Breathtaking Auto Insurance Premium Increase

[pbonsalb]

Might as well let people work who want to work, since we have such low unemployment that businesses are having a hard time finding employees and have to pay more when they do find them. And of course, pay taxes, have licenses and have insurance. This is a nation of immigrants and its growth and success has depended on immigrants.

[Gemini562]

Originally Posted by pbonsalb

Might as well let people work who want to work, since we have such low unemployment that businesses are having a hard time finding employees and have to pay more when they do find them. And of course, pay taxes, have licenses and have insurance. This is a nation of immigrants and its growth and success has depended on immigrants.

It's ironic that in a time when businesses are struggling to find employees due to low unemployment, there are individuals who are eager to work but can't secure a job despite applying to hundreds of positions.

[pbonsalb]

I have trouble understanding this also. There are people on unemployment who don’t want to work, but are required to send out resumes in order to satisfy the unemployment benefit condition of looking for work. These people cost employers money because employers pay businesses like Indeed to advertise and for each response, and the applicant often never shows up for an interview. We have 3 small businesses and about 70 employees and experience this regularly.

[NickyC]

Latest six month insurance cost, went up 15% on my CS. I have no accidents in the 32 years I’ve been driving and haven’t been pulled over in nearly 20 years. Not a single claim in over 25 years either.

What an absolute joke.

[kudos]

My insurance "renewal premium" went up $300. No reason for increasing price other than it's a new year.

[P1]

Originally Posted by NickyC

Latest six month insurance cost, went up 15% on my CS. I have no accidents in the 32 years I’ve been driving and haven’t been pulled over in nearly 20 years. Not a single claim in over 25 years either.

What an absolute joke.

Only 15%? That's it? You're lucky, my friend.

[NickyC]

Originally Posted by P1

Only 15%? That's it? You're lucky, my friend.

It's that bad out there, eh? Yikes.

[Germanauto]

My renewal skyrocketed to $4900/6 mo. Basically they didn't want me as a customer anymore. Very few companies are even willing to quote my zip in Los Angeles. I'm not about to pay $10k/yr to insure a car that's worth like $23k now.

Switched to Progressive, which is about half the cost for the same coverage.

Three years ago I didn't even pay $3k for the whole year. Same car.

[Alfisti]

What's wrong with your zip?

[Tyga11]

Originally Posted by Alfisti

What's wrong with your zip?

He said he lives in Los Angeles. Crime is rampant there and mostly uninsured drivers. It's really the worst place in the USA.

[Alfisti]

y'all gotta move to better neighbourhoods. Driving 100K cars around the ghetto apparently.

[DrVenture]

Originally Posted by pbonsalb

I have trouble understanding this also. There are people on unemployment who don’t want to work, but are required to send out resumes in order to satisfy the unemployment benefit condition of looking for work. These people cost employers money because employers pay businesses like Indeed to advertise and for each response, and the applicant often never shows up for an interview. We have 3 small businesses and about 70 employees and experience this regularly.

That is not entirely surprising. Just one example: My son was laid off about 6 months into CoVid. He was given a severance package and when that ran out, he went on unemployment. The rules stated that he must apply for jobs. He had already began his Master's program in computer science and had the resources to not have to work for a year. Few were hiring in his previous field anyhow. So, he went through the motions. It could be argued that "the system" is costing employers money. Or companies that over hire, then drop employees at the first sign of trouble.

In his case, he never got interviews. Had he gotten them, he would have made his appearances, if only for "practice". Before he graduated, he already had a job paying twice what his previous job paid.

As an aside, he did not want to even sign up for unemployment, I had to convince him to do so. maybe unemployment should drop the job search requirement, it is easy to game that system.

[pbonsalb]

Originally Posted by DrVenture

maybe unemployment should drop the job search requirement, it is easy to game that system.

Do you honestly think that suggestion would help the system?

[Dan B]

Originally Posted by DrVenture

I know it is true in Illinois. I have discussed it with my agent directly. But, after doing a Google, it appears to differ by state. So, I stand partially corrected. It never occurred to me that it varied by state.

Illinois: Uninsured Motorist Bodily Injury (UM) Coverage
Covers you for your bodily injury caused by a hit-and-run driver or an at-fault driver who has no auto liability insurance. Currently, Illinois law requires uninsured motorist limits of at least $25,000 per person and $50,000 per accident."

That is correct, Uninsured Motorist Bodily Injury, is for you and not your car. But you should have collision insurance that covers you.

My mother-in-law was hit by a drunk uninsured driver and her car was totaled. Her insurance company cut her a check for the value of the car.

I went a step further. I have full replacement value for the same or newer car. And.. if the car were to appreciate, I get the higher value.

[Gemini562]

Originally Posted by Germanauto

My renewal skyrocketed to $4900/6 mo. Basically they didn't want me as a customer anymore. Very few companies are even willing to quote my zip in Los Angeles. I'm not about to pay $10k/yr to insure a car that's worth like $23k now.

Switched to Progressive, which is about half the cost for the same coverage.

Three years ago I didn't even pay $3k for the whole year. Same car.

Progressive just doubled my monthly payment, and I haven't even made a claim since I signed up

[DrVenture]

Originally Posted by pbonsalb

Do you honestly think that suggestion would help the system?

I honestly think that it doesn't work, so it simply adds complexity with no gain. And as you said, it has been a problem for you. I assume others. Many of he folks gaming the system are not rocket scientists, which tells me a lot about how easy it is. We could talk about enforcement, but who knows what that would cost.

And I also don't care. It is not a problem for me. I have never taken unemployment, having been employed without a break for 50 years. Still, as I posted, "maybe". And we are talking about people who were employed and were laid off without cause, not some welfare mooches.

[DrVenture]

Originally Posted by Dan B

That is correct, Uninsured Motorist Bodily Injury, is for you and not your car. But you should have collision insurance that covers you.

My mother-in-law was hit by a drunk uninsured driver and her car was totaled. Her insurance company cut her a check for the value of the car.

I went a step further. I have full replacement value for the same or newer car. And.. if the car were to appreciate, I get the higher value.

You know what, this has been helpful, because I believe you are correct. I am going back almost twenty years on my recollection. And it now occurs to me that the reason that I was unable to collect was that the damage was below the $1000 collision coverage that I had at that time. My bad!

[DrVenture]

Originally Posted by pbonsalb

Might as well let people work who want to work, since we have such low unemployment that businesses are having a hard time finding employees and have to pay more when they do find them. And of course, pay taxes, have licenses and have insurance. This is a nation of immigrants and its growth and success has depended on immigrants.

I agree with this. I see no downside to allowing willing workers to participate. And I do not foresee that situation changing in the areas where it is an issue. The only jobs being "threatened" are jobs that few want.

[RockCrusher]

Decided to sell the 2024 230ix and just make do with one car, my 2023 M2. (Sold the 230ix to the BMW dealer.)

So I "saved" $738/6 months by not having to insure the 230ix (and I save $85/month ($510/6 months) on garage rent). (Plus the $36,000 I got for the car goes into a CD earning a bit over 5% APY which is about $150/month (before taxes.)

But the M2 insurance went from $684/6 months to $841/6 months.

[dizz81]

Originally Posted by RockCrusher

Decided to sell the 2024 230ix and just make do with one car, my 2023 M2. (Sold the 230ix to the BMW dealer.)

So I "saved" $738/6 months by not having to insure the 230ix (and I save $85/month ($510/6 months) on garage rent). (Plus the $36,000 I got for the car goes into a CD earning a bit over 5% APY which is about $150/month (before taxes.)

But the M2 insurance went from $684/6 months to $841/6 months.

Similar with mine. I was paying 1866$/6m for my M550 and 846$/6m for my CT5VBW. I sold the M550 and now my CT5VBW is 1400$/6m.

I think it's time for me to leave Cali. The cost of living here has just gone thru the roof.

[W///]

Originally Posted by Germanauto

My renewal skyrocketed to $4900/6 mo. Basically they didn't want me as a customer anymore. Very few companies are even willing to quote my zip in Los Angeles. I'm not about to pay $10k/yr to insure a car that's worth like $23k now.

Switched to Progressive, which is about half the cost for the same coverage.

Three years ago I didn't even pay $3k for the whole year. Same car.

That doesn't even compute in my head. I already consider $3k per year on one car pretty insane.

[Germanauto]

Originally Posted by W///

That doesn't even compute in my head. I already consider $3k per year on one car pretty insane.

Welcome to California..