In decades of having auto insurance, I’ve never had it go down. Simply because the cost of everything keeps going up. That includes labor and materials for car repairs. So the insurance company raises rates most years just like everything else we buy. A 30% jump is big. I would be looking at alternatives. Call around for a better rate. The only times I have ever had even a marginal reduction was when I switched companies after a big increase.
Actually, that is something to be glad about. The last thing I want is a return on insurance premiums. That means you had or were involved in a loss and your future rates are sure to go up to compensate for the loss payout. What you did get was peace of mind. I have a hard time putting a value on that as it is worth every penny to me. That’s why I also have an umbrella policy…
I went back to the beginning of this silly thread . I read enough nonsence and goofy thoughts to last me a lifetime . Maybe pisoyi8177 will return and say where he is , what insurer he has , if that is a yearly rate and what kind of vehicle it is .
I don’t really care for how much my Home insurance is but it did help to have after roof damage from a hail storm .
I have no complaints and really don’t remember if mine went up a few dollars or not. I pay about $300 per six months per car for full coverage. Now rates are based on a lot of factors such as miles to work or pleasure only, credit rating, type of car, where it is housed in a metro area or not, and the crime rating of where it is parked,and of course driving history. I’ve had my policies for over 50 years so they know what to expect. Miss a payment on something and get a default interest rate, and that can change you risk level in their eyes. But sure talk it over calmly with your agent not using words like extortion.
Allstate? They had a huge rate hike around November of 2022. My State Farm agent knew all about it. State Farm pulled by DMV record and insurance claims record. My DMV record is flawless and that may have helped me get a rate that was less than half of what Allstate wanted.
Insurance, especially with that company, is not about you paying for the risk you pose to them. It’s about finding out how much money they can get from you and everybody else so they can pay claims, usually claims that other people cause. Like the people who leave their RV trailer parked in a place that is gonig to flood with plenty of warning because they want the insurace money for it.
The cost of replacement vehicles has gone up significantly. So has the cost of repairs. With the lack of police enforment during the pandemic, there were more fatalities despite fewer people on the road. All that costs the insurance industry money.
We pay about the same that you do for each of our cars, a 2017 Accord and a 2019 Odyssey. I live in Maryland and we must have auto insurance or we can’t get registration. In some ways, I see it as a tax since we need insurance to get the plates. OTOH, it tends to keep rates down because there are fewer uninsured vehicles in the road. Everyone but the uninsured pays for accidents that uninsured motorists are involved in, and forcing insurance in return for a valid registration spreads the liability and reduces individual insurance rates. Since MD requires insurances, they provide a high liability insurance fund for those that the usual list of suspects won’t insure. Think your rates are high? MD insurance fund prices are astounding.
Many years ago, NJ allowed uninsured drivers to pay a very low surcharge with their registration fee in order to get so-called “state insurance”. The coverage was minimal, and people who were hit by one of those “state insured” cars found out that getting a settlement was very difficult, and if they did manage to get a settlement, it was paltry.
I don’t balk at having to pay for full coverage (+ an umbrella policy) in order to avoid the types of financial disasters that can take place if one is uninsured or has to deal with those who are uninsured.
It’s ironic that the OP complained about “State Extortion” when the reality is that insurance companies are Private entities who can generally charge whatever they want, subject to the State Insurance Commissions who regulate the quality and maximum cost.
Further and more important, Insurance Mandates only apply to Liability Insurance, the “Other Parties” that you may injure.
i.e. You don’t want to insure damage to your car the State doesn’t give a hoot BUT if you injure a kid crossing the street, the State and the Public In General care very much that you have the demonstrated ability to at least minimally pay for your financial damages
Simply because the cost of everything keeps going up. That includes labor and materials for car repairs. So the insurance company raises rates most years just like everything else we buy. A 30% jump is big. I would be looking at alternatives. Call around for a better rate. The only times I have ever had even a marginal reduction was when I switched companies after a big increase.
That means you had or were involved in a loss and your future rates are sure to go up to compensate for the loss payout. What you did get was peace of mind. I have a hard time putting a value on that as it is worth every penny to me. That’s why I also have an umbrella policy…