How much has your car insurance changed since you last checked? (lease/finance)

Tesla insurance looking better by the day. :eyes:

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I’ve learned long ago to never be loyal to corporations. You have to jump every 6-12 months for everything it seems to get the best pricing.

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Tesla phone. Just implant it right into my head. Will help with my newly developed carpel tunnel from texting all day.

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Which sometimes buffels me as cost of acquiring new customer is higher than just simply retaining existing… Why not try to keep existing

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Most companies don’t care.

Cost-concsious price shoppers aren’t worth keeping…they really want customers they can price-abuse. That potato chip bag purse is an example.

Yeah, I know. But why?

I have always wondered the same thing, and not just for insurance. The cost of acquiring a new customer can be very steep.

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A lot of moving pieces so there isn’t a perfect answer. Past ~18 months of inflation on auto insurance costs is far in excess of the overall +8% CPI range. Rising used car prices, supply chain issues impacting replacement parts, rental car shortages, etc. unfortunately due to how insurance is regulated, if they change rates due to rising costs, rate changes have to be applied to new and existing customers - they can’t “grandfather” you in at an old rate like other industries.

Business as usual. I live in a state (MA) where insurance is required.

How quickly people forget those early covid discounts and rate freezes while costs did not stop climbing. The revenue curve got bent at a time when claims are down, we’re back to “normal times” for claims with a lot of inflation — when people make claims: repairs cost more than 2019, take longer, incurring more expensive rental reimbursement. A family member had a fender bender in a parking lot this past September, almost 2 months waiting on a bumper. All that time the insurance company has her in a rental, and the shop told her that in trying to source an alternate faster, the part price was 30% higher than the already-2022-inflated price, roughly double what it cost in 2021.

But as you suggested, some states are raising what insurance minimums can be offered while still controlling prices/increases. Some reading I did a couple months ago expected a lot of insurance companies to shed customers, everyone is keeping a close eye on State Farm since they are both #1 in size and publicly traded, so slightly more transparency around churn.

If they are statistically unlikely to make a claim, then yes. If you’re more likely to make a claim, they’re making it less and less hospitable to stay, within their ability. If they don’t cancel you, they can only raise your rates as much as the regulators allow them. Whatever savings exists by reducing churn is erased by a broken windshield or a parking lot fender bender.

I had Traveler’s insurance for both auto and home pre-Covid. I do not recall getting any “extra” discounts during the pandemic. On the other hand, they increased my auto rate. When we inquired about the rate increase, we were told that although we had not filed any recent claims, we needed to contribute more the help cover the elevated costs of other customers claims (paraphrasing here, but that’s the gist of it).

I stayed with them for a couple of years (until 2020), and then switched to Safeco until recently.

I have Travelers and I did. Go back through your emails…

From June 2020:

We are temporarily suspending cancellation and non-renewal of coverage due to non-payment and no interest, late fees or penalties will be charged…

I never emailed them. At this point, it does not matter.

I didn’t contact them of ask for it, they sent out emails to members (at least to everyone I know who uses them) and the discount was automatic.

My renewal with GEico is this month
I see the same price on the renewal as my last premium

Will I see an increase if it was set to go up?

The renewal quote would be higher if the rates went up.

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Any insurance gurus here know what the best combo of auto limits is if adding an umbrella?

For instance-----

Can one have the lowest overall cost by having a lower auto liability with an umbrella vs higher liability with the umbrella, etc? I believe the umbrellas require a minimum auto liability, but not sure what it is.

The ones I’ve seen have been 250/500 minimum liability on the auto and 300K on the home. I just priced out a $1mm umbrella with Progressive for $200/yr

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Thank you for the feedback on this. Is progressives lower limit 250/500 on auto to get the umbrella? I ask is progressive is coming in extremely competitive on auto compared to my current carrier.