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Insurance price hike

3581 Views 41 Replies 24 Participants Last post by kayakangler, 3 d ago

Trurice

Discussion Starter · 7 mo ago (Edited)

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

Reactions: 1

21 - 40 of 42 Posts

Trurice

Discussion Starter · #21 · 6 mo ago

rriddell116 said:
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 only went on what they told me, but what I can say is it sucks and it’s way more money

Trurice

Discussion Starter · #22 · 6 mo ago

Mike86merc said:
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.

You’re thinking far too logically lol. It’s not because of the retail price or value though. I have a 2020 civic type R on the same policy with roughly the same msrp and actually a higher replacement value and that is WAY cheaper than this Santa Cruz.

rriddell116

· #23 · 6 mo ago

Trurice said:
I only went on what they told me, but what I can say is it sucks and it’s way more money

Agreed, but if that’s what they are telling you, they are giving you a load of bs and you should call them on it, then start shopping around for a better insurance company!

GTAcruz

· #24 · 6 mo ago

I recommend using an independent insurance broker to get the best price.
I’ve had the same broker for over 30 years for home and automobile, many different insurance companies

Damen888

· #25 · 6 mo ago

That's interesting, we bought two new cars this month, my SC and a hybrid Santa Fe for my wife, mine was 2023 and hers was 2022, our insurance actually went down because both of us came from cars that were over 10 years old and the safety features on these new vehicles were the reason our insurance agent said why our rates were lower, I'll take it! Lol

Sparkland

· #26 · 4 mo ago

Insurance companies are refusing to write coverage on Hyundai/Kia vehicles because of the prevalence of their being stolen.

tacthecat

· #27 · 4 mo ago

Only on some "older models" withour PB Start.

MnS

· #28 · 12 d ago

I remember reading somewhere insurance is going up because we are coming out of the pandemic and more people are getting on the roads again, which seems like a lame excuse to me.

Just got my renewal notice and Progressive hiked up the premium $100 for 6 months which is how I pay. With my age and driving history I would have thought it'll be going down by now.

childoffire79

· #29 · 12 d ago

Did you ever see an insurance company give money back?!

Cruzurus

· #30 · 11 d ago

childoffire79 said:
Did you ever see an insurance company give money back?!

Yes. In B.C. we have compulsory basic insurance through the Insurance Corporation of B.C. (ICBC). You can buy your optional insurance in the private sector if you wish. In 2021, my
private insurance company refunded me $39 because of reduced claims during Covid. That same year, ICBC refunded me $113 for the same reason. In 2021, ICBC rebated me
$220 to help with high gas prices. ICBC insurance coverage is cheaper than several provinces in Canada that only have private insurance. A friend who just moved to Alberta paid
$325 more for the exact coverage he had in B.C. I should mention it hasn't always been this way, but no complaints at present.

Bob

childoffire79

· #31 · 11 d ago

We have a scam in the states who call themselves NJ manufacturers insurance. People swear by them. They issue a "refund" annually which amounts to about 39 dollars like you indicated. But it's total marketing. I just switched to another company who's cheaper to begin with so fake "give backs" aside they basically overcharged so compensate for the marketing.

GTAcruz

· #32 · 11 d ago

Well, my insurance (combined house and 3 auto) renewed in early May… it went down $150 ( year) was expecting an increase and a call to my broker, but, never called my broker 😁

PK 62

· #33 · 11 d ago

ditto , it went down, and they sent a +/-$350 rebate, because they had a good 2021! (I'm hoping they had a great 2022 as well)
I hate paying for something I hope never to use, but I would hate more, needing it , and not having cover

Reactions: 1

childoffire79

· #34 · 11 d ago

Must be a Canadian thing. Insurance is a vacuum for money in the states. Assumed it was just as ****ty everywhere. But you have to think.. even if they're "giving" money back... Theyre still ahead.

Reactions: 1

CruzCurious

· #35 · 11 d ago

Absous7 said:
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...

And EVs get totalled period even for accidents that (if it were an ICE) would certainly be repaired, due to the exorbitant cost of the battery.

zroger73

· #36 · 10 d ago

I had a 2010 Ridgeline that I replaced with an identical 2014 Ridgeline - the only difference being the year model. My insurance went up.

My 2019 Ridgeline was more expensive to insure than my 2017 Ridgeline. My 2021 Ridgeline was more expensive to insure than my 2019 Ridgeline. They were all the same trim, powertrain, color, etc.

My Model Y cost twice as much to insure as my Ridgeline despite similar prices ($50K vs. $45K).

The premium on my rarely-driven, 4 year-old old Miata just went up 10%.

My homeowner's insurance has been increasing exponentially.

All of this is State Farm in Texas with no claim history and I haven't been able to find any better rates anywhere else.

It's a good thing money grows on trees!

See less See more

Reactions: 1

jbsx

· #37 · 10 d ago

I live in Florida. I just paid my house off this year. The insurance company figured...he doesn't have a mortgage payment anymore, lets raise his rates. And I really dont have many options here in Florida. Homeowners with wind/hurricane was $3500 a year. Now $6500 a year.
I replaced a 2015 Kia Forte5 with the Santa cruz. My auto went up $20.

Reactions: 2

kayakangler

· #38 · 5 d ago

childoffire79 said:
Did you ever see an insurance company give money back?!

Yes, State Farm had a big marketing pitch during the pandemic about giving back. They raised rates sharply in late 2022 and again in 2023 so it seems aside from raises to compensate for inflation, raised to compensate from recent natural disasters (Florida) payouts, they are trying to recoup all that money they gave back during the pandemic

Despite these ridiculous rate hikes, In our overly litigious society it's just not wise to not have insurance.

Reactions: 1

Nagrom

· #39 · 5 d ago

Quickest way to lose everything in America is to not pay into the various required insurance rackets.

Reactions: 1

childoffire79

· #40 · 5 d ago

kayakangler said:
Yes, State Farm had a big marketing pitch during the pandemic about giving back. They raised rates sharply in late 2022 and again in 2023 so it seems aside from raises to compensate for inflation, raised to compensate from recent natural disasters (Florida) payouts, they are trying to recoup all that money they gave back during the pandemic

Despite these ridiculous rate hikes, In our overly litigious society it's just not wise to not have insurance.

I don't know why people continue to believe that insurance is their friend and that they give away money 🤦

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