Insurance Change - 22 to 24

[NickRivait]

Hey,

I have a 22 F150 Lariat, upgrading to 24 F150 Lariat.

Wondering if anyone’s insurance skyrocketed? My 2022 insurance, just renewed and already went up.

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[redline]

F150s in the T.O. are being stolen like crazy... that cant help the old insurance rates

plus in my case a 2024 is 10K more then my 2022...

and i am sure there is a healthy dose of corp greed in there...

 

[EcoOrBoost]

Yes. Inflation, rising wages, and litigation are colluding to cause claim costs to skyrocket. It’s definitely not specific to F-150s. Insurance carriers are generally losing money on auto insurance even with increased rates. Every time you pass a billboard promising big legal payouts for your “injuries”, just know that money comes right out of your pocket.

 

[Bigguy214]

Just renewed back in march and my 22 went up quite a bit and my home owners went up almost 50 percent.They said it was due to parts price increases and labor rate for both the truck and the house.They said it will everyone when they renew.

 

[NickRivait]

Yeah, my 2022 went up this year.
I’m wondering if my 2024 will go up even more than the 22 just did a month ago.

 

[PPK]

well.. truck prices are way too high... and at some point with law and order decaying too.. new trucks are going to businesses... only. it's terrible if you have been around 50 years or so. terrible.

My '23 Tahoe went from $550 six months to $901.. Terrible.

 

[mwf5888]

I renewed my 2021 and after leasing my 2024 my insurance went up $95 at $620 for 6 months. My wife's 2024 Escape is $613 for 6 months. (I have 250/500/250)

 

[Bossharp]

Sometimes I wonder if I should cancel my order for my 2024 RCSB sell my 2015 Honda and buy a really old pickup and just carry liability insurance...

 

[Tone]

Faced with a larger insurance bill for two vehicles and a trailer at renewal. Have great coverage we didn't want to change.

Called the company we've been with for 20 plus years and asked for a way to lower the yearly premium. They said I could get a new policy with the same coverage. It meant a credit check (???) and approvals but they came back with a much lower premium.

Call your carrier. They hate losing customers. Get rates from other carriers to wave in their face.

In NY, there's an online safety course that when taken lowers certain insurance coverage 10%. I believe there are other states that offer this. (Have taken it four or five times - just turn down the laptop volume and next, next, next.)

 

[JerseyGlock]

Yep, even with my 21 PB.

 

[Highway 11]

Yup, my F150 went up from ~130 CAD a month to ~160 CAD a month with Desjardins Insurance. I checked around and got quoted in the 200s with TD and a couple of other companies.

Went to CAA and they insured me for ~138 a month, but reduced my wife's car and my home insurance by ~125 a month and doubled my liability coverage making it worth it.

Between an epidemic of vehicle theft, inflation, and skyrocketing collisions due to significantly lowered driving testing standards during COVID, it's a miracle the industry hasn't collapsed yet.

 

[UGADawg96]

It is always a good time to check your policy coverages every couple years or when changing/adding/etc. vehicles to make sure you're not underinsured. With vehicles and medical costs rising like they have the last few years, state minimums can be lower than what you may actually need if a bad day finds you. After an incident in 2022 when we were rear ended and everything finally got sorted out, we decided to raise our coverages.

 

[PPK]

It is always a good time to check your policy coverages every couple years or when changing/adding/etc. vehicles to make sure you're not underinsured. With vehicles and medical costs rising like they have the last few years, state minimums can be lower than what you may actually need if a bad day finds you. After an incident in 2022 when we were rear ended and everything finally got sorted out, we decided to raise our coverages.

Agreed. i have 500k on all the cars.. that is one point you need enough so the insurance company does't just pay it off and then have come after you...

 

[Ricksc]

I have max coverage on all my cars and carry a million dollar umbrella for extra coverage.

 

[Calson]

Check the book value of your 2022 in 2024 and it will be a great deal lower than the purchase price of a 2024. Insurance rates are in part the result of increasing costs for parts from the manufacturer. Dealers make more than half their profits from the sale and installion of parts on vehicles.

New vehicles have crash crumple zones which protects the occupants but results in greater damage with even relatively minor collisions. With so many stupid people using smartphones while driving there has been a greater than 15% increase in road accident by these inattentive drivers. Using a smartphone has the same effect on reaction times as being over the legal limit with blood alcohol - so we have a great many "drunk" drivers on the highways of all ages.

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