My monthly premium just jumped from about $150 to a little over $200, and I’m trying to figure out if this is just how it goes or if I’m getting hosed.I drive a 2015 Civic, no accidents, no tickets, nothing major changed for me other than turning 19. I’ve heard age and being a guy can hit rates, but the jump still feels steep.I’ve already poked around with quotes from the usual suspects (Progressive, State Farm, GEICO, Allstate), and it’s either basically the same price or I’d have to take worse coverage to get back near what I was paying. I’m also not trying to spray my info everywhere and get spammed for weeks, so I’ve been cautious with quote sites. Save Max Auto made comparing a bit less painful, but I still don’t know how to tell if this hike is “normal market stuff” vs a sign I should move again.For anyone who’s been through this:Is a jump like this common around 19, even with a clean record? What should I check on my policy/renewal docs that usually explains it?At what point does switching carriers actually make sense vs just adjusting deductibles/limits?
Car insurance jumped from $150 to $200 at 19 with no tickets. Normal or should I switch?
byu/Sea_sociate inpersonalfinance
Posted by Sea_sociate
4 Comments
switching makes sense when you can get the same coverage for a better price.
one thing to try is adding an adult relative with a good driving record to your insurance. weirdly, mine sometimes goes down when i have reason to add people.
Insurance prices can jump year to year just based on claims by other people driving prices up. I’ve seen that in recent years. With the inflation getting up to 9% a few years ago, and cars getting harder to fix in some cases, that caused prices to climb fast.
Though I may have seen cost drop for me on my renewal. I’m not sure why.
Insurance rates depend on a ton of factors, so unless it’s obvious to you, it’s not worth dwelling on why it went up. But it’s usually a good idea to do a round of getting quotes ever other year or so. Yes, you’ll get spammed with a bunch of people following up on their quote, but just try to avoid giving your phone number since emails are easier to ignore.
The other thing you can do is to go to a broker and have them do the shopping around for you. They get their cut from the insurance company, not you, so it’s always worth at least trying them out.
It could be a number of factors, but some companies will start with a cheaper rate to get you to sign up and then jack it up later.
Either way, it always pays to shop around, no harm