Insurance, car, homes, umbrella - is this reasonable?

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CloseEnough
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Insurance, car, homes, umbrella - is this reasonable?

Post by CloseEnough »

Not a fan of insurance, but gotta have it. I know insurance has been going up. Mine currently, with increases, is:

Two cars (2023 Prius and 2020 Subaru Forester) - $2,780

Two homes, one rural with some land, one suburban - $3900

Umbrella $2M - $700

Is this reasonable? I did shop it, also tried to reduce it with current carrier Liberty Mutual, and was not on a relatively quick check able to reduce it much. So inclined to just let it ride. Any thoughts appreciated. Thanks.
Rocky Mtn Man
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by Rocky Mtn Man »

That's about what I pay. If you shopped it around at 3 or 4 places, you're getting the best deals for your particular location, family driving record, etc.

The only thing that might help is keeping the liability only on your cars and using your emergency fund to buy a new car if it's wrecked or stolen.
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RickBoglehead
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by RickBoglehead »

Insurance costs vary widely across states, vehicles, risk profile of owner, and many other factors. What I pay has no bearing on what you pay.

My state is the highest car insurance, so I pay more.

My home might be twice the value of yours, or 1/2.
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Jack FFR1846
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by Jack FFR1846 »

If you ask your next door neighbor who is married or not married, like you, has the same driving years and record, has the same coverage, is a AAA member or kids are documented good students, etc, etc, their rate will likely be near yours.

My Jeep with high liability and full coverage costs $325 a year.

My $2M umbrella costs $2k with homeowner at $3k. This went up because my former company did not renew because we had water damage. The insurance company's contractor did the repairs and said they would do the work on the cause of the damage. Some windows and a roof. They dragged and dragged and finally said they can't do it. So we went a full year without getting the damage fixed beyond my $40 huge plastic piece covering the area.

My rates are much less than Liberty Mutual charges. Liberty Mutual's test track is actually in my town and I believe the property is for sale.
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maroon
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by maroon »

I just got a renewal notice for my auto insurance and the annual premium went up from ~$1,450 to $2,000. (No tickets, no accidents, no additonal cars, no changes in insurance levels.) I use an insurance broker, so I asked her to check around and she says she can't find anything cheaper. This is for three older vehicles - two are worth maybe $4K each and one is worth about $14K.
carolinaman
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by carolinaman »

Rocky Mtn Man wrote: Tue May 14, 2024 6:37 am That's about what I pay. If you shopped it around at 3 or 4 places, you're getting the best deals for your particular location, family driving record, etc.

The only thing that might help is keeping the liability only on your cars and using your emergency fund to buy a new car if it's wrecked or stolen.
+1. Insurance varies widely according to state and locale. Best way to know is to shop your insurance. I did this several years ago and State Farm was lowest. I have used them for 40+ years.

It is usually best to get all policies from one company, as you get multi policy discounts and you only have to deal with one company.

Price is only part of the equation. How well your insurer responds to claims is equally important.
NYCaviator
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by NYCaviator »

CloseEnough wrote: Tue May 14, 2024 6:31 am Is this reasonable?
Even if it's not reasonable, what can do about it? If you already shopped around and Liberty gives you the best price, you're kind of stuck.

I definitely would not reduce coverage to save money. In addition to your agent, maybe try a few online-only insurers like Geico, Amica, etc. and a couple captive insurers like Farmers and State Farm.
Topic Author
CloseEnough
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by CloseEnough »

NYCaviator wrote: Tue May 14, 2024 10:19 am
CloseEnough wrote: Tue May 14, 2024 6:31 am Is this reasonable?
Even if it's not reasonable, what can do about it? If you already shopped around and Liberty gives you the best price, you're kind of stuck.

I definitely would not reduce coverage to save money. In addition to your agent, maybe try a few online-only insurers like Geico, Amica, etc. and a couple captive insurers like Farmers and State Farm.
That's true, although I could do a deeper dive, spend more time shopping around. Also true are the comments that my question is dependent on local rates and risk specifics. I've not put much energy into shopping it, and likely won't, since it doesn't seem like my rates are crazy off market. Which is really all I'm trying to verify.

Thanks all.
maroon
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Re: Insurance, car, homes, umbrella - is this reasonable?

Post by maroon »

Yes, and thank you, because I was similarly trying to decide if my lastest renewal was freaking outrageous (which it is) but it looks like overall rates are going up.
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