Average yearly car insurance premium is over $2000!

Brookswood

Brookswood

Senior Member
Yes, the thread Subject title tells us a lot, but, like the guy on the late night TV commercial, Wait! There is more. Lucky us. 🥺

This is the highest car insurance inflation in 47 years, about 24% in a year.

Make sure you have your uninsured and under-insured motorist coverage in place. There will probably be more uninsured and and underinsured drivers that normal on the roads. Yes, that will cost you more also. As I said, Lucky us. :oops:
 

This information comes from the Car Dealership Guy. He also does things like post a list of cars that are not selling well and therefore have ‘incentives’ for you buy them. But, mostly it’s ways for dealers to operate a more efficient business. Still, as a potential buyer, he has offered some great ideas also.
 
My car insurance has went up 30% every 6 months for the past two years. However, I can’t find anything cheaper. I have Geigo, only drive 2700 miles per year and the car is 16 years old. I don’t have any accidents or tickets. I now pay 100/month.
 

Teacher Terry said:
My car insurance has went up 30% every 6 months for the past two years. However, I can’t find anything cheaper. I have Geigo, only drive 2700 miles per year and the car is 16 years old. I don’t have any accidents or tickets. I now pay 100/month.
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What you pay for having only 1 car insured is "liability". This depends on the county you live in. We have a bundle with the house and pay around $450 every 6 months.
 
Car insurance premiums have risen substantially in the past couple of years....from virtually all insurance companies. Our rates were fairly stable for years, than went up about 20% in the past couple of years. I've been with the same insurance company since I started driving....except for the years I was in the military in Europe. I browsed other companies offers a few months ago, and found no real savings. There are many reasons for these increased rates.....here is just one article trying to explain these increasing costs....

Auto insurance premiums rise as car thefts and false insurance claims increase
 
My car insurance went up from $776/year (for full coverage) to $884/year. That may seem like a bargain to most of you but to me living on strictly social security now, it's huge.

So, I've been doing some research and comparison shopping. So far, no one has been able to give me a better rate. I just got my declaration for my policy to renew on 2/22 and I realized that it is for full coverage. However, I paid off my car (which is new) last week so that should make a difference in coverages....if what I've been reading is correct. I'm way over insured. My car isn't financed and I should be able to streamline coverages. Because our previous vehicles were always new and financed/leased, full coverage was required so liability, uninsured, and underinsured were set at $100,000/$300,000. I will talk to my agent this week. Keep your fingers crossed 🤞.
 
This thread makes me feel better about my daughter's car insurance going up, I thought it was just somehow her failing to look good on the good-driver-app that the insurance company required. She wound up saving a tiny amount by having me pay for the half year and she is supposed to make monthly payments to me. I'm hoping she'll pick a consistent day each month and pay the whole amount, but if it is like similar financial transactions in the past, I'll be getting the money in little bits and pieces as she manages to sell crafts (but other than that, she is very dependable).
 
When we moved from Tenn. to Maine, our car insurance was cut in HALF! I was so surprised and asked our agent about it. They said it was because of the accident ratings of where we lived vs where we moved. Apparently our new home area has much safer drivers than the good ol' boys in Tenn. We gave up our second car when we moved (2017) and purchased a new car in 2021. We paid about $364 for 6mos. last Sept., bundled with the house. So far, having only one car has not been a problem - thank goodness!
 
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Liberty said:
What you pay for having only 1 car insured is "liability". This depends on the county you live in. We have a bundle with the house and pay around $450 every 6 months.
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Why would you presume to know what coverage I have? I have full coverage. I choose not to bundle with my home because Geigo uses a no name insurance for home policies. I use liberty mutual for my home but they are way too expensive to bundle with my car.
 
Colleen said:
My car insurance went up from $776/year (for full coverage) to $884/year. That may seem like a bargain to most of you but to me living on strictly social security now, it's huge.

So, I've been doing some research and comparison shopping. So far, no one has been able to give me a better rate. I just got my declaration for my policy to renew on 2/22 and I realized that it is for full coverage. However, I paid off my car (which is new) last week so that should make a difference in coverages....if what I've been reading is correct. I'm way over insured. My car isn't financed and I should be able to streamline coverages. Because our previous vehicles were always new and financed/leased, full coverage was required so liability, uninsured, and underinsured were set at $100,000/$300,000. I will talk to my agent this week. Keep your fingers crossed 🤞.
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Colleen I carry the amounts you do on my 16 year old car. Since your car is new I wouldn’t lower them.
 
Mine went up. I have good coverage and all the uninsured etc coverage. I did take the actual car off the insurance. It would not take a lot to total it since it's getting older so if it gets totaled, that's it. Someone breaks my window out, I'll have to pay out of pocket. But I've never had that happen. A car at work once right next to me got hit. Not sure why they passed me by. Box of litter in the back seat and they were highly allergic?
 
We're paying Full Coverage 2017 Nissan SUV: $1,509.00 a Year, it just went up a few months ago. I've been driving less than 2,500 miles a year, no accidents or tickets.
Plus we pay $336.00 a year for vehicle tax (Welcome to the State of Virginia :rolleyes:). The vehicle tax goes down a few dollars a year.
 
States in the U.S. vary wildly based on whether they are "no-fault" and what sorts of medical coverage is required to be bundled. Crime rates and carrying the baggage of dense urban areas (with high rates of driving without coverage) can also impact everyone's rates.
 
Goodness those are some high premiums.

I have a few years old Ford fusion .. I have no convictions.. I have full no claims bonus... I pay £268 per year for Full cover...that also covers windscreen replacement and free key replacements for my house and car if I should lose them..

My car Tax is £240 per year
 
Auto insurance(really, all insurance) is highway robbery, legalized extortion. Tort law desperately needs reform, but will never happen. After all, who is going to kill the cash cow?
 
we pay 2300 a year for two drivers , one car but car is an 80k 2023 lexus rx500h in nyc

we were paying about 1300 prior to covid , then went up 500 on our 2018 subaru …when we sold the subaru it jumped another 500 for the lexus
 
Teacher Terry said:
Why would you presume to know what coverage I have? I have full coverage. I choose not to bundle with my home because Geigo uses a no name insurance for home policies. I use liberty mutual for my home but they are way too expensive to bundle with my car.
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Didn't mean I knew what "you" paid, just meant that usually one car is liability load based - in other words most of what you pay is for liability which is why one car is so high. Agree on
the Geico bundling. Had bundling with Liberty but left them after many years due to their
pricing.
 
I'd been telling my son to look for a less expensive car insurance policy, but of course he didn't listen to mom. Finally my honorary daughter told him about a company and he's saving about $!,200 a year.
 

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