Here's why car insurance is going thru the roof (CNBC Video)

[Morose Polymath]

my credit is like 820, and they still jacking up the rates on my old car.

This. My shyt damn near doubled outta nowhere

 

[TripleAgent]

The real reason is because of California. A lot of the big insurance companies are cutting back on servicing California because of the insurance laws there, and the fact that there are so many hit and runs, unlicensed drivers, and ridiculous amounts of insurance fraud there and the police do nothing about it. So companies are scaling back there and making up the difference with us.

I'm sure the ille...uh, "migrants" being allowed to drive isn't helping.

 

[Henry Orbit]

Yeah, as an insurance agent, this shyt has been stressing me out because all my customers have been calling me up, yelling at me why their renewals are going up and I've been losing some business.

When COVID happened, a lot of these companies dropped their rates because hardly anyone was on the road; once everything started to open back up, of course more accidents, more claims, more time of cars being at body shops, supply chain delays for parts, etc. These insurance companies are trying to make their money back. They raised the rates 4.5% at the end of last year in North Carolina, and they're expecting to raise it another 4.5% at the end of 2024. Even with that, NC is still one of the cheaper rates than the rest of the country. It's the same with homeowners insurance, these storms are more severe in the past, more claims and these companies don't want to insure in certain states.

 

[badboys11]

Yeah, as an insurance agent, this shyt has been stressing me out because all my customers have been calling me up, yelling at me why their renewals are going up and I've been losing some business.

When COVID happened, a lot of these companies dropped their rates because hardly anyone was on the road; once everything started to open back up, of course more accidents, more claims, more time of cars being at body shops, supply chain delays for parts, etc. These insurance companies are trying to make their money back. They raised the rates 4.5% at the end of last year in North Carolina, and they're expecting to raise it another 4.5% at the end of 2024. Even with that, NC is still one of the cheaper rates than the rest of the country. It's the same with homeowners insurance, these storms are more severe in the past, more claims and these companies don't want to insure in certain states.

Insurance companies finessing the daylights out of people COVID was like 6 months and this reason for y'all insurance rates going up 3 years later


Then they claim insurance is vital but let an emergency happen and they start dropping coverages cause they can't afford it




Y'all some damn legal criminals

 

[1 other person]

The insurance companies ask approval from the states to increase or change rates. Then the state's department of insurance or financial services, has to agree to them

 

[Heretic]

I still say it's bullshyt and greed. But I did read it.
No matter what you do the rates go up.

Crash. Rates go up.
Drive safely. Rates go up.

These people can all go fukk themselves.

Yeah I agree, rates were gonna rise regardless, all they needed was an excuse. Valso another strange thing is California is, I think the only state that wouldn't allow for rate increases.

 

[King Poetic]

I have a 2015 &2014 and pay $120 a month

 

[PHamm]

Home insurance and auto insurance is raping everyone

Home insurance premiums are fukked.