U.S. Auto Insurance Market

Hey everyone,
Has anyone else noticed how crazy the U.S. auto insurance market has gotten lately? Rates are skyrocketing, even for drivers with clean records and no claims. I’ve seen increases of 20–30% in the last year alone — and that’s without changing anything on my policy.
https://beinsure.com/us-auto-insurance-market-review-premiums-losses/
Is it just inflation and repair costs, or are insurers just hiking prices across the board? I’ve also noticed more companies pulling out of certain states or tightening up their underwriting.
Anyone here work in insurance or have insight into what’s really driving this? And more importantly — any strategies to avoid getting crushed on renewal?
Let’s talk about what’s going on behind the scenes and how we’re all coping.

 

I've noticed that insurance is like subscribing to cable or satellite TV. Everyone can get you a smoking deal on great coverage. Then, the price starts to slowly creep up in incremental amounts, despite your vehicle's cost to repair or replace (what insurance is based on) slowly going down. Couple that with a clean driving record that signals you are a low risk to them growing over time, and its just madness. Criminal even. Switch insurance companies and save $800 a year. Then do it again after they jack your rates up over a couple years.

 

I'd like to know what's going on as well.

My wife's '21 Subaru Crosstrek Sport renewal just went up $70. No claims/clean record, rural S. Utah.

We've had State farm forever , auto/home.

 

The claims have risen dramatically overall. Sadly, we all have to pay more.

 

It's not just you for sure. Just put my son on our plan. Yes, I'm aware his insurance isn't cheap. Actually his isn't too bad - it's like $150/month for just his car.

The issue I have is that despite the fact that he will NEVER drive our vehicles (aside from the odd trash run), OUR coverage went up from $1300/year for our two vehicles (2020 Tundra and 2022 4Runner) to $2200 just because he *might* drive our vehicles, according to them.

 

I was just complaining about this the other day. My Geico rates have gone from $600/6 months to $900/6 months in the last three years. Called them up to ask why and didnt get an answer other than "we can save you some money if you bundle your home owner's insurance with us."

Shopping around for new coverage now and can save a few hundred per 6 months for same coverage. I think they are just getting greedier.

 

Look at correlation with car prices and repair costs over the past 5+ years… among other reasons.

 

We have 4 vehicles on the plan and my son who is 21 this year. Paying $600 per month. It just went up almost $200 a month adding the 4th vehicle to the plan. I have a 25+ year clean driving record, no tickets or accidents. My wife just got broadsided by 2 deer causing $8500 in damage to the Jeep. I assume that is the rationalization albeit no issues prior to that. It's quite ludicrous paying into the "System" for as long as I have with no claims of any kind and hike after hike after hike...

 

$250B for Helene (followed by another $100B for Milton), add $250B for Southern California fires, estimates of $26B for Texas Flood. Now add inflation, and this is where we are.