I switched from Safeco to statefarm because statefarm is the only insurance who put a premium ONLY on the car my 18yo assigned to drive instead of jacking up all 3 cars which every other insurance did (progressive, safeco, geico, NJM, etc)
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CA datapoint – My big jump hit in July 2023 (26% increase) but then dropped by 4% during my most recent renewal this year. Will be interesting to see what happens at renewal this summer, but so far I haven’t yet been a victim of rising insurance premiums in 2024. Homeowners has been a similar story.
Get your kids off of your policy completely. Ship him off to Progressive or Geico. I know I sure did for mine.
I totally agree. I recommend people just ratchet their deductibles up to like $1,000 or sometimes even $1,500 or $2,000 if their policies reflect a lot of savings by doing so.
Getting penalized for actually having to use your insurance is just more evidence to suggest being “self insured” with a rainy day fund for stuff in the 4-digits makes more sense than paying for a low deductible.
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I thought lease car requires $1k max deductible, no?
In my neighborhood, 3 different homes saw a 100% drop in their homeowners premium. Because their carrier just cut them without warning.
I still can’t believe this insurance industry is so highly regulated; but in a way that seems to encourage carriers/underwriters to bail and leave homeowners scrambling.
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I was told $2,500 when I was in the MB showroom to sign. I found this online, but I don’t know what is the difference between a “First Class Lease” and a regular BMWFS lease on a bargain-bin EQS.
- Bodily injury liability not less than $100,000 per person and $300,000 per occurrence
- Property damage liability not less than $50,000
- Comprehensive and collision coverage for the actual cash value of the vehicle
- $2,500 maximum allowed deductible
Edit: here’s the snippet from my MBFS lease originated in July 2023.
I guess it’s worth reading the lease agreement more closely hehe. Which I would do if I could read. And if I could find my lease agreements.
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Every leasing company is different. CCAP has a max deductible of $1,000. I had $2K , but had to change it on my 4Xe.
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My toyota financial lease is $1000 deductible, mercedes-benz is $2500 max but they have much higher coverage minimums (100k/300k vs 15k/30k for toyota). I’m shocked toyota will allow such pitiful coverage limits with the price of modern cars/repairs/hospital stays etc.
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Agree with many here. You need to be able to self insure anything under $1500-$2000 with auto. For example, that new windshield from the lawn truck stones is your dime. For the home, you self-insure for $2500 and under. This will prevent carriers from spiking your premiums, and it also tells them you have sufficient funds and would be unlikely to file a fraudulent claim. A wise man once said, play stupid games, win stupid prizes. Put simply, save your insurance for a true disaster.
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Insurance company should give people back money if they don’t have an accident.
Sure open an insurance company and do that. Lmk how it goes
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State Farm said that insurance rate go up due to people getting in accidents. I told them I don’t care about others why should I have to pay more since there in the accident and not me. I could see why some people with older cars don’t have insurance.
Has anyone took the defensive driving course if so did your rate drop?
Yes, I took it when I was with Geico and lived in Georgia. It saved about $160 / yr on 2 cars and was good for three years. It was an online, at your own pace class that didn’t take long. $40 cost iirc.
It is state dependent though if you get a credit. When I moved to CO they said CO didn’t allow for the credit to be applied. Whether it’s the state that didn’t allow it or Geico telling me that, who knows. It was worth it to myself and one friend. Everyone else in the friend group just had the “that isn’t worth it” look on their face. Mind you this was 5+ years ago.
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I get the costs of claims going up as cars get more expensive and last longer, but why are claims up? Minor accidents moving past the cost of off the books, out of pocket repair jobs? More accidents? Safer cars should if anything lead to less accidents. More drivers? Even if that was the case, that would certainly mean more policies so the % who file a claim may not have gone up.
In 2021, traffic-related deaths hit a 16-year record high, according to the National Highway Traffic Safety Administration
Not every car has AEB, but almost everyone has a smartphone
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About 3 weeks after I leased my (then) 16 year old a '23 Tacoma SR, he backed into another girl while leaving school driving a '21 Subaru. My son goes to a private school that specializes in educating children with ADD, ADHD, Executive Functioning Problems, & Autism. The girl he hit left the lot and drove off, so did he. The school called me and told me what happened. I reached out to the parents and offered to pay for the damages. Total cost was $3,600. BTW, this is why insurance is so expensive. A low speed collision caused almost $4K worth of damage. I decided NOT to make a claim. Figuring if it was our car that got damaged and we’d have to file a claim that we’d be out our $2K deductible. So for $1,600 how much would my rates got up for the next how many years?
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Cars may be safer for the occupants but they’ve also become enormous and incredibly heavy. More weight + huge tall grills = longer stopping distances and way more deaths/expensive injuries for people in the other car. As @harrydogyo pointed out, traffic deaths are going up, not down
Which is a reversal of a 30-year trend.