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I’m so frustrated with how much my car insurance has gone up lately. It feels like every year it gets more and more expensive, even though my driving record is clean. I’m seeing so many people online talking about the same thing, how car insurance has become unaffordable. I’m wondering if anyone has any insights into why this is happening and what, if anything, we can do about it. It’s getting to the point where I might have to consider getting rid of my car altogether, which would be a huge burden.
I live in California, and I heard that some companies like Progressive dropped people, and GEICO wouldn’t even give quotes because they think the liabilities here are too high. It makes me think that where we live plays a big role, especially if insurance companies see the area as risky.
Even though I haven’t had any accidents, I remember someone online mentioning that their GEICO rates doubled because of a windshield claim they made 5 years ago. It seems like insurance companies don’t forget past claims, even for minor things, and they can impact your rates for a long time.
I’ve got a slightly older car, it’s about 12 years old, and another person with a car that age said it’s impossible to afford insurance on it now. I always thought older cars would be cheaper to insure, but maybe the cost of parts or other factors are making them expensive too.
I recently came across some information that got me thinking about why car insurance rates have been rising.
In 2022, I heard that in Canada, serious injuries from car accidents increased by 8.1% compared to the previous year, reaching 8,851 cases, and the total number of injuries went up by 9.5%, totaling 118,853. While this was specific to Canada, if accident rates and injuries are rising similarly in the US, I can see why insurance companies might raise their rates to cover the increasing costs.
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