Rates don't just include your activity. Insurance is a large pool. Companies may raise rates due to a multitude of things but it's not just your activity they take into account.Our auto and homeowners insurance have gone up 20% each year for the past two years despite having no accidents or claims over the past 30 years. We've been with an independent guy for 30 years that we really like but might get a quote from USAA next year.
Our health insurance went up by over $6,000 since the Affordable Care Act came to be.
Some days, it feels like we are working just to pay insurance and taxes!
That seems crazy but maybe it is the teen? In CA I paid $600 a year for 2 cars with full coverage and $1500 deductible with Ameriprise through Costco. 2 adult drivers with perfect records. 2003 Lexus sedan and 2007 Toyota SUV.We added a used car to our insurance and DH tells me we are paying $2,545 every 6 months total
$5,090 a year
3 cars
2008 Toyota Camry 10-12,000 miles a year
2010 Toyota corolla 5,000 miles
2013 ford Taurus 12,000 miles a year
Adult female 45
Adult male 45
Adult female 19
all no tickets or accidents
$250 deductible
full coverage
California
Bodily injury $25,000 each person -$50,000 each accident
Property damage liability $25,000 each accident
uninsured motorist bodily injury liability 25,000 each $50,000 each accident
medical expenses $5,000
rental $30 a day for 30 days.
Not sure if this is good or enough coverage. hubby takes care of it but Seems $$ but I have no idea. Not sure if coverage is low
so I'm curious what is everyone else paying?
Nah CA just has different laws than AZ in regards to insurance.That seems crazy but maybe it is the teen? In CA I paid $600 a year for 2 cars with full coverage and $1500 deductible with Ameriprise through Costco. 2 adult drivers with perfect records. 2003 Lexus sedan and 2007 Toyota SUV.
(In AZ now and I pay double (with same company as all other name brand companies want 2400)$1200 a year and 2500 deductible, all the crazy drivers live in AZ, not CA like people think! )
The funniest part was that in CA our house was super close to a Walmart and freeway and in AZ we lived in a gated country club where you could only drive 20 mph and the various insurance companies to tell me the price was based on number of wrecks and car thefts in my neighborhood.Nah CA just has different laws than AZ in regards to insurance.
For instance in CA you cannot use a person's credit score in rate determination. In AZ you can. In CA your rate is determined largely by annual mileage whereas most insurance companies elsewhere have moved away from using a person's annual mileage as a large determination in rates. In CA drivers can have a citation removed from their rating of their insurance policy once every 18 months (I believe, it's been a few years since I've dealt with it) provided they went to traffic school; elsewhere not so much. In CA the Good Driver discount is mandatory and is a 20% discount; it allows for certain driver activity to occur and the discount still be allowed on the policy. And so on and so on.
There is though some things that do occur in one state over another one that can cause rates to be a way they are but it's more complicated than crazy drivers (which yes some states for sure have those lol).
That could be correct or it could be an oversimplification in order to appease the client when they ask "why did my rate go up". Honestly though sometimes the agent isn't privy to all the nitty gritty on the rates and rate increases purposefully. But generally rates are by zip code not by actual neighborhood (Ohio was by manicipalities for the insurance company I worked for). So it wouldn't likely just be your neighborhood. Just speaking in generalities as I don't know the exact way your insurance companies have rated you.The funniest part was that in CA our house was super close to a Walmart and freeway and in AZ we lived in a gated country club where you could only drive 20 mph and the various insurance companies to tell me the price was based on number of wrecks and car thefts in my neighborhood.
Did you bump up your Property Damage Liability to $300,000 because it was inexpensive to bump up? It is usually an inexpensive item to increase. Or do you plan on causing more property damage than bodily injury? Perhaps you know someone who has driven into a building causing property damage? I am not saying it's not good to have higher property damage liability, but a typical accident you might hit one (possibly) two cars, maybe three cars. So you have awesome property damage coverage if you cause a pile-up accident, drive into a building, knock out a power pole and electricity to a business, etc. Odds are you will cause more than 50k/100k in bodily injury than 300k in property damage.
Full Coverage is not a real thing. I wouldn't trust any agent who uses this terminology.
That could be correct or it could be an oversimplification in order to appease the client when they ask "why did my rate go up". Honestly though sometimes the agent isn't privy to all the nitty gritty on the rates and rate increases purposefully. But generally rates are by zip code not by actual neighborhood (Ohio was by manicipalities for the insurance company I worked for). So it wouldn't likely just be your neighborhood. Just speaking in generalities as I don't know the exact way your insurance companies have rated you.
But I will say I could see car thefts in a nice neighborhood as oftentimes people have a sense of false security. Couldn't tell you how many times people in my own neighborhood leave their garages open, their car doors unlocked in the driveway, heck even unlocked doors into their house when they are away.
Insurance is regulated by the Department of Insurance. Yes each state is different but I highly doubt it would be legal in any state to base rates on someone's income. Insurance companies have to file themselves through each state's Department of Insurance.I wonder if the gated community zip code just suggests to the insurance companies that it’s a neighborhood with an average household income of xxxxxxxxx, therefore they can afford to pay a bit more. Of course regulations are different state to state but I know I see large fluctuation in prices at Target & Walmart depending on what suburb I am in.....
whats an umbrella policy? We will ask about dd getting her own policy to see if its better. Not sure if its better to have her on her own so we are protect especially our home.I agree with PP that your liability limits are too low. You should consider raising your limits and buying an umbrella policy since you own a home. You should also look at raising the deductibles on your comp & collision as it can save you money. Just be sure you have the money put aside for the deductible in case you have a claim. Ask your agent if you would save money if your daughter got her own policy.
DD is a female not sure if that makes a difference male /femaleIt is because you added a third car to a 3 driver household, and the third driver is a 19 year old male. Make sure he is assigned to the car he will actually drive, not the highest rated car which he was assigned to previously. That might help your rates a bit. But until he is either out of the household or ages out of the youthful rates, you will pay more than most people.
Denise
OP, seems like you are getting completely hosed. You are paying WAY too much unless you have some things on your records that you didn't disclose here (prior claims, tickets, points on your license, a criminal history, poor credit scores, etc).
We are in CA. We pay $1870/Year for 2 cars, one 2007 CRV (5,000 miles per year) and a 2017 Civic (25,000 miles per year). We are both 39 years old. No tickets, no claims.
USAA Insurance
We have super high coverage limits because we don't own a home or have a high net worth and we live in a city where people routinely drive cars that cost well over $100k. I'll be damned if I hit a Maclaren or a Lamborghini...
Coverages:
Bodily Injury $500k/$1M
Property Damage $500k
Medical Expenses $100k
Uninsured motorist bodily Injury $500k/$1M
$1000 deductible
Rental Reimbursement
whats an umbrella policy?
whats an umbrella policy? We will ask about dd getting her own policy to see if its better. Not sure if its better to have her on her own so we are protect especially our home.
IDK,I keep my 'kids' on my policy b/c it saves them money, they just pay me the amount owed. Also I agree the 25k damages is too low.... that's less than a new car. I also keep a homeowners plus umbrella policy going (for safety) and total is around 5k(give or take) for 4 people/3 vehicles covered. (the 'kids' on the policy do double our cost,but they pay it themselves) One thing I waould advise, check around with some local agents for quotes. They can usually craft what you need better and cheaper than an online quote, and 'loyalty' to one agency usually =rising rates. Switching is usually necessary every few years IMHOGenerally, it’s not a good idea to post your insurance limits in public. You’re telling everyone how much they can sue you for before you start to worry about it.
That said, your deductible is too low and you may not have enough coverage. If you cause an accident that causes more than $25000 in damage, your unprotected assets are at risk.
But, mainly, your rates are so high because you’ve got a teenager on your policy. Get a quote for her on her own policy and you and your husband on a separate policy.
The insurance company I worked for required any and all exposures to be listed on the policy and rated or excluded (excluded meant the person couldn't drive the vehicles listed in the household and be covered for insurance purposes).IDK,I keep my 'kids' on my policy b/c it saves them money, they just pay me the amount owed. Also I agree the 25k damages is too low.... that's less than a new car. I also keep a homeowners plus umbrella policy going (for safety) and total is around 5k(give or take) for 4 people/3 vehicles covered. (the 'kids' on the policy do double our cost,but they pay it themselves) One thing I waould advise, check around with some local agents for quotes. They can usually craft what you need better and cheaper than an online quote, and 'loyalty' to one agency usually =rising rates. Switching is usually necessary every few years IMHO
Get classic car insurance for the historic vehicle. It is MUCH cheaper and better fits the needs of a car that is rarely driven and may be worth some money.We moved from California to Georgia almost two years ago. Been with same insurance company for both car and auto for over 35 years. Our first year in Georgia, rates pretty much stayed the same. The following year our car insurance doubled! We have 5 cars. One is an historic car which basically stays in garage and another that basically stays in garage too. Only 2 drivers, in early 50's. No accidents and made only one claim in 35 plus years, a windshield. That was with Liberty Mutual. We dumped Liberty Mutual and moved on. I do know that when having a new driver, such as a teen, it brings it up dramatically. Asked our new insurance agent about it (our daughter will start driving in 3 years). He said to brace ourselves because rate can go u 150%!