Why Car Insurance Rates are up Again +20% and More!

Car insurance premiums have surged by 22.2% over the past year, according to March’s Consumer Price Index figures from the Bureau of Labor Statistics, far outpacing the current inflation rate of 3.5%. Over the same 12-month period, car repair costs increased 11.6%, with maintenance and repair costs up 8.2%.
Premium costs are accelerating, with March’s 2.6% month-over-month jump in car insurance costs almost three times the size of February’s 0.9% rise, and 12-month increases exceeding 20% over the past four months-the largest increases since the 1970s.
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[@daleolson3506]

Insurance company’s need an overhaul. Bottom feeders

[@brilliantradience]

I pay every 6 months and the bill went from $800 to $1K to $1200 in NYC, not tickets or accidents

[@CarCoachReports]

YIKES

[@avgFloridian]

Mine went from about $350 to $550 to $850 to $1250 over $1,600 for the last bills (every 6 months). According to their announced projections, I expect it to go up again for my next bill. They also cancelled one of my vehicles, didn't tell me, and switched policies on the vehicles so that I was insured for the parked vehicle and not on the one I was driving, while still paying both, and refused to reinstate my other policy without taking a deposit for a new policy. I didn't find out until the state sent me a letter threatening to suspend my license. I pay more for insurance per year than my current car is worth.

[@Leumasleumas725]

35% up here in CA! With a clean record!

[@edwinrodeo]

I was told by my insurance agent that a big chunk is due to people not being insured, hit & run , & most people have new vehicles that have expensive items to repair. & don’t forget tracking you when you sync up your phone, that has everything

[@martincandia1685]

ALLLLLL BULLLLLCRAAAAAP

[@thereissomecoolstuff]

Thanks for telling like it is L. You definitely stick up for the consumer. Your message during every review “make sure you get an insurance quote before you sign” is literally words to live by. Insurance and gas are pricing people out of cars now. Never mind insurance rates.

[@CarCoachReports]

Thank you

[@julioruata2213]

My car insurance went up super high this 2024. I don’t police ticket and accident. Texas feels like California or NY. Government and insurance are together

[@CarCoachReports]

Wow

[@jefferybaxter1225]

I have two vehicles on my policy. Between August of 2023 to January of this year 2024 I was paying $260, $265 monthly for the two vehicles at full coverage. That was good. However, things took an upward spiral when my February billing statement came in. Now they're asking for $420 a month. WTF was that? According to my insurance company (State Farm) they said quote "an error was made in the system." As for the error they said something wasn't included with the vehicle I added to the policy. First vehicle on the policy is a 2005 Jeep Grand Cherokee in the Limited trim. Second vehicle on the policy which was added back in July is a 2023 Jeep Grand Cherokee L in the high trim Summit Reserve with the V8 engine. Despite all the advanced safety features on the 2023 Jeep Grand Cherokee L, that was the vehicle that got the rate increase. I have a good driving record. No traffic violation tickets in more than quite some time. No accidents in more than quite some time as well. I have a feeling either one or two pieces of info are out there and my insurance company isnt telling me.

[@RAM_845]

Which is WHY I avoid cars with high tech gadgets

[@mikehughes8023]

Or just don’t activate them upon purchase.

[@RAM_845]

@@mikehughes8023 Meh I'd rather cars from 2009 and older...If I wanted those features I can add them later on, why be in debt to buy a car with majority of feature you never asked for and modern cars spying on you sending data and SELLING your data.

[@chodkowski01]

Less to go wrong and break.

[@JENNIFERGOTTI]

We will soon see New York drivers driving without insurance with plates from all over. Probably already being done. Jenny

[@Jimster481]

My insurance went up as well. I just rebased my insurance and dropped it by dropping the number of miles on my policy. I have lots of cars so none of them are driven very much.

[@2MANYCARS]

Get an old car and do away with all these intrusive tech, plus you can pay cash for one thus saving yourselves money, from paying those crazy interests to banks too!

[@ksorsomeplace]

I've had no claims in years. Yet....it keeps going up. Time to offload the increased costs burden to those with the claims driving up the cost. I have to re-quote every other year to try and keep the cost in check.

[@RipliWitani]

Clean record good credit score. 130 to 160. Nothing has changed.

[@chodkowski01]

My insurance has dropped. All I can figure why is that I went to the dealership for an oil change and because I’m retired and only put less then 1,500 miles a year on my car was that reported to my insurance company?

[@antoineozaneaux6881]

so how do i get the personalized plates from mexico . we have so many in my state .

[@unclej3910]

My car insurance is 20% higher this renewal month than 6 months ago.

[@CarCoachReports]

Ouch

[@blipco5]

Don’t look at your homeowners policy.

[@annamarie5372]

Insurance will just HARMONIZE rates and charge non EVs more . It’s the social way 😆😆 If profits go up 20% will they reduce rates ?😆

[@freedomforever6718]

Bill Gates wants all your information yet won't give out information about how to repair a Tesla.

[@blipco5]

Insurance companies need a tax rate reduction. This way they will be able to pay their employees more and be able to lower rates for their customers.

[@CarCoachReports]

😂

[@blipco5]

@@CarCoachReports Wasn’t that the idea of the big corporate tax cuts? Don’t tell me the head honchos decided to keep it all for themselves. Oh no, I won’t believe it.

[@RipliWitani]

Insurance companies have all the money. They just greedy.