Insurance rate increase??

I was wondering if anyone has noticed a huge increase in their insurance lately.
I just received by 6 month bill renewal (2010 Highlander and 2012 Tacoma Pre-runner) and found that it was increased by nearly 700 dollars since my last 6 month renewal. We have been using the same company (GEICO) for more than 27 years. with no breaks in service. May be looking for a new Ins. Company. Any recommendations?

No accidents.
No claims or tickets in many many years (> than 30 years).
No changes other than changing them from daily commuting to pleasure driving only.
Also changed the annual mileage to less than 5K a year on the Highlander and less than 4K a year on the Tacoma.

 

Yeah mine have gone up a lot recently as well. I’m in the same boat, no accidents or tickets or anything like that. I thought my insurance company was being shady but then I happened to hear a news story on the radio that the rates are increasing around the country.

I heard that a few months ago so I can’t remember the reason but you’re not the only one.

 

Mine went down from 1300 to 1100 this time. We have ours our kids and my wife’s father all on the same plan so that for 6 cars. Actually he has his avalanche and his 04 civic so 7 I think.

 

An increase is fine if needed, but to go up 1,400 bucks a year (nearly doubled our previous cost for a year) in one swoop is a bit much to swallow.

I have gotten quotes from State Farm, Farmers, USAA, Progressive and several others. The Lowest for 6 months was 613 dollars and the highest for 6 months was 846 dollars for the exact same coverage levels etc.

 

That is very low. Full coverage?

 

Insurance companies use an algorithm to assign rates.

Everything is fair game. Inflation, driving history, age, etc.

What doesn’t make sense to the human eye, makes sense to the computer. Maybe a clean driving record for many years is deemed high risk, as the law of averages kicks in.

All you can do is shop new companies.

 

Time to switch. My vehicle insurance hasn’t gone up recently but all my home insurances have gone up (along with property taxes ) by a lot each time over the last several years

 

Was just working with an agent yesterday, new policy, new company...
Old company bumped yearly premium ~$900...
Insurance is a risk business, regional issues can drive costs up even if you've not had any incidents...

 

I think I pay right around $550yr full coverage on my 15' DCSB 4x4.

 

If they don't act reasonable they can take their algorithm and shove it...

 

If it was a regional thing I would think all companies would have increased cost for the same area.

 

Call them and ask why it's gone up. If they can't answer, shop for a new provider.

 

My wife has a meeting scheduled for Monday with the agent. A little face to face time. He better have his shit together, she is pissed!

 

In my experience, that's just how insurance companies fuck you. Loyal customer = yearly premium increases. If you have a clean record, always shop around every few years.

Biggest discounts are typically achieved when you bundle car insurance with home insurance, because home insurance has higher profit margins built-in.

 

They are getting greedy. County flew a drone over our property and spotted a chicken coop, wood shed and a tree house at some point. Insurance lady caught wind and added $25k for the coop, $11.5k for the wood shed and $7k for the tree house. I went in yesterday to sign paperwork to decline the insurance and started the paperwork to get the property reassessed because they are claiming them as finished buildings.

 

I have a 2020 DCSB, same clean record no tickets or accidents ever, and over the last few years for full coverage on it and an 03 Silverado 2500hd has went from 140 a month for 6mths to 225 now for 6mths. Been from gieco, to farmers, now state farm. Which has given me the lowest quotes this year.

 

Zero accidents, zero claims, in the past 3 years it’s gone from $1200/ year full coverage for two “new cars” to $2400/ year we drive less than 12,000 miles a year total combined.

I went through this back in November and they had no explanation other than cars cost more to replace and repair now.

 

What Insurance Company?

 

my auto insurance cost has surprisingly held steady in recent years ... the same multi-policy insurance company also insures my house the last thirty plus years ... I received a "jaw-dropping" letter a few years ago that indicated they are cancelling my homeowner's policy ... california was on "fire" ... contacted my local insurance agent ... he reported receiving the "same" letter along with other employees in the office ... companies don't discriminate ... it's a business ...

 

It's definitely a regional thing... Same vehicles and coverages in WA vs NM, radically different premiums for same company, different companies may apply their actuaries differently based upon the individuals that have coverage. Health insurance can vary by the risk pools represented within a company... And then depending on the claims from year to year rates may(will) go up. Years with reduced cost will NEVER result in lower costs however... It is a business, and risk is everything (plus revenues over costs must be met to keep lights on, doors open, and payroll flowing)