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Message
Insurance Expense
Posted on 1/26/24 at 6:45 am
Posted on 1/26/24 at 6:45 am
Insurance expense is out of control. My premiums, with no claims, are schedule to skyrocket 40+% with my upcoming renewal.
I have called other providers and they have relayed that their premiums have or will be increasing significantly.
Is this a trial lawyer impact or or is it economic pressure facing the insurance companies?
These premium increases are going to break family and business budgets.
I have called other providers and they have relayed that their premiums have or will be increasing significantly.
Is this a trial lawyer impact or or is it economic pressure facing the insurance companies?
These premium increases are going to break family and business budgets.
10
Posted on 1/26/24 at 9:37 am to KillTheGophers
I feel the same way. My 6 month premium for 3 drivers and 3 vehicles current cost was $3,500, renewal is $6,030. No claims, or tickets etc...
This is really getting out of hand. I would love a true explanation. I told someone the other day that i don't understand how people in general can afford these never-ending increasing premiums.
Currently shopping for better rates...
This is really getting out of hand. I would love a true explanation. I told someone the other day that i don't understand how people in general can afford these never-ending increasing premiums.
Currently shopping for better rates...
Posted on 1/26/24 at 10:02 am to KillTheGophers
quote:
this a trial lawyer impact or or is it economic pressure facing the insurance companies
Both
Nuclear verdicts are on the rise, reconstruction costs are through the roof, cars are only getting more expensive to fix. Perfect storm of inflationary pressure, cat losses, and liability payouts + defense costs all catching up.
Posted on 1/26/24 at 10:07 am to KillTheGophers
dude what are you talking about. talk specifics or there's no point. everything going up, yes. is this really news to you?
Posted on 1/26/24 at 10:12 am to KillTheGophers
quote:I see a lot of people complaining of the trial lawyer billboards in Louisiana, which is a fair criticism.
Is this a trial lawyer impact
But no one seems to have a problem with the fact that every other TV commercial is for an insurance company...
Posted on 1/26/24 at 10:15 am to KillTheGophers
What kind of insurance are you talking about, and where are you located?
Lack of competition, along with increased payouts, are casuing this.
Lack of competition, along with increased payouts, are casuing this.
Posted on 1/26/24 at 10:29 am to NaturalBeam
quote:
But no one seems to have a problem with the fact that every other TV commercial is for an insurance company...
the commercials you are probably referring to are companies that don't write shite in the areas that people complain about. 
Posted on 1/26/24 at 11:39 am to KillTheGophers
those that entered long-term leases a few years ago will be very happy or sad depending on who writes the insurance premium check
Posted on 1/26/24 at 2:08 pm to PHNBK
quote:
I feel the same way. My 6 month premium for 3 drivers and 3 vehicles current cost was $3,500, renewal is $6,030. No claims, or tickets etc...
Must be primarily a FL, LA, CA thing. State Farm 3rd renewal, 2024 annual policy cost:
Santa Fe
Home $1,423 includes $700k rebuild coverage
2 Vehicles $2,041 no kids, no wrecks
Umbrella $3.5M $469 + HO policy covers another $500k
We are in a very low fire threat area, some in high fire threat areas are having trouble finding policies or renewals, those that have are paying substantially more. I wonder what LA is going to look like in another 10 - 20 years as it continues to slide deeper into the shitter. Have 3 siblings, only one remains in LA.
Posted on 1/26/24 at 3:06 pm to tirebiter
quote:
Umbrella $3.5M $469 + HO policy covers another $500k
I believe everything but this. I've shopped in multiple states for multiple family members and the best I have found is $400-500 per $1 million for an umbrella.
Given that, yes Florida, Louisiana, and the Gulf coast insurance is very expensive.
It honestly should be included in home price calculations very clearly because it can have a huge effect on your expenses and some people DO have options to live just 5-10 mins away and save a TON.
Posted on 1/26/24 at 3:10 pm to baldona
quote:
believe everything but this. I've shopped in multiple states for multiple family members and the best I have found is $400-500 per $1 million for an umbrella.
I’ve got $2mil through Safeco for $400/yr.
Live in Gulf Shores with a pool on property.
Posted on 1/26/24 at 3:26 pm to BamaCoaster
quote:
I’ve got $2mil through Safeco for $400/yr.
Live in Gulf Shores with a pool on property.
Is that a rider though? $200 per million? For what? Home insurance rider or personal?
Posted on 1/26/24 at 7:25 pm to KillTheGophers
Let’s say I charge you $10k a year to insure 2 vehicles. I have expenses as well so technically I don’t have $10k to pay for a claim. My expenses cost me about $4k on that $10k. You get in an accident and they call Gordon. Maybe it’s a bullshite claim but my choice is to either pay some a-hole $100k to go away or risk losing to Gordo in 2-3 years after I’ve racked up $100k in legal expenses of my own. Instead I pay the a-hole $100k and charge you $13,000 next year. My loss on your account is $96k and you move your account to Geico the next year. Not saying it’s right. Just saying.
Posted on 1/26/24 at 9:57 pm to baldona
quote:
that a rider though? $200 per million? For what? Home insurance rider or personal?
Sorry.
Stand-alone umbrella.
Autos with Safeco.
Home with Orion180.
Posted on 1/27/24 at 5:36 am to KillTheGophers
If you are referring to auto insurance only, then your increases are almost exclusively tied to trial lawyers. Until states start passing true insurance reform, there is nothing that can slow it down.
Posted on 1/27/24 at 9:09 am to JackandWater
It’s not just trial lawyers. The average cost of repairs and new vehicles have increased tremendously. What used to be a $200 windshield is now $2400-$3500. A $300 taillight, not anymore it’s $1700.
Boat insurance used to be $300/yr but now the boat cost $8000. Now a boat is $145k and insurance is $1400/yr.
Everything cost more. Repair shops cost more cause every bit of their overhead is up big time. Labor, their insurance, their power bill, their parts
Boat insurance used to be $300/yr but now the boat cost $8000. Now a boat is $145k and insurance is $1400/yr.
Everything cost more. Repair shops cost more cause every bit of their overhead is up big time. Labor, their insurance, their power bill, their parts
Posted on 1/27/24 at 9:16 am to baldona
quote:
believe everything but this. I've shopped in multiple states for multiple family members and the best I have found is $400-500 per $1 million for an umbrella.
I have Alfa in North Alabama. An umbrella policy for our household at 1M dollars is right around 200/yr.
Posted on 1/27/24 at 9:18 am to Chad504boy
quote:
dude what are you talking about. talk specifics or there's no point. everything going up, yes. is this really news to you?
Hi Gordon.
Posted on 1/27/24 at 10:10 am to NaturalBeam
Louisiana and Texas have insurance issues with astronomical settlements and trial verdicts on auto and trucking claims.
We’re talking about 20plus million dollars for a bodily injury and at times, north of 50million. How is any human worth that due to an injury?
The settlements vary based on the amount of insurance carried by the offending driver. An accident involving Amazon or Walmart is going to be the top of the range.
We’re talking about 20plus million dollars for a bodily injury and at times, north of 50million. How is any human worth that due to an injury?
The settlements vary based on the amount of insurance carried by the offending driver. An accident involving Amazon or Walmart is going to be the top of the range.
Posted on 1/30/24 at 5:02 pm to baldona
quote:
believe everything but this. I've shopped in multiple states for multiple family members and the best I have found is $400-500 per $1 million for an umbrella.
Nope, it is what wrote except I forgot when I spoke with my agent in November I dropped 500k from the umbrella as the pricing was high for the increment. $469 for $3M + $500k included in HO policy. That's with 827 credit rating, high net worth and no speeding tickets/wrecks/DUIs.
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