HD Truck insurance Q?

QFamCA wrote:
COLA I would say has a negligible impact on the insurance rates (I could be wrong). It's more income vs claim payouts that contribute to rate increases. Also, regulations that require insurance companies to carry specific cash reserves to pay potential claims (so they don't go bankrupt after a natural disaster,etc.).

Rates often roll in several year cycles. Rates are low while they capture new business but claims start biting into profits thus rate adjustments begin to occur. It's not a bait and switch, as insurance carriers are so large they are not looking at each policy individually (even driving records are not always looked at every renewal). It's all mathematical models determining what they think they should charge based on potential risk.

Driving record and annual mileage are key factors. Lots of factors go into developing rates per each vehicle, repair costs etc.

The agent may be able to make some minor adjustments to save your $$$ like adjusting annual miles. However, your best bet is to see what company is hungry this year for market share and switch. Or go through an independent insurance agency as they often have numerous companies they work with.

Probably too much info but I wrote home and auto insurance for over 10 years....

Good info here, thx... When I asked my agent about it, he sent me an article that "explained" why the rates increased ... lots of 'items' we don't do at all - for example, too many people text and drive. We don't text and drive, and then a variety of other reasons in the article, DUI, etc. Again, the article stated lots of reasons, none of which apply to us ... But we're expected to pay for the mistakes or the idiocy of other drivers. We drive low miles, and no tickets, etc. But, regardless, eleven percent, and twelve percent every six months adds up quickly - and we all know it never goes down, even in good years for the insurance folks.

Would prefer to skip the 'shop insurance' game every time too ... but was curious if other companies are raising rates at that percentage, or just State Farm ??

We moved from an insurance controlled state, Mass, and we never had this kind of issue - and the companies stayed in business, and stayed in the state as well. Did not "abandon the state" due to losing $$$.