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?
Here in Australia all my insurance jumped 33% this year and I know of people claiming in the 40%. I've never had an at fault claim. When I ad health insurance and work insurance it is the biggest chunk of my wage. At this rate it in five years it won't be worth working as the unemployed currently get better benefits and it'd be pretty shaky getting older and not having insurance. I have no answers to this, sigh.
ReplyDeleteAww man! Australia was supposed to be my last hope for a paradise that escaped the rest of the worlds problems! I think I forgot to mention that all our insurance is going up without making any claims.
DeleteAt this rate it will be cheaper to get Ubers, than to pay for gas and insurance now that my car payments are over.
Have you ever checked USAA insurance? You should be eligible because of your Navy service. I have it because my dad was in the Air Force. I've had other insurance agents tell me that they aren't able to beat USAA's rates.
ReplyDeleteI haven't checked out insurance quotes in a long time https://justacarguy.blogspot.com/2008/11/car-insurance-comparison.html
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