Anyone else's insurance premiums increasing?

[JohnHartshorn]

Insurance rates are going up across the board. I just got my house insurance renewal notice and it went up ~20%. I expect the vehicle (it comes in a few days) renewal to be similar. Welcome to inflation.

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[Impetus19]

I currently have progressive and pay the full 6 months up front and since November my premium is up by 20%! Could this be due to high repair costs for the Maverick?

Shop around. Every year my homeowners goes up by 20%, so i go to another company who is much less. They expect you to be complacent and not leave.

 

[Radman73]

The fire wouldn't scare me as much as the electric bill LOL.

Electrical hit has been negligible. $20-40/month at roughly 1500-2000 miles per month. She has seen very, very real power savings. Her Lincoln would cost $40-50 per week.

 

[JBryant]

Electrical hit has been negligible. $20-40/month at roughly 1500-2000 miles per month. She has seen very, very real power savings. Her Lincoln would cost $40-50 per week.

Fantastic. I passed their plant near Austin, TX a couple months ago coming back in my Motor Home from a few weeks down on the Gulf and that thing is HUGE. Teslas just as far as the eye can see, delivery trucks lined up loading those rascals and the parking lot loaded with worker vehicles. Quite an impressive facility. Glad she is enjoying it.

Do you use just 220V power, or do you have a Tesla specific electrical connection device? Sorry for the dumb question, but I just learned to spell Electric last week LOL.

 

[Radman73]

Fantastic. I passed their plant near Austin, TX a couple months ago coming back in my Motor Home from a few weeks down on the Gulf and that thing is HUGE. Teslas just as far as the eye can see, delivery trucks lined up loading those rascals and the parking lot loaded with worker vehicles. Quite an impressive facility. Glad she is enjoying it.

Do you use just 220V power, or do you have a Tesla specific electrical connection device? Sorry for the dumb question, but I just learned to spell Electric last week LOL.

We ran 220 to the Tesla wall charger(we did go with a Tesla approved electrician though I wanted to really do it myself). Works great and chargers her from 60 miles left to 385 or so within a few hours. She has a Model Y and it's a joy to drive. If I were interested in an electric I'd buy another Tesla.

 

[huunvubu]

Mine went up about 15.5% from the last July.

I am on the AllState Milewise program where I currently pay a daily rate of $1.01 plus a milage rate of $0.042 per mile.

In July 2022 I drove 435 miles in the month and paid $42.94. If I apply the current rates it would have cost me $49.58 or an increase of 15.5%

Over the last six months I have paid $234.43 for full coverage of:

Liability
Bodily Injury $250,000 each person, $500,000 each occurrence
Property Damage $250,000 each occurrence
Auto Collision Insurance Actual cash value $500
(Safe Driving Deductible Reward - deductible reduction amount available is $300)
Auto Comprehensive Insurance Actual cash value $250
Uninsured/Underinsured Motorists
Bodily Injury $30,000 each person, $60,000 each accident
Property Damage $50,000 each accident $250

I do have my homeowners also with AllState so that gives me the Multiple Policy discount.

This is the full list of discounts:

Anti-theft Passive Restraint, 55 and Retired, Multiple Policy, Antilock Brakes,
Premier Plus, Early Signing, Preferred Package, New Car

 

[Gmood1]

My home and auto jumped with Alfa considerably!
I jumped ship and now with State Farm. The auto policy is decreasing since I'm bundling again.
The Maverick is around $45 a month with full coverage.
In the last five years I've had USAA, State Farm, Alfa and now back to State Farm.
Shopping around and watching the yearly premiums is a must.

The insurance companies love folks that don't pay attention to the yearly changes. If I hadn't jumped ship, right now I'd be paying an additional $1300 a year.

 

[crgator]

I had Progressive for a number of years. When I traded my 2019 Hyundai Tucson for my 2022 Maverick, my insurance went down. Then, earlier this year, when I traded the 2022 for a 2023 Maverick, Progressive raised my premium. I expected a minor increase. But it went up 47%. When I called and asked why, I was told their policies went up 10%. I said math isn't my best area of expertise, but 47% is substantially more than 10%. They said an agent would get back to me. A week later, with no callback, I switched to GEICO, and my premium decreased. A few days later< I finally got a call. I told them too late.

 

[inthecabin]

I think it’s mostly real world experience with collision damage.. they get totaled easily due to parts cost and unibody repairs…

 

[Gullzway]

Mine went went down from my 2005 Sport Trac premiums. $335/6 months with State Farm.

When I looked into progressive for my Maverick it looked real good at first with all the discounts they give you. Then you realize about 3 of them go away after 6 months and I would be paying more.

I checked All State, Progressive, USAA, and about 3 others. State Farm was cheaper than all of them for the same coverage.

 

[Driverdown13]

I currently have progressive and pay the full 6 months up front and since November my premium is up by 20%! Could this be due to high repair costs for the Maverick?

I have a 2022 XLT fully loaded and my 6 months premiums went down.

 

[TonyS]

State Farm, who I have - has been well covered their substantial rate increases this year. The bill for my Maverick has not come up yet. My 2018 Ford Escape went up 25%.

I have thought seriously about calling around and switching because 25% at once seems unreasonable. And I've been with State Farm since the 1980's. But the deal is for State Farm - and apparently pretty much all insurance companies - is that 2022 seriously sucked for losses. State farm lost 6.7 billion dollars in 2022. Versus 1.3 billion net income in 2021.

I still feel State Farm and other insurance companies should have spread the rate increase out over 12-18 months. 2022 sucked apparently because of parts shortages and labor shortages at body shops - which are working themselves out. We'll see if they lower premiums in 2023 if they make a ton of money.

But anyway, the insurance premiums on the Mav, a third car and my house will all come up in the next four months. Can't wait to see the new price

 

[GreenLady]

I had Progressive. First three months were slightly cheaper than my prior car, a 2006 Prius. Then the renewal came back with a 50% raise so I switched to Geico. Six months later, Geico skyrockets and I switched backed to Progressive. Overall, my rates are still pretty cheap but only switching carriers every six months is annoying.

I guess I need to check other companies. My rate was down with Geico in the beginning (maybe to convince me to stay with them) but when the 6 month renewal came up it went up and with the next 6 month renewal it went up again I assumed rates went up in FL because of all the claims paid for flooded vehicles after Ian.

 

[commadorebob]

I have State Farm for everything (vehicles, home, life, umbrella, etc.) and I am about where I have been for the last ten years aside from actual policy changes (~$1,100 per six months for two vehicles, two life, one umbrella, and one hospital indemnity). My insurance is up $15 a month from earlier this year but I'm also covering a 2022 Explorer now where I was covering a 2006 Saturn Vue at the time.

Otherwise, I'm not seeing the massive increase everyone else is seeing.

Next year when my daughter turns 16, however....

 

[bbeverag]

It depends on the insurance carrier. I just moved my Mavericks, Kia Niro Hybrid and Motor Home from Allstate to Farm Bureau - same identical coverage and saved $1,675 each 6 months.

I have three cars (one driven by a teenager) and my premium for all three is roughly $900/6 months. I can't imagine paying so much that I could save $1675/6 months.

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