Buying Home and Auto Insurance Is Becoming Impossible (WSJ)

[dalton99a]

https://www.wsj.com/business/insurance-home-auto-rate-increases-climate-change-03b806f3
https://archive.is/NFqph

Buying Home and Auto Insurance Is Becoming Impossible
Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers
By Jean Eaglesham
Jan. 8, 2024 12:01 am ET

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven’t decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

...

[Freethinker65]

1. Liberty Mutual dropped us after over ten years with one claim for which a ticket was issued to the other driver.

I got the cancellation notification exactly two weeks after receiving a letter thanking me for for being such a great customer and driver while reminding me at Liberty, your rates with not go up after your first accident because they recognize accidents happen! The cancellation notice offered me the opportunity to apply for coverage from an affiliated spin off company that issued policies to risky drivers. I contacted Liberty Mutual directly and after re-evaluation, they still refused to insure me.

I took my business elsewhere and ended up saving a few thousand my first year (home and auto). Yep, I know I was given introductory teaser rates, but shopping around pretty much everyone was less expensive for comparable policies. I resent having to scramble with less than one month's notice.

After the change, I kept on receiving notices about renewing my homeowners through them (no claims ever!). Eventually I emailed them to fuck off.

[bucolic_frolic]

2. Well played because that is the game policyholders are faced with.

I have fixed auto rates as long as I don't change cars. Wonder how long that will last.

During the pandemic I was promised a rebate, but it was denied because of the fixed auto rates. Hmmm.

[Ritabert]

3. Progressive snuck $200 rate hikes per year during the pandemic

...when nobody was driving. I have to go shopping for a new company but don't know where to look. No claims whatsoever.

[Marthe48]

4. i got auto insurance through AAA

We've been members of AAA for decades. Even with no accidents or tickets, the costs keep creeping up.
I have house ins. through nationwide. I used to like them, but they made several changes to our policy that increases deductible and raise the premium. I'd like to change companies.

I pay premiums 2 times a year for the car ins, which saves me the monthly or quarterly 'we're doing you a favor' fee
and pay the house ins. annually, which also saves the ridiculous fee they charge for multiple payments. And yet, they get away with it.

[Ritabert]

5. Last time I got a quote from AAA they weren't cheap

...and Liberty Mutual and the Hartford were worse.

[Marthe48]

6. It isn't cheap

I think I looked at some other companies after the last increase, but didn't find anything cheaper.

[Ritabert]

7. I guess I'll keep trying

[Marthe48]

8. Ohio requires insurance coverage on cars

I think the cost of the insurance should be tax deducible, since it is a cost imposed on responsible people. Many people ignore most laws related to owning and operating a car, and as far as insurance goes, they don't get caught unless they renew their tags or get stopped. I think I have to show proof of ins. at the license bureau and carry the card in the car.

[Lettuce Be]

9. Despite "Insured Losses" the insurance industry recorded record profits, so...

Missing are the charts showing their profits. 50 Most Profitable US Insurance Companies. The point is these companies are making billions in profits yet crying about their losses. That is how insurance is supposed to work. Some make claims, some don't. Their tears over making less profits some years are ridiculous.

[Tickle]

10. I've got travelors on the phone now

I'm looking for car insurance. After reading these posts I'm wondering if I should just hang up

[Ritabert]

11. Let us know if you find anybody reasonable