Because your car/truck's resale value has jumped!

Just got my ins. renewal for 2022 & the premium went up 5%.
So I checked and my '16 VW's resale has risen 30+% in four years.
Even the current wholesale is over $2k what I paid in 2017!

methinks I can handle the extra $42/year bump on my premium

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Edited 1 time(s). Last edit at 11/17/2021 10:00PM by MrNoBody.

Yup, my Prius has gained about $3k over the last year or so. "Don't buy a car," they said, "It's a depreciating asset." HA! Not in this [really weird] economy!

I think that my premium rose because the insurance company refunded me $7 for the pandemic lockdowns and they decided to punish me for it several times over.

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Values might be up because of supply and demand, but the RATE at cars are selling is very low. The only people buying are those that are forced into it. People who unexpectedly need a new car...right now. Accidents, mechanical failures, new job doesn't have public transport, etc. People are not buying cars for their teenagers nor are they trading in for newer models for the most part. Values up, volume down.

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C(-)ris
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Quote
C(-)ris
but the RATE at cars are selling is very low.

..and yet your rate of buying a car will go up if yours is destroyed

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We just bought a used car for my oldest daughter, 2014 X3. Prob $1500 more than a year or so ago.

We did get it from a dealer, so maybe some additional $$, but wanted to avoid some podunk car sales place where who knows where It came from. Drove 90 miles to BMW San Francisco... we were the first person there, sales guys said 4 more interested. No haggling on price. Drove it for 30 minutes, bought it. Originally bought there, and all the services done at the dealer. Kind of amazed we found something... thought it might be months.

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Edited 999 time(s). Last edit at 12:08PM by jdc.

Tulips for all

Mine just renewed, and it went down about $300 a year.

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I have teenage drivers. My policy sucks! LOL!!