Insurance - Increase Every Year About $100

[oldcarfun]

Is it reasonable to expect a $100 increase in insurance every year? That is normal for us. Last year it went down about $100 because we researched and devalued our 2009 coach so we saved $100. But previously our records show close to a $100 increase every year since 2016.
2016 - up $30
2017 - up $107
2018 - up $120
2019 - up. I can't remember the amount before we devalued our coach.
2020 - up $185

I just got this year's bill and it has gone up $185. We have Progressive and one $520 fender bender claim in 2017. I will call our insurance broker tomorrow.

[rgatijnet1]

A little off topic but it does involve insurance companies. I had my homeowners insurance with XX Company for the last two years. NO claims. I got my renewal this year for $1189. In Florida there is a State run website called "fmap.org". I entered my info and I got several quotes. The lowest was $779 with the SAME company and same coverage with XX Company that I used last year. It was through a DIFFERENT insurance agency. I talked with the agent to find out if it really was with the same company. He assured me that it was and I paid in full for the year. I got my new policy in the mail last week and there it was, the same company with the same coverage for $411 less, just by changing agencies. I'm not saying that this also happens with vehicle insurance BUT it may be something to check.

[way2roll]

schlep1967 wrote:
My take is that this is the current marketing scheme. Offer a low rate to get you in the door. Slowly increase that rate every year thereafter hoping we won't notice or be bothered enough to go through the hassle of shopping for and changing insurance companies. Basically those that don't change end up paying enough to cover the low introductory rates of those that do change.
We plan on doing our shopping in the next couple of weeks. Everything renews in April. 5 years since we switched everything the last time.

We change ours almost every year for this very reason. Takes 15 minutes. Here in coastal NC homeowners rates fluctuate dramatically.

[ken1961]

We live in south Florida and yes our's goes up every year. They tell us we can lower our cost if we move from south Florida!

[schlep1967]

My take is that this is the current marketing scheme. Offer a low rate to get you in the door. Slowly increase that rate every year thereafter hoping we won't notice or be bothered enough to go through the hassle of shopping for and changing insurance companies. Basically those that don't change end up paying enough to cover the low introductory rates of those that do change.
We plan on doing our shopping in the next couple of weeks. Everything renews in April. 5 years since we switched everything the last time.

[1968mooney]

DFord wrote:
The "insurance" is that the CEO will always receive an ever increasing bonus every year. The subscriber pays and pays.

Why don't you drop all coverages except what's required by your state to protest the CEO bonus?

[wildtoad]

My homeowners has gone up every year, sometimes in double digits, not Progressive. My motorhome policy with Progressive went down this year.

Agree with above in that many factors (not related to an individual) will cause premiums. All premium increases have to be approved by the state insurance board based on facts.

[way2roll]

DFord wrote:
The "insurance" is that the CEO will always receive an ever increasing bonus every year. The subscriber pays and pays.

Possibly, but the cost of repairs isn't static either. Mechanics also increase costs annually. Geography, natural disasters, age, age of the vehicle, etc etc. Hundreds of factors go into premiums. I've also noticed that if a particular company may have more claims in natural disasters, that company raises premiums across the board to offset losses in net income. Everyone pays, whether you filed a claim or not.

But as others said, shop around.

The good news is that for home and vehicle insurance, a competitive market will usually yield several companies with affordable rates.

Another thread perhaps but, I wish the health care insurance market would follow suit. As it stands we are left with the same handful of health insurance companies that have a monopoly and charge disgusting premiums. Politicians are lining their wallets with your money catering to big pharma and the health care industry.

[Cobra21]

My Progressive rates have remained approximatly the same on our Class C for 10 years. Something doesn't seem right. We buy our autos and RV insurance on line.
Brian

[wa8yxm]

Back, I think in the 1950's there was a song.. And the price increases are the insurance company's way of reminding you of this song.. I will type the repeating line from the song with the title highlighted

My mamma told me to do the SHOP AROUND.

[rgatijnet1]

If you are a good driver with a clean record, shop around. My insurance goes down each year just by getting other quotes. If you have had an accident/claim and a few tickets, you will pay more. Make sure that you accurately give the miles per year on all of your vehicles because vehicles that are driven less than 7500 miles per year usually get a big discount.

[2chiefsRus]

my question would be why would you turn in a claim for $520? What is your deductible?

[fitznj]

You may want to shop around;

My premiums have been steady or even gone down on my house/car/TT;

I cut my motorcycle insurance by half by going to another Ins Co and
I got slightly better coverage.

[DFord]

The "insurance" is that the CEO will always receive an ever increasing bonus every year. The subscriber pays and pays.

[rk911]

insurance rates are calculated on many factors. the premium on our MH has stayed steady (+/- $20) for the past 3-years.

[Lwiddis]

Prices at repair shops keep going up. So do parts.