VEHICLE INSURANCE GOING UP

[3CATSAILOR]

True, registration fees are going way up. But, when Insurance Companies raise your rate just because of accidents in our County "from other people" are through the roof and then accidetns in our County are out of control throughout Southern Maryland, and then Insurance Companies raise it again a few months later, it is insane. What is more of a concern is when several different police officers I know have told me that they see more and more people driving with no insurance at all. Most of which are Foreign Nationals.

 

[Tilted]

Yeah, vehicle insurance costs have been soaring.

Used car price inflation reversed a while ago, new car price inflation reversed slightly more recently, and vehicle maintenance and repair inflation has been easing (though it's still relatively high). But vehicle insurance inflation is through the roof.

Lately It's been one of the biggest drivers of inflation overall. Indeed, combined with the biggest driver of inflation - rent and rent equivalents - over the last year those things have accounted for more aggregate inflation than we've had over that year. In other words, if we excluded vehicle insurance and rent / rent equivalents, inflation over the last year would be negative by about 0.4%. Those things also accounted for the bulk of inflation over the previous 12 month period - i.e., April 2022 to April 2023. It's crazy.

 

[Kinnakeet]

Insurance the biggest legal scam of all time

 

[OccamsRazor]

Wondering where all the "My insurance is still the same price!" people are when I posted about this many months ago and said it was coming soon???
One major contributor to fees and insurance going up (especially around here) is the utter failure of enforcement. No one getting punished for late tags, speeding, traffic violations, etc.
Just yesterday, saw a Sheriff sitting at the light going 235NB at Shady Mile. Some 2500-series roared up the right turn lane, promptly made the right turn on red and pull a quick U-turn, then another right turn to continue on NB 235. All this in order to avoid waiting at the red light. What did the Sheriff do? Not a damned thing! Just sat at the light and let the idiot keep roaring up 235.
Simple actions like that make people believe they are "King of the Road" and can do whatever they want. Leading to future incidents and accidents.
People can make excuses and complain all they want but STRONG ENFORCEMENT is the only thing that will get idiot drivers back in line.

 

[Sneakers]

Isn't 235 a state road under the jurisdiction of the state police, not the Sheriff?

 

[NorthBeachPerso]

Isn't 235 a state road under the jurisdiction of the state police, not the Sheriff?

County Deputies can enforce on it, and any state road. No County has enough Troopers to patrol all the state roads.

 

[Sneakers]

County Deputies can enforce on it, and any state road. No County has enough Troopers to patrol all the state roads.

While true, I've never seen a sheriff make a stop on 235 (not that it hasn't happened, just never seen it). Like it's an unwritten rule or something not to cross lines.

 

[MADPEBS1]

was probably his F'in Buddy !!!!!!!!!!!!!!!!

 

[glhs837]

Wondering where all the "My insurance is still the same price!" people are when I posted about this many months ago and said it was coming soon???
One major contributor to fees and insurance going up (especially around here) is the utter failure of enforcement. No one getting punished for late tags, speeding, traffic violations, etc.
Just yesterday, saw a Sheriff sitting at the light going 235NB at Shady Mile. Some 2500-series roared up the right turn lane, promptly made the right turn on red and pull a quick U-turn, then another right turn to continue on NB 235. All this in order to avoid waiting at the red light. What did the Sheriff do? Not a damned thing! Just sat at the light and let the idiot keep roaring up 235.
Simple actions like that make people believe they are "King of the Road" and can do whatever they want. Leading to future incidents and accidents.
People can make excuses and complain all they want but STRONG ENFORCEMENT is the only thing that will get idiot drivers back in line.

Coming out of 7-11 on GMR onto Chancellors yesterday, the unmarked Explorer ahead of me blew the stop from Bridgett onto the new road completley. Then at Chancellors, he took a left to go north. No light's no siren.

Yep, its small crap, but it sets an example. Speed cameras will NOT fix this.

Google Maps

Find local businesses, view maps and get driving directions in Google Maps.

www.google.com

 

[NorthBeachPerso]

Parts have gone up. Labor costs have gone up. Just those two inputs would cause insurance rates to go up. That's not even mentioning the fact that even minor damage (for most cars) on EVs total the car due to possible battery damage from an impact. That impacts premium costs for all people insured by a company.

 

[OccamsRazor]

Yep, its small crap, but it sets an example. Speed cameras will NOT fix this.

Agree. All of these "small" instances add up to big problems.
Another example that I like to 'rail' about is Historic tags. Tons of people say "So what.." and "Mind your own business. It's not a big deal." BUT, look at the situation now. ALL registration costs are GOING UP! Funniest part is that all those who thought they were "sticking it to the man" with Historic plates now have ot pay almost DOUBLE to register them. Went from $51 to $91
Now, we will just see a ton of sh!tboxes driving around with expired tags thus driving up the costs of insurance and registrations even further

 

[glhs837]

Agree. All of these "small" instances add up to big problems.
Another example that I like to 'rail' about is Historic tags. Tons of people say "So what.." and "Mind your own business. It's not a big deal." BUT, look at the situation now. ALL registration costs are GOING UP! Funniest part is that all those who thought they were "sticking it to the man" with Historic plates now have ot pay almost DOUBLE to register them. Went from $51 to $91
Now, we will just see a ton of sh!tboxes driving around with expired tags thus driving up the costs of insurance and registrations even further

Meh, they don't bother me that much. Most of the folks running those are doing it out of necessity. The small crap boxes dont present that great a threat, IMO. Its the old vans and pickups filled with all sort of work supplies and overloaded top racks with those tags that scare me.

 

[OccamsRazor]

Meh, they don't bother me that much.

So you are happy to pay the increased registrations and insurance premiums? I'm not.

 

[glhs837]

So you are happy to pay the increased registrations and insurance premiums? I'm not.

I really dont think theres enough to move the needle.

 

[OccamsRazor]

I really dont think theres enough to move the needle.

It is a 64% increase! Just in vehicle registration alone.

Damn.. if I had YOUR money.. I would burn mine.

 

[glhs837]

It is a 64% increase! Just in vehicle registration alone.

Damn.. if I had YOUR money.. I would burn mine.

Not what I meant. Maryland has about 4.5 million registered vehicles. When I said it wasnt enough to move the needle, I was referring to the amount of historic tagged vehicles.

 

[SamSpade]

Last time I spoke to an insurance agent, I asked about the increases. She said well we had a lot of claims last year. I said that’s not how insurance is supposed to work.

 

[Clem72]

That's not even mentioning the fact that even minor damage (for most cars) on EVs total the car due to possible battery damage from an impact. That impacts premium costs for all people insured by a company.

Auto insurance isn't the same as medical insurance, they aren't required by law or regulation to evenly or fairly distribute costs. This is why your rate is variable based on your cost of your vehicle, what class it is in, and how risky a driver you are.

I can pretty much guarantee you that while parts in general going up has affected everyone's prices, costs to repair EVs has had no impact on insuring your F250 super duty.

 

[NorthBeachPerso]

Auto insurance isn't the same as medical insurance, they aren't required by law or regulation to evenly or fairly distribute costs. This is why your rate is variable based on your cost of your vehicle, what class it is in, and how risky a driver you are.

I can pretty much guarantee you that while parts in general going up has affected everyone's prices, costs to repair EVs has had no impact on insuring your F250 super duty.

Then the insurance companies lie when they say they work on a pool system of all rate payers?
Yes, your F250 is more expensive to insure than a Fit. I also would pay more for life insurance if I was a recreational skydiver (which won't happen anyway. I never understood jumping out of a perfectly good airplane). I would also pay more for health insurance since I've had two heart attacks. But the total outflow of settlements from all policy holders impacts the rates of all policy holders. There's not a separate pot of money for the F250 drivers, the Fit drivers and the Tesla drivers.

https://insurance.maryland.gov/Consumer/Appeals%20and%20Grievances%20Reports/Private-Passenger-Motor-Vehicle-Ins-Rating-Factors-Report.pdf

 

[Clem72]

Then the insurance companies lie when they say they work on a pool system of all rate payers?
Yes, your F250 is more expensive to insure than a Fit. I also would pay more for life insurance if I was a recreational skydiver (which won't happen anyway. I never understood jumping out of a perfectly good airplane). I would also pay more for health insurance since I've had two heart attacks. But the total outflow of settlements from all policy holders impacts the rates of all policy holders. There's not a separate pot of money for the F250 drivers, the Fit drivers and the Tesla drivers.

https://insurance.maryland.gov/Consumer/Appeals%20and%20Grievances%20Reports/Private-Passenger-Motor-Vehicle-Ins-Rating-Factors-Report.pdf

First off, if health insurance cannot raise their rates based on pre-existing conditions. That's part of the ACA. Your heart attacks did not increase your premiums.

And if auto insurers they say they are pooling ALL of their payers then they are doing it voluntarily or lying, they certainly aren't required to do so. Auto insurers sometimes publish their actuary table so you can see exactly how they group people and vehicles into categories of risk. And they have to be (at least somewhat) competitive, so it's in their interest to target costs as specifically as they can. There is no business case for making the overwhelming majority of customers rates more expensive in order to subsidize the small minority of customers that represent a greater risk (the customers they don't want to begin with). Meanwhile most people's healthcare is tied to their employer, they are only responsible for a portion of the payment, and there are few choices, so health insurers amortize across their entire population as much as possible.