Why did the car insurance go up so much? I figured because of hurricanes that homeowners insurance went up, but auto?
Pardon my grammar. Typed and didn’t re-read.
Autos that sit in water for a while are declared a total loss by Big Insurance. You get a check for it’s depreciated value. Then BI drys out the vehicle and sends it to a dry state auto auction where they get back a significant amount of the check they sent to you. BI may lose small money on autos but it’s not much. There is no real reason for the auto premium to rise dramatically.
Not sure why, but when I shopped other companies, the rates were even higher than mine. I’m 73 with no tickets or accidents EVER and an excellent credit rating. Interestingly, the insurance on my motorhome rose only 5%.