re: Anyone Geico car ins thru the roof?

This isn’t a gotcha post, I’m just trying to explain why everything shot up.

During Covid, companies dropped their rates and gave out dividends/rebates, etc. the DOIs across the country had no problems and let the companies do this almost immediately.

Once the pandemic slowed and traffic started to return to normal, insurance companies can’t just turn on a switch and put the rates back to where the rates were before covid. It takes months/years to get things approved by the DOI.

During that time, driving returned to pre-pandemic levels and in many cases, even higher. Combine that with inflation and insurance companies are now in the hole. Body shop prices have increased by 18% or more and lawsuits from 2022 are now being settled at 2023 prices.

All this combined means insurance companies are losing money. Insurance companies don’t lose money for long, especially ones with stockholders.

Long story short, get used to higher rates.