Insurance premium up 40%

I'd shop around. Remember the value of your truck only goes down but insurance companies will never charge you less as the value of the truck goes down.

 

Thats insane. I'd be moving. I have twice the coverage and nearly half the cost for 2 vehicles, a house, and liability on my boat, and snowmobile

 

Thats a hard pill to swallow. We have so many unlicensed uninsured drivers that I would not have guessed my insurance premiums could go up. Also I live deep in deer/snow/ice country with lots of steep grades so in my mind those kinds of risks would be comparable to colorado.

 

Yeah, house is another $1500 annually and that is cheap for my area.

 

I have no idea what your personal net worth is, but another reason to have insurance is to protect that net worth if you are involved in an accident, particularly an injury accident where the costs could far exceed the policy limits. If you're found liable, you could be on the hook for anything more than your coverage. I remember asking my father 45 years ago why he had such high limits on his car insurance and it was precisely this reason, and we as a country were far less litigious back then, but he owned half a dozen houses and a very profitable apartment complex. I probably wouldn't be bragging about my low limits unless I had no personal assets that might be at risk. Without getting too specific, my house is worth well over a million dollars more than I paid for it twenty-four years ago and the stock portfolio has more than doubled in the last four years.

 

My house is just under $800 yearly...i was paying $1200 before for the same coverage till i bundled everything together with geico. If you don't shop every couple years for insurance your likely getting hosed.

 

This. This is exactly why I hate and always hesitate to post in threads like this. All the UN SOLICITED financial advice I get from random people who do not me or my financial status. I'm not trying to tell you how to run your life or pay for your shit, don't do that to me.

Stay. In. Your. Own. Lane.

 

I'm in Arizona and it's pretty high here due to all the bad drivers. They drive way too fast for conditions, don't signal, road rage is super common, tailgating, high percentage of uninsured crackheads rolling around, etc.

 

I couldn't find a cheaper quote, seems like all the big insurance companies agree to inflate the price here. And my truck is worth too much to risk having liability only.

I ride dirty on my motorcycles, they aren't worth having high insurance rates for liability only. I've had to run before, ditch the bike, drop my gear and walk... I'm not paying $2k a year for a bike that is only worth$3k

 

Good reasons right there.

 

Here's my update. I got the letter of premium increase in the mail yesterday, after a few hours of shopping around calling getting emails with quotes attached comparing, and as of now I have new coverage with State Farm, 47% lower than my renewal rate with GEICO. Soon as I hit 'Post Reply' on this post, I'll be on the phone with GEICO to give them the update.

 

my wife and i have gecio and had a non-fault accident in October it's been an absolute nightmare dealing with the gecio- (other driver had gecio insurance) getting multiple calls from multiple "agents" asking the same questions over and over again like 10 or so agents over the course of months. "oh I can't see into the other files for privacy reasons.... so who paid the medical bills your insurance or Medicare?? lets look at getting your truck fixed" my truck has been the shop for a month or more and delayed because of geico not responding to Collison center and they are wafting to charge storage fees because of that. fainly had to start telling the "agents" to stop asking me the information that I gave within the first week or two after accident and to get the information from the files, then I will answer questions tht have not been asked yet.

then they jack up the rates......there are other insurance companies and places to go to

 

Yeap and since the medical industry here is basically a mafia cartel they bill whatever the fuck they want and then let the insurance sort it out. That's one reason I have like 500k on there lol.

Also stay away from Geico and 21st Century.

 

I'm always shopping around for new ins. Especially during the last month of coverage. I have bounced between Geico and Progressive for the last few years. Was with Geico for 7+ years and then I quoted Progressive and they were cheaper on car and home ins. So I switched a year or two ago. 6 or 7 months ago, Progressive decided to raise my rates about $300 for the same 6 month coverage period. I called and asked why? They claimed the state of AZ caused it. Immediately following, I got a quote from Geico, same coverage, same everything, and it was back to the normal price - $300 less than Progressive. So I switched. Then 6 months later, Geico pulled the same BS, with the same exact reasoning. So I got a new quote from Progressive and it was back to the normal rate - $300 less than Geico.

It's all a scam. I need to find something new that beats them both.

 

Great advice, we have been doing the same, I'd say were on a 3-5 year cycle between Allstate, Progressive and recently, surprisingly The Hartford.

 

OK So I have Geico and pay $636 every 6 months in Northern CA, clean driver, full coverage, $500 deductible ($1K deductible only reduced it by like 8 bucks ever 6 mo). Because It hasn't changed I just figured I was getting a good deal. Sounds like mine were always high and everyone else is starting to catch up.

 

You have to remember that different regions will have different premiums.

 

That's not expensive. There's a lot of other factors like how many vehicles, how much you drive, married/single, putting it all together on one plan, driver discounts. Mine was 90$ a month in Norcal and now in Arizona its 120 because like I said Arizona drivers SUCK.

 

Someone with more expertise could chime in here, but I *think* the way that "mutual" insurance works is that they put you in a "pool" of people at a similar risk level. The pools don't stay open forever, the premiums go into the pool (and are invested), and claims are paid out of the pool. If the pool goes negative or is at risk of not being able to cover anticipated future claims, premiums go up. I dunno, actuaries do some math and figure it out, plus it is somewhat regulated. With State Farm, I've gotten refund checks multiple times because the pool exceeded some amount. I've been with them for like 30 years and have what I consider good rates, so haven't shopped around. I pay $185/month for full coverage on 4 vehicles, all relatively new ('15 Corolla, '17 4Runner, '18 Tacoma, '21 RAV4).

For someone that hasn't been with their current company a long time with a good driving record (no at-fault claims, no moving violations), shopping around may not be a bad idea. You might find a company with a pool they can put you in that decreases your cost. That said, where you live has a lot to do with rates -- places with potential hurricane/flood damage claims are always going to be more expensive.

And the advice to check your limits is good advice, cover your assets.

 

That's not horrible depending on what all you insure. Mine is $650 for 6 months. I insure my wife and I, my truck and her car though. Plus I started paying the whole amount in full. Get a decent discount that way too.