new cars insurance costs are soaring, jumping 22% since this time last year, according to Reuters. That's the largest insurance cost increase since the 1970s. ( I just learned about this last week)

According to Insurify, insurance costs for new cars skyrocketed 24% in 2023 and, while that rise is projected to slow down in 2024, it's still going to increase by 7% this year.

 An even more disturbing figure, per Insurify, is that increases to insurance rates outpaced wages by a staggering 638% last year.

https://www.thedrive.com/news/auto-insurance-costs-skyrocket-just-as-car-prices-start-settling-down

The insurance industry as a whole, which includes the health, property, and auto insurance companies, has reportedly spent $3.6 billion in lobbying since 1998, making the industry the top second spender between 1998 and 2023. The insurance industry was only beat by the pharmaceutical and health products sector which spent $5.9 billion during the same timeframe.

https://www.hemmings.com/stories/why-car-insurance-costs-are-skyrocketing/

I found that my insurance had grown 30% over the past two years from 750 every 6 months for my 2015 Veloster, to 1150.  https://justacarguy.blogspot.com/2024/03/heres-another-reason-people-say.html

That's 2300 a year for a car that's possibly worth only 7k. 

Stupid, right? So, I called up Allstate to ask about lowering my maxed out coverage (100 300 to 50 100) and they stated that the difference would be 90 dollars less for bare bones insurance. 

So why bother lowering the coverage when you save no real actual money?