Insurance Costs - Increase

[MachhE-CT]

I don’t know your coverage limits . The Mach-E raised my physical damage premiums which I expected ( traded in a 2015 Mini Cooper with a Book value of 2700) . It had a negligible effect on my liability ( which I carry at 500,000/500,000).. My annual premiums is $1900. That include the bundle discounts (HO and personal liability) , after system credits , claim free for 15 years credit, and a loyalty credit and the mutual insurance end of year credit ( mutual companies distribute profits back to policyholders which are the company owners in a mutual company) That is for two vehicles. My other vehicle is a 2013 Ford Escape.

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[dimaj]

Here in NJ using state farm, our insurance increased as well but the Mach-E doubled that rate. We have 4 cars on our policy and the Mach-e with full coverage is equal to the other 3 cars combine. The other cars are a 2022 Ram 2500 (full coverage), 2011 Eclipse Spyder GT (full coverage) and 2009 Kia Reo (liability). I asked my agent why and I was told the parts for electric cars are way more money than a standard car but the biggest risk is when electric cars are in accidents they are more likely to get totaled then a standard car. The higher risk of pay out is causing them to increase the rates. That's the excuse they gave me.

I used to have a 2016 VW e-Golf (traded in for '23 mach-E) and 2018 Nissan Rogue. My VW premiums were about the same as my Nissan's premiums. With Mach-E, it went up.
Went from:
2023 (June):
* Nissan: 467
* eGolf: 512
2023 (December):
* Nissan: 468
* machE: 791
2024 (June):
* Nissan: 574
* machE: 940
2024 (December):
* Nissan: 632
* machE: 1047

 

[Blue highway]

To me it just feels like every corporation is raising their rates because they can. I don't think they are using data good or bad to raise your rates. I would love to see some regulation in the insurance market for cars and homes.

you can't get blood out of a stone. Lots of insurers are fleeing California because it is becoming impossible to do business there.

 

[ack154]

My general rule is to requote auto insurance every 2-3 years. Almost every company I've been with eventually raises rates for no "apparent" reason. And you can almost always get new policy discounts when switching companies (even if you've been with them before) to save a ton of money. But then those discounts "expire" and normal rates kick in, followed by the "rates have increased in your area" in the years following.

Lather. Rinse. Repeat.

I'm with Esurance right now (in NY) and they've been roughly the same for the past couple years, but it's nearly time to start over. I have jumped between them, Allstate, and Progressive for the past number of years. When we have had incidents, I've had great service from both Esurance and Progressive. Nothing to say about Allstate, except that I'll probably skip them next time as they kept pushing me to a local office for things when I just wanted to do everything online when I could.

 

[Richard L.]

I'm on Long Island in NY. Clean driving record. Allstate $3650 year. That includes a discount for my home owners policy.

 

[Maui]

My general rule is to requote auto insurance every 2-3 years. Almost every company I've been with eventually raises rates for no "apparent" reason. And you can almost always get new policy discounts when switching companies (even if you've been with them before) to save a ton of money. But then those discounts "expire" and normal rates kick in, followed by the "rates have increased in your area" in the years following.

Lather. Rinse. Repeat.
...

I hate this and I've been avoiding this due to being busy... but seem necessary.

 

[snowdoggie]

I'm on Long Island in NY. Clean driving record. Allstate $3650 year. That includes a discount for my home owners policy.

That's nut, and more than NYC. Are they expecting another hurricane/flood event?

 

[Richard L.]

That's nut, and more than NYC. Are they expecting another hurricane/flood event?

Welcome to New York State. Land of high taxes and ridiculous insurance premiums.

 

[McQueen]

I dont think my broker operates in California. Theyre very regional. I just googled Insurance Broker near me and picked the one that was closest. They were able to get me and my family really cheap insurance with good coverage from a well known Insurance provider in the area. Good luck!

I'm paying more in premiums on the bought-new in June '24 Mach-e Premium than I was paying on my 2007 Mustang GT (with 160k mi)! Was going electric anyway, but was genuinely shocked by Allstate's quote (after dumping GEICO a couple years earlier).

 

[MonkeyNutz]

Texas rates went up 20-30 % for cars. House up 37%

It’s been a trend affecting mostly everywhere, ties in with inflation. Our insurance rates have doubled since ‘21, but so has the valuation of our home and the cost of building materials and labor should we need to rebuild it. Auto policy costs going up is what irks me, but I know we’re covering for liability and the epidemic of uninsured/ under-insured motorists out there.

That said, it pays to have a good agent help you shop around and the best deals usually come by bundling home and auto.

…And of course there’s a healthy dash of corporate greed added into these costs as well. Lots of top-heavy administration and bureaucracy. At least the CEO and other officer pay isn’t completely off the rails bad like it is in the health insurance or tech industries. Geico CEO took home a $10M salary in 2023 after a 20-ish % pay cut and forfeiting [some] bonuses. USAA CEO only made $4.9M, but that was after doing the opposite and earning a nearly 160% pay raise from the year before…. Not sure if we’ve seen stats for ‘24 yet.

 

[Mr Breeze]

Here in NJ using state farm, our insurance increased as well but the Mach-E doubled that rate. We have 4 cars on our policy and the Mach-e with full coverage is equal to the other 3 cars combine. The other cars are a 2022 Ram 2500 (full coverage), 2011 Eclipse Spyder GT (full coverage) and 2009 Kia Reo (liability). I asked my agent why and I was told the parts for electric cars are way more money than a standard car but the biggest risk is when electric cars are in accidents they are more likely to get totaled then a standard car. The higher risk of pay out is causing them to increase the rates. That's the excuse they gave me.

I pay 1000 every 6 months for a Tesla Y and MME with full coverage and high liability limits here in Tennessee

 

[Aubury]

Meanwhile I get to pay ~1750/6 months cause I live in Dearborn. That's about the best rate I can get, progressive tried to raise it to 2100 last year. No accidents on my record (anymore) ?

 

[merchjo]

I pay 1000 every 6 months for a Tesla Y and MME with full coverage and high liability limits here in Tennessee

Nice, our MME is 900 ever 6 months, My Ram 2500 newer and cost alot more cost 480 ever 6 months. Our liability is 500000. Comp/Coll both have 200 deductibles for both cars. Liability is not the problem, most of the cost for the MME is collision. No accidents no points and my wife (almost 50) is the primary driver.

 

[Mr Breeze]

Nice, our MME is 900 ever 6 months, My Ram 2500 newer and cost alot more cost 480 ever 6 months. Our liability is 500000. Comp/Coll both have 200 deductibles for both cars. Liability is not the problem, most of the cost for the MME is collision. No accidents no points and my wife (almost 50) is the primary driver.

Actually the collision on the MME isn’t bad its the Tesla collision that hurts. My insurance is through AARP The Hartford

 

[johnnycombo]

The cure for high insurance rates, is to start shopping around, you may have some features or limits that you can change. Going to a higher deductible maybe one.
Start with your insurance agent, walk into his office and have a sit down to express you displeasure!

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