How much your insurance has increased in the past year?

[OG_Ragnar]

Our auto insurance in WI increased a crap ton in the past couple of years. Not only did my wife get a speeding ticket for going 30 in a made up 20 while putsing along in a PHEV, but we added a Lightning EV as a third car this year right before our daughter got her drivers license at 16. All in all our insurance premium tripled for the same coverage levels. At least WI is still a fairly inexpensive state for insurance, relative to other states.

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[hturnerfamily]

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?

There is no way to 'see' what insurers are doing behind the scenes, as many 'Brands' have many, many 'insurance companies' under their umbrella - if you look at Progressive, for example, you might do some research and find that they own over 50 separate 'insurance companies' that all have their own underwriting protocols, requirements, discounts, rates, etc.
So, in the example brand above, your quote, or ultimately your policy, may come from a company name that you have never heard of before, such as 'Progressive Mountain insurance co', or 'Progressive Casualty insurance co', or even ' Pacific Coast surety company'... Liberty Mutual does the same. State Farm does the same. They ALL do.

There is also no way to know ahead of time, or even to REQUEST any specific 'rate plan group' or 'rate plan policy' that you want - it's just part of the quoting and issuing process behind the scenes, whether you quote online, thru an agent, or via a 800-number. It's all the same, ultimately. Each insurer is bound by what policies they offer in any given STATE, regardless of whether that same policy is available in any other state.
Each STATE has it's own variables - like the 'minimum' Liability Limits, whether you are required to choose a 'type' of Uninsured Motorists, or REJECT it all-together, or whether you are in a 'No Fault' State, etc.

Every company that runs reports about you also has a responsibility to let you know what those reports reveal, but, no, they can't 'change' those reports or simply let you tell them that the information is not correct. If you feel that way, or have facts to reject something that is false, you must get with the party that REPORTED the information. That's a TOUGH row to hoe.
Years ago, I went to get notice that I was rejected due to a 'report' from a different state, that I had warrants and a felony due to an accident or driving violation of some sort. When I was able to eventually find out the details, it was someone who had my same or similar name, and my same date of birth, but in a different state...one in which I had never traveled. I fought it with the reporting party, and eventually the reporting agency removed it. It took months.
The reporting agencies, like LEXIS NEXIS, pull info from all fifty states, and they don't really care if you get caught in the cross-fire of mis-information if it happens to affect you, personally.

Insurers also base their 'rates' on multiple parts of the equation. It may be that you have to have not only multiple vehicles, but also multiple drivers. If you are single, likely you'll not be in the 'best rate' quote generator or policy group. If you don't own a home, but rent, the same may apply, etc. If you've had several violations or accidents in the last several years, the same, etc.

I will tell you PERSONALLY, even as an insurance agent, that while I certainly prefer to keep my own auto policy within one of my own companies, as I make commissions from them, I WILL MOVE MY OWN AUTO INSURANCE TO ANY INSURER WHO PROVIDES A BETTER FINANCIALLY SOUND OUTCOME>

The ONLY way I know when to do that is by CHECKING AROUND to ALL insurers on a yearly basis, if not even MORE often. It works. One may not have been in the ballpark last year, and this year they are the LOWEST cost, BY FAR. Crazy, but it's the insurance world we live in.

 

[hturnerfamily]

At least WI is still a fairly inexpensive state for insurance, relative to other states.

your last point is well taken, and while you realize this important point, it's lost on those who don't happen to live in a state where rates are relatively 'sane' compared to those who have either state regulations that drive increased pricing, or metro areas of the state that drive up overall pricing. Likely NY, IL, and CA are not going to be 'nice' to most auto insurance buyers.

but, regardless, we ALL have blinders on when it comes to 'our' price. We don't really care what others are paying, or what other state's rates are, we just want OUR rates to be less.

for example, and for a good 'point of comparison':

A) Homeowner has a home insurance policy with ABC company. The rate is $1,268 per year.
B) Homeowner has a home insurance policy with ABC company. The rate is $3,953 per year.
Who 'likes' their premium the most??

A) Home is 1492 sq foot in size. B) Home is 3,265 sq foot in size.
Who actually has the better 'rate'??



B. but, it sure doesn't 'feel' like it!

 

[Ffxdude]

Each of mine (home, auto, etc) went up 10% this rating cycle.

 

[TaxmanHog]

 

[Maxx]

Driving assistant software should sound an alarm or get the heck outa there when an uninsured vehicle is approaching.

 

[awilli1010]

Hooray! My progressive insurance rate dropped a whole $12.00 for my six month renewal.

 

[broncoaz]

All those storm and fire related claims are getting through to the premiums. My homeowners renewal went up 46% this year. Every time I see parking lots full of flooded cars in FL after a hurricane it makes my blood boil. The folks in the storm zone should know enough to protect their assets.

Michigan is the same. Senior driver, no tickets or claims, 25 percent increase.

I had a look at my 83 year old father’s insurance policy recently and about hit the ceiling, $2600 per year for full coverage on a 2022 Highlander. Perfect driving record for 60+ years. Since I drive him more in his car than he drives anymore we transferred ownership to me and him and put it on a new AZ policy with him listed as a driver. My premium with the same company and identical coverages is $1070 per year. Since his name is still on the truck his umbrella policy still covers it.

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