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Wondering just out of curiosity..........has anyone else here on Car Chat received a significant or major bump on their auto insurance-bill lately that is NOT attributed to chargeable accidents, traffic-violations, civil-suits, vehicle-theft, damage from storms/floods, credit-risk, change coverage-limits, or other actions/incidents that would normally place one at a higher risk and bump up rates?
I've been with GEICO for more than 40 years now, and have been extremely satisfied with them over the years (one reason I've stayed so long)...and, over the years, they have given me excellent service and rates, although, to be fair, I have not cost them that much money in claims compared to what I've paid into the policies.
Yet, this year, I just got my 6-month bill, and it shows what is probably the largest 6-month rate-increase I've seen in some 40 years, even though I still am the same low-risk, with no claims for a number of years now. and still getting all of the same rate-discounts. It went from $383 to $477 just like that.....mostly in the Bodily-Injury, Property-Damage, and Collision categories. Although not a huge increase, and nothing I can't afford (it certainly won't put me in the homeless shelter), I still was a little concerned. I talked to a GEICO rep (they still provide phone-service/consultation), and he said more or less what I suspected.....sharply increased costs to the company recently in those categories. Perhaps it makes some sense, given the generally high rate of inflation in the economy now for the last year or so....that it would affect the costs of auto-repairs, medical costs, totaled-vehicles, etc....., plus the values of vehicles themselves being much higher due to the supply and demand.
Anybody else get a sharp rate-increase this year not attributable to yourself being at fault?
As you can see with the bottom image, if it weren't for the discounts I get, I'd be paying over 40% more.
It looks like yours went up 24%-25%. I saw the same % increase in the rate on one of our cars last month. This is through State Farm. I haven't had any claims in a number of years. I'm sure when the other car renews in a couple of months it will be the same. My agent said the same thing as yours, increased costs.
It looks like yours went up 24%-25%. I saw the same % increase in the rate on one of our cars last month. This is through State Farm. I haven't had any claims in a number of years. I'm sure when the other car renews in a couple of months it will be the same. My agent said the same thing as yours, increased costs.
It was around 20% for me. And those discounts I get help a lot....I was still posting those discounts when you replied.
In your case, though, BMW and Audis are generally not cheap vehicles to insure....it can cost an arm and a leg to repair or replace them.
Since you (apparently?) have two different policies for your two vehicles, have you considered combining them into one policy for two vehicles? GEICO gives a discount for multi-vehicle coverage, and I suspect that State Farm will, too.
always need to shop around every 2-3 years, you arent rewarded loyalty with insurance companies.
With some you are rewarded....others, with you aren't. GEICO, in general, is very good about that.....but also with dropping people if they have too many claims.
I have no idea if this is the case or not, but I do know rates often increase as one gets older. Maybe that took place here? And maybe the agent on the phone doesn't have the heart to say that as a reason? Just thinking out loud...
A few years ago my rate jumped significantly(from $90/month too $150) despite having a perfect driving record. Turned out Nevada had passed a law doubling the minimum amount of required liability coverage, so the rates went up with it.
Looks like mine went up by $2.94 (about 1.25%) at my renewal back in May. In July, I significantly increased my coverage amounts (hadn't reviewed in 10+ years) and added an Umbrella policy. It went back down by $3.16, though my wife's went up by $35.82 when I did the same thing.
Currently paying $381.84/6mo for the BMW ($500 deductible), $584.68 on the Audi ($100 deductible). That's for $250/500k Liability (which the Umbrella extends to $3M), UI, and UIM, $100k property damage, $10k medical payments, Collision, Comprehensive, roadside and car rental.
Mine went up on both my X7 and Plaid about $400 a year for each and nothing with my driving record changed. When it first happened I shopped around and even with bundling I was getting higher quotes than my current insurance company State Farm. Even USAA was higher.
It was around 20% for me. And those discounts I get help a lot....I was still posting those discounts when you replied.
In your case, though, BMW and Audis are generally not cheap vehicles to insure....it can cost an arm and a leg to repair or replace them.
Since you (apparently?) have two different policies for your two vehicles, have you considered combining them into one policy for two vehicles? GEICO gives a discount for multi-vehicle coverage, and I suspect that State Farm will, too.
Yes, I get discounts for multiple vehicles (2 BMW's) low annual miles and clean record. It sounds like auto insurance rates in general are going up.
I have no idea if this is the case or not, but I do know rates often increase as one gets older. Maybe that took place here? And maybe the agent on the phone doesn't have the heart to say that as a reason? Just thinking out loud...
I did a real quick search and it appears that rates do start to increase around age 70 or so. I'm probably older than most here so I imagine they'll continue to creep up.
11-07-22, 05:30 PM
Insurance-Jump: 2022
