Car insurance increase > 20% (Statefarm, FL)

[suprme]

I have Farmers with my truck insured in FL my f-150 was around $2200/yr once I swapped and put the tremor on it went up to $2600 ish per year.

I do insurance for a living so I wasn't about to give my business to some random agent down there. But all across the board insurance premiums are up big time. Pretty easy to figure out why though.

 

[Rigger]

I'm an engineer, small business guy, head of household with dependents, plus I love trucks. Consequently, I buy several different types of insurance; auto, home, life, business, health, dental, professional liability. I have seen rate increases everywhere over the last several years. I heard that some of the larger insurance companies have seen major losses in the form of paid out claims beyond what they anticipated and are increasing rates everywhere to recoup. Not sure if it's true or not, but there's that.

Blessed are they who do sweeten the bitter pill of providence, for they shall be called insurance agents.

 

[Ceerix]

Hi,
I just got an email my current insurance company Statefarm that my car insurance for the Tremor will increase > 20% after 6 months.

No incident, no .. nothing, just increase

For me it's outrages because Statefarm didn't inform or mentioned this big increase. No, they just send me a bill without any explanations.
Kind of, we send our customer the bills the most will not check it and not even recognize this big increase??!!??

I just ask Statefarm if this is correct and the answer is: "State Farm was approved by the State of Florida to increase the rates,"

Old rate was ~$696.00
New rate is : $844.15
both rates for 6 months.

When I started in July and I went go Geico and ask for a rate they told me: > $1,900.00 for 6 months!!!

Today I got an email for my new premium at State Farm: new rate for 6 months: $1185.61 an INCREASED of 30.5%

Never a ticket or accident.....

Started July 2022 with ~$696, now 18 months later it's $1,185.65!!!

A PLUS OF 70.5% premium increase in 18 months....

Yes, I know.... "Inflation"...

Criminals... would be more accurate.

In other countries insurances has to prove WHY the increase there premium.

 

[SirFer]

My renewal with Safeco earlier this month almost exactly doubled last year’s premium so I asked my agent to shop it around. My wife and I did both get new vehicles this year but it still seemed crazy. We ended up with a policy from Auto Owners that’s less than last year’s premium with all of the same coverage limits so I’ll take it.

 

[Lunch Box]

Today I got an email for my new premium at State Farm: new rate for 6 months: $1185.61 an INCREASED of 30.5%

Never a ticket or accident.....

Started July 2022 with ~$696, now 18 months later it's $1,185.65!!!

A PLUS OF 70.5% premium increase in 18 months....

Yes, I know.... "Inflation"...

Criminals... would be more accurate.

In other countries insurances has to prove WHY the increase there premium.

I'm paying nearly 1k for 6mos.

 

[BroncoHooves]

I'm paying nearly 1k for 6mos.

$173 a month here

 

[LT75]

Yeah it’s total BS. They keep raising rates for no reason.

 

[Ceerix]

I'm paying nearly 1k for 6mos.

Started July 2022 with ~$696, now 18 months later it's $1,185.65!!!

$1.185.65 is now for 6 months, 18 months ago it was $696 for 6 months.

 

[deltadukman]

Yeah it’s total BS. They keep raising rates for no reason.

It's not without reason. It sucks, but the truth it auto loss frequency and severity are out of control. They have been for the last 6-8 years. You have to think not only with the increase in claims, but the cost to repair or replace $70-90k vehicles have increase far quicker than rates. There is a lot that goes into the equation, but what used to be a $3-5k repair is now $10-12k plus a lot have personal injury attorneys getting thousands of dollars for their clients because their necks and backs hurt from a low speed bump. If insurers were to adjust rates immediately to compensate for the increase in losses and cost of repairs to get to just a break even loss ratio with zero profit, it would be shocking. States insurance regulators are the ones keeping the increases semi-tolerable.

 

[StrokinOut]

(California) I have 4 vehicles and my house insured through State Farm, last month the premium on my SD increased just about $6/ month. No change to the premiums on my 3 other vehicles. What I am noticing from this thread is how much lower my policy coverages are than what have been shared here.

This is what it said along with the increase, "Change in vehicle rating group for comprehensive
coverage. • Rates have been changed. • Change of
vehicle rating group for collision coverage. • Change
of liability rating group."

Since posting this, the 6 month premium increased another roughly $40 on my SD. So about $80/year or 9%. Here in CA, maybe some other states too, the insurance companies can estimate your anual mileage as part of the basis for the premium. If you are like me, having multiple vehicles with low anual use and do my own routine maintenance, it's easy for them to overcharge if you don't pay attention. I've had them go from a premium on an outgoing policy, previously based on less than 1k miles per year jump up to a premium based on over 9k miles. That equates to an unfounded premium increase that requires a call and correction each time they do it.

 

[Phil314]

$1.185.65 is now for 6 months, 18 months ago it was $696 for 6 months.

Look into any discounts you can get.
Mine is about $730 for 6 month.
I get $456 in discounts. Drive safe & save is $172 of that.
So I end up paying $274 for 6 months.

 

[StrokinOut]

Look into any discounts you can get.
Mine is about $727 for 6 month.
I get $465 in discounts. Drive safe & save is $172 of that.
So I end up paying $262 for 6 months.

Wouldn't the discounts be automatically applied (with the exception of drive safe...), like multi line discount, good driver etc. That's how my insurance is. My state got rid of Drive safe & save for some reason. All it was when I did have it was a way to submit mileage. Preferred that to the way they now do it now, with the insurance Co estimating mileage based on some other metric.

 

[Phil314]

Wouldn't the discounts be automatically applied (with the exception of drive safe...), like multi line discount, good driver etc. That's how my insurance is. My state got rid of Drive safe & save for some reason. All it was when I did have it was a way to submit mileage. Preferred that to the way they now do it Herr, with the insurance Co estimating mileage based on some other metric.

Some are automatic, some you need to ask for or meet certain requirements.
Always worth an ask and a double check. Agents can vary.
Drive safe & save really sucks the fun out of driving. They track more than mileage now.
Not convinced I'm any safer, but it does save me money.
Plus if I'm in a hairball mode, it can be turned off temporarily.

 

[Ceerix]

My driver's license says "SAFE DRIVER" in big red letters ....

Insurance companies that raise their premiums so high are either criminals or completely incompetent.

Moderate adjustments are the goal and their daily job.

 

[JTredway]

Anyone seeing increases again? Just got our renewal and mo billings is up 7.5% from previous cycle

• State Farm
  • 2 vehicles
    • 2021 250 Tremor: $ 147.18
    • 2022 Jeep JLU: $ 192.26
  • 1 Home
  • no change in coverages
  • no loss of discounts
  • no incurred moving violations or claims

 

[Lunch Box]

View attachment 148442
Anyone seeing increases again? Just got our renewal and mo billings is up 7.5% from previous cycle

• State Farm
  • 2 vehicles
  • 1 Home
  • no change in coverages
  • no loss of discounts
  • no incurred moving violations or claims

For sure, it's off the hook.

 

[Tucsontremor]

Good thread! Not sure how I haven’t seen this one before. Here is my 6 month for the tremor. 3 vehicles, side by side and home all through GEICO. Full glass coverage with a $0 deductible. We go through glass out here in AZ once a year for each vehicle it seems like.

 

[CDUB19]

State Farm Underwriting Loss Climbs to $14B - Carrier Management

When State Farm reported a $13 billion underwriting loss for 2022, it was the largest in the auto insurance giant’s history. A year later, and another record. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing...

www.carriermanagement.com

 

[JTredway]

State Farm Underwriting Loss Climbs to $14B - Carrier Management

When State Farm reported a $13 billion underwriting loss for 2022, it was the largest in the auto insurance giant’s history. A year later, and another record. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing...

www.carriermanagement.com

So basically we're paying/covering their losses even if we've been "great" clients and problem free for a decade.

 

[CDUB19]

So basically we're paying/covering their losses even if we've been "great" clients and problem free for a decade.

That's correct.