It's kinds stays the same as the ride gets older but jumps up if you purchase today's new ride with all sensor. Also where u live matters too. Theft rate, car accident rate, hurricane/ Tornado area. So much Calculation they are running to Determine when u might file a claim. You want it cheap after its paid, go to shopping centers and get you that 29 a month Liability. Pretty much you just buying a piece of paper that says I'm legal to drive on the road but don't Expect my insurance to cover you 100% and I'm dead broke
@@DanielGarcia-zz9eg is right as well as @jeretso saying our entire neighborhood also determines our rates; so we're more like a team than an individual player. The only way we can have an individual plan is to self-insure, but I don't have a lawyer in my back pocket to represent me just in case I get into a big fender bender. And I don't want to take a loan out of my house to pay out any accident.
@@DanielGarcia-zz9eg Funny how where you live is taken into consideration. But where you work isn't. Imagine working 60+ hours in a bad neighborhood but your insurance doesn't take it into consideration.
Years ago, my insurance premiums doubled as did those of everyone in Ontario. The people cried foul! So, Dalton McGuinty then Premier of Ontario decided it was time to introduce insurance provided by the State. We all loved the idea. The insurance industry screamed foul, claiming the State cannot do any such thing. The State replied absolutely they could. Competition is wonderful they stated. Next thing I know as the State prepared to introduce insurance coverages, I received my insurance documents. My premiums had returned to their previous numbers. 😂 Power of the State used as it should be.
Very frustrating to see the biggest bump on my policy was for uninsured motorist coverage. Drivers are required by law to have coverage, but they don't, so us law abiding citizens have to make up for it. Then when you get hit by one it's pointless to sue them since they are broke.
After being a customer for 15 years, Progressive raised my rates 33% two months ago. No changes, no claims. At the time, I checked their stock price… it was up 33% ytd. I will never be their customer ever again.
Customer loyalty is not rewarded. Those $50 dollar credit towards deductible when you renew your policy are gimmicks to trick you into feeling nice so you'll continue to be loyal meanwhile they increase your rates on your policy that make those $50 credits chump change.
Just getting ready to go talk to my agent and George pops up spitting facts, it’s destiny. 2 days ago my agent said you’re credit score is great, drive history good and nothing will raise. Got my bill and it’s 40% more. 😮. Liar liar pants on fire sir.
That's kinda the problem with letting rigid systems decide things. Reality is just too complex at times and not everything can always be accounted for. It's a similarly silly situation with our legal system, but we'll rant about that another time...
Not only has my insurance went up, but my wife was hit by a deer and had a bear attack her vehicle when we visited the mountains within a six month period and they basically threatened us with the letter that we could get canceled if we filed another claim. Making us proud, statefarm
I'm in the collision repair industry. Most people have NO IDEA how crazy complex cars are getting! Frankly, they are getting really difficult and time consuming to fix, and aside from everything george said, this is contributing to the cost of insuring them.
Great video! I legit did all of these things prior to watching this video. We used a Ramsey Trusted ELP for our insurance here in Michigan - worst insurance State! They were able to hook us up nicely and I’m very satisfied with them.
@@gtaospotlight4327 I hear a lot of things are expensive in Canada? Someone told me that in some places 4 pieces of a small chicken was $14 🤯!!! But you do have cleaner air and your food regulations overall let's you live a healthier life. This is coming from a girl who lives near Smogland and in the highest ozone pollution.
Insurers will also charge premiums for older cars because of the likelihood of a claim. It's important to work with a broker and actually talk to them when you plan to buy a car. My broker actually went through a list of cars I was looking at and checked with my plan to see how much each one would cost. There seems to be a sweet spot in terms of a car's age (somewhere around 5-8 years old), and certain models get artificial rate hikes because they tend to be more likely to be involved in incidents (like Nissan Altimas in my area, that cost twice as much as other similar sedans because so many ricers and kids buy them and then get into high-speed accidents. It's basically a stupid tax you pay for OTHER people's stupidity).
It's not necessarily you, it's the other drivers who choose to cruise around without insurance and violent weather that happens 1,000 miles away. This explains why everyone's rate increases even if your driving and accident record remains squeaky clean.
Car insurance is basically a tax on people who have something to lose. What are you going to do? Sue a person who already can't afford their car insurance to pay a settlement? If the idiot totals your car but has no insurance, your insurance will still have to pay out, who then will eventually increase your premiums, which creates a feedback loop.
@@panzer_TZin what you explained is the reason why car insurance is a scam because I never ever hear a single story about a single person who drove around without car insurance being charged for that crime I never ever hear about them going to jail
@@motoryzen Yes!!!! If it's illegal to drive without insurance, why are so many people still able to do so? Obviously, the punishment for breaking that law is not severe enough. A driver who hit my vehicle had the trifecta: uninsured, not named on vehicle registration, AND had an expired driver's license. The responding police officer let her drive away from the scene of the accident with a ticket for "failure to yield". I'll bet she never paid that fine. I got the worst of it, and my car had to be towed on a flatbed. Of course, my insurance premium went up. This happened when I lived in an "at-fault" state. Normally, the deductible would be paid by the insurance of the person "at-fault" for the accident. Since she had no insurance, however, I had to pay the deductible myself. My car was in the shop for about a month because of a part shortage.
@@misterskippy2u - You should have sued her in small claims courts for your deductible and any other expenses. She may have never paid the judgement you get against her, but that judgement would make her life much more difficult should she try to get a loan, get a job, rent an apartment, etc.
@@chiplangowski3298 I would have been inconvenienced FAR more that she would have by a suit. Even if I won, I seriously doubt she had the means to pay for anything. I'd be stuck holding the bag for legal fees on top of the costs incurred by the accident.
I work in insurance and am debating sharing this video with some of my peers. George did his homework. Its the harsh reality of life, it is more expensive to insure cars in 2024 vs 2019-2020.
I work for a personal injury law firm. My number one suggestion: Purchase uninsured and underinsured motorist coverage. Also, if you don't have health insurance, purchase medical payments coverage (depending on the insurance carrier and state, it may or may not be available). Edit: 500k in liability coverage is excessive, unless you actually have assets from which an injured party may recover. Excess judgments are rarely sought (i.e., when the insurance carrier tenders the available policy limit but it is insufficient to cover the injured party's damages and he/she sues the driver to collect additional monies). Many drivers have only state minimum coverage, so that's why underinsured motorist coverage is critical.
regarding uninsured/underinsured if the other person doesn't the comprehensive portion of the policy pick that up? like if I get hit by an uninsured doesn't the comprehensive portion of my collision policy cover the cost of my tab? i forget the terminology, but I know I havee full coverage and under that is collision coverage, which is coverage int eh event of collision
@@nathanjoseph9204: Yes, if your vehicle is damaged by an uninsured motorist, you can file a first-party claim to have your vehicle repaired or totaled. And for the record, you should always file a first-party claim regardless of fault, as your insurance carrier has contractual obligations to you unlike a third-party insurance carrier. Unlike collision coverage, however, uninsured motorist coverage has two elements: bodily injury and property damage. It's the former that makes uninsured (and underinsured) motorist coverage so important.
U/U coverage has saved me just last year when I was in a not at fault accident and my my insurance said I would of been SOL without that coverage. I would of had to fight there insurance and guaranteed less then 100% payout or sued them
This is why I drive a 2019 Nissan Frontier - It does not have any telematics capability. It doesn't even have Sirius/XM radio. It has zero ability to communicate with the outside world. That was a major deciding factor in my choice when I bought my truck.
Crime makes it worse. Car thief will not follow traffic laws either. You are subsidizing your neighbors insurance too. So if your neighbor's car is stolen or totaled your rate will go up.
I switch car insurance every 1-2 years to take advantage of sign up offers. They don’t reward loyalty as much as they reward new customers so I’ll take it.
Thank you so much for this video. When I saw my car insurance report from last year, they had collected all kinds of information that was downright wrong. I need to contact these data collection companies and rectify their incorrect information.
@@9libertybellwhere I live people illegally buy their driver’s license off the internet and never learn how to drive. We need to get rid of privatization of driver’s licensing and vehicle registration. The government should be in charge of that. Too many dishonest people out there.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Idk bout yall, dropping my full coverage on my paid off vehicle only saves me $5 a month Lucky I never dropped full coverage because yrs later a driver with no insurance and can't be found , my full coverage gave me check to purchase my next vehicle after it was Determine to be total out
This blew my mind!! I had to double check that dealerships were doing this. I can’t believe this is legal. You’d better bet I’m going to be making all changes I need to today to stop data sharing!
Insurance is a racket. They do things that you would think would be illegal and they get away with it. If you have a teenage son who starts driving their insurance is 4x what insuring your teenage daughter is bc boys statistically drive more recklessly. Is that true? Yeah, generally, but any other setting people would say that’s “discriminatory on the basis of sex”
I got my license suspended. And it wasn’t suspended for long. However, my insurance went sky rocket and I can’t even find a 200+ insurance yet. And it’s frustrating. I was thinking it was me but seeing all these comments… insurance just wanting to make money by raising up the prices
Everyone should have underinsured motorist policy and at least the same amount as your liability. Far too many people don't even have enough liability insurance today. A family member of mine got hit by someone who only had a $25,000 policy and that didn't even cover the basics. Also please look at keeping your rental or roadside assistance if it's like an extra Buck or two a month. That amount of savings is pitiful to get rid of it.
Unfortunately times are tough for some people. Most of the time they choose food over insurance in a heart beat. I hear some are not even renewing their registration. My insurance is very low because my cars are very old and I use mileage wisely by grouping my task; 2004 Toyota with only 120k miles. But 1000x yes, I will always carry uninsured motorist because it costs so little.
In Europe, you want to have a car if you cannot afford the insurance. The liability minimums in Europe are astronomical compared to here. When I live there, I had to have a $1 million liability policy. In the states, you don't even need to have insurance in some states. Other states have a low $25,000 liability. Our problem here is not insurance itself, it is our concept of car ownership. I understand things are tight for some families. However, if you think the cost of insurance with you driving is keeping you from food for even the low costs of some of these options that you can remove, there are bigger issues at play. I hate to say this, but in many European countries, many of these individuals may not even be able to own a car.
@@RetroGamer20109 I totally understand. My pastor had asked us to raise our hands if we owned a car (even on loan) and then told us that we are rich in comparison to others around the world. For the past 15 years people are also living out of their cars now too. So that's why I believe in buying uninsured motorists to protect myself from others who can't buy insurance. Yikes ... a million dollar insurance policy! Does it have anything to do with the speed limits?
@@mandywong1408 The insurance policies of Europe are based on the concept that if you want to drive, you have to afford it and be able to protect people around you at the same time. I don't know if it's increased since I lived in Europe, but I do know that the million dollar policy is based on the public policy that drivers need to be able to pay out whatever is necessary if they have an accident or cause damage with a vehicle.
Stop complaining, enjoy what you like the most - capitalism. Car insurance is so insignificant compared to what you're gonna encounter in next 10..20 years that I wouldn't bother with such small annoyances as high premium.
Considering the average new car price went up (almost) 20% back in 2020; it just sounds like the insurance companies are finally catching up Greater Car values and increased cost of claims, means higher insurance premiums. It just took them a while to catch up
Gen Z has far more traffic citations and accidents than other generations. No surprise there being younger drivers. But the rate has drastically increased for that age cohort in the last 10 years. It's obvious that they have more issues with distracted driving than other age groups. That combining that with more expensive car repairs due to added technology along with insurance companies spreading the increased costs to all drivers is driving costs up even for those of us who are safe drivers with old cars.
Yeah I used to work for an insurance company….shop around! People would call because their rates kept going up and they’re like “can’t I get a discount” I’ve been loyal for 10 years” New customers actually had a rating factor that gave them lower pricing😂😂 But there is also a factor for how long you were with your previous insurance company…if you switch after your with your current company for like 5 years you’ll get an even better rate…assuming you have a good driving history.
Being over insured is as bad as under, in some cases. Some go years without a claim, depreciating car, no tickets, overall safe person and still pay more each year. Then end up spending the cost of the car over its lifetime to ensure it for the ‘just in case’. Trust me, I get it, used insurance before but my God, who wants to be over leveraged on car, house, life, appliance, electronic device insurances?
Insurance companies are only trying to figure out how much money are they going to have to spend on you and how frequently will they be called on to pay out for you. That’s why they ask so many seemingly irrelevant questions, they’re trying to figure out your likelihood of accidents or claims. If they think you’re going to be a frequently flier, you’re going to pay more.
Had a 6 month premium due this month for 1500 bucks, been with the same company for 9 years. Decided to shop again, found another for $500 bucks for 6 month, same coverage. Insurance is a scam.
Appreciated this episode, there were a few items I thought I knew but didn’t after watching. Would love to see (it might be out there already) a review of umbrella liability coverage, which typically is with the same company as your car insurance provider, for reasons I won’t bore you with.
Anything "mandated" by federal and state governments should be highly regulated and under constant scrutiny. I don't have a choice to operate a vehicle legally without insurance.
Make sure that the listed use and yearly mileage for your vehicles are correct- if you have a vehicle that you only drive on weekends and put less than 5k miles on per year make sure that is reflected on your policy. And make sure your personal info is correct- address, any driving courses you've taken, and even type of license- I saved almost $10 a month by updating my personal info to reflect that I had obtained a commercial driver's license.
Is Delete Me legit George?! I’m super cautious. Y’all know the owners or thoroughly “investigated” them? Also LaurelRoad legit? Are they brand new? I went with Marcus because you recommended but now you’re saying this place 😜
The sheer number of uninsured and underinsured motorists as well as spiking vehicle theft rates are driving car insurance premiums up, too. Probably more than everything else.
It is obvious why car insurance (and homeowners insurance) are skyrocketing. Cars are much more expensive to repair or replace, so are homes. Couple that with increased accidents compared to pre pandemic and increased natural disasters (or precieved at least) respectively and you have it.
I think the biggest contributor is having to pay for the uninsured. The insurance companies are drawing premiums from a smaller pool while having to pay higher costs for repairs/replacement and medical costs.
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@@DirkChristian-w2e I agree, that's the more reason I prefer my day to day decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8
@@VashtiMaskell Claire Robert’s Durand is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I carry full coverage with $500 deductible. Only costs $45 a month with state farm. I do the drive and safe program though. If they are tracking me might as well monetize it and lower my premium. Ive been driving for 26 years and zero accidents and zero tickets....
You seriously recommend $500k in liability? Insurance companies will shudder if people take this advice. You need to actually have the assets to support such a high limit(not including your house). Excess judgements are rarely sought after insurance company tenders the limits. To have such a high limit you need to be a millionaire with the cash in bank or a bunch of real estate(not including personal home ).
I’m in Alberta, Canada. $1,000,000 liability is a requirement for most organizations (ie schools, churches, etc) to transport other people’s children. Even in Saskatchewan, which is government run insurance the standard minimum is $700k. I have $2,000,000 because it’s only an extra $4/month and there’s a lot of Bentley’s worth more than my parents’ house where I live.
In WA state, the insurance commissioner made it so your credit rating had no impact on your insurance cost anymore…..so ours went way up and those with crappy credit went way down….gotta make everyone “equal” 😡
