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Earlier quoted context omitted.
My airplane insurance costs less than that. $15k for auto insurance is insane.
Well, you're also much less likely to file an airplane claim than an automobile one. You're right that $15k is silly, but I'm not so sure it's the sort of silly you're implying here.
The actual story is: they developed a radically different risk model that assigned new rates to everyone, but, in an effort to retain customers, decided to spread increases over multiple years to decrease sticker-shock cancellations.
Folks with cheap policies (which are the biggest flight risk, because are good insurance risks and every company wants them) got the increases more slowly, and high-risk folks (who were already paying more) got their increase in fewer, larger steps.
This whole article is trying to make simple business into some sort of evil scam.
The insurance industry is notoriously afraid of transparency, and the state-based rate filing system makes it too easy to divide and conquer. This is an industry ripe for disruption via total transparency.
How on earth does someone pay that much on INSURANCE?!?
Earlier quoted context omitted.
I have USAA and can't say enough good things about them. Whenever I call them, they're there to walk through whatever I need with me. The first thing they ask is if everyone is ok; it's trivial, but means something. In general, their rates are really good; it used to be that, when other companies called, you could tell them you have USAA and they're acknowledge they can't match the rates and hang up. Admittedly, not…
Another USAA member here. I haven't had to do an auto claim yet, besides simple windshields, but have had several property claims. They have been great. In fact, right now USAA is in the subrogation process against the offending party for a claim on a bicycle. I've been happy with their insurance products, their even better customer service, and have no plans of changing.
how long before others catch on. Imagine your healthcare provider sending you even more outrageous bills depending upon 'the list'.
And there's a github repo: https://github.com/the-markup/investigation-allstates-algori...
The best thing you can do is shop for auto insurance every year or two. The longer you stay with a particular company the more likely they are to very slowly and carefully hit you with small rate increases until you're paying far more than their competitors will charge you. Insurance companies understand and exploit consumer behavior better than even the best marketers.
I've been with State Farm for over a decade in Texas. While I agree that I should have spent a hell of a lot more time shopping around, I'll also admit that I have _no idea_ how a lot of insurance works and frankly I don't care to spend that mental budget to learn to game it. My insurance rates are affordable to me and have only ever gone _down_ over the past decade. It even went down after having a collision and cla…
Go check out an independent insurance agent. It's not "gaming" it literally takes 20-30 minutes, and could save you $1500 over the whole year (especially if you have multiple cars).
To "nudge" you in the right direction, buy not switching, you're basically saying, "I make money at $1000/hour, so it's okay that I don't expend the mental budget to compare quotes".
> paying $3,750 every six months, was instead being charged twice that, more than $7,500 How on earth does someone pay that much on INSURANCE?!?