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Car insurance prices surge (www.newsweek.com)
submitted 2 years ago by MicroWave@lemmy.world to c/news@lemmy.world

Car insurance rates are surging as Americans struggle to pay for basic necessities and ongoing debt.

The newest Consumer Price Index shows car insurance spiked 20 percent year over year. The surge in pricing occurred after years of gradual price inflation, with earlier reports finding the rates grew by 36 percent since 2020.

That's at the same time debt is soaring for many Americans. While Americans hold around 1.75 trillion in student debt loans alone, they also have $1.05 trillion in credit card balances not paid off.

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[-] dragonist@kbin.social 53 points 2 years ago* (last edited 2 years ago)

Anecdotal but Liberty Mutual increased my rates annually, refused to lower cause I was at lowest rate possible (supposedly, even recalculating as a new customer). Went from 135 to 150 to 170 at last renewal. Then after contract renew I get hit for 205. Said they adjusted rates for everyone in my area and tough shit. And then had the audacity to demand 127 after I canceled my policy because it was a few days after a payment, and they claimed to have charged for the previous month. I remember paying the first month upon signing up with them, not as “accrued”, but a month and then being covered between them and the next payment.

Left them to State Farm and went from 156/month for 6 months DOWN to 125/month at renewal for 6 months. New Hyundai Venue (not one they refuse to insure due to theft), full coverage but the lowest possible.

I’m still mad about it but happy I left.

Shop around. Your loyalty means nothing to them.

[-] andyburke@fedia.io 7 points 2 years ago

I've been with State Farm for 20 years. Actual agent I have met with a few times. Have had one or two claims over the years and they worked with me pretty reasonably. My rates have never "jumped" but have had what I'd consider some minor bumps over the years. Of the many companies I've dealt with, they're one that has at least not given me a huge headache.

I don't have anything to do with them other than being a client, and mileage always varies, this is just my experience. I call out a lot of shitty companies, seems worth letting others know if one isn't terrible. (Also, I live in a major metro, no idea what it would be like someplace else.)

Same, I'm with State Farm and meet with my agent every few years to make sure my coverage makes sense. The last time I met with her she was able to get me better coverage for what I need at a lower monthly cost. My rates have gone up and down a little over the years, but nothing major in either direction.

this post was submitted on 20 Feb 2024
226 points (97.1% liked)

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