Auto insurance deductible and limits
- Thread starter simply1
- Start date
Amica has started to pull out of some states. My home state is Minn and they left here recently.
We have progressive and it just went up 28% this renewal cycle. Not sure how much of that was my red light ticket. No other claims or tickets on either of our records. We're now paying 3500 a year to insure two vehicles worth 15k and 25k. The vehicle worth 15k makes up 2/3 of the premium.
Homeowners is with Hawkeye Mutual and that was about 30% in June and the change to ACV on the exterior surfaces for wind and hail. Deductible is 1000/1500 (wind and hail). I had our insurance guy look at others and he was finding over a grand a year more in premium for deductibles in the 5k range. Plus we would have to pay for a home inspection out of our own pocket.
Find an Independent Agent they can shop multiple companies for both optimal coverage and premium. Give me a call if you are in Iowa I would love to help you.
Fact of the matter is Iowa Insurance rates are thru the roof. 30% increases on Auto is the low end, 40% on Homes is the low end.
Until last week I had not seen a company announce a Statewide Rate Decrease till Progressive Auto last week. So possible goid news on Auto rates, still not goid news on the home market.
Progressive is a unicorn on that.
They don't have to use their auto side to prop up property plus they're running an absurdly low loss ratio right now. I'm other words, they threaded the needle and it's incredibly short term.
Very well might be true, my point was to the most point no one is lower rates lately, so the 30% plus rate hikes are the norm right now and may not get better soon.
Yeah I'm seeing one incident or ticket is really hurting premiums right now honestly. Its quite the **** show and its getting much more hefty on premium unfortunately to say. I sent a quote to a buddy of mine through Travelers last week and he said "is this for real?" because he just had a violation with at at fault......
It makes me wish I would have taken the class to make it go away.
I feel real bad for those on fixed incomes too. I saw a chart of the tax increases for Dallas county and then you take that into consideration plus the insurance increases at this point and it can start to get really incredible on the increase.
It’s not just taxes and insurance. Throw in utilities, food, and transportation. I would say everything is up at least 30%, but wages aren’t.
The last couple years, the time period that coincides with the higher insurance and taxes that were mentioned.
Do you have a source? Inflation last year and this year aren’t at all close to 30%
In the context of auto insurance, which this thread is about, insurers are slower to adjust to shocks like quick hit inflation given the renewal and rate approval cycle. This you see the large industry losses until they can take rate and drop some cat business.
I just told you reasons why auto insurance is slow to increase. Maybe read it back because I clearly didn’t say that.
Utilities, food, and transportation are pretty readily available as far as inflation numbers go.
