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Thread: Auto Insurance Rates - Why have mine gone up?

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    Veteran Member Alexis81's Avatar
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    Default Auto Insurance Rates - Why have mine gone up?

    I am so confused and I'm hoping someone can shed some light on this. My auto insurance rates have gone up. I haven't had any accidents/tickets/claims, I havent changed my coverage and I moved out of a city to suberbia which should have caused them to drop. I also just turned 25 which also should have caused them to drop.

    Ex. 2 years ago I had a policy with Progressive. I paid $151 a month for a 1999 Toyota Camry. I just did an online quote with Progressive and its now $178 a month.

    I am currently insured with State Farm but am extremely disgusted with them so I've been shopping around

    I was just wondering if anyone could shed some light on this.

    Thank you
    Alexis



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    Featured Member Hello_Kitty27's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    If you live in an area that has a lot of accidents/stolen vehicles/etc, insurance companies will raise rates for that area. The rates are all based on risk, and not just YOUR risk, but the risk of those around you as well.

    PS: I've had really good luck with Progressive. I've had them for several years and they've been great. I was in an accident with the other driver being at fault, and Progressive had great customer service. I worked with the same rep all the way through....he even called me on a Sunday to get the ball rolling (instead of waiting til the next business day). I've been really pleased. And they lower their rates by a little bit for every time you renew with them. That's a good bonus for me, since I've renewed with them like 9 times.

    Oh and by the way, if you pay for the full 6 months up front, it saves a bit too. When you're doing monthly payments, there's usually a finance charge of $5-10 added into each monthly payment. (that is with many companies, not just Progressive)






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    God/dess doc-catfish's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Weather related hazards can be another reason, namely flooding.

    Its safe to say that no matter who you insure with, there's going to be a "Katrina tax" imbedded into auto and homeowner's insurance premiums for some time to come, particularly if you live in the hurricane zone, which you're smack in the middle of. They have to make up for their losses somehow, not to mention prepare for when the next one hits.

    I'm insured with SF myself, and to be honest, despite being accident free for over a decade now, I really didn't see a significant premium drop until the last couple of years (mind you I'm 34).
    Former SCJ now in rehab.

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    Featured Member amylynnej's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    wait you didnt save money by switching to geico.
    AmyLynne

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    Featured Member Vamp's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Number one this is a question you should be asking your insurance agent.

    Number two with other posts you have made I am wondering if it has to do with your credit score. More and more insurance companies are now using this as well to determine rates.

    Do you still have a loan on the car? If not consider just having liablity coverage, which is alot cheaper.

    I am with State Farm too. doc-catfish call and ask them if that ten year accident free is listed on your policy. When I moved to missouri I switched agents. I found out it hadn't been added. I was with State Farm the whole time so they reviewed the records and added it.
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    Banned Melonie's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Its safe to say that no matter who you insure with, there's going to be a "Katrina tax" imbedded into auto and homeowner's insurance premiums for some time to come, particularly if you live in the hurricane zone, which you're smack in the middle of. They have to make up for their losses somehow, not to mention prepare for when the next one hits.
    Yes, this was a major development to come out of the Hurricane Katrina claims ... a basic argument of fairness that people living in low risk states / cities should no longer be required to subsidize the increased risk experienced by people living in hi risk states / cities via the charging of the same 'blanket' insurance rate for homeowners' insurance and/or car insurance.

    I'm a ten year accident free State Farm auto insurance customer as well !!!

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    God/dess VenusGoddess's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Your fiance just bought a new car. The newer the car, the higher the rate.

    Everything else was already mentioned. The credit score DOES affect your rate. In fact, I looked over my policy last month and noticed that we got the multi-car discount, the family discount, and a financial stability discount. The theory is that the higher the credit score, the better the driver.

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    Banned Melonie's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    this recent news blurb explains what's going on as a result of allocating insurance premiums based on state / city statistics for actual risk ...

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    Default Re: Auto Insurance Rates - Why have mine gone up?

    I have a vaca house in FL and the homeowners insurance has doubled in the last few years. As previously stated, I think they are trying to make up for the losses. I have been a loyal State Farm customer for almost 30 years in terms of auto and home but they still stuck it to me.

    FBR
    Once again I have embraced my addiction and have put off the moral dilemma to another day.

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    Default Re: Auto Insurance Rates - Why have mine gone up?

    We have a new Camry insured with Progressive, accident free and no tickets, and pay just a hair less than you are paying per month. When we had the 99 Camry with the same driving record, the rates ran about $150-$170 a month too.

    Insurance has gone waaay up. Fortunately we paid cash for our new car because with the high insurance rates and car payments, it is easy for one to have $700 a month or so going out in car payments and insurance, ARRGH!

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    Banned Katrine's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Whoa, my shit at Liberty Mutual is like $61 a month for an 2003 BMW. AND, I've had a fender bender or two in the last two years. Here's what I did:

    Combo discount for having my Homeowner's on there as well.
    Graduate Discount for my university. Ask your agent if you can get it!
    I have full coverage but a high deductible, $1,000.

    Before about 6 months ago, I had 2 speeding tix on my record as well and was paying out the arse with Safeco.

    I had my lawyer "take care of it". All of it was perfectly legal and acceptable. I didn't have to pay the attorney as he is a personal friend. I did have to pay the county a bit extra and promise good behavior in speeding. Well worth it!
    Someone recently hit me in a parking lot and took off. That only counted as uninsured motorist accident, and I paid $200 or so. The damage ended up being over $1,000. Sure, my rate could go up but I have a GREAT agent who hooks me up. He just sent me a Starbucks gift certificate for sending him customers.

    I don't mean to be a shill for this company, as your experience may vary, but I have insurance agents knocking at my door BEGGING to send me referrals with money if I send them people. I don't make a penny off of LM, but am very pleased.

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    Senior Member WoodyLV's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    try esurance.com. they dont have agent so no need to pay their salaries in your premiums. you can change your options at any time. i use them and get a great deal. free instant quote, check it out.

    new cars are not necessarily more expensive. they can also be safer (and cheaper) since they have airbags, side airbags, xx star rating, less breaking down safer in general, etc.

    it pays to change providers every couple years and get better rates. not much incentive to be loyal just for the sake of it.

    also, the deductable you will want high is collision. a high comprehensive doesnt really help that much, but might zing you if you get hail damage or something with a high deductable. if your a good driver just get a high collision deductable.

    g/l

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    Veteran Member T-10's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Quote Originally Posted by VenusGoddess View Post
    Your fiance just bought a new car. The newer the car, the higher the rate.
    I wasn't aware of the one. Our rates just went up too and I was scratching my head and thinking, why??? Now I know it is probably because my husband bought a nearly new car not that long ago.

    Thanks for the information.

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    Veteran Member Alexis81's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Well good news!!! I found a quote I can afford through Allstate! Instead of $379 a month through State farm we are now paying $229 for Allstate. The woman I spoke to was very helpful and explained rates did go up especially in high risk areas and for some reason my area has high accident rate. However she could not believe what I was paying for StateFarm. Anyway I'm happy now Thanks for all the explanations.
    Alexis



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    Default Re: Auto Insurance Rates - Why have mine gone up?

    State Farm is expensive, I have them too.... but they have great customer service. And girl, don't feel bad, my insurance ( I have a sports car) is 450 dollars a month due to many speeding tickets
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    I would hesitate to switch from State Farm to Allstate. Make sure that the QUOTE you got is the same when you actually get INSURED before you cancel your SF insurance. Why? Because Allstate gave us a quote of $377 for our Homeowners Insurance. LOL We have Nationwide for our HO insurance and it's $750/year. After sitting down with AS, the quote went from being $377/year to $740/year.

    They'll quote you low and then charge you higher. So before you get all excited, make sure that the quote is what you'll ACTUALLY charge. In my experience, AS charges just about the same as SF, if not more.

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    God/dess virgoamm's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Quote Originally Posted by VenusGoddess View Post
    The theory is that the higher the credit score, the better the driver.
    That is one thing I have never understood. You pay all of your bills ontime, so therefore you're a better driver?? WTF? What you pay for your auto insurance should all have to do with your age, what type of car you drive and your driving record. I actually think they made this practice illegal in some states if I'm not mistaken..

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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Quote Originally Posted by Alexis81 View Post
    Well good news!!! I found a quote I can afford through Allstate! Instead of $379 a month through State farm we are now paying $229 for Allstate. The woman I spoke to was very helpful and explained rates did go up especially in high risk areas and for some reason my area has high accident rate. However she could not believe what I was paying for StateFarm. Anyway I'm happy now Thanks for all the explanations.
    We have allstate they are wonderful! In fact they charged us low and have comimued to DROP our payments since then.


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    Default Re: Auto Insurance Rates - Why have mine gone up?

    That is one thing I have never understood. You pay all of your bills ontime, so therefore you're a better driver?? WTF? What you pay for your auto insurance should all have to do with your age, what type of car you drive and your driving record. I actually think they made this practice illegal in some states if I'm not mistaken.
    The credit score correlation is of course based on an established pattern of 'responsible' behavior.

    Some states have indeed attempted to regulate insurance rates, with varying degrees of 'success'. Best example is probably New Jersey - see .

    "(snip) Why is New Jersey in such bad shape? The insurance crisis is a clear example of the dangers of over-regulation. Most economists have questioned the need for regulating the insurance marketplace. Numerous studies have found the market to be competitive, and as Robert Litan of the Brookings Institution noted, more than 100 firms normally compete in the average state. Despite these findings, which are not new, several states have established sweeping regulatory regimes to cover the industry. New Jersey and Massachusetts have been the worst offenders, and it’s consumers in these states who feel the sting of excessive regulation.

    In New Jersey, regulators have created a crazy quilt of regulations that make it impossible for insurers to rationally serve their customers. The products they offer and the prices they charge are all controlled by the state. Typically insurers assess the risk that a driver poses and price insurance accordingly. This provides the policyholder with incentives to drive carefully while allowing the insurers to cover their losses should an accident occur. In New Jersey, however, insurers have little say in who they serve or what product they offer. “Take all comers” laws require insurance to be offered to virtually all drivers. In addition, the state has territorial rate caps that limit the ability to price insurance according to risk, which results in low risk areas subsidizing high risk areas. Insurance companies are also prohibited from changing rates or creating new types of coverage without state approval, which moves at the speed of bureaucracy and can take up to one year. To top things off, there is an “excess profit” law that requires insurance companies to issue refunds if, by some slim chance, they earn more than 6 percent profit.

    While it may seem these laws would help consumers, they really have done nothing for drivers in a state where high population density, high theft rates, and a high degree of insurance fraud had already made insurance expensive. Today annual premiums of more than $3,000 are not uncommon. And the regulations on insurance have only exacerbated the problem. Insurers cannot price products according to the needs of an individual customer, leading inevitably to some drivers subsidizing others. "(snip)

    Thus opinions on states with highly regulated insurance differ between the subisidizers and the subsidized !

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    God/dess doc-catfish's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Quote Originally Posted by virgoamm View Post
    That is one thing I have never understood. You pay all of your bills ontime, so therefore you're a better driver??
    No, but when people don't pay their bills on time it often shows that they have a history of misplaced financial priorities. Often people who let their bills slide or pay them late (including their auto insurance premium) will have a history of other irresponsible behavior, including bad driving habits.

    Do some innocents get punished, and do some guilty people catch a break by such seemingly illogical discrimination? Most certainly, but it's really no different than the discrimination that makes men pay higher auto insurance rates than women do.
    Former SCJ now in rehab.

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    God/dess VenusGoddess's Avatar
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Quote Originally Posted by doc-catfish View Post
    No, but when people don't pay their bills on time it often shows that they have a history of misplaced financial priorities. Often people who let their bills slide or pay them late (including their auto insurance premium) will have a history of other irresponsible behavior, including bad driving habits.

    Do some innocents get punished, and do some guilty people catch a break by such seemingly illogical discrimination? Most certainly, but it's really no different than the discrimination that makes men pay higher auto insurance rates than women do.
    This is so true. I had a friend who had a 795 credit score...but only because mommy and daddy paid all of his bills every month (including his mortgage, etc). He never had anything paid late. But, he always got a great rate, etc but drove like a fucking bat lunatic out of hell. He did get a handful of speeding tickets (which, amazingly, never showed up on his driving record, probably thanks to daddy's money). It's sick that he gets good rates on his insurance, etc when he's a bad, irresponsible driver.

    But, until insurance companies lose the right to run credit to figure how much you should pay...there is nothing that can be done about it outside of biking, walking, or taking public transportation.

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    Default Re: Auto Insurance Rates - Why have mine gone up?

    I have State Farm and when I've checked with other companies for quotes they were a LOT higher. Maybe it's because I've been with SF since I was 15 and I'm almost 35. I do know when I turned 21 and 25 my insurance dropped but I had to call and tell them to do it.

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    Default Re: Auto Insurance Rates - Why have mine gone up?

    ^^^ one unique feature of State Farm is the 10 year accident free discount, which results in a BIG savings.

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    Default Re: Auto Insurance Rates - Why have mine gone up?

    I just got my bill for my progressive insurance. I've been with them for 2 1/2 years and it just seems like my insurance could be lower. Part of the problem I think is that I have full coverage. Considering I have a car I love I sometimes think it's justifiable....but then again my car is a 1998 so should I have less coverage? If so what would be advisable?
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    Default Re: Auto Insurance Rates - Why have mine gone up?

    Is your car paid off?

    If so, you could drop your coverage to cover the basics instead of the full coverage. OR you could up your deductible.

    Some people say that if your insurance coverage costs, in one year, are more than the value of your car...you have too much coverage.

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