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Any Auto Insurance Agents Out There? #2983713
11/10/21 03:37 AM
11/10/21 03:37 AM
Joined: Apr 2003
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On the open road
Hrtbkr Offline OP
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Hrtbkr  Offline OP
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On the open road
Hi I'm retiring soon and I'm wondering what's going to happen with my car insurance.
I would imagine it should cost less, but there always seems to be a catch...
Thanks


While outside on the turnpike They got this new hit tune Where thrills become as cheap as gas And gas as cheap as thrills
Re: Any Auto Insurance Agents Out There? [Re: Hrtbkr] #2983721
11/10/21 07:18 AM
11/10/21 07:18 AM
Joined: Dec 2007
Posts: 19,774
Puttin' on the foil in Charles...
not_a_charger Offline
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Puttin' on the foil in Charles...
There's no such thing as "should happen." Every company underwrites differently, uses different criteria to set rates, weighs different factors differently. If you have an agent, call them once you retire and tell them you are no longer commuting because you retired, and that your miles driven per year are going to drop from X to Y. If you don't have an agent, call your insurer directly and do the same. That's really the only direct impact the act of retiring, by itself, would likely have on your rates. Other factors might also be at play (age, etc.), but as I said, every company underwrites differently.


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Re: Any Auto Insurance Agents Out There? [Re: not_a_charger] #2983777
11/10/21 11:08 AM
11/10/21 11:08 AM
Joined: Jan 2003
Posts: 20,644
So Near, Yet So Far
topside Offline
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^^^ Yup; rates are basically based on "actuarial tables", which in English means exposure to risk.
Yearly mileage, driver ages, zip code, vehicle usage, multiple vehicles and/or property also insured with your insurer, claims history, and sometimes garaging, affect the policy cost.

Re: Any Auto Insurance Agents Out There? [Re: topside] #2983913
11/10/21 07:18 PM
11/10/21 07:18 PM
Joined: Jan 2011
Posts: 15,713
Central Florida
larrymopar360 Offline
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Central Florida
I'm with State Farm and have the low mileage discount which is 8500 miles per year or less. They don't have a lower mileage discount than that which is too bad for me because I drive my cars less than that per year and could save more so in my case retiring won't change my mileage discount. I wonder at what age does your insurance start increasing due to age, or does that not happen based on age unless you become an unsafe driver?


Facts are stubborn things.
Re: Any Auto Insurance Agents Out There? [Re: larrymopar360] #2984021
11/11/21 07:58 AM
11/11/21 07:58 AM
Joined: Dec 2007
Posts: 19,774
Puttin' on the foil in Charles...
not_a_charger Offline
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Quote
I wonder at what age does your insurance start increasing due to age, or does that not happen based on age unless you become an unsafe driver?


It depends upon the insurer's underwriting criteria.


Earning every penny of that moderator paycheck.

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Re: Any Auto Insurance Agents Out There? [Re: not_a_charger] #2984088
11/11/21 12:30 PM
11/11/21 12:30 PM
Joined: Sep 2003
Posts: 19,239
north of coder
moparx Offline
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north of coder
i have insurance on our house and cars through Erie, and quite a few years ago when we both retired, the car insurance dropped, but i can't remember by how much.
several years ago, our rate was locked, and will only change if we get a different vehicle or move.
i have had Erie insurance since the early 70's.
beer

Re: Any Auto Insurance Agents Out There? [Re: moparx] #2984450
11/12/21 11:36 AM
11/12/21 11:36 AM
Joined: Jan 2003
Posts: 1,635
PA
7
70Duster Offline
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PA
It depends on how many miles your round trip to work is, The more miles, the bigger discount when you don't have the commute any longer.

Re: Any Auto Insurance Agents Out There? [Re: moparx] #2984764
11/13/21 08:20 AM
11/13/21 08:20 AM
Joined: Nov 2008
Posts: 5,946
Greenville, PA
redraptor Offline
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[i][/i]
Originally Posted by moparx
i have insurance on our house and cars through Erie

Me too since the '80s. Banged up alot of stuff but still treat me good. up They do survey my vehicle mileage on occasion as to which one is for work.

Re: Any Auto Insurance Agents Out There? [Re: larrymopar360] #2985158
11/14/21 03:56 PM
11/14/21 03:56 PM
Joined: Jan 2003
Posts: 15,500
Norwich CT USA
moparts Offline
I Live Here
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Norwich CT USA
Originally Posted by larrymopar360
I'm with State Farm and have the low mileage discount which is 8500 miles per year or less. They don't have a lower mileage discount than that which is too bad for me because I drive my cars less than that per year and could save more so in my case retiring won't change my mileage discount. I wonder at what age does your insurance start increasing due to age, or does that not happen based on age unless you become an unsafe driver?


Just found out that with State Farm they start going up when you get to 75


Tom ,

2011 Ram 3500 C&C Diesel
2009 Challenger R/T
1971 Challenger Conv. 511/4 speed
1970 Challenger R/T 503/727


Re: Any Auto Insurance Agents Out There? [Re: not_a_charger] #2985170
11/14/21 04:24 PM
11/14/21 04:24 PM
Joined: Jan 2011
Posts: 15,713
Central Florida
larrymopar360 Offline
Stud Muffin
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Central Florida
Originally Posted by not_a_charger
Quote
I wonder at what age does your insurance start increasing due to age, or does that not happen based on age unless you become an unsafe driver?


It depends upon the insurer's underwriting criteria.
up I was asking for Doc


Facts are stubborn things.
Re: Any Auto Insurance Agents Out There? [Re: larrymopar360] #2985178
11/14/21 05:17 PM
11/14/21 05:17 PM
Joined: Aug 2019
Posts: 9,299
Super Spudsville
Mr PotatoHead Offline
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Super Spudsville
If you have been keeping up on SF recently, it seems most of us here are not there target market.

I had them long long ago as a teen before the military and USAA and they hated me, a new car and a new motorcycle payout in one month. The motorcycle wasnt really my fault but it was on paper. But even before that they were not cheap or friendly.

I wonder when USAA jacked things up with age vs record?


STOP POTATO HATE!
Re: Any Auto Insurance Agents Out There? [Re: Mr PotatoHead] #2985189
11/14/21 05:56 PM
11/14/21 05:56 PM
Joined: Jan 2011
Posts: 15,713
Central Florida
larrymopar360 Offline
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Central Florida
I think a large percentage of the increase in all of our rates can be attributed to one thing. Injury attornies. Maybe I shouldn't blame them but their willingness to take cases, and focus on advertising these types of cases has caused a huge increase in claims and we all pay in our premiums.


Facts are stubborn things.
Re: Any Auto Insurance Agents Out There? [Re: larrymopar360] #2985193
11/14/21 06:04 PM
11/14/21 06:04 PM
Joined: Aug 2019
Posts: 9,299
Super Spudsville
Mr PotatoHead Offline
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Mr PotatoHead  Offline
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Super Spudsville
USAA dings me for others in my regional area, although I live a a near zero crime area by approx 150 miles to a high crime area, high hail area but my rides never ever site outside and are in a good quality well built shop they insure.

So yes, some of ride on others backs..... very unfair imo. But what can one do.... no ins= law breaker.


STOP POTATO HATE!
Re: Any Auto Insurance Agents Out There? [Re: moparts] #2985305
11/14/21 11:25 PM
11/14/21 11:25 PM
Joined: Jan 2003
Posts: 4,995
North Pole,New York
F
formula_s Offline
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North Pole,New York
Originally Posted by moparts
Originally Posted by larrymopar360
I'm with State Farm and have the low mileage discount which is 8500 miles per year or less. They don't have a lower mileage discount than that which is too bad for me because I drive my cars less than that per year and could save more so in my case retiring won't change my mileage discount. I wonder at what age does your insurance start increasing due to age, or does that not happen based on age unless you become an unsafe driver?


Just found out that with State Farm they start going up when you get to 75



State Farm agent in NY told me Auto rates go up at age 80.

Re: Any Auto Insurance Agents Out There? [Re: larrymopar360] #2985338
11/15/21 07:15 AM
11/15/21 07:15 AM
Joined: Dec 2007
Posts: 19,774
Puttin' on the foil in Charles...
not_a_charger Offline
Mr. Big Shot Moparts Moderator
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Originally Posted by larrymopar360
I think a large percentage of the increase in all of our rates can be attributed to one thing. Injury attornies. Maybe I shouldn't blame them but their willingness to take cases, and focus on advertising these types of cases has caused a huge increase in claims and we all pay in our premiums.

It's because auto damage claim severity has gone up significantly since March 2020.


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Re: Any Auto Insurance Agents Out There? [Re: not_a_charger] #2985507
11/15/21 05:37 PM
11/15/21 05:37 PM
Joined: Jan 2003
Posts: 9,100
Tucson, AZ
Ramrod39 Offline
My New Title
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Tucson, AZ
Originally Posted by not_a_charger
Originally Posted by larrymopar360
I think a large percentage of the increase in all of our rates can be attributed to one thing. Injury attornies. Maybe I shouldn't blame them but their willingness to take cases, and focus on advertising these types of cases has caused a huge increase in claims and we all pay in our premiums.

It's because auto damage claim severity has gone up significantly since March 2020.


Why are claim costs up since March 2020? I assume it is Covid related in some way?

Re: Any Auto Insurance Agents Out There? [Re: Ramrod39] #2985682
11/16/21 07:24 AM
11/16/21 07:24 AM
Joined: Dec 2007
Posts: 19,774
Puttin' on the foil in Charles...
not_a_charger Offline
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Puttin' on the foil in Charles...
Claims are measured in 2 ways:

- Frequency - how many claims are there?
- Severity - how much do claims cost?

When COVID hit, frequency plummeted. Insurers gave back billions in premiums because they hadn't underwritten their risks based upon the significantly reduced driving that occurred. To be fair, they did so before states could tell them to do so, which is exactly what would've happened had they not done it on their own. It was the right thing to do, but they were going to have to do it, whether on their own or being told to do so.

So, frequency dropped, and that's all the industry was focused on. Severity wasn't really given any thought, because why would severity fluctuate much? Except that it did. People drove faster and more recklessly because roads were wide open, and severity went up. The industry was caught off guard, but assumed that once restrictions were eased and traffic increased that severity would drop back to pre-COVID levels. Except that it didn't. Traffic increased, which increased frequency, but severity has continued to trend upward because people are still driving like they are the only car on the road. Insurers did not expect this. As a result, increased frequency and continually increasing severity are driving rate increases.


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