I am in insurance biz (reinsurance) and wife owns a HNW (high net worth) agency.
Won’t bore everyone with insurance stuff or defend pricing, but some things to remember:
-carriers underwrite the car and the person (same for homeowners). This includes drivers living in household with a teenager who has access to car, or who have past claims and lower insurance scores (kinda an insurance credit score). So just cautioning those who are comparing what others pay for same car. You never know the other rating elements.
-auto policies can vary WILDLY insofar as coverages. The member with Chubb has a WAY better policy that others mentioned. For example, agreed value loss settlements, lower total loss thresholds, 15k temp vehicle (can you get a replacement M5 for 100 bucks a day? Nope. You have 15k to use with Chubb and others like AIG/Pure/Cinci/Etc.).
-inflation and vehicle complexities have been cranking up costs. It’s longer downtime, more temporary vehicles, and more total losses.
-social inflation for verdicts is out of control.
-litigation financing/funding is out of control.
-claims handling varies wildly. No one is perfect but you tend to get what you pay for.
-most Insurance rates are filed, so they are all approved by states. Can’t just say you get this rate as you called to complain and have been a loyal customer (unless that is a filed element
).
-believe it or not, climate change is an impact. More floods, hail, micro-catastrophes, etc have reinsurance companies concerned, and that means higher costs passed on to carriers.
Anyhow. Sorry for all that boring insurance stuff. Just do yourself a favor and don’t just buy cheapest. Could but you in the ass. Get a good broker and get the right options. Consider a higher deductible before compromising coverage.