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What really surprised me was learning that even if you have a good credit score, your insurance can still go up. I know someone with a credit score of 828 who saw their insurance increase despite not having any tickets. That made me realize that a credit score isn’t the only factor they look at, and there must be other significant things driving up prices.
From what I’ve read, it seems like insurance companies aren’t always raking in huge profits. I found out that State Farm lost $13.4 billion in auto insurance alone in 2022. If large companies are losing that much money, it makes sense they would have to increase premiums for everyone else to make up for those losses.
I also heard that the cost to repair cars is skyrocketing. One person shared that if their GT3 headlights weren’t under warranty, it would have cost $5,000 to replace them. With parts being so expensive, it’s clear why insurance companies are paying out more for repairs, which likely leads to higher premiums for everyone.
A lot of people I know have said that shopping around for insurance frequently is essential to get the best rates. It seems like being loyal to one company doesn’t always pay off, so I’m thinking I should spend more time getting quotes from different companies to see if I can find a better deal.
I also noticed some people blaming personal injury lawyers for high insurance costs. One story stood out to me where someone had minor car damage, but the insurance wouldn’t pay. The lawyer wanted over 30% of any settlement just to take on the case, which made it not even worth pursuing. If lawsuits and legal fees are that high, I can see how that would raise insurance costs.
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