[NickyC]

Mine went up 33% last month, no accidents, no tickets, no claims, nothing for basically 20 years. Out of the clear blue, up 33% by the same place I'd been with for 10 years. Thought it must have been a mistake even in this awful inflation environment and they assured me on the phone there was no mistake. I told them I'd accept a 5% increase or they'd lose my business and that received zero consideration. I told them to immediately cancel my insurance on the date the next payment was due.

I shopped around and was able to find the same coverage for what I had been paying with Toggle Insurance. However, it remains to be seen if this is just the hook and six months from now they'll drop the 33% hammer too.

Prices on everything are just getting horrific now. No way this can continue without major economic issues coming up and coming up fast.

Currently paying $145 a month for my 2019 M4CS with a $500 deductible and the usual coverage limits and this is with essentially a max credit score. I cannot imagine what low credit score folks are paying for insurance services right now (which is a complete scam in of itself why people with lower credit pay more, outright theft!)

[ASAP]

Originally Posted by NickyC

Mine went up 33% last month, no accidents, no tickets, no claims, nothing for basically 20 years. Out of the clear blue, up 33% by the same place I'd been with for 10 years. Thought it must have been a mistake even in this awful inflation environment and they assured me on the phone there was no mistake. I told them I'd accept a 5% increase or they'd lose my business and that received zero consideration. I told them to immediately cancel my insurance on the date the next payment was due.

I shopped around and was able to find the same coverage for what I had been paying with Toggle Insurance. However, it remains to be seen if this is just the hook and six months from now they'll drop the 33% hammer too.

Prices on everything are just getting horrific now. No way this can continue without major economic issues coming up and coming up fast.

Currently paying $145 a month for my 2019 M4CS with a $500 deductible and the usual coverage limits and this is with essentially a max credit score. I cannot imagine what low credit score folks are paying for insurance services right now (which is a complete scam in of itself why people with lower credit pay more, outright theft!)

Auto insurance is by default the only industry that I am aware of that can legally discriminate... lower credit... well you are going to pay more for insurance... man, you will pay more for insurance.... car 1 vs car 2... you will pay more because that car gets in more accidents... even tho none of this has anything to do with you. Major regulation needed in this industry... because at this point it's basically militarized.

[dreamingat30fps]

I use to be with geico forever. Then they kept raising prices so I shopped around and switched to progressive. I have been with them for a while now, probably 5+ years and it has gone up over the years, but I wouldn't say a huge amount. However now I always shop around every few years and right now every quote I get is waaaaaay more than I'm paying so I've been sticking with progressive.

[440i6MT]

Originally Posted by kevin @ eas

2016 M4 went from $463 for 6 months to $733 on my latest renewal. No claims or accidents, points changed since and this is based off 3000 miles a year.

That's a joke.

[XutvJet]

All of these insurance carriers are in bed together. They've all increased their rates 20%+ in the last 12 months so there is nowhere to really go.

[Mingwan]

USAA here. Mine went up by nearly 20%. No tickets, but have been involved in accidents that weren’t my fault.

[KevinC]

Originally Posted by ASAP

Auto insurance is by default the only industry that I am aware of that can legally discriminate... lower credit... well you are going to pay more for insurance... man, you will pay more for insurance.... car 1 vs car 2... you will pay more because that car gets in more accidents... even tho none of this has anything to do with you. Major regulation needed in this industry... because at this point it's basically militarized.

Discriminate? Sure, if that's what you want to call it. All of those things you name are higher risk factors, thus higher cost. The JAMF with lousy credit WILL statistically wreck more cars than the guy with an 800 score. So if you have good credit, do you really want to pay extra because some other group of drivers is actually a higher risk than you are? I don't.

[freakystyly]

Originally Posted by KevinC

Discriminate? Sure, if that's what you want to call it. All of those things you name are higher risk factors, thus higher cost. The JAMF will lousy credit WILL statistically wreck more cars than the guy with an 800 score. So if you have good credit, do you really want to pay extra because some other group of drivers is actually a higher risk than you are? I don't.

What about discriminating based on postal code? You're affected by the strangers around you whether you like it or not apparently.

[LeonHtownM440]

GEICO customer for over 8 years, no prior accident or incident and the rate went up about 20%, also adding a 16 years old high school junior is making the price even worse. Right after picking up my 2024 M440i, the 6 months premium almost gave me a heart attack 3 cars for $900/month (22-RX350, 14-IS250, and 24-M440i). We immediately contacted our insurance agent and shopped for new policies with Mercury and able to dropped the rate to $4300/6mo.

[ASAP]

Originally Posted by KevinC

Discriminate? Sure, if that's what you want to call it. All of those things you name are higher risk factors, thus higher cost. The JAMF will lousy credit WILL statistically wreck more cars than the guy with an 800 score. So if you have good credit, do you really want to pay extra because some other group of drivers is actually a higher risk than you are? I don't.

You can call it whatever you want... I am the good guy here w the good credit score, no accidents etc and I may pay more than the guy living next to me with the same qualifiers... why? because there is no defined rhyme or reason to it.... lower credit btw has NOTHING to do with your ability to drive... maybe they should discriminate against tall or short people... it really wouldn't make a difference at this point.

In fact 2 folks living across the street from each other, with identical records and cars may be paying 2 totally different rates...

[ntg44]

Originally Posted by LeonHtownM440

GEICO customer for over 8 years, no prior accident or incident and the rate went up about 20%, also adding a 16 years old high school junior is making the price even worse. Right after picking up my 2024 M440i, the 6 months premium almost gave me a heart attack 3 cars for $900/month (22-RX350, 14-IS250, and 24-M440i). We immediately contacted our insurance agent and shopped for new policies with Mercury and able to dropped the rate to $4300/6mo.

You pay $8600/year for car insurance on 3 cars? I'm never complaining about my rates again lmao.

[MassWholeBimmer]

Just got the first full monthly insurance bill for the 2023 M50i.

Yearly price increase over the 2021 Rav4 Hybrid we traded in was $404.00. Was expecting a bit more.. ain't complaining..

[Eternalthinker]

There are many factors for rising rates.

* Location -if you are in an area where auto break ins are high, then claim cost will go up for the insurance companies despite your driving history / record. The cost is then spread out to all.
*Cost of doing business in any particular state - as we have seen in California there has been a mass exodus of insurance companies.
*Regulations - if regulations make an environment difficult to do business they will either raise rates or leave. In the case of California (my home state), the insurance commissioner has implemented policies that cap the rate increases, which increases the risk of conducting business in this state.

It may sound like I am pro-insurance corporations, which I am not. These are the facts on the ground that impacts insurance companies ability to maintain a sustainable business model.

[freakystyly]

Our province looks to be adding a new surcharge if you drive a "most stolen vehicle".

So CRV, Lexus RX, any big 3 full size pickup truck, Civic, Highlander, Accord, Grand Cherokee, Rav4 (top 10 most stolen).

Not sure what good that will do. They should be asking the manufacturers to add security features instead of going after the customers for buying their garbage.

[M-technik-3]

Originally Posted by freakystyly

Our province looks to be adding a new surcharge if you drive a "most stolen vehicle".

So CRV, Lexus RX, any big 3 full size pickup truck, Civic, Highlander, Accord, Grand Cherokee, Rav4 (top 10 most stolen).

Not sure what good that will do. They should be asking the manufacturers to add security features instead of going after the customers for buying their garbage.

That should be if your vehicle could be stolen Your Paying more..

Meanwhile inflation is only about 3.2% in the US....bhahahah.

[ASAP]

Originally Posted by Efthreeoh

It's not discrimination based prejudice; it's based on risk. Discrimination is not a bad thing.

The statement still remains...

We could be living across the street with identical cars, homes, records etc and could still be paying different rates... why? because there is no legal definition for any of this...

Again, only industry (insurance as a whole) that I am aware of where this is legally allowed. It works just like govt social services... some give, others take... and everyone moans about that.

[LeonHtownM440]

Originally Posted by ntg44

You pay $8600/year for car insurance on 3 cars? I'm never complaining about my rates again lmao.

Yes, and that's the best rate in Texas everywhere we go. The insurance agent did everything they could to find us a better full coverage rate. Me and my wife drive the 2022 RX350, and the 2024 M440i, and my 16 years old drives the 2014 IS250.

[dreamingat30fps]

Originally Posted by ASAP

The statement still remains...

We could be living across the street with identical cars, homes, records etc and could still be paying different rates... why? because there is no legal definition for any of this...

Again, only industry (insurance as a whole) that I am aware of where this is legally allowed. It works just like govt social services... some give, others take... and everyone moans about that.

The facts also still remain. The whole business is based on risk. Sure no one likes it, especially if you are deemed higher risk, but what is your proposed alternative? The way I see it if they were forced to not "discriminate" then one of two things would happen. EVERYONE would pay more = even more profit for the insurance companies or they would stop insuring people like most home owners insurances have done in FL.

To me "discrimination" sounds like the better of the three, but I'm all ears if you have a real world solution.

[ASAP]

Originally Posted by dreamingat30fps

The facts also still remain. The whole business is based on risk. Sure no one likes it, especially if you are deemed higher risk, but what is your proposed alternative? The way I see it if they were forced to not "discriminate" then one of two things would happen. EVERYONE would pay more = even more profit for the insurance companies or they would stop insuring people like most home owners insurances have done in FL.

To me "discrimination" sounds like the better of the three, but I'm all ears if you have a real world solution.

Originally Posted by Efthreeoh

What are you actually trying to say? If all things are exactly equal, how would the insurance company discriminate if there are zero differences between two people. Your statement makes no sense. Are you trying to say all things equal but different insurance companies? I just don't get your point.

I know my concept is going to sound completely wild here... so forgive me for some common sense...

How about the person that pays more or the most is the one creating the cost?

There is a baseline rate set at say $75 per month per car for everyone... then there is a formulation that only affects that premium on the following 3 items-

1) Your personal driving record and history of causing accdents.

2) The market value of your car. This will depend on whether you have a more or less expensive car... clearly if more, you pay more. Value stays the same by car... not by whether this models is wrecked more or other bullshit statistics but rather based on replacement cost.

3) The amount of miles you drive annually... being on the road more is directly related to having an accident by default.

Again - forgive me... that's too honest and simple of a concept

[ASAP]

Originally Posted by Efthreeoh

All risk factors. As I previously stated the discrimination is based on risk factors. Risk factors are developed using statistics. It's actually a fair way to determine premiums. The statistics are applied evenly among the insured population.

Correct - and the risk factors I named are not discriminatory in any way... because they are 100% personal and apply to the person with the insurance... there are no costs passed onto others based on others needs / records... insurance sounds a little socialist if you ask me the way you named it... or like taxes lol... and everyone complains about that.

[dreamingat30fps]

Originally Posted by ASAP

I know my concept is going to sound completely wild here... so forgive me for some common sense...

How about the person that pays more or the most is the one creating the cost?

There is a baseline rate set at say $75 per month per car for everyone... then there is a formulation that only affects that premium on the following 3 items-

1) Your personal driving record and history of causing accdents.

2) The market value of your car. This will depend on whether you have a more or less expensive car... clearly if more, you pay more. Value stays the same by car... not by whether this models is wrecked more or other bullshit statistics but rather based on replacement cost.

3) The amount of miles you drive annually... being on the road more is directly related to having an accident by default.

Again - forgive me... that's too honest and simple of a concept

So "discriminate" based on risk factors... basically what they do now... but only the factors YOU deem worthy. I hope you get a nobel prize or something.

[damianwo]

23 M5 went from $1000 to $2000 for 6 months.
18 GLA 45 AMG went from $600 to $1000
State Farm
Clean driving record, no convictions ever (see flashing lights i don’t stop - kidding)
No claims at fault
Married, kids


I have to find some time to shop around.