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Started By
Message
State Farm auto policy increases are insane.
Posted on 8/10/23 at 11:30 pm
Posted on 8/10/23 at 11:30 pm
No accidents and clean record for wife and I.
Wife's car seeing almost 50% increase. $878/ 6 mo to $1,268.
Mine is paid off and seeing $100 increase to $1230.
What has changed out there? Are they trying to shed customers in Louisiana?
Wife's car seeing almost 50% increase. $878/ 6 mo to $1,268.
Mine is paid off and seeing $100 increase to $1230.
What has changed out there? Are they trying to shed customers in Louisiana?
This post was edited on 8/10/23 at 11:32 pm
32
Posted on 8/11/23 at 12:07 am to DiamondDog
They are paying out a lot in claims and all the insureds need to contribute
Posted on 8/11/23 at 4:32 am to DiamondDog
Once again, the people who follow the rules and pay the bills are taking the hit.
Posted on 8/11/23 at 4:57 am to DiamondDog
I just added my wife’s car to my SF policy and the rate isn’t ridiculous. If they go up on renewal then I’ll be swapping.
Posted on 8/11/23 at 5:03 am to DiamondDog
Insurance rates in Louisiana are higher than in a lot of our neighboring states. Our laws are not so friendly to insurance. Trial lawyers have too much influence. LSU’s NIL program is run by a trial lawyer.Do you want a good football team or cheap insurance?
Posted on 8/11/23 at 6:00 am to DiamondDog
State Farm went up on our auto as well. Our homeowners are pretty cheap bc we just moved into a new house. If my homeowners goes up, I will be looking after being with them over twenty years.
Posted on 8/11/23 at 6:21 am to PotatoChip
I live in Mississippi and have Farm Bureau and mine went up as well. For a 2013 Silverado. No claims, no tickets. Insurance is the biggest damn racket on the planet
Posted on 8/11/23 at 6:39 am to DiamondDog
Yep we’re apparently going up 38% next month. frick that. Absolute clean records
Posted on 8/11/23 at 6:43 am to Allthatfades
quote:
Insurance is the biggest damn racket on the planet
What limits do you have?
In your mind how much should you pay to the insurance company for taking your bet that they won’t have to pay out more than you pay in the form of a claim?
And go…
Posted on 8/11/23 at 7:14 am to DiamondDog
Painful, but expected due to inflation and car prices. Vehicles getting more and more complex. I'm ready to make the switch to a Corolla with liability only.
Posted on 8/11/23 at 7:18 am to deltafarmer
quote:
LSU’s NIL program is run by a trial lawyer.
This has always blown my mind, and it doesn't get near enough attention. This says so many things about Louisiana and the trouble it is in.
Posted on 8/11/23 at 8:10 am to SloaneRanger
quote:
This has always blown my mind, and it doesn't get near enough attention. This says so many things about Louisiana and the trouble it is in.
Everyone that should be sounding the alarm is getting paid off. We all see these idiot injury lawyers are flush with cash buying all kinds of stupid shite they shouldn’t be able to afford, but nobody says a word, no stories are written, no discussion in legislature or government. But as long as it supports the state football team all the idiots will get in line and pay their extra share in car insurance and risk of being sued. We’re the ones funding LSU’s NIL program and athletics programs while Gordon and others get the glory
Posted on 8/11/23 at 8:26 am to DiamondDog
The irony of posts like the OPs...
We literally have a post on the OT complaining about used car prices being absurd and folks are wondering why insurance companies are raising rates across the country.
LINK (From the OT)
Insurance prices trend with used car prices, costs to repair, labor costs, delays due to short-staffed repair shops and parts shortages (which is, generally, also due to manufacturing shops being short-staffed). The issue is insurance tends to lag behind the previously mentioned trends, especially in Louisiana.
Insurance companies aren't allowed to adjust prices in real-time to reflect the changing market realities. They can only raise rates every 12 months due to odd rules within the Louisiana Department of Insurance.
It definitely sucks that rates are going up, but the insurance companies are just reacting to trends and following rules/laws that each state and department of insurance has.
Basic research could land you on dozens of articles, like this one LINK or this one LINK, that explain it in more detail.
We literally have a post on the OT complaining about used car prices being absurd and folks are wondering why insurance companies are raising rates across the country.
LINK (From the OT)
Insurance prices trend with used car prices, costs to repair, labor costs, delays due to short-staffed repair shops and parts shortages (which is, generally, also due to manufacturing shops being short-staffed). The issue is insurance tends to lag behind the previously mentioned trends, especially in Louisiana.
Insurance companies aren't allowed to adjust prices in real-time to reflect the changing market realities. They can only raise rates every 12 months due to odd rules within the Louisiana Department of Insurance.
It definitely sucks that rates are going up, but the insurance companies are just reacting to trends and following rules/laws that each state and department of insurance has.
Basic research could land you on dozens of articles, like this one LINK or this one LINK, that explain it in more detail.
Posted on 8/11/23 at 8:26 am to DiamondDog
Our lame duck insurance commissioner's advice? "Just shop around."
Yes, I understand that he doesn't have much control. But basically telling us "you're too dumb to understand" rubs me the wrong way.
quote:
Insurance commissioner Jim Donelon cautioned drivers that the auto insurance system is complex and opaque, and said rates for some could be much higher than the average while others might actually see a decrease. He urged drivers to shop around for the most competitive price.
Yes, I understand that he doesn't have much control. But basically telling us "you're too dumb to understand" rubs me the wrong way.
Posted on 8/11/23 at 8:34 am to biscuitsngravy
quote:
I'm ready to make the switch to a Corolla with liability only.
To date, the best vehicle I ever owned. Great gas mileage, inexpensive, and the least cost maintenance vehicle on the planet. I need to get another used one.
Posted on 8/11/23 at 8:54 am to DiamondDog
Do not underestimate the effect that PI attorneys and frivolous law suits have on your insurance. The personal injury lobby in Louisiana is out of control.
Posted on 8/11/23 at 8:57 am to DiamondDog
It’s simple
They are a business. Their job is to make money. A lot of claims are being paid out and they are making less money unless they increase rates
It sucks, but that’s the world we live in
They are a business. Their job is to make money. A lot of claims are being paid out and they are making less money unless they increase rates
It sucks, but that’s the world we live in
Posted on 8/11/23 at 9:05 am to DiamondDog
Rates are going up for several reasons. The biggest is inflation. The cost of new and used vehicles has increased significantly. And if your vehicle is totaled and has to be replaced, your insurer must pay more for a suitable replacement. Also, the cost of repairs has skyrocketed due to increasing labor costs and higher replacement parts due to supply chain issues.
Premium increases are slightly lagging the inflationary pressure. Just wait, home insurance premiums are going to increase as much or more than vehicle premiums. It's coming.
Premium increases are slightly lagging the inflationary pressure. Just wait, home insurance premiums are going to increase as much or more than vehicle premiums. It's coming.
Posted on 8/11/23 at 9:08 am to LSUgolf04
quote:
It definitely sucks that rates are going up, but the insurance companies are just reacting to trends and following rules/laws that each state and department of insurance has.
Damn suck on that big insurance pepe harder
Posted on 8/11/23 at 9:10 am to DiamondDog
1) Auto insurance rates increase
2) Increase in individuals who drop coverage and drive uninsured
3) Increase in claims expenses to insurance companies caused by uninsured drivers
4) Return to Step 1
2) Increase in individuals who drop coverage and drive uninsured
3) Increase in claims expenses to insurance companies caused by uninsured drivers
4) Return to Step 1
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