Aren't cars and trucks supposed to depreciate?

[babylonsister]

(Did not know where to put this, so here tis).

I imagine I'm not the lone ranger-if you have a decent insurance carrier, I'd sure like to hear about them.

I have a 2009 Toyota Camry I bought used a few years ago. I just got my latest statement and am being told my premiums have doubled from last year. No recent accidents, no tickets, no late payments, no reason. I've heard it's due to all the lawsuits that are being litigated successfully, but I'm annoyed as that has nothing to do with me.

I have the minimal coverage possible (liability) as it's an older car but I'm pretty sure I'm covered for drivers w/o insurance in case I get creamed. I don't really know what to do; need to find a fairer, cheaper insurance company.

I switched from Progressive last year b/c their rates skyrocketed after first year; now I have something called Dairyland Insurance.

Thanks for any suggestions.

[EYESORE 9001]

1. No advice right now

but I did notice Dairyland Insurance, which is the first company that insured me after I left my parents’ policy.

[cbabe]

2. According to Geico:

car insurance is priced by zip code not your individual vehicle.

Rates go up if there is a lot of crime in your area, if there are a lot of pricey cars in your neighborhood, etc.

Most insurance carriers offer safe driver and low mileage use discounts. Worth asking about.

[Glorfindel]

3. Call around and get quotes. Try MetLife and Allstate.

I used to work at an insurance agency. They're happy to give quotes.

[Attilatheblond]

4. Seems insurance ALWAYS goes up when stock market is weak or there are lots of disasters

Big Insurance makes its $ playing with your premium payments on Wall Street casinos.

And insurers usually don't just deal with auto insurance. When other insured items suffer losses due to natural disasters and/or wild fires, rates for ALL insurance goes up. Just saw what it would cost for pet health insurance now compared to a few years ago. YIKES! I know my dog has not appreciated in market value in that time.

[Groundhawg]

5. The cost to replace is outpacing depreciation

[JT45242]

6. try a different carrier

State farm jacked up our rates so I went to the credit union and they checked on like 20 companies and switched us to a new company.

When mu son graduated college and had to get his own policy, the credit union found him who was cheapest for car plus renters for a 22 year old male.

Credit union insurance agents usually have a lot of companies to choose from.

Insurance companies try to screw you -- so show no loyalty and find the cheapest alternative.

JT

[Emile]

7. Predatory Capitalism

[bucolic_frolic]

8. My rates are frozen as long as I make no vehicle changes

I pay the same now as I did about 2017 when I first went with the company. That feature may vary state to state.

About 2009 my premiums were double what they are now. A large west coast insurer kept raising rates even though I drove less and less and the cars were aging.

All the policies sound the same. The big global insurers sponsor/fund/create friendly sounding subsidiaries or affiliates in various states. Then keep raising rates. They sell off divisions, combine, leave states. Ever wonder why all the insurance policies sound the same?