Auto insurance have reached new highs (car insurance, vehicle, salvage, motorcycles)

[MKTwet]

I'm not sure if anybody has been following or tracking but auto insurance rates are higher than it ever has been due to high cost of cars and services. This has a huge effects on new car affordability.

[StealthRabbit]

Insurance is very hindered by
1) Supply chain availability of parts
2) More plastic (harder to find replacement parts, no option to weld and repair
3) Perimeter sensors from airbags, to proximity & cameras (Tough to replace and re-program)
4) Dealer Specific monitoring. (Must send repaired car to dealer to get all the modules recalibrated or activated)
5) Labor - no one wants to get their hands dirty, except immigrants who are the largest portion of workforce in Auto body repair)
6) Regs and rules (Body shops have a lot of hoops to jump through, and their materials have mega 'environmental' surcharges)
7) more complex and weaker body structure (safe zones for crumple)
8) Expensive to 'replace' a car. Both new and used have ^^^^ in price.
9) Frequently changing body parts = fewer in the salvage yard


It's called INFLATION.

As the fed mentioned yesterday... Inflation means higher prices (of everything). Get used to it.

Yup, my insurance has skyrocketed, especially since my (woke / nanny / left coast) state now disallows the use of Credit Scores to lower premium - so mine doubled. (I have 10+ policies ONLY on cars + 12 Motorcycles insured (plus (7) LLCs and (3) farms). It's ugly.

[kwong7]

I would think other factors are also increasing the price insurance as well such as:

car break-ins
auto theft / joyriding
catalytic converter theft
increased distracted driving
hit and runs

I had an idea to try to make drivers better and safer by starting a program enhance driving skills and judgment. A decade ago, I thought folks who get a moving citation, were in an accident, or perhaps want a lower insurance rate should retake a driver exam and road-test. It would inundate the DMV and so I shelved that idea, but in the age of simulators (NASCAR and F1 use them...so does NASA and the FAA), why not use simulators to program normal driving scenarios and even common hazards to avoid and be evaluated based on how well you do. It could save a lot of lives, a lot of money, and a lot of time for emergency responders. Oh and have every auto manufacturer program the simulator software for every car model they make so that the sim could be as realistic as possible for the user.

I would hope that this would result in fewer accidents and lower insurance rates. I had a similar idea for rideshare drivers to ensure a higher skillset or assurance in the driver's ability. I hate rideshare and have thought of ways to either destroy them or make them better.

[Hemlock140]

I have been driving since 1968 and cannot remember a year when the insurance didn't go up. The biggest jumps were when I had a few tickets in my early 20s, when my kids started driving, and when the state banned discounts for good credit rating. This year the increases were minor, about $$15-30/6 month premium depending on which of our 3 vehicles.

[StealthRabbit]

Originally Posted by kwong7

I would think other factors are also increasing the price insurance as well such as:

car break-ins
auto theft / joyriding
catalytic converter theft
increased distracted driving
hit and runs

.

so very true.. more claims = higher rates.

I always paid for my kids to take insurance agent to lunch every yr, just for a liability and safety 'refresher' as if paying their own insurance (<$100 / month, liability only) was not reminder enough.

I had an idea to try to make drivers better and safer by starting a program enhance driving skills and judgment. ...

Smith Driving Rules...
I had flash cards for my kids, and drilled them often (when they were drivers living at home) - they had daily 120 mile commute RT to HS (college instead of HS). ALL was on dangerous 2 lane in mtns and rural areas.

As a commercial driver, we had to do Smith Classes and 'ride-along' by our safety manager every yr for insurance reasons. and NO BACKING!!! (if at all possible), and... you MUST be parked facing out, even your personal vehicle at the terminal. If not... you were sent home w/o pay, or if already dispatched and on the road, you lost a day's pay. Commercial carriers are very serious about driver safety and compliance.

https://topdriver.com/education-blog...-smith-system/

[87112]

In my guess I think 40 to 50 percent of Drivers in America have no car insurance.

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[Hemlock140]

Originally Posted by 87112

In my guess I think 40 to 50 percent of Drivers in America have no car insurance.

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Probably true, and why we carry uninsured motorist. Every time we were hit by another vehicle they were uninsured, and our coverage paid with no deductible. In our state (and 6 others) there is no requirement to show proof of insurance to register a vehicle., only lenders do. The fine of $550 if stopped by the police is a lot less than those people would have to pay for insurance. If they get caught once a year they still come out ahead.

[StealthRabbit]

Originally Posted by 87112

In my guess I think 40 to 50 percent of Drivers in America have no car insurance.

*

63% uninsured on my state, according to my agent, a representative member of insurance commission.

I've been lucky, 100% of the 8 distracted drivers who have crashed my cars and fences have been insured,

But collecting is always a huge struggle. Lots of very forceful correspondence.

Many of my neighbors and friends are not insured, not licensed either.

When's the last time you've been stopped by police? Getting fewer and far between as cops leave their career.

[rodentraiser]

I seem to always get my new registration sticker when it's raining for weeks on end and I have to wait until it quits before I can put the sticker on my car. I haven't been stopped by the cops, but I have been tailed a few times and then they back off, presumably after calling in and finding out I actually do have paid up registration and my tag is legit, but just not on the car yet.

I've noticed my car insurance is going up but so far it isn't that bad. I probably pay $260 a year for insurance. I drive a 17 year old car, have no accidents (that they know of), and since I'm not working anymore, the miles I drive are ridiculously low. I also have bare bones absolute minimum insurance that isn't going to be worth a spit in the ocean if I really am involved in an accident, but them's the risks you take when you're trying to save on car insurance.

So far the only serious accident that I was involved in was the other driver's fault and he had awesome insurance.

[otterhere]

How about carjackings being up something like 200%, or are we ignoring that?