ImTheCaptain
I disagree with you
2&2's insurance is up because of all the immigrants coming across the border
why is a low-risk client's auto coverage increasing by 25%?
why is a low-risk client's auto coverage increasing by 25%?
thereff is passing along 2&2's posts to his agentyou've seen that guy post - you think he's low risk?
why is a low-risk client's auto coverage increasing by 25%?
There's not really a good, quick answer to this, as everything insurance companies do is based on actuarial data and algorithms at this point.why is a low-risk client's auto coverage increasing by 25%?
i'll be curious to see if thre is some significant reform in the insurance world, at least for home/property insurance
the rate increase is pretty nuts
I've been writing insurance on the SC coast for 6 years since I moved down here, and objectively, the answer is to charge more for homes that are in high risk areas. Home and Flood Insurance has been so ridiculously underpriced for decades, and now that it's getting closer to where it "should" be, it's become hard for people to afford it. We're in a hard market right now and it's always cyclical - it should even out over the next 3-5 years.i'll be curious to see if thre is some significant reform in the insurance world, at least for home/property insurance
the rate increase is pretty nuts
pretty crazycost per claim is up 30-40% since just last year and it was up 30% year over year in 2023.
I got hit by an uninsured and unlicensed motorist, with no assets, 18 months ago and I think more and more millennials are going this route, shifting the insurance burden to responsible members of society.
I don't really understand this for a majority of drivers, because if you don't have your vehicle insured then you're eventually going to get your license suspended and pay pretty large fines.I got hit by an uninsured and unlicensed motorist, with no assets, 18 months ago and I think more and more millennials are going this route, shifting the insurance burden to responsible members of society.
I don't really understand this for a majority of drivers, because if you don't have your vehicle insured then you're eventually going to get your license suspended and pay pretty large fines.
I do think most people are VASTLY underinsured (if you have $30K/$60K or whatever state min limits are, that is gone in an instant in even a medium sized wreck), and just taking the odds.
pretty crazy
are there any working theories about what is going on? it can't just be a 30-40% increase in parts and labor
should probably just ban cars and build trains imo
Fender benders are now $5K-$10K claims with OEM standards, backup camera, sensor adjustments, etc. That's one example of claims costing more.pretty crazy
are there any working theories about what is going on? it can't just be a 30-40% increase in parts and labor
should probably just ban cars and build trains imo
not in terms of injuries/litigation, no.anecdotally, it feels like people are driving more recklessly post-covid
cars are also getting bigger and bigger
i'm wondering if the per-claim increase is at all related to higher severity incidents related to these trends
The only thing I would expect them to do is to try to deny the claim whether valid or not, which is their business model. Promise, collect, and then come up with bullshit reasons why they don't want to pay. Then raise rates. Insurance, in all forms, is the biggest crock of shit in America today.So you have no idea how insurance (literally defined as a pooling of risks) works.
Good to know.
I cannot tell you how many conversations I have had with folks who have this mindset in the two years since it's become a hard market. It's just exhausting, but also not surprising that you're making this post.
The advertising budget has (almost) literally nothing at all to do with the rates as set forth by State Farm/approved by the state board/DOI/reinsurance facilities.
Let's say you've paid $2K every year for 20 years - you've given State Farm $40K total (not a small amount at all, I 100% understand that!). If you run a red light today and t-bone a family of 6 would you be ok with State Farm only paying out the money you have paid them since you started being a customer, or would you expect them to pay out to your full policy limits (hopefully $250K/$500K or $500K CSL) despite "only" paying them $40K?