Insurance policy increase.

[mowin]

Wife and I just got our auto, and my business renewals.

Our auto policy jumped $450 a yr.  No accidents/tickets or claims.  They are saying the 25%+ increase in New auto prices and parts for repair is the reason.  

My business insurance jumped 50%, as did my nephews. We both do lawn care/property maintenance.  He's sending out increase letters for weekly lawn care this week.  I'm hesitant to as I think I'm at a cap someone is willing to pay for lawn care. I'm thinking I'll try and make up some costs on the extra jobs or projects I get throughout the yr.  

Thankfully, I only have another yr or two at most before we retire. 

[Mike103]

Yes insurance in NY went up.

I also own a condo and car in Florida. Insurance in Florida went thru the roof. Double. 1,200 to 2,400 for the condo and I’m not near the water.

I have not broken out my car insurance increase because it’s bundled with the NY cars.

Living in Florida is not cheap. No state income tax but that’s about it. 

[Bucksnbows]

8 minutes ago, mowin said:

Wife and I just got our auto, and my business renewals.

Our auto policy jumped $450 a yr.  No accidents/tickets or claims.  They are saying the 25%+ increase in New auto prices and parts for repair is the reason.  

My business insurance jumped 50%, as did my nephews. We both do lawn care/property maintenance.  He's sending out increase letters for weekly lawn care this week.  I'm hesitant to as I think I'm at a cap someone is willing to pay for lawn care. I'm thinking I'll try and make up some costs on the extra jobs or projects I get throughout the yr.  

Thankfully, I only have another yr or two at most before we retire. 

I know auto rates jumped something like 21% on average nationally.  We got something less, but we have USAA. My business insurance went up some, but it’s hard to measure year over year because it depends largely on our projected business over the next year.  Either way, the economy isn’t exactly working well for most of us. 

[2BuckBizCT]

everything is negotiable. I'm ok with reasonable increases, but if it's too much then I push back and threaten to go elsewhere. I just got mine lowered last week actually.

 

[mowin]

4 minutes ago, 2BuckBizCT said:

everything is negotiable. I'm ok with reasonable increases, but if it's too much then I push back and threaten to go elsewhere. I just got mine lowered last week actually.

 

I'm definitely making some phone calls today. 

[nywaw]

Yeah same here in NJ, everyone I know got a similar letter saying they were getting a significant price increase.  Good idea to call and push back, hopefully get somewhat of a reduction.

[mowin]

42 minutes ago, Bucksnbows said:

I know auto rates jumped something like 21% on average nationally.  We got something less, but we have USAA. My business insurance went up some, but it’s hard to measure year over year because it depends largely on our projected business over the next year.  Either way, the economy isn’t exactly working well for most of us. 

I shudder to think what your premiums must be. The type of work you do, the liability cost has to be staggering.  

Couple buddies of mine do tree removal. One has a crane.  The insurance just to use that crane is stupid. Jobs that require the crane are usually $5 grand or more for 4 hrs. 

[phade]

Insurance increases are pretty rough. A bit of a tail whip from inflation in other areas of business/living. Ours went up too but that’s why shopping every 3-4 years is a bare minimum. In today’s world shopping annually is a wider approach despite the pain of switching carriers in certain instances. We are dropping All State and going with NYCM after shopping. About $300 less per year compared to the quoted rate for our latest renewal, plus some added coverage my local agent pulled a fast one on and removed last renewal to keep price increases down. So win win.

I am all for profits and financial stability but knowing where profits are made in the industry some insurance companies are just cash cows owners/investors. It’s not always the case but sometimes companies have to exit markets and recoup reserves elsewhere to ensure solvency. But sometimes, net margins are grotesque. A lot of companies made a pile of money during COVID with reduced claims paid. Some small amount to policy holders, a lot to investors, and next to none for increased reserves. Now with certain markets getting hit hard those reserves would have adjudicated these increases to be much smaller or potentially nonexistent.

Edited March 14, 2024 by phade

[mowin]

1 hour ago, phade said:

Insurance increases are pretty rough. A bit of a tail whip from inflation in other areas of business/living. Ours went up too but that’s why shopping every 3-4 years is a bare minimum. In today’s world shopping annually is a wider approach despite the pain of switching carriers in certain instances. We are dropping All State and going with NYCM after shopping. About $300 less per year compared to the quoted rate for our latest renewal, plus some added coverage my local agent pulled a fast one on and removed last renewal to keep price increases down. So win win.

I am all for profits and financial stability but knowing where profits are made in the industry some insurance companies are just cash cows owners/investors. It’s not always the case but sometimes companies have to exit markets and recoup reserves elsewhere to ensure solvency. But sometimes, net margins are grotesque. A lot of companies made a pile of money during COVID with reduced claims paid. Some small amount to policy holders, a lot to investors, and next to none for increased reserves. Now with certain markets getting hit hard those reserves would have adjudicated these increases to be much smaller or potentially nonexistent.

Interestingly enough, we have NYCM.  Our insurance agent is contacting them today. If they don't lower the premium, they will be loosing the auto, home and business policies. 

[Robhuntandfish]

34 minutes ago, mowin said:

Interestingly enough, we have NYCM.  Our insurance agent is contacting them today. If they don't lower the premium, they will be loosing the auto, home and business policies. 

I have them too and my homeowners just went up $150.  My vehicle policy expires in July and am guessing the same will happen.  If it does I will bid it out. I've done this before and somehow they were able to then be under the bids by $5 to keep me.   lol 

 

[mowin]

21 minutes ago, Robhuntandfish said:

I have them too and my homeowners just went up $150.  My vehicle policy expires in July and am guessing the same will happen.  If it does I will bid it out. I've done this before and somehow they were able to then be under the bids by $5 to keep me.   lol 

 

Just got a call from my agent. Nycm dropped $50. Lol.

I'm making calls now to different places. 

[Otto]

When you shop around the other insurance company will ask for a copy of your policy, which will have your premium on it as well as the coverages and limits.  They will then "beat their price" and in the next year raise rates even more.  When I share my policy, all premium prices are redacted.   I've had companies refuse to quote me if they don't know what I was paying previously.   Such a scam! 

[dbHunterNY]

I'll have to look. auto is through geico and everything else through a small local company. neither have gone up any blatantly noticeable amount but now i'm curious.

[mowin]

27 minutes ago, Otto said:

When you shop around the other insurance company will ask for a copy of your policy, which will have your premium on it as well as the coverages and limits.  They will then "beat their price" and in the next year raise rates even more.  When I share my policy, all premium prices are redacted.   I've had companies refuse to quote me if they don't know what I was paying previously.   Such a scam! 

Ya, I just got off the phone with a local company.  Gal wanted to know what our premium was. I said if I except your premium, I guarantee it's lower than I was paying. 

Most agencies shop many insurance companies. I would bet they can get all the info they need if they do business with the company your currently with, including your premium. 

Edited March 14, 2024 by mowin

[riverrat]

I'm of the opinion that it's your agent that stands to profit the most from a rate increase. NYCM is headquartered in my small town. I know the owners and dozens of people who work there.

In the next town over is Preferred mutual insurance. I know dozens of people who work there also.

I also went to school with Tommy and Billy Cole owners of Gates-Cole insurance. 

I Suggest calling your agent yearly for the best rate.