Re-Shop Your Car Insurance Right Now

[omni550]

Per Clark Howard:

"There’s a good chance your car insurance will go up this year. Across the nation, the average cost of car insurance is expected to rise by 8.4%, according to data from the 2023 State of Auto Insurance report by ValuePenguin. The site tells that, “every state is expected to see a rate increase of at least 1% this year except California, D.C., Hawaii, Vermont and Wyoming.”
Let’s look at why money expert Clark Howard says it might be time for you to shop around for new car insurance." More at...

https://clark.com/insurance/car-insu...ST_EMAIL_ID%5D

(Full disclosure -- I just added this to my "To Do" List.)

omni

[HF63]

I just switch using an insurance broker.

[Stormy Kromer]

I work part time at a body shop helping out in the office.

It costs more to fix a car today than it did last year. ( It costs more to fix people too )
Rates are bound to go up with all companies.

Whoever is lowest now will likely have a rate increase in the next 6 months and catch up to the company you just left. It would take more than a 10% rate increase to get my attention.

I can also say this, not all companies are the same quality when it comes to fixing your car. A good rule of thumb is the dumber their ads are on TV, the worse they pay claims.

[Scrapr]

I just switched late last year. Had been with Liberty Mutual/Safeco for decades. I used the broker that did our business insurance. I was paying about $150/mo +. 1 car (2019) & 1 driver. The new rate was pushing $2k a year. I switched to Amica for a bit over $700 for the year. I had to change Homeowner & Umbrella too

[Dtail]

Quote:

Originally Posted by Scrapr I just switched late last year. Had been with Liberty Mutual/Safeco for decades. I used the broker that did our business insurance. I was paying about $150/mo +. 1 car (2019) & 1 driver. The new rate was pushing $2k a year. I switched to Amica for a bit over $700 for the year. I had to change Homeowner & Umbrella too

Also switched from lifelong usage of Liberty, but to Travelers along with the Umbrella policy.
Used a broker.

[Sunset]

Mine went up 25% for this next 6 month period , after another ~25% increase. No accidents/tickets.
I checked online with another insurance company and they were more expensive

[braumeister]

My impression is that car insurance is so variable by ZIP code, and even within a given code, that all other variables seem relatively small in comparison.

Mine has been low enough, and fair enough, that I'm still comfortable having heavy coverage, although I have gradually increased the size of my deductibles over the years. More important to me is choosing a company known for excellent service when you need it (such as an accident).

[walkinwood]

Quote:

Originally Posted by Sunset Mine went up 25% for this next 6 month period , after another ~25% increase. No accidents/tickets. I checked online with another insurance company and they were more expensive

Try using an independent insurance broker. I did and it saved me quite a bit of money.

[COcheesehead]

Let a professional shop for you. We use an independent broker for years. For a $1m house, 2 SUVs and an umbrella we pay just over $2000 a year all in.

[rk911]

Quote:

Originally Posted by Stormy Kromer ...I can also say this, not all companies are the same quality when it comes to fixing your car. A good rule of thumb is the dumber their ads are on TV, the worse they pay claims.

+1. we've been with the same insurer for 50+ years with just two different agents. we've had several claims over the year and each has been handled fairly and quickly. for us there is far more involved than just the premium amount.

[COcheesehead]

Loyalty in insurance does not pay.

[rk911]

Quote:

Originally Posted by COcheesehead Loyalty in insurance does not pay.

why?

[COcheesehead]

Quote:

Originally Posted by rk911 why?

The industry markets itself to new customers with price incentives. You want to be a new customer to someone.

[Dtail]

Quote:

Originally Posted by COcheesehead The industry markets itself to new customers with price incentives. You want to be a new customer to someone.

100% agree.
Before I moved from Liberty to Travelers, I asked Liberty the following questions.
1) I have been here for 25 years, but you would charge a new customer less than me?
Response: Yes we would
2) If I quit and then came back 6 months later, would my rate be that of a new customer, which is lower than my current rate?
Response: Yes it would

There was nothing more to discuss.

[PatrickA5]

Just got our State Farm bill for both cars this month.

Combined, they went down about 5%.

[Montecfo]

Quote:

Originally Posted by Dtail 100% agree. Before I moved from Liberty to Travelers, I asked Liberty the following questions. 1) I have been here for 25 years, but you would charge a new customer less than me? Response: Yes we would 2) If I quit and then came back 6 months later, would my rate be that of a new customer, which is lower than my current rate? Response: Yes it would There was nothing more to discuss.

Correct.

But even better to get an independent agent who will shop all of your insurance-annually if you desire.

That will save a ton of time and you keep the relationship with your agent even if you switch your insurance carrier.

[Montecfo]

Quote:

Originally Posted by PatrickA5 Just got our State Farm bill for both cars this month. Combined, they went down about 5%.

My BIL recently told me his FILs advice on insurance was to get with State Farm and never leave.

In retrospect, BIL realizes that was not good advice.

[RobertTN]

I have heard from numerous brokers that rates will be going up significantly on auto insurance.

Read the following on State Farms' losses for 2021 and 2022, they are staggering, especially for their auto units: https://www.insurancejournal.com/new.../01/709886.htm

They will have to compensate somehow, and raising prices is an easy way...

[Spanky]

Quote:

Originally Posted by COcheesehead The industry markets itself to new customers with price incentives. You want to be a new customer to someone.

LOL - attract new customers but screw exiting customers?

[Spanky]

Quote:

Originally Posted by RobertTN I have heard from numerous brokers that rates will be going up significantly on auto insurance. Read the following on State Farms' losses for 2021 and 2022, they are staggering, especially for their auto units: https://www.insurancejournal.com/new.../01/709886.htm They will have to compensate somehow, and raising prices is an easy way...

Quote:

In 2022, State Farm’s auto insurance companies reported record underwriting losses due to rapidly increasing claims severity and significant additions to prior accident year incurred claims,” State Farm reported in a media statement this week, without disclosing the magnitude of the prior-year reserve charges.

Most likely the cost of severity (as opposed to the rise in claim frequency) is the culprit. I notice car repairs as well HVAC and appliance repairs have increased rapidly.