Any Auto Insurance Agents Out There?

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

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.

^^^ 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.

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?

It depends upon the insurer's underwriting criteria.

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.

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.

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

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

I was asking for Doc

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?

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.

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.

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

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?

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.