Insurance premium up 40%

What about you guys n gals? Geico, says theres been a state wide rate increase, my rates went up $600.00 per year, starting 1/5/2023. This is Florida. Actually looks more like 23%.

What insurance are you guys using?

 

Yep, same here in Georgia and I am with Geico too. But I stay with Geico as they do not require those stupid plug in big-brother devices but even they will go to that at some point. I guess now that insurance companies have the ability to easily monitor how you drive, they can say if you want to insure with us then that is how it will be.

 

I have USAA.
I live in Tennessee, my rates have not gone up……yet

 

I have Mercury, no increase notice yet, but my daughter is about to start driving, so look out, on the streets and pocketbook.

 

I will resist any big brother plug-in to my vehicle as well. I am in Florida and as far as I know, none of the major insurers require the plug-in....yet.

 

Best thing to do is shop around and switch every few years, just like you have to do with cable/internet. There is no customer loyalty discounts....they will give you a good rate to switch and then after a year or two, your rates get jacked up. You might be surprised how much better of a rate you can get by switching. I have bounced back and forth between Progressive and Geico (and Esurance before they were Allstate) over the last few years.

 

Non-3rd Genner here...cause insurance applies to all vehicles

Still have the same cheap rate, USAA here

 

i use progressive for the tacoma and liberty mutual for everything else.

 

Wow, I'm in Nevada and also with Geico and my yearly rate increased by 41 cents.

 

So it went up 600 a year?

 

i signed up for the progressive snapshot thing. then when i got it i read the fine print that came with it so i opted out. raised my rate 30 bucks over a six month time but oh well

 

Hmmm, mine went up $267 for 2023, however, that was most likely because I swapped my 2006 Acura TL for a new Tacoma TRD Sport.

 

What companies require telematics? Regulations on auto insurance vary from state to state, but up here telematics programs are opt-in. They offer discounts for “good” driving, but “bad” driving supposedly cannot affect premiums.
Can say this is true of allstate, progressive, State Farm & usaa in AK

 

Probably all those claims from hurricane Ian.

 

I pull quotes every year. Geico hasn't gone up this year so I bought another term from them. We shall see what happens next year.

 

All insurance is outrageous in FL. I spent 43 years there overpaying. Move to TN and you will, at least, 1/2 your insurance costs. Currently paying $703/yr with StateFarm on my Taco for full 250/500 coverage. That price includes my 2 teenage kids driving it. I am 50+.

 

State Farm for Homeowners and Auto since 1999. Good coverage too. Nice discount for multi line and my rates have actually decreased over that period. So no reason to shop around.

My Taco is $460 annually for 100/300 coverage. $100 deductible for comp and $250 for collision. I've filed two comp claims since 2016. One for a moose collision and the second for hood paint damage from a UTV. Rates never went up.

Edit: Clean driving record and no accidents other than the incidents noted above. I'm 52.

 

Mine went up too. About 15% before hurricane Ian.

I use Statefarm. At the time, I was also facing rental increases "due to demand and inflation" of massive proportions so I was just generally tired of people trying to take advantage of me. So I decided to call them out on their bullshit.

Here is what my agent said, and my rebuttals with against. Take it for what it's worth...it's only Google-fu and I'm only a keyboard warrior...

Bold type was what my research showed, italics are what my insurance agent told me:

• Premiums are being driven past pre-pandemic rates due to inflation, supply chain disruptions and driving habits - Inflation is 9% in 2022. Your increase is 15%.
• Drastic increases in drivers on the road. Roads are more crowded than ever, and Florida has a staggering 26.7% with no insurance - The latest data available is from 2019 and the rate has been on the decline. I have yet to find a study to verify 26.7%. Source: https://www.iii.org/fact-statistic/facts-statistics-uninsured-motorists
• Accident frequency and severity are rising quickly. Collision incidents are up 42% while replacement parts are up over 13% - While I can't find statistics based on general collisions, I see that year over year in the US fatal accidents are down since last year, and about the same in Florida, suggesting severity of accidents are actually down: https://injuryfacts.nsc.org/motor-vehicle/overview/preliminary-monthly-estimates/
• Vehicles are much more complex. Even small accidents can cause hundreds or thousands of dollars’ worth of damage to delicate electronics that require specialized care - My vehicle hasn't changed since starting insurance with you.
• Rising cost of healthcare related to accidents with injuries - Health care seems to be seeing about a 5-6% increase, lagging behind inflation by quite a bit.
• Largest spike in crime rates in a decade. In 2020 a vehicle was being stolen every 36 seconds, every day, for a year. - Florida stolen vehicle rates have gone down year over year from 2016-2020. My vehicle doesn't have a proximity based key system that has facilitated many stolen vehicle statistics.
• Fraud and litigation continue to rise causing significant impacts to rates, taxes, and inflated prices across the board - Not particularly sure how to measure this...

My rebuttals saved me no money. Is what it is...hard to argue when insurance is legally mandatory.

Edit: I should add that I had full coverage 500/500, basic no-fault, basic medical, 500 deductibles, roadside, rental, and uninsured 500k. I was quoted a new rate of 1092.15/6months.

I removed rental and dropped to 250/500 liability to save a bit of money. I'm also in Tampa, FL.

 

i did the progressive snapshot many years ago (10?). i only had to plug it into obd2 port for a month and send it back. while
i had it and it was monitoring, it sent driving performance to a progressive server via cell networks and you could see everything near real time on
a related website they provided. i got maximum discount (i can behave for a month) and it follows the driver, not the vehicle.
i still get the discount now that i have a tacoma but the monitoring was done on a previous vehicle. just my experience.
i have no idea if it changed, but not for me so far. i would not do it if they told me i had to keep it in my car all the time. one month was fine for the money saved.

 

Progressive and AAA. Neither have changed. Progressive went down some a couple months ago.