If your liability limit is the state required minimum, you would be wise to up the limit and get an "umbrella" of $1 million or more over that. I view the state minimums as woefully inadequate for either the at-fault or the injured/damaged party. Posts on this thread should get the attention of all who have the state minimum limits.
Auto Insurance
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Last: 3 yr ago by Diet Cokehead
We pay $1,800 for two cars and this is shopped every year. Renewal due soon. Guessing I'm going to get f'ed by Brandon on yet something else.AggieBaseball06 said:What do you drive- a 747?Foamcows said:
Progressive went from 1800 to 2556
strbrst777 said:
If your liability limit is the state required minimum, you would be wise to up the limit and get an "umbrella" of $1 million or more over that. I view the state minimums as woefully inadequate for either the at-fault or the injured/damaged party. Posts on this thread should get the attention of all who have the state minimum limits.
Pretty sure you can't get umbrella w state minimum
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Latest truck example. 2022 loaded Sierra Denali
Premium $943 for the year. No one has come close to their rates AND they pay a dividend in the form of credit to renewal policy.
Premium $943 for the year. No one has come close to their rates AND they pay a dividend in the form of credit to renewal policy.
There must be a huge discrepancy in liability and deductible for the vast differences.
We have a $500 deductible, $500k per wreck, $500k per person. On top of that, $1 MM umbrella. Auto costs are identical to OP. Drive a 2019 CRV and 2012 Ram 1500
With the recent law changes, my mother in law has a million dollar lawsuit for a side swipe with no injuries. Lawsuit ongoing.
My dad was sued for $1.5 million for someone he rear ended at 20 mph. She ended up with $3 or 4k for car repairs and missing a doctors visit.
We have a $500 deductible, $500k per wreck, $500k per person. On top of that, $1 MM umbrella. Auto costs are identical to OP. Drive a 2019 CRV and 2012 Ram 1500
With the recent law changes, my mother in law has a million dollar lawsuit for a side swipe with no injuries. Lawsuit ongoing.
My dad was sued for $1.5 million for someone he rear ended at 20 mph. She ended up with $3 or 4k for car repairs and missing a doctors visit.
I bundle with USAA (Home, auto, life), thought my homeowners was high so I took all my stuff to an independent broker. He said "Keep it all."
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We have rules
do you have an umbrella policy?
As the waves roll, the eagle will fly to the setting sun.
I mean I keep one in my golf bag, but I really don't like to play with rain in the forecast.Harkrider 93 said:
do you have an umbrella policy?
State minimum does not qualify for umbrella. My underlying coverage limit is $300,000; that's where my $2,000,000 umbrella (excess) starts. Should, for example, you cause an accident that permanently disables a young professional, you might wish that you had this amount of coverage...or more. Reply by agents requested.
NM. Can't read.
Howdy Dammit said:
I'm at 4134 for two nice cars. One car just liability. And a 10k boat. My wife is under 25 so maybe that will go down soon.
Howdy Dammit said:
I'm at 4134 for two nice cars. One car just liability. And a 10k boat. My wife is under 25 so maybe that will go down soon.
no increase for upcoming december renewal. USAA.
but last renewal we added a 16 year old driver and I made the excellent choice to add a new mustang gt for fun so our insurance more than doubled. and I went from state minimums to $1Million/$1Million.
worth it.
but last renewal we added a 16 year old driver and I made the excellent choice to add a new mustang gt for fun so our insurance more than doubled. and I went from state minimums to $1Million/$1Million.
worth it.
Yes.
Have you driven the same cars that whole time? Otherwise, how would you know?ChiefKiefton said:
I don't think I have ever seen an increase in my rates in the 16 years I have used USAA.
I'm looking in my documents on usaa now, and conveniently, auto insurance documents expire at about a year, so I have no record of previous premiums.
I'm with Amica for home and auto insurance and have been for around 15 years. We shop around every couple years, but haven't really seen anything less expensive for comparable coverage.
For auto, we currently pay about $400/mo. That's full coverage on 3 nice vehicles and 4 drivers (including 16 and 19 year old boys).
For auto, we currently pay about $400/mo. That's full coverage on 3 nice vehicles and 4 drivers (including 16 and 19 year old boys).
Bought In Ag 96 said:
Just received a 56% increase in premium from Geico. I called and they said its due to price of auto parts, etc.
Anybody have similar experience?
I have geico as well. Primarily because it was cheap. Just went up $60 a month for our car insurance. Two vehicles. Me and my wife.
Dropped Geico in October and signed up with State Farm with better coverage and my premium actually dropped about $40.
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Just got my USAA renewal notice - up 8.6% from the last 6 months. Not as bad as I expected to be honestTomdoss92 said:
no increase for upcoming december renewal. USAA.
but last renewal we added a 16 year old driver and I made the excellent choice to add a new mustang gt for fun so our insurance more than doubled. and I went from state minimums to $1Million/$1Million.
worth it.
Brian, insurance in NOT a racket. Why do you think that is?Brian Earl Spilner said:
All insurance is a racket.
Insurance is the collective pooling of resources to manage the risk that comes with adverse life events.
Generally speaking, the insurance companies that provide the structure for this need a financial incentive to make the process work. At the moment, the frequency and severity of such adverse life events are increasing at a rate that requires companies to increase the amount each participant contributes to the pool to justify their existence.
It's that simple. Look at the combined ratios of the 10 biggest home/auto carriers if you want to see what I mean.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-private-auto-combined-ratio-rises-above-100-in-2021-70095560
This is a little old but it's only gotten worse in 2022. Materials costs are making home and auto repairs more expensive, jury's are giving our more high dollar verdicts across the board, the string of catalytic converters thefts are being paid out, and inflation is compounding it all.
Generally speaking, the insurance companies that provide the structure for this need a financial incentive to make the process work. At the moment, the frequency and severity of such adverse life events are increasing at a rate that requires companies to increase the amount each participant contributes to the pool to justify their existence.
It's that simple. Look at the combined ratios of the 10 biggest home/auto carriers if you want to see what I mean.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-private-auto-combined-ratio-rises-above-100-in-2021-70095560
This is a little old but it's only gotten worse in 2022. Materials costs are making home and auto repairs more expensive, jury's are giving our more high dollar verdicts across the board, the string of catalytic converters thefts are being paid out, and inflation is compounding it all.
I own an Independent Agency and wanted to chime in here:
Regarding the umbrella, with virtually every company you must maintain liability limits of 250/500 or higher to be eligible. So having state min limits won't allow you to even get an umbrella.
Rates are going to continue to rise, for everyone. I recently attended a round table that Progressive hosted and I saw the stats for the top 15 major auto insurers and its not pretty. Virtually all of them have combined ratios of 100-125%. Meaning they are operating at a loss. Geico has taken over 40% rate over the last 3 years. most others are in the 20's%. Progressive has been ahead of the curve for rate increases but most others are going to see SIGNFICANT increases in the next 12 months.
When the pandemic hit everyone had rate decreases (which was part of the problem) and then things sky rocketed from there with inflation, more people driving, expensive vehicles with more technology, increasing costs of defense, etc. etc.
Also, comparing rates from one person to the next is essentially useless. Credit, driving record, zip code, applicable discounts, continuous coverage history, vehicle type, liability limits, deductibles, demographics.....the list goes on and on about what goes into rates. I have some people who have full coverage and pay $900 year for 2 vehicles and others who pay $900/month.
Regarding the umbrella, with virtually every company you must maintain liability limits of 250/500 or higher to be eligible. So having state min limits won't allow you to even get an umbrella.
Rates are going to continue to rise, for everyone. I recently attended a round table that Progressive hosted and I saw the stats for the top 15 major auto insurers and its not pretty. Virtually all of them have combined ratios of 100-125%. Meaning they are operating at a loss. Geico has taken over 40% rate over the last 3 years. most others are in the 20's%. Progressive has been ahead of the curve for rate increases but most others are going to see SIGNFICANT increases in the next 12 months.
When the pandemic hit everyone had rate decreases (which was part of the problem) and then things sky rocketed from there with inflation, more people driving, expensive vehicles with more technology, increasing costs of defense, etc. etc.
Also, comparing rates from one person to the next is essentially useless. Credit, driving record, zip code, applicable discounts, continuous coverage history, vehicle type, liability limits, deductibles, demographics.....the list goes on and on about what goes into rates. I have some people who have full coverage and pay $900 year for 2 vehicles and others who pay $900/month.
Will increase the number of uninsured motorist?
What is your Wake on uninsured motorist coverage if you have collision or comprehensive?
What is your Wake on uninsured motorist coverage if you have collision or comprehensive?
The Silverback said:
I own an Independent Agency and wanted to chime in here:
Regarding the umbrella, with virtually every company you must maintain liability limits of 250/500 or higher to be eligible. So having state min limits won't allow you to even get an umbrella.
Rates are going to continue to rise, for everyone. I recently attended a round table that Progressive hosted and I saw the stats for the top 15 major auto insurers and its not pretty. Virtually all of them have combined ratios of 100-125%. Meaning they are operating at a loss. Geico has taken over 40% rate over the last 3 years. most others are in the 20's%. Progressive has been ahead of the curve for rate increases but most others are going to see SIGNFICANT increases in the next 12 months.
When the pandemic hit everyone had rate decreases (which was part of the problem) and then things sky rocketed from there with inflation, more people driving, expensive vehicles with more technology, increasing costs of defense, etc. etc.
Also, comparing rates from one person to the next is essentially useless. Credit, driving record, zip code, applicable discounts, continuous coverage history, vehicle type, liability limits, deductibles, demographics.....the list goes on and on about what goes into rates. I have some people who have full coverage and pay $900 year for 2 vehicles and others who pay $900/month.
I don't know about everyone else, but I didn't get any significant rate decreases in 2020 or 2021. My homeowner's went up $50 (2.5%) from 2020 to 2021 and stayed flat in 2022. I am getting nervous about 2023 (it renews in Feb).
Auto didn't go down, either. I did add my son in 2020, but my share of the premium didn't go down, either. I had actually seen a bit of a decrease in that earlier this year (I assumed because with every passing year my son doesn't get a ticket or have an accident, I get a tiny break) but my October premium went up about $80 (5%). I also added an umbrella policy when I added him, so that was an extra expense. Considering what others here have been saying, I consider myself lucky.
I've tried shopping around, but I've been with State Farm since my early 20s (spun off from my parents' account) and I've never been able to beat both car and auto. Usually one quote would come back high and the other low, so it always ended up being a wash. And I got tired of spending the time to get quotes and getting the residual spam emails and phone calls.
We've seen an increase in uninsured drivers for about 1-2 years. Our agency is strange in that we have a mix of "standard" drivers and "non-standard" drivers.Bought In Ag 96 said:
Will increase the number of uninsured motorist?
What is your Wake on uninsured motorist coverage if you have collision or comprehensive?
Standard is likely 90 percent of Texag posters - degreed, own home, few tickets/accidents, etc..
Non-standard have liability only, pay in our office, have lapses in coverage.
The non-standard auto insurance business is rough right now because they are going uninsured. And, of course, Murphy's Law says those are the people that will hit you in an accident.
Uninsured Motorist coverage is so great! It's cheap and the deductible is $250. Add it to your policy!
So with uninsured there is also under insured motorist coverage.
So with the combination of the two its exacerbating the issue. State min limits provide $25k in property damage. How many people out there drive a car worth less than $25k these days? Not many.....so even they are insured motorist, but have state min limits they are causing a lot of problem as well.
TXTransplant, rates definitely went down quite a bit industry wide in 2020 but again, way too many factors to try and analyze why yours didn't. Could have been a claim, ticket, new vehicle, new zip code, youthful driver, lost a discount, etc.
So with the combination of the two its exacerbating the issue. State min limits provide $25k in property damage. How many people out there drive a car worth less than $25k these days? Not many.....so even they are insured motorist, but have state min limits they are causing a lot of problem as well.
TXTransplant, rates definitely went down quite a bit industry wide in 2020 but again, way too many factors to try and analyze why yours didn't. Could have been a claim, ticket, new vehicle, new zip code, youthful driver, lost a discount, etc.
Yeah. We actually got mailed checks during the pandemic from our provider.
Yeah, I know it's complicated. But I didn't move, no tickets, I added a car in 2019 (6 months before Covid), and an accident from 2017 dropped off in 2020. And I stay on top of my discounts.
Like I said, I did add my son at the very end of 2020 (literally at the end of December that year), but I didn't get any refund checks during the pandemic.
Don't get me wrong, I'm not complaining. In fact, I'd rather just have my premiums stay the same/have small increases rather than try to make up for a "refund" I got in 2020.
Like I said, I did add my son at the very end of 2020 (literally at the end of December that year), but I didn't get any refund checks during the pandemic.
Don't get me wrong, I'm not complaining. In fact, I'd rather just have my premiums stay the same/have small increases rather than try to make up for a "refund" I got in 2020.
Just got a notice from GEICO - going up 35% starting in Dec.
rb@best-ins.comFt.Worth_Ag said:
Just got a notice from GEICO - going up 35% starting in Dec.
www.bestinsurancetx.com
We can typically gather all the information for a quote with your DL
Quote:
The greatest cutback was made by Berkshire Hathaway's GEICO, which reduced its ad spending by 40.7%, from $539.4 million in the first half of 2021 to $319.9 million in the same period of 2022.
For the second quarter, GEICO saw its $626 million in earnings in 2021 become a pre-tax underwriting loss of $487 million in 2022, AM Best reported.
If I have comprehensive or collision then why do I need uninsured motorist?
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