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Question for people with State Farm - Rate increases?
Posted on 5/5/23 at 1:00 pm
Posted on 5/5/23 at 1:00 pm
Shopping around my home and auto. State Farm has quoted me a pretty solid rate, but I’m concerned after a year it’ll have a huge jump at renewal. Anyone have that experience?
13
Posted on 5/5/23 at 1:27 pm to Glock17
I had AllState and had to add my (newly licensed 16 yr old) to my policy.
They quoted me $1,450.00 monthly
State Farm did it for $350.00, I did raise the deductible from $500 to $1000 but
They quoted me $1,450.00 monthly
State Farm did it for $350.00, I did raise the deductible from $500 to $1000 but
Posted on 5/5/23 at 1:37 pm to Glock17
I’ve gotten consecutive rate increases two years in a row, about 6% each time, despite no accidents, no tickets, no claims
Posted on 5/5/23 at 1:48 pm to Upperdecker
quote:
about 6% each time
My home went up like 40% with Farm Bureau so trying to shop it some.
The quote I got from SF was a little higher than I had been paying for home, but not nearly the increase, and my auto was actually a little cheaper
This post was edited on 5/5/23 at 1:50 pm
Posted on 5/5/23 at 2:06 pm to Glock17
Glock,
Just curious. My SF home rate went up about 30% a few yrs ago and finally came to the conclusion that the "new home discount" had expired after 10 yrs.
could that be your case?
Just curious. My SF home rate went up about 30% a few yrs ago and finally came to the conclusion that the "new home discount" had expired after 10 yrs.
could that be your case?
This post was edited on 5/5/23 at 2:08 pm
Posted on 5/5/23 at 2:12 pm to Glock17
Very subtle "i'm able to get homeowner quotes still" brag thread is subtle.
Posted on 5/5/23 at 2:12 pm to Jmcc64
quote:
could that be your case?
My house is about 20 years old. We've been in it for almost 7. So I don't think that's the case. I did have a roof claim after Ida, but last year I didn't have much of a rate jump at all. This year was quite different though.
Posted on 5/5/23 at 2:15 pm to Glock17
My car insurance with them has been the same or gone down for several years. My vehicle is also 110k miles and 12 years old 
This post was edited on 5/5/23 at 2:16 pm
Posted on 5/5/23 at 2:26 pm to Glock17
I have had state farm for 15 years, and my rate increases have been negligible. I've shopped numerous times, and have not been able to get the sam coverage at the price i get from them.
Posted on 5/5/23 at 2:42 pm to BlackAdam
quote:
have had state farm for 15 years, and my rate increases have been negligible. I've shopped numerous times, and have not been able to get the sam coverage at the price i get from them.
Pretty much the same boat for me
Posted on 5/5/23 at 4:28 pm to Glock17
quote:
My home went up like 40% with Farm Bureau so trying to shop it some.
My quote went up about 40%. My broker looked at it and said it is because they raised the value of the home way too high in an attempt to price inflation. He lowered the amount of coverage back to a more realistic number, which cased my premium to be much more manageable, too. Not Farm Bureau, but he said it is a common tactic used by carriers right now.
This post was edited on 5/5/23 at 4:31 pm
Posted on 5/6/23 at 11:23 am to Glock17
I just switched to State Farm last week. Saving me 3,000 a year compared to my Allstate policies.
Posted on 5/6/23 at 5:41 pm to Glock17
My rates have been consistently declining and I even had a water damage claim.
Posted on 5/6/23 at 7:30 pm to Glock17
quote:
Shopping around my home and auto. State Farm has quoted me a pretty solid rate, but I’m concerned after a year it’ll have a huge jump at renewal. Anyone have that experience?
I'm at 2.5 years with SF, HO went down a few hundred when it renewed in mid-December but we re-stucco'd the house and new roof in 2022. Auto has gone up a little but that may have been from sky jacked new automobile prices and repair cost to vehicles in general. Umbrella went down a little. Not a fan of SF's 6 month auto renewals, seems to give them leverage vs the typical 1 year policy I was accustomed to with a different carrier. I obviously don't live in LA so may not be apples to apples.
Posted on 5/6/23 at 9:08 pm to Glock17
State Farm posted a $6.2 billion loss last year.
If your rates increase, shop around.
Not that big a deal.
If your rates increase, shop around.
Not that big a deal.
Posted on 5/6/23 at 9:50 pm to Glock17
been with State Farm home and auto for 20+ years. Never experienced a significant rate hike.
Posted on 5/7/23 at 3:00 pm to Glock17
I just left State Farm after they increased my truck insurance from $150 a month to $240 a month. Went to Progresssive and got back down to $140 a month. State Farm told me my increase was from my 18 Raptor "being re-rated to a lower score" lol.
Posted on 5/8/23 at 2:08 pm to Glock17
i've had state farm for auto since 2020 and my rate actually decreased this year. actually its really odd since i had a fender bender that i was responsible for in December last year...
i aint asking questions
ETA: 14 year old truck with 200k miles, so thats probably why it decreased
i aint asking questions
ETA: 14 year old truck with 200k miles, so thats probably why it decreased
This post was edited on 5/8/23 at 2:10 pm
Posted on 5/8/23 at 4:07 pm to Glock17
Rates are up major at every company. Can guarantee any company you are with will but you with an increase at renewal as long as inflation is still ripping. I believe State Farm lost 13 billion last year.
Posted on 5/11/23 at 8:08 pm to Glock17
State Farm is a great insurance company. Insurance companies are struggling right now for many reasons. Today it is better to pick a solid company than to chase the lowest premium. When it is time to make a claim is when the cheap premium companies will make you wish you had State Farm.
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