🚘🚗 Any Opinions On CAR INSURANCE Issues?

[SpringIsHereSoHappy]

There has been many "discussions" about Car Insurance on this site.

Many of us are on a FIXED INCOME in Retirement or LOW INCOME still working.

Now there are OPTIONS like Public Transportation or maybe Uber. But I saw recently where Uber has been PULLING OUT of certain locations.

Anyway, would luv to hear from you guys!  👵

[SpringIsHereSoHappy]

🚘🚗 Car Features That Can Raise, Lower Your Insurance (AARP Article)

By John R. Quain, AARP. Published April 04, 2024.

ANY COMMENTS? 🤔

I AM SURPRISED BEING MARRIED COULD "LOWER" YOUR PREMIUMS!  👵

*** USE LINK AT BOTTOM OF THIS POST TO READ THIS ARTICLE *** [1] Then enter Email Address you used to sign in to use This Site.   [2] Then enter the password you use.   [3] Lastly, there are 3 LETTERS that will "pop up" as their SECURITY CHECK. Enter those.   [4] Then click log in.

https://www.aarp.org/auto/car-buying/lower-raise-car-insurance/

[Tempest332]

With the increase at my last company I cancelled with in '19, I figured I was paying just over 50 cents a mile on insurance cost, absurd no tix since '91, no claims since '94, & newest vehicle at the time was a 4 year old base model. 

[GailL1]

@Tempest332   What do you think are the kind of things that auto insurers should include in their risk calculations of premiums?

What about the cost of repairs / the cost of replacements / medical cost / law suits / the age of the drivers and other statistical data that indicates higher risk?  What about credit score - If they are issuing you an annual policy and you decide to just pay by the month - aren’t they extending you credit?

What about the congestion of cars in a certain area (your area)?  What about the car property crimes in the same area - theft / vandalism?

So what kind of things do you think these insurers should include in calculations of premiums - everything that they pay claims upon probably ands that is a lot more than any person’s particular record of tickets and claims. 

[Tempest332]

@GailL1  fact I drive < 6K/yr?  Good credit scores is obviously a farce in calculating rates. I'm sure I'm paying a just in case my $5K car hits my neighbors $80K Truck.  I didn't take risk management classes in college, so I wouldn't have an answer for that. 

Used to be also they insured on calculated rate based on your expensive car, I also keep a older vehicle as a backup, they calculate as I'm driving both at the same time now.   When I had a girlfriend move in 20 years ago, she put me on her vehicles, her insurance dropped close to $300 a year (I was against the idea then I told her to go ahead).  

I know they hate the unmarried, especially males... at any age.  My insurance NEVER dropped as I got older.  

[GailL1]

Every auto insurer should give a low mileage discount but how much it is, is up to that company.’

Yea, there is a lot of statistical data used in setting rates like age - Males in their late teens / early 20’s are the most expensive but also for people over a certain age - I know 70 is the age when one such age increase is applied but it may go up more the older one gets.  I am not there YET.

There is little anybody can do except keep raising their deductibles on the various type of auto coverage.  Or switch carriers and keep getting their introductory rate if one is eligible.  Infractions of driving laws (tickets) and accidents add more to the base line but could also make one uninsurable at least with any reasonable price.

You still got collision coverage on your older car?  

[Tempest332]

@GailL1  That will be their next excuse... now I'm, "too old".

Forgot if I got collision or not, though if I put it on it has a high deductible & I must had felt the juice was worth the squeeze at the time (like $50/yr).. I should review, of course you never make a claim unless it's actually undrivable & totaled, I can argue it's condition & mileage for a fair replacement price.  Seen the price of used vehicles lately?

I do keep Comp on the vehicles with a higher deductible.  

Back in High school we had an elective class called "Consumer Economics" which should have been a required course, rather than "Marriage & Family Living" or "Single Living" (both of which I opted out of).  I took Consumer Economics in lieu of the 2 with permission, this covered all about how insurances work. 

[SpringIsHereSoHappy]

(4/8/24) @Tempest332 , I thought Used Car prices had gone down compared to the Pandemic Prices.  👵

[Tempest332]

Not much (unless it's me selling the car).  Not to the level of pre pandemic, likely never going to see that again. 

[SpringIsHereSoHappy]

(4/5/24) @Tempest332 , mine USE TO GO DOWN every time I RENEWED my Allstate for my 2006 Hyundai Elantra. I have one vehicle. Then in 2020 compliments of the pandemic it now INCREASES.

Yes, when I ASKED, I was told ALL policy owners as you stated, get to SHARE all the claims and fraud. Has zero to do with my NEVER HAVING A TICKET [yes, and grateful]. Now over the years I did get "rear ended" a few times [yes, folks on cell phones, their insurance paid].

Allstate does DISCOUNT when you RETIRE and driving less. I got that, grateful!  👵

[Tempest332]

I still drive less than most Retirees.... sure they will have an excuse to raise it when & if I get there. (across the board increases is pretty much a stock answer).

[SpringIsHereSoHappy]

(4/5/24) @Tempest332 , my plans on down the road is to move to a location that allows me to walk to places.

Not sure IF this will happen anytime SOON, but...  👵

[GailL1]

I think people should understand their insurance ( of whatever type) and buy what they need to properly protect themselves.  

Now that might be adding more or eliminating something for better coverage for themselves.  

For car insurance, many people only buy the minimum levels that the state requires for liability - some states legislate how underinsured/uninsured motorist (UM/UIM) coverage works with their current level of liability - for both property and personal injury.

In the case of underinsured/uninsured motorist (UM/UIM) coverage, it protect you and your property just in case one of these types (underinsured/uninsured motorist (UM/UIM ) hits you. 

And IMO, there are a whole lot of them out there - kind of scary to me.  

I don’t know what the actual rates should be - we have a government body (DOI) in each state that is suppose to determine this factor when an insurance company submits their info for their rates or new rates.

We all see the price of cars, we all see the repair or replacement cost of cars, we also see how a bodily injury to someone else would have dire financial consequences to the insured if deemed to be their fault.

Problem is not everybody cares about protecting themselves fully because they may have very little - therefore it is up to the ones that have something to protect themselves fully.

So should state legislatures set the minimum of coverage to a new updated average that rises over time?  

Should they mandate having underinsured/uninsured motorist (UM/UIM) coverage to some reasonable limit so that the insured can lower their property coverage, the older the car gets and the value get lower?

I don’t know - I just try to do what is best for me - and I can rely on things like raising my deductible to help out in premium cost.

What auto insurance coverage does the state of Virginia mandate now?

[SpringIsHereSoHappy]

(4/3/24) @GailL1 , to be honest, I RENEW my Allstate each time WITHOUT looking at it.  👵

[GailL1]

WHY?  Isn’t it your premium dollars you are spending?

 I use a broker that writes for many different insurance companies and we go over the coverage available and the premiums/ discounts for each of those companies every few years (about 2).  

Then I can always take my coverage page with the amounts blocked and search with other companies too.

Car and Driver - Car Insurance Explained: Everything You Need To Know

So 1st you need to figure out what is mandated, then what you need and go from there.

People with older cars sometimes will drop collision because the premiums they are paying for the “collision coverage” is so out of whack with the value of the old car.  That’s just one example of a decision that can be made.  

[Tempest332]

@GailL1  Independent agent then?  My aunt used to do that, they shop for you. 

[GailL1]

@Tempest332 

Yes my broker is an independent agent - that’s what a broker is - he writes for many different companies.  However one can also seek out other independent agents that might cover other companies or even investigate captive agents - those that write for only one company.  

[SpringIsHereSoHappy]

(4/4/24) @Tempest332 , my Agent ONLY does Allstate  👵

[SpringIsHereSoHappy]

(4/3/24) @GailL1 I am being lazy and trust my Allstate agent.  👵

[GailL1]

I trust mine too but he doesn’t make the decisions for me - He doesn’t know all the protection limits I might need or want - 

He or she is YOUR agent - they are suppose to do what you want them to do in regards to your policy coverage.  

I am sure you are like millions of others who do the very same thing.  And only when premiums hikes up so high that one has to do something about it OR if one has an accident and their coverage wains do they make another decision to take a more active part in the selection of coverage.

Insurance is not just about the cheapest premiums but what coverage one gets for those premiums.

Take what you want and leave the rest -

[SpringIsHereSoHappy]

(4/3/24) Okay @GailL1 👍

[SpringIsHereSoHappy]

🚗🚘 (Wednesday 4/3/24)

Bill aimed at holding insurance accountable could raise premiums [13newsnow.com]

THIS WAS JUST IN MY GOOGLE FEED News. WHILE I AGREE WITH THE BILL, LOL - I MAY HAVE TO GIVE UP DRIVING. MORE INCREASES!!!  😱 I AM IN VIRGINIA  👵

Now, these insurance companies could be held responsible if they are caught acting in bad faith. 

https://www.13newsnow.com/article/money/virginia-bill-to-hold-insurance-companies-accountable-could-...