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Auto Insurance, be prepared your premium may rise...
Posted by: MrNoBody
Date: November 17, 2021 09:59PM
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 thumbsup smiley



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Edited 1 time(s). Last edit at 11/17/2021 10:00PM by MrNoBody.
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Re: Auto Insurance, be prepared your premium may rise...
Posted by: Acer
Date: November 17, 2021 10:35PM
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!
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Re: Auto Insurance, be prepared your premium may rise...
Posted by: Sarcany
Date: November 17, 2021 10:42PM
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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Re: Auto Insurance, be prepared your premium may rise...
Posted by: C(-)ris
Date: November 17, 2021 10:49PM
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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Re: Auto Insurance, be prepared your premium may rise...
Posted by: mattkime
Date: November 17, 2021 11:18PM
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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Re: Auto Insurance, be prepared your premium may rise...
Posted by: jdc
Date: November 17, 2021 11:51PM
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.





Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: Auto Insurance, be prepared your premium may rise...
Posted by: RgrF
Date: November 18, 2021 12:12AM
Tulips for all
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Re: Auto Insurance, be prepared your premium may rise...
Posted by: Racer X
Date: November 18, 2021 12:51AM
Mine just renewed, and it went down about $300 a year.



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Re: Auto Insurance, be prepared your premium may rise...
Posted by: sunfalcon
Date: November 19, 2021 09:40AM
I have teenage drivers. My policy sucks! LOL!!
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