Car Insurance Rate Increase of 24%?!?!?

[BowhunterNJ]

Odd, I've been with Liberty Mutual for years and got a letter in the mail indicating the underwriter filed with the NJ Department of Banking and Insurance a request for a rate increase of 24% for the private passenger automobile line of business.  That seems crazy.  Time to find a new insurance company I guess.

[mike033089]

Geico sent that also. When Murphy passed the law raising the minimum coverages, rates were expected to go up. Every accident now requires more money. 

[BowhunterNJ]

3 minutes ago, mike033089 said:

Geico sent that also. When Murphy passed the law raising the minimum coverages, rates were expected to go up. Every accident now requires more money. 

Ah didn't know that, so all of the providers (and their underwriters) are doing this?

[mike033089]

Just now, BowhunterNJ said:

Ah didn't know that, so all of the providers (and their underwriters) are doing this?

I am assuming as I received a letter from geico stating an almost identical  raise next time I renew with them. 

[Tarhunt]

Freaking Murphy!

[MGHunter66]

30 minutes ago, mike033089 said:

Geico sent that also. When Murphy passed the law raising the minimum coverages, rates were expected to go up. Every accident now requires more money. 

Agree but it’s not only that. When marijuana was to be legalized insurance companies quickly ran to legislators to raise rates as well. I think they said 18% at the time

[bucky]

Insurance Co.'s should give hunters discounts, we save them a lot of money by reducing deer hits. The township management I hunt went from 350 deer hits per year to around 75  add the question on car insurance app, "do you hunt?" add CID number and discounts would apply

Edited October 4, 2023 by bucky

[Batsto]

Legalization of Pot is an economic boom. Pot and insurance don’t mix well.

[Jcol6268]

8 hours ago, mike033089 said:

I am assuming as I received a letter from geico stating an almost identical  raise next time I renew with them. 

They are the same company, so it would explain the same letter. However everyone's rates are going up I would believe. Considering Murphy now requires more coverage. 

[Stealthy_Bowman]

I have insurance with Plymouth Rock and received the same communication.

I bet there will be lots more uninsured motorists as a result.

[hunterbob1]

I have State farm I pay $65 a month full coverage and road assistance, no notices yet knock on wood

[Sako1]

I also had Liberty Mutual for car insurance, rates seemed to be high, priced them against NJ Manufacturer's, CUT THE BILL IN HALF. Then I compared my home policy and blanket liability, nearly cut those in half and got better coverage.  Insurance sales is the only business that the longer you're with them, the more they try to take advantage.

[DoubleLungDevil]

1 hour ago, Stealthy_Bowman said:

I have insurance with Plymouth Rock and received the same communication.

I bet there will be lots more uninsured motorists as a result.

I have the same insurance and received mine today as well lol

[BowhunterNJ]

40 minutes ago, Sako1 said:

I also had Liberty Mutual for car insurance, rates seemed to be high, priced them against NJ Manufacturer's, CUT THE BILL IN HALF. Then I compared my home policy and blanket liability, nearly cut those in half and got better coverage.  Insurance sales is the only business that the longer you're with them, the more they try to take advantage.

I guess another part of the question is who is likely to honor the insurance and pay it out when/if needed.  I'm sure there's a bunch out there who give great rates but then refuse and dodge claims (I've heard State Farm is like this).

[hunterbob1]

4 minutes ago, BowhunterNJ said:

(I've heard State Farm is like this).

From whom.