Re-Shop Your Car Insurance Right Now

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omni550

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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-ins...=email&utm_term=0_-075a49f339-[LIST_EMAIL_ID]

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

omni
 
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.
 
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
 
Scrapr said:
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
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Also switched from lifelong usage of Liberty, but to Travelers along with the Umbrella policy.
Used a broker.
 
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).
 
Sunset said:
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 :facepalm:
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Try using an independent insurance broker. I did and it saved me quite a bit of money.
 
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.
 
Stormy Kromer said:
...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.
Click to expand...

+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 said:
The industry markets itself to new customers with price incentives. You want to be a new customer to someone.
Click to expand...

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

Combined, they went down about 5%.
 
Dtail said:
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.
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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.
 
PatrickA5 said:
Just got our State Farm bill for both cars this month.

Combined, they went down about 5%.
Click to expand...
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 said:
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/news/national/2023/03/01/709886.htm

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

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.
Click to expand...

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.
 
PatrickA5 said:
Just got our State Farm bill for both cars this month.

Combined, they went down about 5%.
Click to expand...

Interesting. We had State Farm for about 10 years back in the 90's. My buddy turned me onto USAA. When I went to cancel my State Farm, my agent said they couldn't touch USAA. But, that was 20+ years ago. I may have to look into this more.
 
Bigdawg said:
my agent said they couldn't touch USAA. But, that was 20+ years ago. I may have to look into this more.
Click to expand...

I check into it every few years, but I have always been given the same response. There are occasional reports here that someone has been able to do better elsewhere, but I've never found it so.
 
Montecfo said:
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.
Click to expand...

I've had State Farm forever and have been fairly pleased.

I've shopped around over the years including using an independent agent a couple of years ago. Overall, nobody has been close to saving me money on the entire bill (2 cars, homeowners, umbrella). Some places save money on the cars (Geico, Progressive) but are way higher on homeowners. And some, the other way around.

I'll keep searching though.
 
PatrickA5 said:
I've had State Farm forever and have been fairly pleased.

I've shopped around over the years including using an independent agent a couple of years ago. Overall, nobody has been close to saving me money on the entire bill (2 cars, homeowners, umbrella). Some places save money on the cars (Geico, Progressive) but are way higher on homeowners. And some, the other way around.

I'll keep searching though.
Click to expand...

Find a good agent - read reviews - and let them shop for you. It’s their job.
 
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