How much your insurance has increased in the past year?

[Ishkatan]

I must have gold insurance because my 2006 Caravan (handicapped van) is around $1000 / year and a quote for a new Lightning Platinum was over $1600/year. Seeing this discussion I guess I would get the preferred discounted rate if I find my lightning.

Sponsored

 

[Maxx]

The cost of insurance has very little to do with the value of your truck, or something that might happen to your truck- it’s all about the cost, and risk, of liability for injuries you cause to someone else with your truck.

‘My old truck Lightning replaced didn’t have cross traffic alert, automatic break, ……. and a lot of other safety features. I would think the chance of me (and a lot of other folks that have upgraded) doing damage to someone else has decreased.

 

[Bokenator]

as an insurance agency owner in Georgia, I've seen premium/rating increase quite a bit for most all my customers, and most of those are 'preferred' customers, married, homeowners, multiple vehicles, good driving records, etc., but the 'cost of repairs and replacement' is the main culprit, not the customers.

I can personally attest to this. My wife just got in a minor fender bender in a Publix parking lot (she's fine). She was driving down the isle and some 17 year old kid was attempting to cut across to save a couple of seconds. They hit decently hard as the kid didn't even touch the brakes. Probably about 10-15 mph collision. Tore up the front of my wife's 2020 Hyundai Palisade. Its was valued at 36k, and the insurance totaled it. It has lots of safety gadgets, and even though there was no airbag deployment and no frame damage, the collision did screw up a light assembly ($2500 part) and partially cut a wiring harness and pinched another ($1500 each). The insurance isn't allowed to "splice" the cut wire, but has to completely replace. Thus, they pretty much have to take the car apart to rewire it, and thus decided to total it. I was shocked. Georgia is a stickler about issuing "salvaged" titles, so I just took the check. But man I wanted to keep and repair the car myself. Here is a pic of the "totaled" car:

My take away from this is that cars are basically disposable. The car was drivable following the accident, but the fender well cover was rubbing at a sharp turn so I had it towed. Never got to drive it again.

 

[scoobybri]

A completely different data point here. My wife and I had a 2021 Tesla Model 3 and a 2021 Tesla Model Y. We just bought a new XLT ER Lightning and sold the Model Y. My insurance went down $560 a year. Huh? Truck was about the same as we paid for the Model Y (but with a much higher MSRP.) Makes no sense but I will take the win. BTW, I was with GEICO for 20 years. When I bought my Teslas, my rates jumped more than 2x. Shopped around and found Travelers who were 1/2 the cost of GEICO for the same insurance. GEICO does not like to insure Teslas so they jack the rates so high that you have no choice but to go somewhere else. Shop around is the lesson learned.

 

[Tony Burgh]

8% increase on 3 vehicles, two less than 4 years old and one classic.

 

[Maxx]

A completely different data point here. My wife and I had a 2021 Tesla Model 3 and a 2021 Tesla Model Y. We just bought a new XLT ER Lightning and sold the Model Y. My insurance went down $560 a year. Huh? Truck was about the same as we paid for the Model Y (but with a much higher MSRP.) Makes no sense but I will take the win. BTW, I was with GEICO for 20 years. When I bought my Teslas, my rates jumped more than 2x. Shopped around and found Travelers who were 1/2 the cost of GEICO for the same insurance. GEICO does not like to insure Teslas so they jack the rates so high that you have no choice but to go somewhere else. Shop around is the lesson learned.

Interesting. Travelers provide home Insurance for GEICO.

They probably don’t have as much accident data on Lightning. Once they replace a few $2K tail lights, Lightning insurance cost may get closer to Y.

 

[Minh]

I got geico from 700 for half year 2 vehicle premium increased to 1200. Generally don’t care for slight increase due to inflation but I think this is too big of a difference to ignore. Clean record no accident etc. called them three times because this is pretty dramatic. Confirm rate hike is as intended. Got several online quote and decided to go with AAA for all my insurance need which effectively put me at the same price point I was paying geico prior to the increased. Very disappointed in Geico after decades of being a loyal customer. All good, hope more will ditch them.

 

[Maxx]

I got geico from 700 for half year 2 vehicle premium increased to 1200. Generally don’t care for slight increase due to inflation but I think this is too big of a difference to ignore. Clean record no accident etc. called them three times because this is pretty dramatic. Confirm rate hike is as intended. Got several online quote and decided to go with AAA for all my insurance need which effectively put me at the same price point I was paying geico prior to the increased. Very disappointed in Geico after decades of being a loyal customer. All good, hope more will ditch them.

My increase was less than that but I am thinking about dumping them as well. Just to be clear which AAA are we talking about?

 

[invertedspear]

Got several online quote and decided to go with AAA for all my insurance need which effectively put me at the same price point I was paying geico prior to the increased.

AAA will leave you stranded. Despite being a customer of theirs for over a decade, the last, and really the only claim I had with them involved private adjusters and lawyers and a year of fighting where they accused me of sabotaging and causing the damage myself. They accused the repair guys of the same saying I should have gone to one of their approved shops, and said they have proof, but wouldn't share it with me unless I sued them. I had to start down that road with a lawyer before they suddenly started saying "one-time courtesy" type BS. AAA is the only company to screw me harder than a car dealer.

 

[jimfigler]

8% for me this past year

 

[hturnerfamily]

as an insurance agent, for over 30 years, and agency owner, I can attest to the rise in general rates... but...... also take everything others say with a grain of salt - they are not you.

Nobody, and I mean NOBODY has the same rates, the same vehicles, the same situation, the same home, the same state.... nobody... not even your next door neighbor.

You don't know what your neighbor's Deductibles or Limits are
You don't know what Discounts your neighbor is receiving
You don't know your neighbor's driving or accident history
etc...


If an insurance company has 'high' premiums for you, another one will be lower
if an insurance company has 'low' premiums for you, another will be higher
.... and all that at any given month of any given year....

no matter what you do, or who you talk to, or what others say they have, or don't have...
PRICING around to multiple insurance companies is the ONLY WAY to know...


the ONLY WAY







ABC company will be less for your neighbor, and more for you
XYZ company will be higher for your neighbor, and less for you
EVX company will like your EV
BNR company will not like your EV

There is no way to 'compare' your premiums with your neighbors, chat room people, or other LIGHTNING owners...


Period.

 

[Maxx]

AAA will leave you stranded. Despite being a customer of theirs for over a decade, the last, and really the only claim I had with them involved private adjusters and lawyers and a year of fighting where they accused me of sabotaging and causing the damage myself. They accused the repair guys of the same saying I should have gone to one of their approved shops, and said they have proof, but wouldn't share it with me unless I sued them. I had to start down that road with a lawyer before they suddenly started saying "one-time courtesy" type BS. AAA is the only company to screw me harder than a car dealer.

Great to know. Thanks for sharing. I have had similar experience. There is no point in having insurance if they don’t insure you are covered when stuff hit the fan.

 

[Maxx]

as an insurance agent, for over 30 years, and agency owner, I can attest to the rise in general rates... but...... also take everything others say with a grain of salt - they are not you.

Nobody, and I mean NOBODY has the same rates, the same vehicles, the same situation, the same home, the same state.... nobody... not even your next door neighbor.

You don't know what your neighbor's Deductibles or Limits are
You don't know what Discounts your neighbor is receiving
You don't know your neighbor's driving or accident history
etc...


If an insurance company has 'high' premiums for you, another one will be lower
if an insurance company has 'low' premiums for you, another will be higher
.... and all that at any given month of any given year....

no matter what you do, or who you talk to, or what others say they have, or don't have...
PRICING around to multiple insurance companies is the ONLY WAY to know...


the ONLY WAY







ABC company will be less for your neighbor, and more for you
XYZ company will be higher for your neighbor, and less for you
EVX company will like your EV
BNR company will not like your EV

There is no way to 'compare' your premiums with your neighbors, chat room people, or other LIGHTNING owners...


Period.

Is there anyway to know exactly what a particular insurance company based their rates for me (or the group they but me in)? If it is based on particular piece of information they obtained from a third party that is not correct, can I find out?

 

[Minh]

My increase was less than that but I am thinking about dumping them as well. Just to be clear which AAA are we talking about?

AAA the roadside assistance company.

 

[Minh]

AAA will leave you stranded. Despite being a customer of theirs for over a decade, the last, and really the only claim I had with them involved private adjusters and lawyers and a year of fighting where they accused me of sabotaging and causing the damage myself. They accused the repair guys of the same saying I should have gone to one of their approved shops, and said they have proof, but wouldn't share it with me unless I sued them. I had to start down that road with a lawyer before they suddenly started saying "one-time courtesy" type BS. AAA is the only company to screw me harder than a car dealer.

Thanks for the heads up. I’ll roll the dice and take a chance on this for now. I googled and didn’t really come back with much on AAA.

Sponsored