Re-Shop Your Car Insurance Right Now

[DuluthGA]

My independent broker, who i trust a lot, found a little better price recently but recommended i stay where i was. He said a new company is more likely to drop you for a claim where you current one of 5 years would not. He said it’s worth a few $ to buy some insurance company loyalty.

 

[Dtail]

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.

Yes I do use a broker for the last year for all 3 insurances.

 

[foxcreek9]

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...

They won't raise prices across the board, this is (was) also a case of taking on less than desirable business to maintain market share. SF is desperately trying to hold on to the title of largest auto insurer they have held since 1944. GEICO has been nipping at their heel for the last 20 years. But with UW losses this large, they will shed a lot of policies going forward.

 

[wrigley]

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

I hear all these people that say shop around every year. BS........rates are going up everywhere!

Mike

 

[Montecfo]

I hear all these people that say shop around every year. BS........rates are going up everywhere!



Mike

Usually everyone does not raise the same for a variety of reasons. Even if everyone raises it makes sense to find the best deal.

 

[Gonz]

I self insure my car with Hartford.

Pay around $350/yr.
Will cost more when I get a EV one day.

 

[Car-Guy]

Just got my renewal notice this week. Full coverage for two vehicles went up about 10%.

 

[Teacher Terry]

I shop all my insurance every 2-3 years.

 

[yhoomajor]

I self insure my car with Hartford.

Pay around $350/yr.
Will cost more when I get a EV one day.

How does self-insuring with Hartford work?
Is it that Hartford handles all the paperwork, legal etc, but you are responsible for financial payouts? If so, then $350/yr may not be that bad.

 

[COcheesehead]

I self insure my car with Hartford.

Pay around $350/yr.
Will cost more when I get a EV one day.

I would hate to get into a multi injury accident. It could bankrupt you.

 

[sengsational]

LOL - attract new customers but screw exiting customers?

Consumer Reports had an article in the last year or so where they reported which insurance companies are the ones that penalize loyalty. One take away was that not all companies use that kind of pricing methodology.

 

[imbatman]

Lower price for new customers, yep, that is normal marketing in every industry not sure why we would expect it different here. I can get a free phone if I switch to AT&T, but have to wait forever if I am an existing customer......I can get 3 months free if I start a new streaming subscription, but nope, they don't give that to all their customers every year, I get a $10 gift card if I switch to a new electricity provider, but they don't send me one every year after that................

 

[Gonz]

I would hate to get into a multi injury accident. It could bankrupt you.

I have liability/umbrella for that.
Self insure my car.

 

[Gonz]

How does self-insuring with Hartford work?
Is it that Hartford handles all the paperwork, legal etc, but you are responsible for financial payouts? If so, then $350/yr may not be that bad.

Liability with umbrella.
I'm responsible for the car.

Drove car about 300 miles or less since retiring June 2020.

 

[COcheesehead]

I have liability/umbrella for that.
Self insure my car.

Oh, it was phrased in an unusual way. You just don’t carry collision insurance. You don’t really self insure like some on here do for their homes.

 

[youbet]

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.

What happened?

 

[youbet]

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.

Ditto

 

[Gonz]

Oh, it was phrased in an unusual way. You just don’t carry collision insurance. You don’t really self insure like some on here do for their homes.

Yup. The car is parked and locked in garage most of the time and still like new for 10 years old.(Chevy Sonic LTZ)

I'm not a car person. Just point A to B.

Condo H06 is around $450/yr..

 

[Montecfo]

What happened?

My BIL sees that State Farm increases rates over time penalizing long-term customers.

Better advice is to shop the insurance.

You know I am sometimes amazed at the things I learned from my 2 kids as a teen single mom!

 

[wmc1000]

Just called our auto insurance agency.

Traded in our 2011 Honda CR-V for a 2018 Lincoln MKX and expected a significant cost increase. Woman who took my call let me know the annual cost would go down [emoji50] because of all the safety features on the new vehicle!

Paid $697 for 2 cars, also have a 2003 Oldsmobile Aurora and the new annual premium will be $459 [emoji2148] and we will get $99 refund on the current policy and receive a rate lock on the renewal in August.

 

[FI_RElater]

... you need to look at details

What happened?

Before switching when we moved to our current location, I'd literally had SF since the 70's (back when you needed a current policyholder to recommend, as I seem to recall)
When we checked what the costs were in our current location, when moving there, the increase in costs for identical coverage that we had before was very significant. I then talked to an insurance broker for quotes for identical coverage and compared to the SF quote. One aspect on SF policies is that certain aspects are paid for EACH vehicle that you insure or may be duplicated in other policies that you purchase whereas other companies only charge for the coverage on whole package. I examined the SF quote and found this definitely adds up and yes we already had included decreases due to multiple policies (HO, vehicle, umbrella) and use case (retirees often get reductions since they generally drive less and when they do it is in lower traffic timeframes, so less likelihood of accidents caused by others)

We ended up with Erie, which is also very highly rated, at a significant savings. They carry coverage for HO, vehicle, and umbrella.

 

[teej1985]

. One aspect on SF policies is that certain aspects are paid for EACH vehicle that you insure or may be duplicated in other policies that you purchase whereas other companies only charge for the coverage on whole package.

Can you explain what this means?

 

[ElizabethT]

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

Insurance is regulated, heavily. There is no ability to give new business incentives that I am aware of. What specific incentives are you seeing that only new customers can access?

 

[COcheesehead]

Insurance is regulated, heavily. There is no ability to give new business incentives that I am aware of. What specific incentives are you seeing that only new customers can access?

So if it’s so heavily regulated why don’t all carriers charge the same?

Every time we switched as a result of our independent agent shopping our policies we saved money.

There are differences.

Rates can vary between insurance companies for a variety of reasons. Each insurer has its own method for calculating premiums, considering factors such as age, driving history, location, type of vehicle, and coverage options.

 

[ElizabethT]

So if it’s so heavily regulated why don’t all carriers charge the same?

Every time we switched as a result of our independent agent shopping our policies we saved money.

There are differences.

Rates can vary between insurance companies for a variety of reasons. Each insurer has its own method for calculating premiums, considering factors such as age, driving history, location, type of vehicle, and coverage options.

None of the above pertains to the new customer price incentives you referenced.

I was in the industry, and understand how premiums are set, and understand how rate increases are presented to each state for review. I've never heard of new customer price incentives being approved by state regulators in the insurance industry, at least not to date.