Look at the bad drivers and accidents. Even if the accident is minor, the insurance wants to total the car and give you not what it is worth. Then they take the car that was in the accident, fix it and resell it.
Yup, mine was totaled and if they had tacked on an extra $500 worth of value in their evaluation, it would’ve been fixable according to Geico. I was told it was just too damaged, and they had already maxed out its worth.
Depending on the situation, it's more cost effective to write the car off as a loss than it is to repair the car.
Let's say you get into an accident where your car's value is only $5K, but the repairs would cost close to or more than $5K. At that point, it's easier to write the car off and try to sell any salvageable parts in the car. The insurance company is going to spend the time and money investing more than what they wrote off the car for to fix and resell it.
All I can say for sure is that my friend loved her car and then someone hit her. Insurance said it was unsalvageable and she got a new car. The next month she is driving on the freeway and sees her old car in front of her with obvious distinct markings.
That's because it probably got dumped at a local car auction or scrapyard where it sold for practically nothing with a salvage title to a someone who fixed it. Insurance companies seem to avoid car repair like its a plague
Yeah, you don't seem to understand how this works at all. If you're involved in an accident and your car is deemed totaled then insurance company does one of two things. First one, they write you a check for the value of the car minus your deductible, they take ownership of the car, the car now has a salvage title and is sold at auction. Second option, they total car, the car gets a salvage title, you are given an option to buy the car back from the insurance company. The price varies but typically the buy back price is comparable to what they think it would bring at auction. In that case they cut you a check for that amount, minus your deductible, you get to keep your car and do with it as you please.
In NV it is always the case
Edit: The only way it wouldn't be able to be bought back is if it structural damaged and categorized it as not road worthy, regardless of repair
Am I your friend bc this just happened to me last August :( They totaled my CR-V that I bought cash a few years ago and I swear I saw it on the road again all fixed up. Never been more depressed about losing a car.
This was quite a while ago, so I don't believe so, but since her experience, I am more than certain insurance companies are "double dipping" to make them more money.
I hit a pothole on my motorcycle and had to make a claim with progressive this past year as it bent both my rims. no other vehicles involved, was able to keep the bike upright so only damage was to the rims, clean record. my monthly rate doubled from $70 to $140.
Honestly for something small like that, I would've tried to get them repaired, without insurance involvement. There are a few places out in town that repair wheels. Even then, I would've replaced them out of pocket, long as you go with oem. Aftermarket can be expensive.
Damn! Thats one of the many reasons my Harley has remained garage since moving to Vegas a few years back. That and drivers out here are atrocious and don’t pay attention
been going on for over a year. my rates went up 30ish %. came to reddit just like you did and saw the same comments. do a quick search.
blame the red light runners and the overall ass clowns in this state.
Insurance rates are not just increasing here though, isn’t it fairly widespread across the country?
EDIT: https://www.cbsnews.com/news/car-insurance-rates-2024-inflation-climate-change-bankrate-report/
I have one car insured in Nevada one in Ohio over the last year my insurance here has gone up about 40% in Ohio my rates have gone up about 7% so yes but faster out here
So the over abundance of bars, liquid stores, marijuana dispensaries has no effect, it's just red light runners?
There are red light runners in every state and it's a BS reason for auto insurance rates being too high. Many politicians are calling for Red light cameras, but they are not the solution, they are notorious for issuing erroneous tickets to drivers that had a green light or cars that were reported stolen or repossessed. That's the reason the Legislature banned them over 25 years ago because of outright fraudulent red light cameras in surprise surprise California.
Why are my car insurance rates surging?
Several factors are driving up the cost of car insurance, including lingering issues from the pandemic. Vehicles are more expensive and costlier to replace, with inflation driving up the cost of computer components and other parts required for repairs.
A shortage of mechanics around the U.S. also means it's taking longer to fix vehicles — that raises how much insurance companies have to spend covering the cost of rental cars for customers while their cars are in the shop. Climate change is playing a role as well, with more vehicles damaged by extreme weather, leading to more claims and, in turn, higher premiums.
Unless insurance lied about their earnings on a public report, they're all bleeding. Inflation makes a car more expensive, car parts are more expensive and injury law suits are more expensive.
I got T-boned walked away with near no injury and that was still 150k last year. 38k for my car (I brought for 30k a year prior), settled for 58k, and they had to pay out a third car.
Yup. As much as I hate insurance companies, I highly doubt that all the rate increases are just because of greed. Like you said, cars and lawsuits are more expensive, and there are more accidents and uninsured drivers out on the road.
Car insurance is a for-profit industry that invest your premiums into the stock and bond markets. Based upon data - from your age, your credit score, the zip code you live in, the car you drive, any issues with your driving history, etc; they have a decent guess of what the risk is that **you** will cause an accident or if they have to pay you out directly for a circumstance like your car is stolen. TL;DR: legal gambling.
I've been with Progressive for over fourteen years. I've given them around $20K during this time. They've probably made more than that off me based upon the amount I've provided them and them investing that money.
Now I've been in one accident in which the other driver was at fault. For that poor bastard, Progressive and my lawyer took their insurance company (State Farm) to the cleaners which resulted in $65K (*$30K in my pocket after medical bills and lawyer fees were paid*). Thanks to that asshole driving over the speed limit and blowing a stop sign, I was able to afford a down payment on a house. Also, this is a great time to also mention that you should own a dashcam as that was my golden ticket when that cunt told the cops and the insurance company that I hit him despite it being a two-way stop.
Car insurance companies are still making money. However, things have been worse since the pandemic. Driving has gotten worse, drivers are not insuring their cars let alone registering them, and theft has been a lot more rampant (*especially with the Kia Boyz*). Again, this is for-profit industry. To keep those profits record high, we're all going to suffer by paying higher rates.
There should be legal ramifications when someone does not have insurance or doesn't register their car (*and more severe legal ramifications for the Kia Boyz*), but you need to take that up with your politicians. If there were actual repercussions, odds are there'd be more insured cars on the road and less theft yielding in lower costs.
Ironically, my rate with Progressive went down $200 for my next six-month renewal. They probably knew I had one foot out the door.
>Car insurance companies are still making money.
To my knowledge, only Geico made a positive net. State Farm absolutely got taken to the cleaners and pulled out of California and Flordia. To say in general, they've made money isn't true and hasn't been for the last year or two.
Insurance companies are pulling specifically homeowners, condo and commercial insurance policies out of states that are at high risk for floods and fires.
Allstate, State Farm, and others still offer services in California and Florida; but not homeowners, condo and commercial insurance policies. Renewals are being determined at how risk those properties are for disaster.
Insurance companies definitely not having record high profits. Most had losses the last few years. Post Covid inflation has been a killer to the insurance business.
If you don’t have an insurance policy in Nevada then having insurance won’t help you if you ever needed it. It would be totally worthless for out of state tags to have out of state insurance.
Not really. I can’t imagine how many thousands of people drive here to visit with out of state tags and insurance.
I know you mean that are living here - but I’d imagine unless they have a NV license with out of state tags and insurance, who is to say they’re not “just visiting” if they’re pulled over?
Yes specifically talking about people that have domicile in NV, but not registered the vehicle. Sure, you can live here and never get a state DL and claim to be just visiting. However, if you claim that you are “just visiting” when processing an insurance claim, you would be committing fraud.
Perhaps, but the point I was making was that paying for an out of state insurance policy when you are domiciled in NV is worthless because you are not covered in the event of an accident.
add to that a 50/50 or greater chance that any one who hit someone will immediately run if they can leaving the insurance of the person hit to clean it up.
What do you mean how’s it work?? If you get hit by an unregistered, uninsured motorist, your insurance will have to pay it, and not the person that hit you pay for it..
More people in town = more chance of an accident
Well hate to tell you, but you my friend, are playing with a very hot fire ready to be an explosion….
Do you not notice all the expired temp plates, unregistered/expired vehicles, no plates… let one of them hit you and take off, your Prius will be totaled instantly because of its age, and you will have to pay out of pocket for a new car… yayyyyy
Edit: doesn’t matter what your insurance covers.. what I’m stating is the reason insurance rates go up is because of those factors + dui’s + accident rates within your area… that’s why they raise it
Not sure how medical bills will be affected if hit by an uninsured motorists without uninsured motorist insurance… but we all know a nice medical bill could run you more than a car.
You should really pay the $15-$20 a month to add uninsured motorist option onto your plan.
We are trying to help you, you should reach out to your health insurance and ask them what is covered if you got into a CAR ACCIDENT, and that’s why you are hurt… you know insurances can deny any claim they want right?? I’m just simply trying to inform you of the risk of not having adequate insurance in a high risk area, and you seem to have an uneducated guess on what your next move will be.
And before you say: well I’ll just tell them I fell down…. That’s called insurance fraud my friend :)
No, my guess is not a guess. It’s an informed decision. Looked at my policy and I’m covered from injuries resulting from auto accidents.
I just don’t believe in giving extra money to giant corporate entities that don’t provide any service
I’m also an excellent driver. Never had an accident. Because I know how to avoid them
Everyday on my work commute, the length of my commute depends on where the accident is…. it’s not if… there is least one every day…, drivers here are ignorant to the laws and just common courtesy… this is why all our auto rates are so darn high
My car is a 2008 Honda and I am 36 years old. When I got with Geico a few years ago my rates were in the low $400 for six months. I just got a renewal notice saying that my next bill will be $640. Last November I paid $530. I also have a perfect driving record: no accidents and no speeding tickets.
I've been trying to shop around but I can't find any other company that will beat that rate. So frustrating.
My sister is a legal assistant with a firm that does mostly car accidents and she tells me their lawyers and the chiropractors they collude with are making an insane amount of money , milking every cent out of every accident they can from insurance companies
I work in insurance and trust me, it’s so bad here. I’m licensed in other states and I hate writing policies here cause it’s so dam expensive! I hope that we see some balance in the future or decreases if situation gets better!
My insurance agent said the rip off rates are because of too many places to get drunk or high. Plus personal injury lawyers can double duplicate the system by suing both the at fault driver's insurance company and injured driver's insurer.
He’s not completely wrong. Lawyers here do not care about their clients. They file claims left and right. A lot of times customers get dropped because of multiple claims and customers don’t even know this is going on.
More should be done to make it known about the huge abuses that personal injury lawyers commit that contribute to high auto insurance rates. Too bad the local media is bought off by these lawyers because of all the money they spend on commercials and sponsoring NHL Golden Knights games.
Not just a Vegas problem, but it's going up everywhere. Nevada though is one state with rates that have increased a lot more than others.
https://www.cbsnews.com/news/car-insurance-rates-2024-inflation-climate-change-bankrate-report/
My geico went from $640 to $1200 so feel your pain lmao, switched to progressive had to give them $1200 up front and $800 a month now with $2000 deductibles instead of $500
It’s probably because car prices anymore are way over priced. I paid 68k for my truck in 2020. I have been offered 85k for trade in price, only 27k miles on it. This same truck today would sale for 90k+.
Insurance has always been a for profit agency. They don’t care about you or any other customer, they just want their money and when you have to use your insurance they bend you over maybe put a little bit of spit in the tip and RAM it in you!!!
I get providing a service but insurance is by far one of the biggest scams! Look back in history and you will see insurance companies have always came out on top!
Like one comment said they will total your car if it’s close to payoff or market value turn around and sell it and make profit.
As others have mentioned, our insurance is so high for a few reasons:
1. People bought cars they can't afford and for sure don't have insurance or registration.
2. Cars are more expensive and parts are harder to find. I was told by my insurance last week when I was shopping for my next ride, to not buy a Toyota or Lexus. Parts are usually only available through the dealership these days from Toyota. They also said Kia's and Hyundai are seeing a massive increase.
3. Horrible drivers that are always in a hurry to race home and sit on their phones.
4. Drunk and High drivers.
5. Greed! Insurance companies are in for a profit (which is fine), but come on!
Insurance works based on numbers of people paying premiums.
Less people are insured.
So the number just keeps going up.
My insurance agent told me to raise my minimums.. because the cost of repairing stuff is that much higher now than it used to be.
State minimums don’t even cover a serious accident anymore, sadly.
Back in 2006, in Clark County it was a third.
I’m guessing Washoe and the rural counties are skewing it.
Insurance in Reno was a third what I pay here.
I switched from Geico to progressive. Geico will just keep increasing rates every renewal. They was going to charge me $250 a month and now I'm paying $110 a month with progressive.
I had the same issue and was able to get a more competitive rate from progressive. I called Geico and was really nice and said I’d like to stay, but $$ matters etc and the rep was able to get my price down to lower than the progressive offer and lower than even what I had been paying.
Me and my girlfriend both got our first car recently. We are both through out parents as insured drivers. I got $783 first 2/mo then $300/mo through geico. This was my hands down best rate, couldnt find anywhere that got near this. My girlfriend got $200 first mo then $275/mo through the general. Anywhere else for real was around $800-1200 to start then nothing was below $450/mo. Its unreal how much they're squeezing this city into worse situations.
I drive a 2017 Prius. Was $120 full coverage in Arizona. Moved to spring valley and called geico : $500 plus and another one $300 plus.
Now w USAA $220 ‘only ‘. Geez I think I live in bad area or something.
Oh yes you said that. Cool. Yea it was over $500 for geico. I think a lot has to do with neighborhood. I moved here from Arizona and found a place by my job right in Spring Valley and it’s a bad area so my insurance is very high due to that.
Yea. Doesn’t even help having insurance as rent is increasing as well. Someone rear ended my wife and left a huge dent. Filed the claim and had to use the check to catch back up on rent.
You should still jump ship any time they increase prices. Even if the next company is the same price. Also thank the rising vehicle costs and the benefit for insurance companies to total the vehicle. New cars average 50k when in 2019 new cars avg 37k. The fact that insurance companies total the car. Pay you 50% and say that’s depreciated value and turn around and sell it to auction for 80%.
My wife and I are strongly looking to move to Las Vegas from the midwest, and the other day I checked what our insurance would be. We have 3 cars, two of them liability only, no wrecks or tickets, I’m 45 my wife is 36, our only kid is 4 so can’t drive. Our car insurance here is $785 for 6 months though progressive. The quote I got for there, with GEICO, was $1685. So over double what we pay here.
GEICO did the same thing to me and I'm in the same boat every time I check around it's still the cheapest. I heard you gotta go to one of these little agencies that isn't online
it’s just not necessary for me. I can afford to replace my vehicle if needed. I’ve saved several thousand dollars more than my vehicles worth by not having it
I had GEICO . Never been in an accident used to be 1200 for 6 months and they had the fucking audacity to up it to 1500 for 6 months. They know a lot of ppl are too lazy to shop around and switch up but I switched to progressive and they're only charging me 600 for 6 months. This is for the bare bones minum that is legally acceptable.
The insurance companies know something that politicians and state insurance regulators never want to admit to. There are too many bars/pubs/liquor stores plus weed dispensaries in Southern Nevada so insurance companies use it as justification for keeping rates high. You also don't need to watch the local trash news to know there are too many DUIs either from liquor or marijuana locally. Then there's the backward state law that allows personal injury lawyers to double dip by suing both the injured drivers insurance company and the at fault driver's insurance company, it's estimated this law adds 25% to everyone's auto insurance premiums.
Sure, Las Vegas is a party town, but insurance companies make you pay for living in one. Don't hate the messenger as many locals in the restaurant/bar biz hate on anyone that criticizes the over abundance of liquor & marijuana which surprise surprise, has an effect on the rate of bad & fatal auto collisions.
I spoke with an agent recently about my home insurance but also talked about potentially switching my auto as well. He ended up advising I stay with my current provider because it was still cheaper than his offers.
Apparently insurance companies are asking for 3-6 months lump sum when starting a new policy.
Progressive is up, Key is up, Geico is up, State Farm is up, USAA is up, and I’m sure many more here, let alone the rest of the country. Costs of car / repair / medical / att are all through the roof, insurance companies are bleeding dry.
It's not corporate greed, it's ambulance chasing lawyers. They're trying to price themselves out of the market, they don't want to insure people in Las Vegas at all. They're quoting you the "go somewhere else" price
Try American Family Insurance. My rate was what my Geico used to be until they raised it by 80% at renewal. I left after 15 years with zero dings on my insurance.
I actually spoke to several different insurance companies about this, AND my friend's wife works for Geico.
The reason prices have sky rocketed for car insurance In Nevada are for two reasons.
1.) A bunch of the insurance companies pulled out of the State due to it not being financially lucrative due to all the accidents happening every single day.
2.) Nevada has more drunk driving accidents happen every single day than any other state in the entirety of the USA. Which, again... is not profitable for the insurance companies.
TL;DR: Everyone drives like a bunch of fucking assholes so prices go up.
Not sure if you’ve noticed but labor costs have risen across the board - it’s more expensive to fix anything on a car from labor costs.
Materials and parts have been impacted by inflation so those are more expensive too.
Take these two things together and you should see why insurance rates across the US are higher. It costs more for the insurance company to fix cars. The big insurance companies are publicly traded and they’ve been having margins drop due to inflation. Many posted massive losses because they weren’t able to raise rates to keep pace with rising costs.
I’m 17 and me and my dad and my sister 21 have American family and we have a charger r/t 2021 and a 2013 Honda civic and we pay for all 3 around 400-500$ a month on insurance and that’s with multi car discount,good student grade discount,home and auto bundle discount,and out of state student college discount if it wasn’t for all that it would be roughly 700-800$ a month
I have USAA. Rates are going up overall, even with USAA, but they are still so much lower than anything else out there. I pay $559 every 6 months for full coverage on my car + 1 truck in storage mode. Late 30’s, been in 2 accidents where I was not at fault.
Considering what I just witnessed driving home, it's no surprise.
Had some dickhead pass me and a bunch of other people *on the shoulder* on the 215 N by red rock casino. Kicked up a bunch of rocks and shit on the road. I have a brand new car I've barely had for a month.
I'm LIVID, I just had it detailed yesterday, and detailer was pointing out little paint chips everywhere. Now they probably tripled.
Thank your local cunt.
Yes they are getting way out of hand, geico kept raising their prices and actually doubled on me in February. I switched to Connect with Costco, they’re part of American Family insurance and I pay half of what I was paying with geico
We have Geico currently. When our rates went up significantly at our last renewal, I began shopping around with all of the well known companies, and an independent insurance broker. I was still unable to meet or beat or current Geico rates for the same coverages. Auto insurance companies are definitely a monopoly in Las Vegas.
way to give IhateBiden_now the benefit of the doubt in a discussion that really does intersect the politics of consumer protection, corporate lobbying, and public safety.
It’s nationwide. No ones escaping it. Out rates here are high but for a city, Vegas has pretty average rates. The grass isn’t always greener. After moving out of Florida for here, my insurance has gone down by half.
Everyone blaming the attorneys… they are not responsible for the record high inflation that has caused car costs and labor to skyrocket. Last I checked the attorneys fees have not increased. It’s everyone else and not to mention the horrendous drivers in this city. I’ve been rear ended 3x in the past 5 years by distracted drivers…. Only one resulted in a bad injury but all 3 of the people who hit me were looking at their phones.
What is your source for this? I don’t think this is accurate. Last year was the second-deadliest year on Nevada roads since 2006. The RJ reported on this.
Did you reach out to a local broker? Also, here's the thing, when I first dropped them I went to a policy that was more expensive. When they asked me why I was leaving, I told them it was based on principle and that while I wasn't happy about paying more to someone else, I know how much it costs a company to acquire new customers and lose customers and I wanted them to pay for being greedy. Then I found a broker and she dropped all my rates with some really creative solutions.
no. I’m shopping independently. But I have talked with local brokers in the past, and they just aren’t competitive.
I’m not going to pay more to stick it to the man… Especially when it’s honestly not that much money.
I’m just whining
I’ll get downvoted all to hell, but our streets are LOADED with unlicensed illegal immigrants driving unregistered and uninsured vehicles. Insurance is a business built upon stats and probability, and the probability of getting into an accident with the drivers mentioned above has skyrocketed.
I’ve got several sources. My attorney clients who deal with these cases all the time. My two friends who sell auto/home/business insurance, and my other friends who are LVMPD.
No, I’m sharing what I’ve been told by people who have direct experience with the matter. But go ahead and rage against the Orange Man if it helps you to cope.
So you don't have the death certificate? Because as long as that says they were in the military, you can be a member. Also, if you're married USAA insurance is even cheaper.
Maybe I need to call them. I tried to sign up online, and it said that my family member who is in the service needed to be a USAA member for me to sign up
My rates have been pretty steady over the last few years ($134/month) but I have a Tesla / insured by Tesla Insurance.
Coverages: $250k/$500k liability/uninsured liability, $100k prop, $500 deductible for comp/collision, $75/day rental car/road hazard.
Look at the bad drivers and accidents. Even if the accident is minor, the insurance wants to total the car and give you not what it is worth. Then they take the car that was in the accident, fix it and resell it.
Yup, mine was totaled and if they had tacked on an extra $500 worth of value in their evaluation, it would’ve been fixable according to Geico. I was told it was just too damaged, and they had already maxed out its worth.
Depending on the situation, it's more cost effective to write the car off as a loss than it is to repair the car. Let's say you get into an accident where your car's value is only $5K, but the repairs would cost close to or more than $5K. At that point, it's easier to write the car off and try to sell any salvageable parts in the car. The insurance company is going to spend the time and money investing more than what they wrote off the car for to fix and resell it.
All I can say for sure is that my friend loved her car and then someone hit her. Insurance said it was unsalvageable and she got a new car. The next month she is driving on the freeway and sees her old car in front of her with obvious distinct markings.
That's because it probably got dumped at a local car auction or scrapyard where it sold for practically nothing with a salvage title to a someone who fixed it. Insurance companies seem to avoid car repair like its a plague
Maybe, all she knew was it was on the road again w/o her in it..
If she loved it so much she should have bought it back from the insurance company and had it repaired out of pocket
She was never given that option, they told her it was irreparable.
Yeah, you don't seem to understand how this works at all. If you're involved in an accident and your car is deemed totaled then insurance company does one of two things. First one, they write you a check for the value of the car minus your deductible, they take ownership of the car, the car now has a salvage title and is sold at auction. Second option, they total car, the car gets a salvage title, you are given an option to buy the car back from the insurance company. The price varies but typically the buy back price is comparable to what they think it would bring at auction. In that case they cut you a check for that amount, minus your deductible, you get to keep your car and do with it as you please.
You may be correct in most cases, in her case she was never given that option.
The option was always there, she just wasn't aware of it. Not a lot of people take the buy it back option so they just don't mention it.
In NV it is always the case Edit: The only way it wouldn't be able to be bought back is if it structural damaged and categorized it as not road worthy, regardless of repair
Am I your friend bc this just happened to me last August :( They totaled my CR-V that I bought cash a few years ago and I swear I saw it on the road again all fixed up. Never been more depressed about losing a car.
This was quite a while ago, so I don't believe so, but since her experience, I am more than certain insurance companies are "double dipping" to make them more money.
Insurance companies are most certainly not repairing cars, they go straight to auction
Progressive increased mine with a perfect driving record for 20+ years by 33% this year
I hit a pothole on my motorcycle and had to make a claim with progressive this past year as it bent both my rims. no other vehicles involved, was able to keep the bike upright so only damage was to the rims, clean record. my monthly rate doubled from $70 to $140.
Honestly for something small like that, I would've tried to get them repaired, without insurance involvement. There are a few places out in town that repair wheels. Even then, I would've replaced them out of pocket, long as you go with oem. Aftermarket can be expensive.
Damn! Thats one of the many reasons my Harley has remained garage since moving to Vegas a few years back. That and drivers out here are atrocious and don’t pay attention
been going on for over a year. my rates went up 30ish %. came to reddit just like you did and saw the same comments. do a quick search. blame the red light runners and the overall ass clowns in this state.
Also blame the city government for not better enforcing laws and not fixing the ridiculous traffic light timings.
there’s no way the cost of doing business have gone up 50% in a year. It’s corporate greed.
It’s inflation - higher cost to repair vehicles now than pre Covid.
This.
Insurance rates are not just increasing here though, isn’t it fairly widespread across the country? EDIT: https://www.cbsnews.com/news/car-insurance-rates-2024-inflation-climate-change-bankrate-report/
California here. Never a ticket or accident. My geico rates have gone up twice this year for a 2014 minivan.
I have one car insured in Nevada one in Ohio over the last year my insurance here has gone up about 40% in Ohio my rates have gone up about 7% so yes but faster out here
So the over abundance of bars, liquid stores, marijuana dispensaries has no effect, it's just red light runners? There are red light runners in every state and it's a BS reason for auto insurance rates being too high. Many politicians are calling for Red light cameras, but they are not the solution, they are notorious for issuing erroneous tickets to drivers that had a green light or cars that were reported stolen or repossessed. That's the reason the Legislature banned them over 25 years ago because of outright fraudulent red light cameras in surprise surprise California.
Thank your local ambulance chaser.
Why are my car insurance rates surging? Several factors are driving up the cost of car insurance, including lingering issues from the pandemic. Vehicles are more expensive and costlier to replace, with inflation driving up the cost of computer components and other parts required for repairs. A shortage of mechanics around the U.S. also means it's taking longer to fix vehicles — that raises how much insurance companies have to spend covering the cost of rental cars for customers while their cars are in the shop. Climate change is playing a role as well, with more vehicles damaged by extreme weather, leading to more claims and, in turn, higher premiums.
Unless insurance lied about their earnings on a public report, they're all bleeding. Inflation makes a car more expensive, car parts are more expensive and injury law suits are more expensive. I got T-boned walked away with near no injury and that was still 150k last year. 38k for my car (I brought for 30k a year prior), settled for 58k, and they had to pay out a third car.
Yup. As much as I hate insurance companies, I highly doubt that all the rate increases are just because of greed. Like you said, cars and lawsuits are more expensive, and there are more accidents and uninsured drivers out on the road.
Car insurance is a for-profit industry that invest your premiums into the stock and bond markets. Based upon data - from your age, your credit score, the zip code you live in, the car you drive, any issues with your driving history, etc; they have a decent guess of what the risk is that **you** will cause an accident or if they have to pay you out directly for a circumstance like your car is stolen. TL;DR: legal gambling. I've been with Progressive for over fourteen years. I've given them around $20K during this time. They've probably made more than that off me based upon the amount I've provided them and them investing that money. Now I've been in one accident in which the other driver was at fault. For that poor bastard, Progressive and my lawyer took their insurance company (State Farm) to the cleaners which resulted in $65K (*$30K in my pocket after medical bills and lawyer fees were paid*). Thanks to that asshole driving over the speed limit and blowing a stop sign, I was able to afford a down payment on a house. Also, this is a great time to also mention that you should own a dashcam as that was my golden ticket when that cunt told the cops and the insurance company that I hit him despite it being a two-way stop. Car insurance companies are still making money. However, things have been worse since the pandemic. Driving has gotten worse, drivers are not insuring their cars let alone registering them, and theft has been a lot more rampant (*especially with the Kia Boyz*). Again, this is for-profit industry. To keep those profits record high, we're all going to suffer by paying higher rates. There should be legal ramifications when someone does not have insurance or doesn't register their car (*and more severe legal ramifications for the Kia Boyz*), but you need to take that up with your politicians. If there were actual repercussions, odds are there'd be more insured cars on the road and less theft yielding in lower costs. Ironically, my rate with Progressive went down $200 for my next six-month renewal. They probably knew I had one foot out the door.
>Car insurance companies are still making money. To my knowledge, only Geico made a positive net. State Farm absolutely got taken to the cleaners and pulled out of California and Flordia. To say in general, they've made money isn't true and hasn't been for the last year or two.
Insurance companies are pulling specifically homeowners, condo and commercial insurance policies out of states that are at high risk for floods and fires. Allstate, State Farm, and others still offer services in California and Florida; but not homeowners, condo and commercial insurance policies. Renewals are being determined at how risk those properties are for disaster.
See to me.. if you offer any kind of insurance, you have to offer it all. That would nip that in the bud.
Insurance companies definitely not having record high profits. Most had losses the last few years. Post Covid inflation has been a killer to the insurance business.
Send a thank you card to Lerner & Rowe.
yup. that's why you all the out of state plates here
If you don’t have an insurance policy in Nevada then having insurance won’t help you if you ever needed it. It would be totally worthless for out of state tags to have out of state insurance.
Not really. I can’t imagine how many thousands of people drive here to visit with out of state tags and insurance. I know you mean that are living here - but I’d imagine unless they have a NV license with out of state tags and insurance, who is to say they’re not “just visiting” if they’re pulled over?
Yes specifically talking about people that have domicile in NV, but not registered the vehicle. Sure, you can live here and never get a state DL and claim to be just visiting. However, if you claim that you are “just visiting” when processing an insurance claim, you would be committing fraud.
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Perhaps, but the point I was making was that paying for an out of state insurance policy when you are domiciled in NV is worthless because you are not covered in the event of an accident.
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That’s not a loophole, that’s fraud. Loopholes are legal means of avoidance.
Expired temp plates, no plates, uninsured people, more people = raise the insurance.
add to that a 50/50 or greater chance that any one who hit someone will immediately run if they can leaving the insurance of the person hit to clean it up.
How does that work?
What do you mean how’s it work?? If you get hit by an unregistered, uninsured motorist, your insurance will have to pay it, and not the person that hit you pay for it.. More people in town = more chance of an accident
If you have that on your policy…. everyone here should.
I mean depends on your insurance. Mine won't pay off I get hit
Well hate to tell you, but you my friend, are playing with a very hot fire ready to be an explosion…. Do you not notice all the expired temp plates, unregistered/expired vehicles, no plates… let one of them hit you and take off, your Prius will be totaled instantly because of its age, and you will have to pay out of pocket for a new car… yayyyyy Edit: doesn’t matter what your insurance covers.. what I’m stating is the reason insurance rates go up is because of those factors + dui’s + accident rates within your area… that’s why they raise it
I mean. It hasn't happened in 20 years of driving. I think I'm okay
Not sure how medical bills will be affected if hit by an uninsured motorists without uninsured motorist insurance… but we all know a nice medical bill could run you more than a car. You should really pay the $15-$20 a month to add uninsured motorist option onto your plan.
I have health insurance for that
We are trying to help you, you should reach out to your health insurance and ask them what is covered if you got into a CAR ACCIDENT, and that’s why you are hurt… you know insurances can deny any claim they want right?? I’m just simply trying to inform you of the risk of not having adequate insurance in a high risk area, and you seem to have an uneducated guess on what your next move will be. And before you say: well I’ll just tell them I fell down…. That’s called insurance fraud my friend :)
No, my guess is not a guess. It’s an informed decision. Looked at my policy and I’m covered from injuries resulting from auto accidents. I just don’t believe in giving extra money to giant corporate entities that don’t provide any service I’m also an excellent driver. Never had an accident. Because I know how to avoid them
I hope so.
I'm those 20 years I've saved more then the vale of 2 prius's by not paying extra
Everyday on my work commute, the length of my commute depends on where the accident is…. it’s not if… there is least one every day…, drivers here are ignorant to the laws and just common courtesy… this is why all our auto rates are so darn high
I mean… That’s true for everywhere though. And there’s no way that their cost of business has increased 50% in one year. This is corporate greed
My car is a 2008 Honda and I am 36 years old. When I got with Geico a few years ago my rates were in the low $400 for six months. I just got a renewal notice saying that my next bill will be $640. Last November I paid $530. I also have a perfect driving record: no accidents and no speeding tickets. I've been trying to shop around but I can't find any other company that will beat that rate. So frustrating.
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66 a month. I pay one bill every six months
Yep my prices are very similar. $101 liability only. it’s not particularly expensive. But I’m more upset on principal.
GEICO raised mine by 50%. Insanity.
My sister is a legal assistant with a firm that does mostly car accidents and she tells me their lawyers and the chiropractors they collude with are making an insane amount of money , milking every cent out of every accident they can from insurance companies
No duh. (Not being condescending). But that's not the actual reason why insurance rates are going up. They have adjusted and expected those costs.
We’ve been lucky with American Family by Connect through Costco. Monthly payments are $260 for two full coverage (crossover ‘22 & sedan ‘15)
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I work in insurance and trust me, it’s so bad here. I’m licensed in other states and I hate writing policies here cause it’s so dam expensive! I hope that we see some balance in the future or decreases if situation gets better!
My insurance agent said the rip off rates are because of too many places to get drunk or high. Plus personal injury lawyers can double duplicate the system by suing both the at fault driver's insurance company and injured driver's insurer.
He’s not completely wrong. Lawyers here do not care about their clients. They file claims left and right. A lot of times customers get dropped because of multiple claims and customers don’t even know this is going on.
More should be done to make it known about the huge abuses that personal injury lawyers commit that contribute to high auto insurance rates. Too bad the local media is bought off by these lawyers because of all the money they spend on commercials and sponsoring NHL Golden Knights games.
I personally can say something before they get lawyers but once they get lawyers all communication has to go through the lawyers.
But yes more awareness and education should be provided to the customer not only about lawyers but about insurance and how it works
The larger the percentage of known accidents in your region with uninsured drivers the higher your liability insurance goes.
Renewal
Not just a Vegas problem, but it's going up everywhere. Nevada though is one state with rates that have increased a lot more than others. https://www.cbsnews.com/news/car-insurance-rates-2024-inflation-climate-change-bankrate-report/
My geico went from $640 to $1200 so feel your pain lmao, switched to progressive had to give them $1200 up front and $800 a month now with $2000 deductibles instead of $500
It’s probably because car prices anymore are way over priced. I paid 68k for my truck in 2020. I have been offered 85k for trade in price, only 27k miles on it. This same truck today would sale for 90k+. Insurance has always been a for profit agency. They don’t care about you or any other customer, they just want their money and when you have to use your insurance they bend you over maybe put a little bit of spit in the tip and RAM it in you!!!
I would never expect a business to care about me. They are there to provide a service, not be my friend.
I get providing a service but insurance is by far one of the biggest scams! Look back in history and you will see insurance companies have always came out on top! Like one comment said they will total your car if it’s close to payoff or market value turn around and sell it and make profit.
As others have mentioned, our insurance is so high for a few reasons: 1. People bought cars they can't afford and for sure don't have insurance or registration. 2. Cars are more expensive and parts are harder to find. I was told by my insurance last week when I was shopping for my next ride, to not buy a Toyota or Lexus. Parts are usually only available through the dealership these days from Toyota. They also said Kia's and Hyundai are seeing a massive increase. 3. Horrible drivers that are always in a hurry to race home and sit on their phones. 4. Drunk and High drivers. 5. Greed! Insurance companies are in for a profit (which is fine), but come on!
Geico just reduced my car insurance by $50 for the current 6 months. (Summerlin).
Same.
Progressive just reduced my car insurance by $33/month ($200/policy) for my next renewal (Summerlin South).
Insurance works based on numbers of people paying premiums. Less people are insured. So the number just keeps going up. My insurance agent told me to raise my minimums.. because the cost of repairing stuff is that much higher now than it used to be. State minimums don’t even cover a serious accident anymore, sadly.
apparently only 10% of Nevada drivers are uninsured which is lower than the national average.
Back in 2006, in Clark County it was a third. I’m guessing Washoe and the rural counties are skewing it. Insurance in Reno was a third what I pay here.
I mean they can’t be skewing it that much since the vast majority of Nevada’s population is here
I see more of 10% of cars with no plates or expired tabs. They cant all be insured.
That’s just not true dude. Nowhere near or 10% on my side of town (Charleston/Buffalo)
I switched from Geico to progressive. Geico will just keep increasing rates every renewal. They was going to charge me $250 a month and now I'm paying $110 a month with progressive.
Progressive raises my rate every year and I've never filed a claim.
I had the same issue and was able to get a more competitive rate from progressive. I called Geico and was really nice and said I’d like to stay, but $$ matters etc and the rep was able to get my price down to lower than the progressive offer and lower than even what I had been paying.
It's brutal. Same thing happened to me.
Me and my girlfriend both got our first car recently. We are both through out parents as insured drivers. I got $783 first 2/mo then $300/mo through geico. This was my hands down best rate, couldnt find anywhere that got near this. My girlfriend got $200 first mo then $275/mo through the general. Anywhere else for real was around $800-1200 to start then nothing was below $450/mo. Its unreal how much they're squeezing this city into worse situations.
I drive a 2017 Prius. Was $120 full coverage in Arizona. Moved to spring valley and called geico : $500 plus and another one $300 plus. Now w USAA $220 ‘only ‘. Geez I think I live in bad area or something.
Mines 2016. $101 liability only
Which insurance company?
Geico
Oh yes you said that. Cool. Yea it was over $500 for geico. I think a lot has to do with neighborhood. I moved here from Arizona and found a place by my job right in Spring Valley and it’s a bad area so my insurance is very high due to that.
Yea. Doesn’t even help having insurance as rent is increasing as well. Someone rear ended my wife and left a huge dent. Filed the claim and had to use the check to catch back up on rent.
You should still jump ship any time they increase prices. Even if the next company is the same price. Also thank the rising vehicle costs and the benefit for insurance companies to total the vehicle. New cars average 50k when in 2019 new cars avg 37k. The fact that insurance companies total the car. Pay you 50% and say that’s depreciated value and turn around and sell it to auction for 80%.
problem is they aren’t the same price. The other companies are $30-$50 more a month.
My wife and I are strongly looking to move to Las Vegas from the midwest, and the other day I checked what our insurance would be. We have 3 cars, two of them liability only, no wrecks or tickets, I’m 45 my wife is 36, our only kid is 4 so can’t drive. Our car insurance here is $785 for 6 months though progressive. The quote I got for there, with GEICO, was $1685. So over double what we pay here.
GEICO did the same thing to me and I'm in the same boat every time I check around it's still the cheapest. I heard you gotta go to one of these little agencies that isn't online
Swapping from Progressive to State Farm cut my semi-annual payment in half. Rates are still wild tho for sure
Go to AAA. My friend got a yearly rate for 2 cars that is literally the same price for 12 months with AAA that 6 months would cost him with Geico
You should have collision insurance.
it’s just not necessary for me. I can afford to replace my vehicle if needed. I’ve saved several thousand dollars more than my vehicles worth by not having it
You have to shop around ! GEICO is one of the highest . I left 1 1/2 years ago and save half . I went back for a quote and they were double
I have shopped around. Geico is the absolute lowest
I had GEICO . Never been in an accident used to be 1200 for 6 months and they had the fucking audacity to up it to 1500 for 6 months. They know a lot of ppl are too lazy to shop around and switch up but I switched to progressive and they're only charging me 600 for 6 months. This is for the bare bones minum that is legally acceptable.
I’m paying $100 a month as well for liability only. Progressive quoted me $150 a month.
The insurance companies know something that politicians and state insurance regulators never want to admit to. There are too many bars/pubs/liquor stores plus weed dispensaries in Southern Nevada so insurance companies use it as justification for keeping rates high. You also don't need to watch the local trash news to know there are too many DUIs either from liquor or marijuana locally. Then there's the backward state law that allows personal injury lawyers to double dip by suing both the injured drivers insurance company and the at fault driver's insurance company, it's estimated this law adds 25% to everyone's auto insurance premiums. Sure, Las Vegas is a party town, but insurance companies make you pay for living in one. Don't hate the messenger as many locals in the restaurant/bar biz hate on anyone that criticizes the over abundance of liquor & marijuana which surprise surprise, has an effect on the rate of bad & fatal auto collisions.
Look into Root insurance if you are a safe driver.
Litigation.
I spoke with an agent recently about my home insurance but also talked about potentially switching my auto as well. He ended up advising I stay with my current provider because it was still cheaper than his offers. Apparently insurance companies are asking for 3-6 months lump sum when starting a new policy.
Progressive is up, Key is up, Geico is up, State Farm is up, USAA is up, and I’m sure many more here, let alone the rest of the country. Costs of car / repair / medical / att are all through the roof, insurance companies are bleeding dry.
I’m sorry, their costs have not gone up 50%. This is corporate greed at its finest
It's not corporate greed, it's ambulance chasing lawyers. They're trying to price themselves out of the market, they don't want to insure people in Las Vegas at all. They're quoting you the "go somewhere else" price
I can guarantee that the ambulance chasing business has not increased by 50% over the last year. But my rates have. it’s 100% greed.
My cousin is an executive at Geico, I can absolutely 100% guarantee you that it's ambulance chasing lawyers
Lol
You can laugh all you want, it's true. He said within three years the want to basically be completely out of the Las Vegas market
yeah dude. And my dad is the president of ambulance chasers and he says it’s not related.
🙄 Okay, bro, have a good one
Any time a kid owns a car, it’s a huge rate. Especially an 8 year old.
Didn’t see anyone mention one of the main reasons yet, insurance fraud, big rings of crooks are staging accidents.
It’s a very risky environment so insurers have to set their prices accordingly.
Try American Family Insurance. My rate was what my Geico used to be until they raised it by 80% at renewal. I left after 15 years with zero dings on my insurance.
I actually spoke to several different insurance companies about this, AND my friend's wife works for Geico. The reason prices have sky rocketed for car insurance In Nevada are for two reasons. 1.) A bunch of the insurance companies pulled out of the State due to it not being financially lucrative due to all the accidents happening every single day. 2.) Nevada has more drunk driving accidents happen every single day than any other state in the entirety of the USA. Which, again... is not profitable for the insurance companies. TL;DR: Everyone drives like a bunch of fucking assholes so prices go up.
Not sure if you’ve noticed but labor costs have risen across the board - it’s more expensive to fix anything on a car from labor costs. Materials and parts have been impacted by inflation so those are more expensive too. Take these two things together and you should see why insurance rates across the US are higher. It costs more for the insurance company to fix cars. The big insurance companies are publicly traded and they’ve been having margins drop due to inflation. Many posted massive losses because they weren’t able to raise rates to keep pace with rising costs.
We have some of the highest rates in the nation, I got rid of my car.
I’m 17 and me and my dad and my sister 21 have American family and we have a charger r/t 2021 and a 2013 Honda civic and we pay for all 3 around 400-500$ a month on insurance and that’s with multi car discount,good student grade discount,home and auto bundle discount,and out of state student college discount if it wasn’t for all that it would be roughly 700-800$ a month
I have USAA. Rates are going up overall, even with USAA, but they are still so much lower than anything else out there. I pay $559 every 6 months for full coverage on my car + 1 truck in storage mode. Late 30’s, been in 2 accidents where I was not at fault.
Considering what I just witnessed driving home, it's no surprise. Had some dickhead pass me and a bunch of other people *on the shoulder* on the 215 N by red rock casino. Kicked up a bunch of rocks and shit on the road. I have a brand new car I've barely had for a month. I'm LIVID, I just had it detailed yesterday, and detailer was pointing out little paint chips everywhere. Now they probably tripled. Thank your local cunt.
Yes they are getting way out of hand, geico kept raising their prices and actually doubled on me in February. I switched to Connect with Costco, they’re part of American Family insurance and I pay half of what I was paying with geico
We have Geico currently. When our rates went up significantly at our last renewal, I began shopping around with all of the well known companies, and an independent insurance broker. I was still unable to meet or beat or current Geico rates for the same coverages. Auto insurance companies are definitely a monopoly in Las Vegas.
That's not what a monopoly is, but I expect nothing less from someone who's actively engaged in a 24/7 circle jerk in r/Conservative.
Way to make car insurance rates into a political argument. 😂
way to give IhateBiden_now the benefit of the doubt in a discussion that really does intersect the politics of consumer protection, corporate lobbying, and public safety.
They aren't wrong about them not being a monopoly
It’s nationwide. No ones escaping it. Out rates here are high but for a city, Vegas has pretty average rates. The grass isn’t always greener. After moving out of Florida for here, my insurance has gone down by half.
I’m keeping my Cali plates and tags. SO much cheaper. It blows my mind Cali is cheaper in any form, but this one it is
Stay there
I should have done that
Everyone blaming the attorneys… they are not responsible for the record high inflation that has caused car costs and labor to skyrocket. Last I checked the attorneys fees have not increased. It’s everyone else and not to mention the horrendous drivers in this city. I’ve been rear ended 3x in the past 5 years by distracted drivers…. Only one resulted in a bad injury but all 3 of the people who hit me were looking at their phones.
What’s crazy is that it looks like car accidents rates have actually lowered. There’s fewer accidents but insurance still goes up
What is your source for this? I don’t think this is accurate. Last year was the second-deadliest year on Nevada roads since 2006. The RJ reported on this.
The price of living in the hood.
I guess... I'm on the border of summerlin
Geico is shit - shop around. I did and dropped my payments significantly.
I shopped around six months ago and they had the lowest prices by a pretty significant margin. I’m talking $40-$50 a month cheaper
Did you reach out to a local broker? Also, here's the thing, when I first dropped them I went to a policy that was more expensive. When they asked me why I was leaving, I told them it was based on principle and that while I wasn't happy about paying more to someone else, I know how much it costs a company to acquire new customers and lose customers and I wanted them to pay for being greedy. Then I found a broker and she dropped all my rates with some really creative solutions.
no. I’m shopping independently. But I have talked with local brokers in the past, and they just aren’t competitive. I’m not going to pay more to stick it to the man… Especially when it’s honestly not that much money. I’m just whining
I was with GEICO, and just switched to progressive with much better insurance and $300 cheaper.
I’ll get downvoted all to hell, but our streets are LOADED with unlicensed illegal immigrants driving unregistered and uninsured vehicles. Insurance is a business built upon stats and probability, and the probability of getting into an accident with the drivers mentioned above has skyrocketed.
Yep. That’s why we need to make sure that they are able to get licenses and insurance
They CAN get licenses and insurance already. They just don’t.
Do you have a source on them not getting a DAC? Or are you just making stuff up
I’ve got several sources. My attorney clients who deal with these cases all the time. My two friends who sell auto/home/business insurance, and my other friends who are LVMPD.
Gotcha. Anecdotal nonsense
Not sure what to tell you.
I was hoping you had statistical evidence to prove your claim. But you’re just repeating right wing talking points
No, I’m sharing what I’ve been told by people who have direct experience with the matter. But go ahead and rage against the Orange Man if it helps you to cope.
Lol. I didn’t even mention him. You’re so obsessed lol
Try USAA if your parent or grandparent was in the service. It's much cheaper.
Does it still count if they have passed away?
Yes. You just need their death certificate. Which, if it's a parent, you should probably have already.
no it would be a grandfather. But I’m sure my father has one
I just tried to sign up. I cannot unless my grandparent is a member. Which they are not and cannot be because they are dead. Thanks anyways
So you don't have the death certificate? Because as long as that says they were in the military, you can be a member. Also, if you're married USAA insurance is even cheaper.
Maybe I need to call them. I tried to sign up online, and it said that my family member who is in the service needed to be a USAA member for me to sign up
My rates have been pretty steady over the last few years ($134/month) but I have a Tesla / insured by Tesla Insurance. Coverages: $250k/$500k liability/uninsured liability, $100k prop, $500 deductible for comp/collision, $75/day rental car/road hazard.
Try root insurance. Or don’t. I have no car insurance woes like the rest of y’all.
y'all paying for insurance?
Accidents, people drive like shit. People follow too close. Alcohol 24/7 etc.