[buddenfan]

Anyone in New York City, did your insurance go up?

Ive been with Liberty Mutual since 2012.
In 2022 I paid $3k for the year for my X6M Competition then for 2023 they raised it to $4k for the year saying due to inflation on car parts and labor costs going up.

Now for 2024 theyre raising it to $5,700 because I drove alot last year (I had a sick father who had cancer and I was constantly driving him to appointments, hospitals etc)

I have a clean driving record as well as defensive driving course and $5,700 sounds insane for someone whos also been with the company going on 12 years.

[915M]

My insurance went up from $200 to $300 a month. Geico.

[buddenfan]

Originally Posted by 915M

My insurance went up from $200 to $300 a month. Geico.

At this point $300 sounds like a steal compared to my $475 a month. So much for loyalty being with a company for 12 years

[chefwong]

Originally Posted by buddenfan

whos also been with the company going on 12 years.

Weighing multi discounts aside, IME there are no rewards with being a loyal customer. Cross shop the premiums every 2-3 years if the premiums go up beyond....

Switching carriers often do come with lower rates and coming back to the same ins. carrier 3 years later nets always tends to trend on lower rates as a new customer

[Gfit]

Only reward for being loyal is possible an accident forgiveness bonus. Otherwise shop around yearly. Every day there’s a new thread on Leasehackr about insurance costs. It’s crazy these last few years.

[915M]

Originally Posted by chefwong

Weighing multi discounts aside, IME there are no rewards with being a loyal customer. Cross shop the premiums every 2-3 years if the premiums go up beyond....

Switching carriers often do come with lower rates and coming back to the same ins. carrier 3 years later nets always tends to trend on lower rates as a new customer

Only reason I try to keep Geico is it's Mechanical Breakdown Insurance. However, I never used it before. Have anyone used it?

[MADBMWX5MC]

Dang, I am paying $3K @ year for the X5MC...via USAA. I guess no complaints here...but again, I am not in NY

[kolosy]

not new york, but when i added my m5c in Chicago, Nationwide and Geico wanted $4k / year. moved to AmFam, paying around 2 now.

[pgrtag]

I'm paying $1680 a year for my 2024 x6m60i in San Diego and it just went up.

[Blue87]

How were they able to verify how much you drove? Seems a ridiculous reason to raise insurance, especially since it happened in the past.

[Gfit]

I am in NY and paying a total of $3,000 a year for 23 X3M and 24 X5M with State Farm.

[White340]

Originally Posted by 915M

Only reason I try to keep Geico is it's Mechanical Breakdown Insurance. However, I never used it before. Have anyone used it?

Same here. Oddly my 2018 m3 is around $50 every 6m and 2022 x5 45e is $190 every 6m even though it’s fully under warranty

[buddenfan]

Originally Posted by Gfit

I am in NY and paying a total of $3,000 a year for 23 X3M and 24 X5M with State Farm.

O wow! I reallt gotta get rid of Liberty Mutual. Whats toue deductble and coverage?

[Gfit]

Originally Posted by buddenfan

O wow! I reallt gotta get rid of Liberty Mutual. Whats toue deductble and coverage?

I have 250/500 liability and 1,000 deductible on my X3M and 2,000 on my X5M. I won’t file a claim for less than $5,000. They always get it back and it kills your record. The only time I file small claims is when the other party has 100% liability and I file directly with their insurance company. Yes NY is a no fault state but if you file with yours you run the risk of being partially liable which counts as a chargeable accident.

I look at insurance as a way to protect me from a big financial hit not to save me from a few bucks here and there.

[LuckyBrand]

Car insurance has gone up across the board for most nationwide the last year or two with the industry claiming higher parts cots etc. Blah blah blah lol. I to had to shop around due to increases in premiums.

Insurance will continue to rise I believe with the cost of cars and all the expensive technology in them. Not cheap to drive a car anymore figuring all running costs.

[Condorll]

Suggest going through an insurance broker like Willis Towers Watson personal lines or other. Let them shop for the best rates for your situation. It helps if you are insuring a home/condo and umbrella policy as well. I got a good rate through them from Encompass (A division of Allstate) and they have been good over the past 12 years.

[lsutigers]

Not NY but we are in Florida with two cars, 2024 X5MC and Yukon Denali. After 25 years with USAA, they increased our premium to $4500/yr. I had my insurance broker run some quotes and surprisingly, we were able to bundle with our homeowners through Chubb for $3k/yr with high limits. Pretty good deal if you ask me…Travelers was also very competitive, I believe $3400/yr.

Find yourself a good broker with access to multiple carriers. It pays to shop around!

[buddenfan]

Originally Posted by LuckyBrand

Car insurance has gone up across the board for most nationwide the last year or two with the industry claiming higher parts cots etc. Blah blah blah lol. I to had to shop around due to increases in premiums.

Insurance will continue to rise I believe with the cost of cars and all the expensive technology in them. Not cheap to drive a car anymore figuring all running costs.

Yeah but to go from 3k in 2022 to 4k in 2023 and them wanting $5,700 gor 2024 hell no. Clean driving record, no tickets.

[LuckyBrand]

Originally Posted by buddenfan

Yeah but to go from 3k in 2022 to 4k in 2023 and them wanting $5,700 gor 2024 hell no. Clean driving record, no tickets.

Totally agree. When ours went up last year I contacted my agent. She said they were getting thrashed with angry costumers for months just like myself. It's hard to absorb costs when they go up so dramatically so quickly. It's really criminal in some senses but here we are. All you can do is shop around and try to find something better. Unfortunately I've seen and heard many that have to up deductibles etc to offset costs. So actually it's still worse insurance in that regard.

[Dgjo2022X5MC]

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.

[Slickrick2]

Originally Posted by 915M

Only reason I try to keep Geico is it's Mechanical Breakdown Insurance. However, I never used it before. Have anyone used it?

I’ve had Gieco for years and have never heard of Mechanical breakdown Insurance. Maybe it’s because I have an older car. Mine is a 2018 X5M. It did go up a bit earlier this year. I’m paying around $2180 a year, full cover, at 100-300k Liability with a 1k comprehensive deductable.
No accidents or tickets in over 10 years or more. I’m also in NY and have been with Gieco for decades.

[nightwolf]

jeez. ya'll don't wanna know what it's like to insure 4 cars with USAA in florida (3 regular driven and one garage policy for a classic). let's say it's 5 figures for the year easy. i'll note my kids are all under 10 so no way they're being factored in as potential drivers in the calculations either. it's just expensive to insure luxury cars plain and simple.