Auto Insurance rates are starting to going up everywhere. Auto parts prices are still at crazy levels.
All things being equal, Limited should have better rate than the lower trims…
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Insurance price hike
So I upgraded from a 2022 sel to a 2023 limited and it made my insurance go up by 24%. No this was not from any other factors at all. I’m going to have to raise my deductibles and it will still be significantly higher. I can’t believe it’s such a price difference!
To be clear: this is with all other factors static. Not a new policy with renewal higher rates or anything else. Only from gray 22 sel to sand 23 limited
To be clear: this is with all other factors static. Not a new policy with renewal higher rates or anything else. Only from gray 22 sel to sand 23 limited
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All things being equal, Limited should have better rate than the lower trims…
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I just paid my insurance premium it was 25% more than the last payment. I haven't discussed it with my agent yet, but I know it's been said on media insurance rates were expected to go up around 20%. Being a Floridian, hurricane Ian probably raised that rate.
They know if you wreck it they will have to pay more.. haha they just passed the cost to you.So I upgraded from a 2022 sel to a 2023 limited and it made my insurance go up by 24%. No this was not from any other factors at all. I’m going to have to raise my deductibles and it will still be significantly higher. I can’t believe it’s such a price difference!
To be clear: this is with all other factors static. Not a new policy with renewal higher rates or anything else. Only from gray 22 sel to sand 23 limited
i get that but my premium just went up from the rate increase. This is literally only from the vehicle change.I just paid my insurance premium it was 25% more than the last payment. I haven't discussed it with my agent yet, but I know it's been said on media insurance rates were expected to go up around 20%. Being a Floridian, hurricane Ian probably raised that rate.
Are you asking about the insurance or the price of the vehicle? I don’t know what the premium is for the car itself because I have three cars on the policy and there are discounts etc. what I can tell you is that I was paying 799 for 6 months for 3 cars. They just renewed my policy and it went to 847 for the same three cars from rate increases. Called to change the 22 to the 23 and the entire policy went up 25% to where it was over $1000 for 6 monthsWhat was the price of both?
I was reading just yesterday, that insurance companies are having to scrap vehicules based simply on chips being BO, doesnt take massive damage anymore, just needs components to be BO forever and they have to cough up the dough for a new one!i get that but my premium just went up from the rate increase. This is literally only from the vehicle change.
Limited costing more than SEL...
I recently serviced a diesel pickup and the 35 dollar fuel filter was almost 100 dollars. 15 qt of oil (60 dollars for rotella) and a 20 dollar oil filter PLUS 5 bucks a gallon for gas. A fill up and oil change and fuel filter is 350 dollars.Auto Insurance rates are starting to going up everywhere. Auto parts prices are still at crazy levels.
All things being equal, Limited should have better rate than the lower trims…
Find yourself a good broker
I've seen vehicles total lossed for some pretty small things lately. That said, the difference in values isn't enough to spike that premium as much as the OP states. There isn't that much difference in my GT350 and my kids 25k dollar car. Lol.I was reading just yesterday, that insurance companies are having to scrap vehicules based simply on chips being BO, doesnt take massive damage anymore, just needs components to be BO forever and they have to cough up the dough for a new one!
Limited costing more than SEL...
I wonder if the "market adjustment" crap isn't feeding into it. If you total your 30k dollar Cruz and you paid 40k....AND you have "vehicle replacement" which has to buy you another like it.....then the insurance would need to be charging premiums for that 40k rather than the 30k .
Idk. Just a thought. I have seen people lose money even with Gap insurance because they paid too much or had too much negative on their trade. With new car replacement thats not the case.
I wasnt trying to explain the cost rise, simply sharing what I was reading just yesterday!I recently serviced a diesel pickup and the 35 dollar fuel filter was almost 100 dollars. 15 qt of oil (60 dollars for rotella) and a 20 dollar oil filter PLUS 5 bucks a gallon for gas. A fill up and oil change and fuel filter is 350 dollars.
I've seen vehicles total lossed for some pretty small things lately. That said, the difference in values isn't enough to spike that premium as much as the OP states. There isn't that much difference in my GT350 and my kids 25k dollar car. Lol.
Its funny about that. I saw that. We were actually in Michigan the other day. For a full minute you drive 60mph by a field of brand new trucks sitting incomplete. And it wasn't the places the articles mentioned. However they deny that they are being crushed or scrapped. Some think can get them updated and sold as a year newer. Some say they can get a government exception.I wasnt trying to explain the cost rise, simply sharing what I was reading just yesterday!
My wife's '21 CX-5 Touring is about $390 every six months with full coverage and low deductibles, which has been about the same since she bought it a year ago. My '23 SC Limited with the same coverage is $765. Ouch. Comprehensive and collision are both more than double for the SC.
I spoke with a specialist with my insurance…. The issue is the Hyundai/Kia boys (look it up) basically it’s easier to steal the car. The premiums are way higher on the limited because of it
My rates went up 48% for a few months due to the fact that the state I live in thought it was "inequitable" to base rates on (among other factors) credit scores. So basically, my portion of "fairness" was to pay insurance rates the same or worse than people with sub-par credit.
In a shocking exercise of common sense, a judge overturned the rule.
In a shocking exercise of common sense, a judge overturned the rule.
That makes sense but you would think it would be model specific. The issue I assume is thieves don't really know the model year a vehicle is and will break into any Hyundai/Kia vehicle if they have the opportunity and try to steal it using the USB hack. Insurance companies have to pay the cost of damage or a loss associated with vehicle thefts and the Hyundai's and Kia's without the engine immobilization feature in them are being stolen at eye popping rates. Here in St. Louis alone it is mind boggling how many Hyundai/Kia vehicles are being stolen. For example, St. Louis county reported 145 Kias and 142 Hyundais stolen for just the month of September! It's even worse in the city as they reported 334 Kia and 325 Hyundai vehicle thefts for the month of September. Most of the time the vehicles which get stolen get trashed and wind up being a total loss. A co-worker just went through it with his Elantra. The insurance companies are having to account for fair market value of the vehicles as well. The co-worker who had his Elantra stolen said his insurance company mentioned to him having to do that.I spoke with a specialist with my insurance…. The issue is the Hyundai/Kia boys (look it up) basically it’s easier to steal the car. The premiums are way higher on the limited because of it
Here is the article with the numbers I reference above https://www.stltoday.com/news/local...eported 145 stolen,year, that number is 1,014.
Kia nor Hyundai make the top ten stolen lost. Corolla, camry, F series etc etc do. Yet their rates are low.
Theft makes no sense to me.
Theft makes no sense to me.
An SEL is like $28K and a Limited is like $40k. So about 43% higher cost to replace the vehicle. And if they see that the higher-end trims are more likely to be stolen, then that will also be factored in. Those two factors alone are a good indication of why the rates would have gone up. Then add in the current market for used cars values, inflation making your USD worth less, and other factors. It's just more of what is coming for a while. People are going to feel the squeeze from all over.
Incorrect. The usb hack that the thieves are using only works on vehicles with a physical key because they lack immobilizer chips in the keys. The very nature of push button start makes the security more robust and less vulnerable to mechanical hacks like this.I spoke with a specialist with my insurance…. The issue is the Hyundai/Kia boys (look it up) basically it’s easier to steal the car. The premiums are way higher on the limited because of it
So here is some data from Melbourne, Florida using Progressive Insurance company (all the following quotes are based on exactly the same coverage between multiple vehicles). I am - and remain - accident and ticket-free for some years now.
My Iast vehicle was a 2020 Sonata base SE. I was paying $700 a year until Sept 2021. I got my renewal and the price jumped to $870. I traded the Sonata off for a 2022 Santa Cruz SE and my premium DROPPED to $780/yr for full coverage with the same high deductables ($1,000/$1,000).
Just for curiousity, I called the insurance company and got a quote to replace the Santa Cruz with a 2023 Elantra SE. The price for the cheaper vehicle INCREASED from $780 to $1300 per year. I also asked about swapping out for a 2023 Santa Cruz SE with all-wheel-drive. Price was $1200 per year. This is a bit more understandable, going into a newer model year and upgrading the trim level.
Regardless, there is something really messed up with the insurance rates and Hyundai vehicles.
My Iast vehicle was a 2020 Sonata base SE. I was paying $700 a year until Sept 2021. I got my renewal and the price jumped to $870. I traded the Sonata off for a 2022 Santa Cruz SE and my premium DROPPED to $780/yr for full coverage with the same high deductables ($1,000/$1,000).
Just for curiousity, I called the insurance company and got a quote to replace the Santa Cruz with a 2023 Elantra SE. The price for the cheaper vehicle INCREASED from $780 to $1300 per year. I also asked about swapping out for a 2023 Santa Cruz SE with all-wheel-drive. Price was $1200 per year. This is a bit more understandable, going into a newer model year and upgrading the trim level.
Regardless, there is something really messed up with the insurance rates and Hyundai vehicles.
It could also be turbo vs non turbo that partially caused the hike. More parts to fail and statistically (with other vehicles) turbo-ed vehicles tend to be driven a bit more recklessly. I used to be an insurance agent. Basically any reason the number crunchers give that the bosses can even tenuous grasp onto will cause an increase. Even making too many changes on a policy in a given amount of time can trigger an insurance tier change or the removal of a discount. If you are eligible for the low mileage discount, make sure it is still on your policy. Depending on how the vehicle was switched on the insurance, it could have triggered the removal. One company we had, the discount followed the vehicle instead of the driver so if the new vehicle was added to the policy before the other was taken off, the discount could not be linked to the new vehicle. It's just crazy tiny details that no one looks at (like thefts by zipcode and how close you live to it, increased parts and labor costs, and what date yearly increases take affect vs the date of renewal) causing increases and as a consumer, there is no way to know beforehand because everything is shrouded in secrecy. I didn't know any of this until I became an agent. Check your state's board of insurance. They should list the insurance company's notice of increase in rates/tiers/etc. I don't think it will list numbers specific to your situation but it should give you something to go on. Good luck!
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