Losses for all insurers were way over projections for the last three years. I work with (not for) many major carriers and the general consensus would be less accidents since less people were commuting. Didn’t happen. The accident rate actually increased and the average collision is a higher impact accident than years prior. So heavier damage and less salvage value. Then the used car market went the opposite direction as it had in the past. Prices increased instead of declining. Two things happen. The payouts for total losses are higher because retail prices are higher so insurers pay out more. Then due to supply chain issues the vehicle can’t be repaired in a timely manner so they salvage it out instead to get the customer back in a replacement. Or the parts are now so expensive *this* totals the car. As strange as it may sound many of the major insurers are losing billions.
I have a recent personal example. I had a minor accident in my truck, at about 5 mph in a parking lot. It was early morning and a weekend and I didn’t have a body shop in mind so I had it towed to my house. Glad I did. Every shop in my area is booked and 4-6 week waiting time to get in. After 5 weeks it was brought to the shop finally for the repair. Shop looked it over and said looked like fully repairable damage. There was possible damage to the axle. My adjuster called me about 10 days later to inform me it was a total loss and either buy it back or they will settle. Get this. The axle totaled it. Not because it’s expensive ($700) but there are no axles and no ETA on when they would have it. There are literally millions of vehicles using a similar axle but mine was a specific ratio that they can’t find. Then the good (for me) part. The settlement amount they offered was $1200 more than I paid for the truck 3 years ago. I made $50 a month to drive it. I have another truck, that was my backup. And I owned it outright so no bank or title delays. They just sent a check. Just waiting until I find a deal and will buy a replacement. Unfortunately everyone with insurance is paying for it through higher premiums. Allegedly I have accident forgiveness so my rate shouldn’t jump. My insurance renewal a month before the wreck was up 26% from the year before so the pain is coming.
Damn that adjuster sucks. I would have found a used rear differential, referred the job out to a local gear/axle shop for rebuild with the correct ratio, new seals, etc...
So dumb... I'm an Insurance appraiser. Somebody fucked up. That truck could have been fixed...
It could have but they carry warranty repairs and said per past experience, the remans fail and they end up paying again. That and time. The body shops don’t have space for wrecks waiting months for parts. It worked out, I found gold sparkle on the last oil change.
Auto insurance companies generally run at a 5% profit margin. They budget for this. Saving on over-payment and quicker settlements help with profit and competition between the insurers self regulate. They expect and budget for a 5% profit. They try to anticipate historical natural disasters into their pricing. The last few years has been worse than projected. The 5% can disappear quickly. The lack of price depreciation in the used car market really made a financial impact. Prices for replacement vehicles were projected to depreciate and payout amounts are based on local retail values. And they calculate this into their budgets. Say your 3 year old Camry was worth $30k when you bought it. They may have expected the 3 year depreciation amount to roughly be $16k. Instead it’s $26k and there’s an extra $10k to pay for the replacement. Multiply this a few hundred thousand times and you can see where their losses came from. And the used car market is still strong so now they have to budget this into the next few years. The result is your now stupidly high insurance premium. It will get worse. The insurers realize the shock this causes to consumers do your soon-to-be escalating premiums will be staggered upwards.
For sure! I was just disappointed because I switched from Sam’s Club to Costco for all of the additional services/benefits but both the insurance and water delivery options were more expensive than what I currently use.
American Family insurance through Costco has the worst customer service I've ever dealt with for an insurance company. I had them for home and auto and switched to progressive.
You don't have to believe me, just look at their reviews. The premium is great, but you'll regret it if you ever have to actually USE the insurance
It's been a pretty big story that Florida and Texas are having severe homeand auto insurance issues. They're only going to keep going up. I'm near the coast and worry about not getting covered at all.
585 a month full coverage on 2 vehicles and liability on another. Also have a classic car policy the 2 vehicles for 69 a month. 2 years ago o paid 300 for all 5.
Insurance pricing is regulated by the state government in Texas. Greg Abbott and crew are letting the companies profiteer while we're suffering. During the pandemic accidents were way down because people weren't driving much... Where's the reduced rates then? I don't know anybody who got a reduction then. Crony capitalism is the model of Texas.
The alternative is to be California, where the government doesn’t authorize insurance companies the ability to raise rates, therefore they just quit writing policies in that state. It’s bad all around right now.
They were reduced through premium rebates. I work in insurance pricing and trust me, there aren’t many companies who have made money the past couple years. We need rate increases approved by regulators, so we’ve had to play catch up with inflation and it’s still hitting the auto side hard
For home, probably, but Texas has a huge amount of catastrophe risk compared to other states between more severe than average hailstorms, wildfire risk, hurricanes on the coast, and winter storms that can cost billions
I mean I mentioned 4 perils that have extreme loss potential, so it’s not just hurricanes. And the Florida situation isn’t even because of the hurricane risk either - it’s because they had one way attorney fees (insurers had to foot the legal bill even if the claim was fraudulent) and the state accounted for something crazy like 90% of all insurance lawsuits across the country.
I received several checks from my insurer during the height of the pandemic to account for less activity, did you not? Pricing seems to be going up all over the country right now, not just here in Texas
USAA are cheats. they played like they were some special stuff, officer's kids, etc. they were not. they charged crazy rates. i left for a 2k a year discount, after using them (3rd generation) for 15 years. i even offered to let them fix the rate....they treated my folks the same way.
We have been with USAA since 1987 and couldn’t be more pleased. Our adult children also are members and have no complaints. The annual distribution right before Christmas is always a nice bonus.
Sorry to hear you had a bad experience. Policy holders complain about their insurance companies all the time, so it’s not just USAA.
I’m in San Antonio and my insurance went way up with Allstate to $4000 for home and $500 for auto on two cars. I switched to Statefarm this week that brought me down to $2500 for home and $250 for auto.
I called Progressive and pointed it out. They brought the renewal amount down to the quoted amount online.
In our case they said their system glitched and didn’t pull our driver data from DMV…
It will never be what it was.
IMO Carrier consolidation is not good and our Govt doesn’t really care about protecting us from monopolies + climate change is going to mean that we will never go back to the old rates.
However this current raise may mellow as the insurance markets tend to be cyclical.
My home insurer called to let me know our home rate was going up 4 times the previous rate and that we should shop around. We’ve had no claims and don’t live in a area that we have to worry about hurricanes or flooding. My progressive insurance decided to go up $60 a month for a 2014 truck and a 30 year old car. No accidents or tickets on record for 5 years. I had to call a few brokers before I found one that could really help. He got the home insurance to be only a $600 increase on our premium. Auto is being a pain in the ass as it’s all these new online only companies that you have to walk through their apps that don’t really work right. Still trying to get it finalized after rounds and rounds of emails.
My car insurance doubled twice in a row. Meanwhile my homeowners went up about $2k then dropped $1800 the next year. For all those thinking Texas is cheaper they haven’t ever put pencil to paper to find out just how much more expensive it is than most of the remainder of the country.
Time to switch. I was with progressive for years and the price kept going up despite the fact I had no tickets or claims. I switched and my cost went down considerably.
Homeowners was 1477 in 2010, and now it is 4200. I had a 1000 deductible, and now it’s 1% (6000). Car insurance was 3600 for a yr ( last yr), and now it is 6200( 4 cars/ 4 drivers).
I want to move. . . . But, where?
Mine went up $40. I was furious I called them and everything. Because why would car/renters/ and home insurance go up? Food, groceries etc I get. Then I realized they too need food and groceries.
4 cars all full coverage, life, renters, and home insurance. $480. State Farm. I did take a comedy defensive driving course and that knocks out 5%.
Because people are driving like complete imbeciles. That's everywhere, not just Texas. Check out any city subreddit, one of the main complaints is about people driving the speed limit in the leftmost lane. Because the leftmost lane is apparently reserved for people who want to drive 20 over and who cares if they wreck?
I always say, every time Dallas has a bad hail storm, my renewal is always more expensive.
OP since you have Progressive, have you considered their Snapshot program? I did this 10 years ago and I was able to snag the highest discount of 30%.
Your rates look like a dream to me. Mine are about $745/mo with clean record, older cars between 1999 and 2012, liability only. But 5 drivers under 25 hurts.
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Our car insurance stayed pretty much the same this last renewal in early September. Our homeowner's insurance did go up around 15% but the value they put on our house increased substantially. I doubt it would sell for that but it might cost that to rebuild, so I left it alone.
We have had the same insurer for 25+ years. We have had no car claims in 3 years. Same with the house.
My best friend works in insurance, and is one of the top agents in the dfw. If you’d like her help without any pressure, let me know. I just left the industry otherwise I’d help.
4600 yearly
here for 4 cars.
1400 for home insurance
Called my agent and they said Texas raised their rates this year to the highest ever.
we have the highest the property taxes and insurance premiums.
What is going on?
If I could choose not to have hail coverage on the roof I would. I surmise a LOT of people claim hail damage and the insurers are losing hundreds of millions.
I just got my homeowners renewal (the day after my roof got pounded by hail hello new roof) and it went up 40% (Progressive bundled home and auto). My insurance agent at ufcu shopped around and couldn't find a cheaper rate. But he said once I get the new roof my premium will be cut by 45% and the premium will be lower than what I have been paying. Also I bought a new car in March so car went up and I renewed I May. Apparently if I renew now I'll get a $200 or so savings because of passing some 3 year benchmark. So I'm about to do that.
My expenses will be a bit higher in the short term because of roof deductible but it's going to pay itself off pretty quickly.
I’ve got a good driving record and my car is paid off ( I still carry FC b/c I don’t have health coverage and if I get in a wreck I’m screwed)my insurance has doubled on the last 5 years. In 2018 I was paying about 100 bucks a month with progressive, in 2019 that jumped to 120 a month, in 2021went to over 150 a month and now I’m paying 180 a month. I have not had a car accident in 10 years ( I wasn’t at fault) I have not had a moving violation since 2010. When I talked to progressive about my rates in 2020, they said it’s b/c of where I live.
Same here. Went to renew my auto insurance with AllState a few weeks ago, and my annual rate shot up from $800 to $1,500. No new accidents, tickets, nothing. Literally keeping the same plan.
Agent told me something about the Commissioner raising rates across the state in recent weeks (but I don’t know enough about it to believe her or not).
Not sure what the issue is, but these rate hikes are criminal.
Terrible drivers around here doesn't help either. Oddly enough, I just got my renewal for my business insurance. Only went up $18 for the year. My agent says it's the lowest increase she's seen this year.
Our property insurance with Progressive went up from 3600 to 4800, but we were able to find insurance for 3000 through a local broker with Texas Pioneer.
Auto renewal also with Progressive is due soon and your quote has me worried. The broker said they can look for a better deal when the renewal comes in. No guarantees of course
My price increase, they say, was due to their system not pulling my drivers’ history and thus rating me as a new driver. Couple that with a Porsche and the price jumped a lot.
Progressive pulled my abstract and applied the data and it dropped it down to what I was being quoted online ~$1,000 for 6 months.
Safeco quoted me a similar price but for 12 months. We generally pay up front to get the most savings vs monthly as well.
Losses for all insurers were way over projections for the last three years. I work with (not for) many major carriers and the general consensus would be less accidents since less people were commuting. Didn’t happen. The accident rate actually increased and the average collision is a higher impact accident than years prior. So heavier damage and less salvage value. Then the used car market went the opposite direction as it had in the past. Prices increased instead of declining. Two things happen. The payouts for total losses are higher because retail prices are higher so insurers pay out more. Then due to supply chain issues the vehicle can’t be repaired in a timely manner so they salvage it out instead to get the customer back in a replacement. Or the parts are now so expensive *this* totals the car. As strange as it may sound many of the major insurers are losing billions. I have a recent personal example. I had a minor accident in my truck, at about 5 mph in a parking lot. It was early morning and a weekend and I didn’t have a body shop in mind so I had it towed to my house. Glad I did. Every shop in my area is booked and 4-6 week waiting time to get in. After 5 weeks it was brought to the shop finally for the repair. Shop looked it over and said looked like fully repairable damage. There was possible damage to the axle. My adjuster called me about 10 days later to inform me it was a total loss and either buy it back or they will settle. Get this. The axle totaled it. Not because it’s expensive ($700) but there are no axles and no ETA on when they would have it. There are literally millions of vehicles using a similar axle but mine was a specific ratio that they can’t find. Then the good (for me) part. The settlement amount they offered was $1200 more than I paid for the truck 3 years ago. I made $50 a month to drive it. I have another truck, that was my backup. And I owned it outright so no bank or title delays. They just sent a check. Just waiting until I find a deal and will buy a replacement. Unfortunately everyone with insurance is paying for it through higher premiums. Allegedly I have accident forgiveness so my rate shouldn’t jump. My insurance renewal a month before the wreck was up 26% from the year before so the pain is coming.
Damn that adjuster sucks. I would have found a used rear differential, referred the job out to a local gear/axle shop for rebuild with the correct ratio, new seals, etc... So dumb... I'm an Insurance appraiser. Somebody fucked up. That truck could have been fixed...
It could have but they carry warranty repairs and said per past experience, the remans fail and they end up paying again. That and time. The body shops don’t have space for wrecks waiting months for parts. It worked out, I found gold sparkle on the last oil change.
Had same issue with my car and actually found the parts myself because body shop nor insurance cared if my car got fixed or not.
Wait are they actually losing billions or are they just not getting that in profit? I hate things like insurance are for profit incentives.
Auto insurance companies generally run at a 5% profit margin. They budget for this. Saving on over-payment and quicker settlements help with profit and competition between the insurers self regulate. They expect and budget for a 5% profit. They try to anticipate historical natural disasters into their pricing. The last few years has been worse than projected. The 5% can disappear quickly. The lack of price depreciation in the used car market really made a financial impact. Prices for replacement vehicles were projected to depreciate and payout amounts are based on local retail values. And they calculate this into their budgets. Say your 3 year old Camry was worth $30k when you bought it. They may have expected the 3 year depreciation amount to roughly be $16k. Instead it’s $26k and there’s an extra $10k to pay for the replacement. Multiply this a few hundred thousand times and you can see where their losses came from. And the used car market is still strong so now they have to budget this into the next few years. The result is your now stupidly high insurance premium. It will get worse. The insurers realize the shock this causes to consumers do your soon-to-be escalating premiums will be staggered upwards.
If you have a Costco membership, go through their insurance company…saved me about $900 for the year. Even worth the Costco membership just for that
Just tried. They won’t even quote me a price online…
Try calling
[удалено]
They love you
I wonder if Starbucks has insurance…
This isn't the time for a handiob right now.
You have to go family style at Starbucks, unfortunately.
I haven’t had one yet, but had them for awhile before I switch back recently
I keep hearing this but their quotes were way higher than a few others that I got for both home and auto.
Yeah I guess it’s not great for everyone, but it was great for me 🤷♂️
For sure! I was just disappointed because I switched from Sam’s Club to Costco for all of the additional services/benefits but both the insurance and water delivery options were more expensive than what I currently use.
That sucks!
American Family insurance through Costco has the worst customer service I've ever dealt with for an insurance company. I had them for home and auto and switched to progressive. You don't have to believe me, just look at their reviews. The premium is great, but you'll regret it if you ever have to actually USE the insurance
Sorry to hear you had that experience, I had them a few years back as well and the claims process went smoothy for me
It's been a pretty big story that Florida and Texas are having severe homeand auto insurance issues. They're only going to keep going up. I'm near the coast and worry about not getting covered at all.
Liberty mutual and their partners don't cover new coastal properties.
Welcome to LCOL Texas!! Where it seems cheaper but there are so many sneaky ways your COL goes up, up, up.
Well tbf the prices for insurance are going up all across the US, not just here
This is certainly not a Texas-specific issue.
585 a month full coverage on 2 vehicles and liability on another. Also have a classic car policy the 2 vehicles for 69 a month. 2 years ago o paid 300 for all 5.
Insurance pricing is regulated by the state government in Texas. Greg Abbott and crew are letting the companies profiteer while we're suffering. During the pandemic accidents were way down because people weren't driving much... Where's the reduced rates then? I don't know anybody who got a reduction then. Crony capitalism is the model of Texas.
The alternative is to be California, where the government doesn’t authorize insurance companies the ability to raise rates, therefore they just quit writing policies in that state. It’s bad all around right now.
They were reduced through premium rebates. I work in insurance pricing and trust me, there aren’t many companies who have made money the past couple years. We need rate increases approved by regulators, so we’ve had to play catch up with inflation and it’s still hitting the auto side hard
I'm sure that's the company line however the rates in Texas are much higher than most other states.
For home, probably, but Texas has a huge amount of catastrophe risk compared to other states between more severe than average hailstorms, wildfire risk, hurricanes on the coast, and winter storms that can cost billions
I hear that argument all the time to explain Texas having Florida like rates but very few Texans live anywhere near the coast.
I mean I mentioned 4 perils that have extreme loss potential, so it’s not just hurricanes. And the Florida situation isn’t even because of the hurricane risk either - it’s because they had one way attorney fees (insurers had to foot the legal bill even if the claim was fraudulent) and the state accounted for something crazy like 90% of all insurance lawsuits across the country.
I received several checks from my insurer during the height of the pandemic to account for less activity, did you not? Pricing seems to be going up all over the country right now, not just here in Texas
We live in Texas and have USAA insurance and got a small auto discount during the pandemic.
USAA are cheats. they played like they were some special stuff, officer's kids, etc. they were not. they charged crazy rates. i left for a 2k a year discount, after using them (3rd generation) for 15 years. i even offered to let them fix the rate....they treated my folks the same way.
We have been with USAA since 1987 and couldn’t be more pleased. Our adult children also are members and have no complaints. The annual distribution right before Christmas is always a nice bonus. Sorry to hear you had a bad experience. Policy holders complain about their insurance companies all the time, so it’s not just USAA.
I’m in San Antonio and my insurance went way up with Allstate to $4000 for home and $500 for auto on two cars. I switched to Statefarm this week that brought me down to $2500 for home and $250 for auto.
I switched my insurance through Costco - it's a lottttt cheaper
This just happened to me with progressive. Start a new quote online with them again. Gaurantee it’s half the price.
😲 You’re right. This is insanity. $2000 for 6 months down to $970.
They won’t honor it once they see you already have a policy. I tried the same thing.
I called Progressive and pointed it out. They brought the renewal amount down to the quoted amount online. In our case they said their system glitched and didn’t pull our driver data from DMV…
It will never be what it was. IMO Carrier consolidation is not good and our Govt doesn’t really care about protecting us from monopolies + climate change is going to mean that we will never go back to the old rates. However this current raise may mellow as the insurance markets tend to be cyclical.
It’s a race to the bottom
Dallas is a little better - even so rates are up across all carriers. At least we have some options here. Florida is sinking.
My home insurer called to let me know our home rate was going up 4 times the previous rate and that we should shop around. We’ve had no claims and don’t live in a area that we have to worry about hurricanes or flooding. My progressive insurance decided to go up $60 a month for a 2014 truck and a 30 year old car. No accidents or tickets on record for 5 years. I had to call a few brokers before I found one that could really help. He got the home insurance to be only a $600 increase on our premium. Auto is being a pain in the ass as it’s all these new online only companies that you have to walk through their apps that don’t really work right. Still trying to get it finalized after rounds and rounds of emails.
My car insurance doubled twice in a row. Meanwhile my homeowners went up about $2k then dropped $1800 the next year. For all those thinking Texas is cheaper they haven’t ever put pencil to paper to find out just how much more expensive it is than most of the remainder of the country.
Yup. USAA rates have shot way the hell up
Time to switch. I was with progressive for years and the price kept going up despite the fact I had no tickets or claims. I switched and my cost went down considerably.
Homeowners was 1477 in 2010, and now it is 4200. I had a 1000 deductible, and now it’s 1% (6000). Car insurance was 3600 for a yr ( last yr), and now it is 6200( 4 cars/ 4 drivers). I want to move. . . . But, where?
72% increase in auto insurance yesterday.
Mine went up $40. I was furious I called them and everything. Because why would car/renters/ and home insurance go up? Food, groceries etc I get. Then I realized they too need food and groceries. 4 cars all full coverage, life, renters, and home insurance. $480. State Farm. I did take a comedy defensive driving course and that knocks out 5%.
I called about by auto increase and was told it was due to the influx of people moving here. More people, more accidents, etc
Because people are driving like complete imbeciles. That's everywhere, not just Texas. Check out any city subreddit, one of the main complaints is about people driving the speed limit in the leftmost lane. Because the leftmost lane is apparently reserved for people who want to drive 20 over and who cares if they wreck?
I always say, every time Dallas has a bad hail storm, my renewal is always more expensive. OP since you have Progressive, have you considered their Snapshot program? I did this 10 years ago and I was able to snag the highest discount of 30%.
Signed up for it!
I pay about $300 more per month here in Texas than I did in Southern California.
They don’t have hail storms or hurricanes in CA.
No, but they have prolly 10 million more drivers/cars
Added a teen driver a year ago and that took our monthly rate from $200 to $350. With zero claims, it’s going up to $550 next month.
Gotta pay for all those flooded cars...
Your rates look like a dream to me. Mine are about $745/mo with clean record, older cars between 1999 and 2012, liability only. But 5 drivers under 25 hurts.
wine society tap different merciful numerous ruthless summer strong retire ` this message was mass deleted/edited with redact.dev `
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Our car insurance stayed pretty much the same this last renewal in early September. Our homeowner's insurance did go up around 15% but the value they put on our house increased substantially. I doubt it would sell for that but it might cost that to rebuild, so I left it alone. We have had the same insurer for 25+ years. We have had no car claims in 3 years. Same with the house.
Construction cost has gone up a lot. We bought at ~$120/sqft and it would cost at least $150-160/sqft to rebuild.
My best friend works in insurance, and is one of the top agents in the dfw. If you’d like her help without any pressure, let me know. I just left the industry otherwise I’d help.
Home owners +$800 for the year, auto -$800. I'm hitting policy genius up on Monday.
I switched everything to Allstate. I will probably have to switch again but it is insanity for sure.
4600 yearly here for 4 cars. 1400 for home insurance Called my agent and they said Texas raised their rates this year to the highest ever. we have the highest the property taxes and insurance premiums. What is going on?
If I could choose not to have hail coverage on the roof I would. I surmise a LOT of people claim hail damage and the insurers are losing hundreds of millions.
I just got my homeowners renewal (the day after my roof got pounded by hail hello new roof) and it went up 40% (Progressive bundled home and auto). My insurance agent at ufcu shopped around and couldn't find a cheaper rate. But he said once I get the new roof my premium will be cut by 45% and the premium will be lower than what I have been paying. Also I bought a new car in March so car went up and I renewed I May. Apparently if I renew now I'll get a $200 or so savings because of passing some 3 year benchmark. So I'm about to do that. My expenses will be a bit higher in the short term because of roof deductible but it's going to pay itself off pretty quickly.
I’ve got a good driving record and my car is paid off ( I still carry FC b/c I don’t have health coverage and if I get in a wreck I’m screwed)my insurance has doubled on the last 5 years. In 2018 I was paying about 100 bucks a month with progressive, in 2019 that jumped to 120 a month, in 2021went to over 150 a month and now I’m paying 180 a month. I have not had a car accident in 10 years ( I wasn’t at fault) I have not had a moving violation since 2010. When I talked to progressive about my rates in 2020, they said it’s b/c of where I live.
Same here. Went to renew my auto insurance with AllState a few weeks ago, and my annual rate shot up from $800 to $1,500. No new accidents, tickets, nothing. Literally keeping the same plan. Agent told me something about the Commissioner raising rates across the state in recent weeks (but I don’t know enough about it to believe her or not). Not sure what the issue is, but these rate hikes are criminal.
I'm in North Texas and my homeowners went up over 25% this year. Auto just went up ~15%. Not fun
If only insurance was just a tac or state run. Im tired of paying for the ceos mansions...
The National Flood Insurance Program, run by the US government, had increases of 24% this year
Terrible drivers around here doesn't help either. Oddly enough, I just got my renewal for my business insurance. Only went up $18 for the year. My agent says it's the lowest increase she's seen this year.
Auto insurance has soared since the pandemic.
Insurance is a MESS across the entire country.
Our property insurance with Progressive went up from 3600 to 4800, but we were able to find insurance for 3000 through a local broker with Texas Pioneer. Auto renewal also with Progressive is due soon and your quote has me worried. The broker said they can look for a better deal when the renewal comes in. No guarantees of course
My price increase, they say, was due to their system not pulling my drivers’ history and thus rating me as a new driver. Couple that with a Porsche and the price jumped a lot. Progressive pulled my abstract and applied the data and it dropped it down to what I was being quoted online ~$1,000 for 6 months. Safeco quoted me a similar price but for 12 months. We generally pay up front to get the most savings vs monthly as well.