My insurance went up

[Wheelin98TJ]

That is for a 6 month policy?

Yes. Michigan no fault insurance with Farm Bureau Ins.

But I just switched to State Farm and got it down to about $3,100/yr.

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[Gvsukids]

Do you do business in Michigan?

I’m in Michigan like the OP and I’ve been getting hit with MCCA and other recoupments and assessments that were $145/6 months on my last 6 month renewal. The bold items at the bottom of the pic below.

Wonderful new laws signed this past year.

 

[redriderjf87]

No tickets, no claims, no reason. My insurance bill for my 2017 JKU and my 2021 JT came in yesterday and my premiums went up over 25 percent. I called my agent and he said "Yeah, everything is going up. There's nothing we can do". Time to start shopping around.

State Farm just told me the same. And that I should take a safe driver course even though I have a perfect driving record. F em

 

[Labswine]

I have InsurAAAnce and switched to it because my last company had really raised my rates as they're branching out across the country (New Jersey Manufacturers) and need to pay for all those TV ads.

My insurance went up by $300 this year...I'm sure because of the usual 'inflation' but also because my wife got caught last year with a lead foot and got a ticket. So not only did we have to pay the ticket, but get to pay even more for it over the next couple of years until the points come off her license.

 

[ShadowsPapa]

I have InsurAAAnce and switched to it because my last company had really raised my rates as they're branching out across the country (New Jersey Manufacturers) and need to pay for all those TV ads.

My insurance went up by $300 this year...I'm sure because of the usual 'inflation' but also because my wife got caught last year with a lead foot and got a ticket. So not only did we have to pay the ticket, but get to pay even more for it over the next couple of years until the points come off her license.

Has to be something like 20 over to get any "points" or restrictions here. 25 is suspension, I believe, but it doesn't mean they stop driving

 

[Chunky White]

I have Farmers and I am now paying more for the JTR than I was for a Hellcat Challenger which blows my mind. The cost went up $40 per month when it renewed a couple of months back. My home insurance has almost doubled in the past 8 years

 

[Escape.idiocracy]

I am seeing a lot of comments that do not really make sense…..

“I pay through the nose because I have two boys under 25 driving 2 door sports cars.”

“my home insurance has doubled, while at the same time the value of my house has tripled…”
?

I can understand the few posting about being 65 years old, zero claims in the past 47 years and all of a sudden a 50% hike… I would be wondering what’s going on too…

Is anyone considering the insurance premiums over the last few years took a significant DIP in 2020/2021 and then rose again in 2022 through 2023…. Most of the economy is going through a weird workforce transition too… similar to the “how much are you paying per hour shop rates”- it’s all relative….

I live on an island- literally…. Just a few weeks ago we had a little snow come through, I am not joking, there were 15 flat bed tow trucks loaded hauling off wrecked cars due to weather- 1/4 of what they were carrying looked like total loss’ the rest probably had 15-20k in damages per vehicle.

It’s a crazy new world we have allowed to happen around us, and most of us paid in, hook line and sinker.

“average price” of a new car in 24 is almost $50k…. Average!!!
https://caredge.com/guides/new-car-price-trends-in-2024
From a ratio perspective, the increases aren’t that bad. Doesn’t mean it makes the wallet feel any better….

 

[ShadowsPapa]

Is anyone considering the insurance premiums over the last few years took a significant DIP in 2020/2021 and then rose again in 2022 through 2023

They did? A dip??
Your insurance went DOWN?

 

[Escape.idiocracy]

They did? A dip??
Your insurance went DOWN?

On par for the norm, you are correct… I was issued a sizable refund at the end of the year. I pay up front, and most here are talking about monthly payments. Figure it mathematically works out the same

 

[ShadowsPapa]

On par for the norm, you are correct… I was issued a sizable refund at the end of the year. I pay up front, and most here are talking about monthly payments. Figure it mathematically works out the same

We pay it all up front for the upcoming year as well - but the rates never changed.
On the other hand, ours doesn't go up like some others and it's been a while since they raised rates at all.
It's a lot cheaper to pay it up front - there's a discount for that and we time it for a specific time of year.

 

[BuyHold]

They did? A dip??
Your insurance went DOWN?

On average, rates went down in 2021 from prior year because no one was driving in 2020 and claim frequency fell off a cliff (though many in the auto insurance industry saw severity climb a lot due to more expensive accidents... net impact was lower costs). Now that everyone and their grandma is driving everywhere again frequency is back up again. And with the average vehicle price now up 30%/40%/50% higher we are blessed with a compounding cost of accidents which is driving the auto insurance rates we are seeing today.

Also, I appreciate @Escape.idiocracy's insightful comments.

source: work in the insurance industry

 

[BuyHold]

They did? A dip??
Your insurance went DOWN?

Also had to add this:

 

[ShadowsPapa]

On average, rates went down in 2021 from prior year because no one was driving in 2020 and claim frequency fell off a cliff (though many in the auto insurance industry saw severity climb a lot due to more expensive accidents... net impact was lower costs). Now that everyone and their grandma is driving everywhere again frequency is back up again. And with the average vehicle price now up 30%/40%/50% higher we are blessed with a compounding cost of accidents which is driving the auto insurance rates we are seeing today.

source: work in the insurance industry

Depends on the company - that's a lot of generalization. If a company hasn't raised rates in several years, then there's no reason to lower them because they were already kept low. And ours haven't really gone up compared to prior years - minimal
Already talked to our agent about this and compared prices.

 

[Wheelin98TJ]

They did? A dip??
Your insurance went DOWN?

Everybody in Michigan got refunds of $400/vehicle a few years ago. But shortly after we were paying back a fund deficit. ?

 

[WanderingJ]

the scam that is insurance. We are forced to have it yet no regulations on it. When you need it, they deny you but hey, continue to pay monthly for something you rarely use. I just switched companies and combo'ed my homeowners to save and the reward, my car ins went up like 60 a month

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