State Farm and other major insurance companies in CA raise auto and home rates for 2024

[Genghis]

I was expecting the annual increase but 20%???

California's Largest Insurer Raises Home and Auto Rates by 20%

The state's insurance chaos means major rate increases for consumers.

sfstandard.com

I've been with them for 20 years but may need to shop around this year. Any recommendations that have decent coverage premiums for the Lucid for SoCal? Some of the lower cost companies are not even offering new coverage in SoCal.

 

[Neurio]

Ugh, yeah. I just found out that my coverage with Amica is going up 33% for absolutely no reason (no claims in quite a few years). Now I need to shop around.

 

[no gas]

My NATGEN home insurance went up 80%....no reason.

 

[Amster]

I was expecting the annual increase but 20%???

California's Largest Insurer Raises Home and Auto Rates by 20%

The state's insurance chaos means major rate increases for consumers.

sfstandard.com

I've been with them for 20 years but may need to shop around this year. Any recommendations that have decent coverage premiums for the Lucid for SoCal? Some of the lower cost companies are not even offering new coverage in SoCal.

20% doesn't sound bad. Mine went up 45% and 65%. SoCal is a bad place to be for insurance right now. I've called around, and haven't had any luck. If you find something, please send me a message.

 

[Jimyboy]

As cost of materials, transportation of materials, and the cost of labor goes up, that are associated with repair to cars and homes, so will the cost of insurance... Inflation has been pretty tame for a long time, but its everywhere right now.

 

[CLTGT]

As cost of materials, transportation of materials, and the cost of labor goes up, that are associated with repair to cars and homes, so will the cost of insurance... Inflation has been pretty tame for a long time, but its everywhere right now.

1000% true, had to add another "zero" due to inflation.

 

[joec]

Just got my renewal notice for my policy. Price went down by $200 for six months. I was truly worried with all the reports lately of rates jumping. But no issues here.

 

[Lucken]

Just got my renewal notice for my policy. Price went down by $200 for six months. I was truly worried with all the reports lately of rates jumping. But no issues here.

Is that a 'mod discount'?

 

[joec]

Is that a 'mod discount'?

I guess it helps to live in Colorado instead of California. Of course, it was -19 here a few days ago, so there are downsides…

 

[kurious]

My auto policy renews 2/1 -- premium for my Lucid did not go up, ~$1,300 for six months.
Progressive, Seattle, four drivers two under 25 years old, clean no claims for decades, discount for house & motorcycle policies with them too.

 

[xponents]

I guess it helps to live in Colorado instead of California. Of course, it was -19 here a few days ago, so there are downsides…

Colorado, a state where 5 people and some penguins live in!

 

[Crimson]

Just to give some context on the huge rate increases in CA as I work in the industry, CA doesn't typically like rate increases of 7% or more annually. Doing so would cause potentially long approval times for insurers and the consumer watchdog to do thorough investigations. To circumvent this, insurers will typically file a maximum of 6.9% to get the rate changes approved easily unless the rate need does not call for it. As a consequence of this 6.9% "maximum", insurers have not been able to get the rate they needed as liability and repair costs have skyrocketed in 2021 and beyond while many other states have allowed for higher rate changes. This is what started to cause insurers to cease offering coverage in the state (massive losses) and as a result, CA has finally buckled and are starting to approve higher rate changes, and are basically playing catch-up to rate needs in 2021, 2022, and 2023.

 

[joec]

Colorado, a state where 5 people and some penguins live in!

5.8 million. As opposed to neighboring Wyoming, which has a whopping 500,000.

 

[borski]

Colorado, a state where 5 people and some penguins live in!

OK, but Colorado > NJ any day

 

[borski]

5.8 million. As opposed to neighboring Wyoming, which has a whopping 500,000.

OK, but how many bison

 

[xponents]

OK, but Colorado > NJ any day

No, because we have funny road signs saying “drive like a bitch, end up in a ditch.” Besides, it has all the advantages of being close to NY without the disadvantages! Also, don’t you live in a state with income taxes of approximately 79 percent?

5.8 million. As opposed to neighboring Wyoming, which has a whopping 500,000.

Those numbers, but divided by 100000, are correct!

 

[Adnillien]

Isn't this thread about insurance rates?

 

[borski]

Isn't this thread about insurance rates?

Yes, in California

 

[Genghis]

I just got my 6 month renewal and my 8 year old BMW went up 10% but the Lucid AGT went up a whopping 50% on State Farm! I shopped around to other carriers and either they don't offer new coverage in SoCal or came out higher than my current. Anybody else seeing this crazy increase???