Auto insurance increase - 2024 (homeowners insurance, home, income)

[hokiepoke]

So I've been on here whining about home insurance but that's a separate thread. For the past two years I thought I've had it pretty decent with auto insurance coverage cost wise so haven't really paid much attention. Then I just got this year renewal on our auto policy with nothing changed but it shot up 20% increase. Gave the company a call and they just have the standard "Cost have gone up in Florida". I started to shop around but have found nothing that is less which seems a bit shocking.

Did I miss something this past two years related to auto insurance or is it just insurance in general? Another one of those "time to cough up an extra $100 a month just for the cost of doing business and living here". *sigh*

[blueskies2023]

Originally Posted by hokiepoke

So I've been on here whining about home insurance but that's a separate thread. For the past two years I thought I've had it pretty decent with auto insurance coverage cost wise so haven't really paid much attention. Then I just got this year renewal on our auto policy with nothing changed but it shot up 20% increase. Gave the company a call and they just have the standard "Cost have gone up in Florida". I started to shop around but have found nothing that is less which seems a bit shocking.

Did I miss something this past two years related to auto insurance or is it just insurance in general? Another one of those "time to cough up an extra $100 a month just for the cost of doing business and living here". *sigh*

YES, it is all just too much now. Too much.

[MiamiLIFE]

Originally Posted by hokiepoke

So I've been on here whining about home insurance but that's a separate thread. For the past two years I thought I've had it pretty decent with auto insurance coverage cost wise so haven't really paid much attention. Then I just got this year renewal on our auto policy with nothing changed but it shot up 20% increase. Gave the company a call and they just have the standard "Cost have gone up in Florida". I started to shop around but have found nothing that is less which seems a bit shocking.

Did I miss something this past two years related to auto insurance or is it just insurance in general? Another one of those "time to cough up an extra $100 a month just for the cost of doing business and living here". *sigh*

Mine increased 23%. I went out and priced it with competitors and it was higher. The increases are happening all across the country. Due to increased losses or damage from weather events. Hail, floods, mudslides, wild fires. I don't have an answer. I am sure a lot more people are going to drive without insurance, which will only result in higher premiums for those that carry insurance due to "uninsured motorist" coverage probably increasing. There's going to need to be gov't intervention at some point.

[sinatras]

I'd like to invite all the haters who like to come on here and say that complaints about high homeowners insurance bills, high auto insurance bills, and high electric bills are [INSERT INSULT HERE]. You know, all the haters (liars) living here who still claim to have $600 yearly auto premiums and $100 electric bills in July.

I'll wait.

This has all been happening for several years now, but it's just happening more often and to more people now and the increases are higher than ever.

If you moved here a decade ago (or more), or were actually BORN HERE (as I was), welcome to the Free State of Cali-Florida, where everything is unaffordable and people are being priced OUT and if they are not leaving in droves, they soon will be.

Perhaps people leaving Florida in droves makes you happy. Sadly, income inequality and high COL eventually trickles down to everyone, way or another.

[Mathguy]

Originally Posted by hokiepoke

So I've been on here whining about home insurance but that's a separate thread. For the past two years I thought I've had it pretty decent with auto insurance coverage cost wise so haven't really paid much attention. Then I just got this year renewal on our auto policy with nothing changed but it shot up 20% increase. Gave the company a call and they just have the standard "Cost have gone up in Florida". I started to shop around but have found nothing that is less which seems a bit shocking.

Did I miss something this past two years related to auto insurance or is it just insurance in general? Another one of those "time to cough up an extra $100 a month just for the cost of doing business and living here". *sigh*

Ok, one of the issues is that automotive inflation has been extremely high due to shortages of parts etc. plus there has been a surge in thefts, catalytic converter thefts etc.

So, unlike a company that sells bread or cars etc. the insurance company cannot just increase prices.

They have to get state approval and this takes time and the state calls the shots.

So, most likely what you are looking at was that big fat surge of inflation we had the last few years finally showing up in your car insurance costs.

[LKJ1988]

Mine went up 100% gents.

[MortonR]

I pay mine twice yearly, the last time I think was last October, and it's been pretty much the same for the last few years. I haven't seen my upcoming renewal yet, though.

RM

[LKJ1988]

Originally Posted by MortonR

I pay mine twice yearly, the last time I think was last October, and it's been pretty much the same for the last few years. I haven't seen my upcoming renewal yet, though.

RM

You will see, Soon it will be 4k per 6 months.

[beach43ofus]

it's due to EV's & inflation.

Elections have consequences.

[hokiepoke]

Originally Posted by MortonR

I pay mine twice yearly, the last time I think was last October, and it's been pretty much the same for the last few years. I haven't seen my upcoming renewal yet, though.

RM

Yep, that was my experience as well with insurance renewal have been pretty much the same past few years with same cars and same coverage. I even got a renewal quote back in December that gave the estimate for the renewal to be somewhat the same. I only found out about the increase since I get discounted rate at work and premium is deducted directly from paycheck. When I saw my paycheck shrunk, ran it down and find out it was from insurance increase.

When I called to complain especially since the actual renewal was a lot more than the renewal quote, I'm just told that it was just a "quote" and wasn't meant to be final. So you may want to make sure quote vs actual renewal for this upcoming round and not get the shock. Looking around, I think the water bill is the last one left standing that has not gone up, but I probably just jinxed myself.