rmorin1249

Even though my C7 is depreciating my premiums just went up. The repair costs and experience of totaling cars is the likely cause. Anyone else seeing this happen?

Zymurgy

Mine won't renew until Jan, but I have not had my premiums on the C7 increase. Geico has frequently been noted as an insurer who has. Who are you with?

Martman C7

I have Geico, and I seem to have a bump in 6 month premium of about $15 to $20 bucks every renewal cycle. Was the same with MetLife as well. Haven't had a renewal with the Vette yet since I just bought it on Labor Day, but we'll see what happens next April.

WelderGuy

You're probably paying for all the cars that got ruined in the recent flooding and fires along with all the accidents caused by buttheads effing with their phones while they're driving too fast.

mschuyler

Mine is going down. I just got the notice. It's really difficult to do insurance comparisons. There are way too many factors to get any meaningful data.

DeStreGa5

The state increased mine for both my cars. I haven't had any accidents or tickets in a while.

rmorin1249

I'm with USAA and have been for almost 45 years. The increase was about 9%. I need to check my other cars to see if they also increased as they are on the same policy.

Added: Just checked and my other 2 vehicles also went up slightly so this may have been a statewide rate increase. Oh well, life is too short to not enjoy driving the cars I own.

Kevin A Jones

You can expect increases due to the recent events, the insurance industry has lost big time over the last few months.

daveyboy

My renewal is soon.

But I'll say this, my insurance is much higher than my 2017 STI--which I thought was considered an expensive car to insure.

B&BVettes

Driving habits?

DWS44

Exactly...sooner or later we're all going to be paying more to make up for it all.

pbergmann

That's your problem.... 45 years with the same company. Shop it!!!!
My 14 is full coverage with $500 deductible is a whopping $380 per year. FARMERS.
Never had a claim, not would I put one in to have it affect my rates. Last ticket was 1981.

QUOTE=rmorin1249;1595777808]I'm with USAA and have been for almost 45 years. The increase was about 9%. I need to check my other cars to see if they also increased as they are on the same policy.

Added: Just checked and my other 2 vehicles also went up slightly so this may have been a statewide rate increase. Oh well, life is too short to not enjoy driving the cars I own.[/QUOTE]

Maxie2U

Mine has increased 23% over the last two years. No tickets or accidents.

CP

Gotta make up for the 500,000 flooded cars in Houston.

ben dover

I've never seen an insurance company lose a penny.

CLLOFF

I was just presented a 15% increase on my 3 depreciating vehicles, w/no tix or accidents. Spoke with a customer service rep who said they adjusted their rates across the board here in CO as their claims costs have risen. So I went shopping and and found the same coverage for 10% less than my expiring policy. We will see how long it lasts. But it pays to shop around, at least periodically.

WelderGuy

I've shopped around several times over the years, but no one I trust will beat my current rates home and auto coverage. No tickets in last twenty years, and there's never been an insurance claim. Rates on all three vehicles are higher now than when they were new.

Kraz8s

State Farm increased across the board for Vettes. I discussed this at length with my agent and it turns out a lot of C7s are being wrecked.

Saw this happen back when the C7s first came out and everyone and their brother were picking up C6s for cheap like I had done. Took about a year before rates went up due to all the accidents.

Resonator

Insurance companies do have to keep up with increasing costs, but two other major factors come into play in the rising price of your auto insurance.

First is a sort of bait and switch, where they offer you a favorable rate to get your business, or to get you to switch your business to them. Then, once they have lured you in, they proceed to jack up your rates over the next 3-5 years by about 10-15% a year. While people are often proud to say they have been with X insurance for many years, to most insurance companies, this type of customer has sucker written all over them.

Auto insurance advertising contains many hints to their deceptive business practices. For example they say "The average customer who switched to us saved $500 a year.", implying that there is an average of $500 in savings waiting for everyone. But the key phrase here is "who switched". The only people who make the effort to switch are those who stand to save significant money, that could be only 10% of people who get a quote, so despite their enticing sounding claim, there may be a 90% chance that they actually can save you little or no money. Plus, even if you do get a better price and switch, as I pointed out, the odds of that low introductory rate lasting are all but non-existent.

Second, auto insurance is a regulated industry, where what they can charge has to be justified to a state insurance commissioner, based on how much they pay out on behalf of their clients. While most people think insurance companies will fight wholeheartedly not to pay out claims, frequently the opposite is true. Insurance companies basically operate by adding a percentage to the cost of doing business (claims paid etc.) and that is their profit. They therefore have in incentive to pay out more money in claims, not less, which increases both your cost and their profit. Of course they don't just hand out money, or they would go broke, but they are far less adverse to paying both property damage and injury claims than many people generally think. Fighting in court costs money, paying out money makes them more money, as they simply skim off their percentage.

There is a reason that almost a quarter of the ads on TV are either for auto insurance or for personal injury lawyers. You don't spend that kind of money on promotion unless you are taking in many times as much as all that expensive promotion costs, and anyone taking in that much money on a mundane business like auto insurance is clearly running a scam, which describes what insurance companies and PI lawyers are doing quite accurately.

CAPTRKO

Funny this thread just popped up!


Had my C7 added to my policy and my c6 removed.....I have a Ford F-250 and a Toyota RAV4 for the wife. (3 cars)

Policy came in at $2200 every six months...(GEICO) $4400 a year!!!!

I slept on it and called them back and said this is crap! I am paying way to much and just ran a quote with Allstate and Progressive and the rates were much, much, better

Geico person ran my numbers again and blah, blah, blah...don't want to lose your business, blah, blah, blah, you are a good driver.....blah, blah, blah, NO CLAIMS the last 10 years....blah, blah, blah.....and BAM!!! Reduced to $2200 a YEAR....$1200 every six months!

The rare increase was a SUCKER bet to see if I just paid it! CALL THEM BACK AND COMPLAIN!