Folks, STOP BUYING COMPREHENSIVE AND COLLISION COVERAGE, AND GET THE HIGHEST POSSIBLE DEDUCTIBLE!

You people spend way too much money on insurance. I pay like $500 per year for my 2017 Toyota Corolla.

1). All you’re legally required to buy is liability coverage to cover the other person (damage and injuries) if you’re in an at-fault accident. A lender may require you to also have comprehensive and collision coverage—so just pay cash for your cars and don’t use a lender!

2). Collision coverage covers your car if you’re in an at-fault accident. If that happens, just pay for the repairs yourself. If your car is totaled and you’re at fault, just spend the $20,000 to buy another slightly used Corolla—this will happen at most once in your lifetime if you’re extremely, extremely unlucky. If you can’t afford to unexpectedly pay cash for a new car once in your lifetime, the car you have is too expensive!

3). Comprehensive coverage covers your car in the event of theft, hail damage, etc. Dear reader, when is the last time your car was stolen or suffered from hail damage?? Even if you did encounter those scenarios, the insurance company would then jack up your rates so it’s not worth it to get the coverage.

4). Get the highest deductible possible, $2,000 or whatever it is. This is a no-brainer and I don’t know why everyone does not select this option automatically.

Now that I work from home and drive minimally, my TOTAL auto expenses are under $1,000 per year—this includes gas, nonexistent Corolla repairs, auto insurance, and an annual oil change. Inflation is not your problem when it comes to auto insurance—not being a savvy consumer *is*!

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up? Because that's just wrong.

Do you think floods and hurricanes somehow go around cars?

That . . wasn't the question.

PP mentioned costs from natural disasters driving up rates for home owners and auto insurance. Asking "Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up?" only makes sense if you think that somehow floods and hurricanes don't lead to auto claims.

You also realize, don't you, that insurance premiums are established by locality, zip code and even as granular as address. The impact of hurricanes in Florida has nothing to do with the rates that are charged in Bethesda. Also, the value of your neighbor's cars will impact your rates. If you drive a 20 year old beater that has a value of 500 bucks and live in a zip code where 80 and 100k cars are the norm, your rates will be higher than if you live in a community with 10 year old pickup trucks with 150,000 miles on them. The cost to repair your basic DCUM middle class Range Rover (ok, Land Rover) is astronomical. The entire thing is computer controlled with innumerable sensors, plugs, controllers, etc. Bash one of those with your beater and it will still cost a lot to repair.

I've been rear ended by a man who told his insurance company it was my fault. Another person lied about a different accident. None of these were my fault, but these people may be ones who try to cause accidents to get the insurance money.

This has happened to me a few times on University Boulevard. I never would have thought a thing about it except the insurance company rep said she sees this all the time...people create an accident and then blame you, the innocent one, and try to get money from your insurance company.

A woman hit my spouse head on while driving down the street in the wrong direction to get around a truck. She changed her story. Thank god the police had already taken her statement and could see her car was on the wrong side of the road. My spouse was okay but we lost a car for which we only got $5K--and that was not enough to buy a replacement.

If MD rates are higher, it could be due to situations like the above. Some of these may be part of a larger group trying to earn money.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up? Because that's just wrong.

Do you think floods and hurricanes somehow go around cars?

That . . wasn't the question.

PP mentioned costs from natural disasters driving up rates for home owners and auto insurance. Asking "Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up?" only makes sense if you think that somehow floods and hurricanes don't lead to auto claims.

My insurance has gone up $300 in two years. One car, no accidents, no tickets. Car is driven less than 8k miles/year.

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

This

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up? Because that's just wrong.

Do you think floods and hurricanes somehow go around cars?

That . . wasn't the question.

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

That's what happens when the current administration allows 20 million illegal aliens to enter the country.

? states that don't have many illegal immigrants are also seeing high prices; some states that have a lot of illegal immigrants have cheaper prices.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up? Because that's just wrong.

No mostly increased auto claims. Floods, fires, hurricanes cause auto claims as well. Car parts cost much more in last 4 years and labor costs have increased as well, for repairs.
But ultimately, they are in business to make money. If one part of the business is struggling mightily (think homeowners), they are going to do whatever needed to ensure the entire company stays afloat financially.

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

That's what happens when the current administration allows 20 million illegal aliens to enter the country.

Anonymous wrote:I don’t believe this. These people need to shop around

I pay $80 per month for my 2012 Chevrolet Cruze. That’s $972 a year. And the new price coming up will be $81 a month, so not bad.

Geico btw.

My Geico went from $460 to $1000 in one year in DC. I was told I have to pay for other people's cars. I will not shop around as I have and it didn't help at all.
Selling the car when it gets too much and catching Uber.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up? Because that's just wrong.

Do you think floods and hurricanes somehow go around cars?

Anonymous wrote:

Anonymous wrote:It's unaffordable because of so many unlicensed and uninsured drivers on the road

+1

Also, insurance companies are loosing money with all the natural disasters (fires, hurricanes, flooding, etc) so they pass those costs on in home owners and auto insurance policies. Ultimately they plan to make money at their business, not loose money. Also, the cost for repair parts and for the work to be done has skyrocketed during covid and has not come back down. So Auto damages alone are costing them much more.

What's really sad is they wont' allow a deductible higher than $1K for my policy (different state, but still 30-40$ increases this year). I'd take $2.5K deductible if I could, because I don't plan to file a claim unless catastrophic (think actual accident at high speeds, multiple cars involved, personal injuries possible, etc---not a I accidentally rear-ended you at a red light and it's $3.5K to fix your car). I'd prefer to still have insurance that doesn't drop me.

Are you suggesting that because of increased homeowners insurance claims, rates for auto insurance are going up? Because that's just wrong.

Anonymous wrote:

Anonymous wrote:Car insurance, and pretty much all insurance, is up this year.

It's not just a MD thing.

https://www.cbsnews.com/news/auto-insurance-rates-increase-inflation-rate/

You missed the part where MD rates are some of the highest. If they keep rising at this rate, driving in MD becomes unsustainable.

It's cheaper than FL, KS, MI, MO, KY, and only slightly more expensive than TX.

https://www.bankrate.com/insurance/car/average-cost-of-car-insurance/#car-insurance-cost-by-state

Anonymous wrote:

Anonymous wrote:Car insurance, and pretty much all insurance, is up this year.

It's not just a MD thing.

https://www.cbsnews.com/news/auto-insurance-rates-increase-inflation-rate/

You missed the part where MD rates are some of the highest. If they keep rising at this rate, driving in MD becomes unsustainable.

Well, a few people have posted how much they’re paying. It’s nowhere close to what the dealershipguy Whoever that is, is reporting .