles and my house covered by them.

I just switched all my insurance to State Farm...saved me a ton over what Allstate would have provided. I've been paying Allstate way too much for way too long.