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Spiralling auto insurance

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  • Spiralling auto insurance

    I understand there is inflation and the vehicles have become more expensive and more costly to fix but I cannot even fathom how much the auto insurance rates have skyrocketed in the past 2 decades.

    Around 2000 the annual premium for my 2 vehicles, one of which was new was $600. PER YEAR. That was it.

    Slowly the premiums crept up to $700 and 800 with no accidents and one day it was over $1K. We replaced those vehicles with mid priced Hondas and Toyotas in the 20-25K price range and had just 2 accidents, one of which was minor and our premium shot up to $2K. Now we have 2 vehicles that are not exotic or super premium and we have had no accidents in the past 5+ years but still out premium with a low cost Progressive is $3.2K. And others are quoting $3.7-4K per year.

    Anyone else noticed this. Anyone having 2 average vehicles with insurance less than 2K per year.

    And yes, I tried to bundle it with my home insurance and the quote for auto was higher??!!


    Last edited by Kamban; 04-07-2022, 07:45 AM.

  • #2
    Originally posted by Kamban View Post
    I understand there is inflation and the vehicles have become more expensive and more costly to fix but I cannot even fathom how much the auto insurance rates have skyrocketed in the past 2 decades.

    Around 2000 the annual premium for my 2 vehicles, one of which is new was $600. PER YEAR. That was it.

    Slowly the premiums crept up to $700 and 800 with no accidents and one day it was over $1K. We replaced those vehicles with mid priced Hondas and Toyotas in the 20-25K price range and had just 2 accidents, one of which was minor and our premium shot up to $2K. Now we have 2 vehicles that are not exotic or super premium and we have had no accidents in the past 5+ years but still out premium with a low cost Progressive is $3.2K. And others are quoting $3.7-4K per year.

    Anyone else noticed this. Anyone having 2 average vehicles with insurance less than 2K per year.

    And yes, I tried to bundle it with my home insurance and the quote for auto was higher??!!


    Ours was about 1 K , but with recent claim( I posted about it before ) , would likely go up .
    I know having teenage drivers really shoots it up ! Is that the case ?

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    • #3
      A lot of insurance is based on the zip code. The statistics take awhile to catch up, we are going to get "creamed" in the next ten years.
      Uninsured, no drivers license and only a passport that rear ends my wife. The cop says, "You have insurance, use it". The cop tells the guy not to drive and drives off.
      2 minutes later the guy with a kid drives off. That sucks! No doubt, the insurance companies follow the statistics. Someone has to pay.
      I did find out that rates go up for any claim, not just at fault. Changed insurers, no clue whether that impacted our under writing, but it was cheaper than the renewal.

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      • #4
        We pay about $1400/year for 3 vehicles (2 full coverage, 1 liability only) for 2 adult drivers with $1k deductibles. The trick is not to wreck into anybody and also, don't let anyone else wreck into you.

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        • #5
          Originally posted by uksho View Post
          Ours was about 1 K , but with recent claim( I posted about it before ) , would likely go up .
          I know having teenage drivers really shoots it up ! Is that the case ?
          When I added my teenage daughter it did not go up at all compared to the 6 months before that. I am not sure I can do anything else. By adding her and her not driving while at college she hopefully gets years of license and insurance and no accidents.

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          • #6
            $630 a year for a 2019 Subaru and 2005 Nissan. Went down about 20% when we changed zip codes last year.

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            • #7
              Mine is $629 a year, liability only.

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              • #8
                $508 with Amica, liability only 4 vehicles, no teenagers

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                • #9
                  Wow, all you guys are well < 1K. I can't change zip codes. Not much choice with teenager not being included.

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                  • #10
                    With all of the sensors and the electronics in bumpers and wheels the cost to fix a fender bender has skyrocketed too. $5600 to replace the back side panel on a year-old car and wow.

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                    • #11
                      How high do you guys set the deductible? I got mine at 2K for the cars and 10K for the house. I feel having the insurance is really only for major trouble.

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                      • #12
                        i think something is wrong i pay 2400 every 6 months for my tesla model y (but i live in florida so that might be why?).

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                        • #13
                          I actually only had a vague idea what I am paying but I just looked it up. I have a 6 year old Outback and a 5 year old Pacifica and we pay 1100 a year combined.

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                          • #14
                            I'll bet medical cost rises are higher.

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                            • #15
                              If you pay cash for cars like every white coat should, then shouldn't you be able to cash flow any car repair?

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