Why Auto Insurance Prices Are Skyrocketing Above Everything Else!
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- เผยแพร่เมื่อ 27 พ.ค. 2024
- In this episode, Patrick Bet-David explains why Auto Insurance prices are skyrocketing above everything else.
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In this episode, Patrick Bet-David explains why Auto Insurance prices are skyrocketing above everything else!
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
Summary of this video:
An investigative look at how top universities like Harvard are potentially influenced more by donations than tuition fees. What role do these financial contributions play in the strategic decisions of these institutions?
The significant contributors to university funds, including countries like China and influential figures like George Soros. What are their motives, and how do they impact the educational landscape?
Analysis of how these dynamics could shape not just universities but also societal norms and future generations.
The current state of protests and student movements across campuses, exploring the possible connections to these financial and political influences.
Join the conversation as we decode the complexities of university funding and control. Don't forget to like, subscribe, and share your thoughts in the comments below. Ready to go down the rabbit hole? Watch now to get the full story. - บันเทิง
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I am an orthopedic surgeon in new york. I love the show and I watch it daily. I think you missed one of the most important variables that should be included to the discussion. after a car accident, many victims of the accident seek treatment with an orthopedic surgeon and retain an attorney even with minor injuries. Many victims undergo unnecessary surgeries, to justify the lawsuit. Many of these victims spend and exhaust $50,000 of the no fault benefits. I am confident this drives up the cost of auto insurance.
THIS IS CORRECT!! This is the biggest reason to be honest
every another billboard in houston is off contacting injured lawyer. Its all business
100% correct. I agree with all the factors here, but for the good drivers like myself, it’s not hard to understand why we feel like we’re getting scammed. But the truth is, everyone is lawyering up in the smallest fender bender accidents. In bad economic times, people tend to sue more. (Not hard to figure out) insurance carriers are seeing small property damage claims, and large bodily injury claims attached the same accident. Now does that make sense !? What’s happening is that these people are hiring lawyers and yes going through unnecessary surgeries to inflate their claim values. Yes ! This is a common thing now as crazy as it seems. It’s not uncommon to see a 4K bumper damage which is considered low impact, and 400K bodily injury claim attached to it. Personal auto insurance is basically becoming unprofitable.
That’s the American way now unfortunately. Take advantage of the system for one’s own benefit. Politicians won’t stop this because politicians are attorneys for the most part, and attorneys won’t repress other attorneys.
Great point! Not to mention the unnecessary physical therapy sessions
America is not a country
America is a corporation
Always remember this!
Inc.!
As a Claims adjuster I can attest the entire NOVA, MD, DC area is RIDICULOUS with stolen vehicles.
Left Kos Angeles in 1994 for the DMV. Left the dmv for Charlotte in 2017. After getting a gun pulled on me in traffic on one of the rare days i wasn't carrying myself, or mark on the wall is another move by 2030. Gotta wait for the next crash.
Diversity is our strength
Im in NYS. In 2016 i paid 50 per month for a brand new car. I now drive a car thats 10 years old and pay $230 per month. I have no tickets, no accidents.
Man time for a new company 😲
Here in FL. Moved here from MD in 2021. Initially I paid $200/month for two full coverage cars. Now I'm paying $360/month. And I'm sure it'll go up again when it's time to renew.
What part of New York do you live? How did you get that low amount of $50 a month in 2016?? In 2016 I Was $120 a month with no accidents or tickets
I live in Queens New York
I Pay $220 A Month with Geico and i have no tickets and no accidents
2010 Nissan Maxima
I pay $218 for full coverage and I used to have tickets edit: I live in California
@faraz4692 ya exactly insurance is a scam for the most part. They treat it like some subscription you keep paying for every month even tho you don't use. Difference is they keep raising the cost. I'm gonna start changing my privder every year to keep cost down.
I’m an insurance agent and one of the biggest reasons insurance has gone up is actually Lawyers and dishonest drivers faking injuries , they will try and squeeze every single penny out of your insurance coverage limits .
Whats your Bonuses
CEO PAY.
INSURANCE ARE BLOOD SUCKERS.
With lobbyists who force people to pay.
Or loose DL.
And get fined and go to jail.
Fk insurance people
We need to limit the amount of lawsuit rewards. It drives up everyone's insurance costs
It seems insurance companies love it. Why is the print out not being changed or even why not lobbying lawmakers.
100%. My daughter bumped into someone in a grocery parking lot, no damage to her car, a small dent on the ladies car and she is trying to sue for $500,000!!! Insurance tried to give her $50,000 and she refused. No injuries, minimal damage and this lawsuit has been going on for 4 years!! Lawyers are the worst!!
You working for the enemy is the actual problem. All of these other issues wouldn't exist if no one would work for their own abusers.
I'm in Rochester, NY. It is absolutely insane. The bail reform laws just don't allow police to keep these people in jail, and there's not enough police to even arrest them. It's horrible.
Did you vote for the people in office
@@okiedoke6373 nope.
Damn, they even ruined Rochester... wow, haven't been there in like 20 years, all I can say is California its much worse than anything I ever experienced on the East Coast so if this is true, you better get ready because it's only going get worse
I bought a brand new BMW last year and when I purchased my car insurance for it I paid just a little over $1000. I’ve had the car for one year now and since then my car insurance has gone up $500. Clean driving record no accidents no tickets, and my insurance still went up $500 in one year for the same exact coverage
Do you have replacement cost on your policy? That coverage will increase at renewal because it protects the car from depreciation in the event of a loss
@@victorm3237 interesting….never heard of this. I will check. Thanks for the info
Insurance (auto, health) has turned into a massive scam
It Always was how can the government force you to buy a product to drive on a public highway that you pay taxes to keep up?
It's only a shame until you have to file a claim. 😅
Yep and politicians dont talk about it theres nothing affordable on obama car
...and housing, especially Florida where he is at.
I said it since i started.. it is a legalized rackeetering industry now. They should pay back 50 percent if you drive normal and dont use it after 11 months of good driving
I'm in Texas and my full coverage went from $85 to $130 to renew. On a '05 tahoe, yeah a 19 year old vehicle.
I just noticed mine took a big jump too. 18 year old work truck. Now more then 6 or 7 years ago. Makes no sense m
One thing to add that is never talked about, storage yards and shops over charging in storage to insurance companies. It's a total racket.
We need legislation to cap insurance rates. No more than $100 a month for both auto and home insurance!!!
at 39 i'm donating $220 per month for full converage with all the standard stuff on a 2024 toyota camry. no accidents, no tickets, 800+ credit score.
I love the way u worded it and yep it is DONATED LOL
Credit score only matters if its bad, if its good they dont give a rats ass
But could you pay if it got totaled? 35k? doubtful since you got a loan, am i right... meanwhile i pay 80, for nothing in return if i crash, for a 2002 vehicle that runs fine, estimated value 2500.
a new car from 2024, and you got it on loan... is way different than minimums most people get for 40-140 a month with no ability to recoup my vehicle or value if in an accident.... big difference to you with full coverage, but i pay half you do
Full coverage for 220 for 50,000 of issues...
...or most of us on minimum for 110, and you get nothing in an accident.
I hear a TON of 20-30 year olds in America are driving around with no insurance these days simply because its half the cost of a 4 bedroom home mortgage was in the late 90's and they don't have the money for it since their rent keeps rising every 6 months.
I bought a manual car back in 2014 and was told that eventually when the clutch goes out it will cost around $700 to repair. When the clutch finally went in 2022 I was given a quote of $4500 to repair the clutch that I was told would only cost $700. I laughed at that quote and called around to about 10 different shops and was given similar quotes. Issue.
Bruh you can buy a clutch and fly wheel assembly for like 2.5k and good aftermarket ones.
I work in Finance in the industry. Let me save you some time.
1. Frequency of claims and Severity (cost) of claims has been up since the pandemic, though frequency is falling.
2. Many state insurance regulators (remember that insurance is regulated by states, not federally) slowed or paused rate increase approvals, which means that the entire industry was fighting with losses.
3. Many insurers began restricting new business and renewals (because the insurers were losing money on every new policy), limiting access.
4. Only within the past year or so, regulators started approving rate. Since there was a large backlog of requests from insurers, we saw large jumps. Basically, insurers went from subsidizing your policies, to being slightly profitable.
At least with what I see, theft is not a particularly big issue. The cost of repairs however, is.
Also, in terms of leaving states, this is 100% on the state insurance regulators (looking at you, CA and NY). Insurances companies are in business to make money. They are not charities, which is how some regulators were treating them.
Very true! I've worked in the insurance industry for 35 years and can agree. The entire industry is massively regulated and competitive. They're all losing money year after year to storms, inflated repair costs, and ridiculous liability claims.
Agreed! I am a P&C claim adjuster, and the loss ratios are out of control across the board. They can't pay claims if they are paying more than they make on losses and loss adjustment expenses. People do not realize that solvency is a requirement!
Florida is almost impossible to live with 70k a year. You will pay on 350k house at least $7k property taxes, $8k in property insurance, $2500 car insurance. We are screwed so bad.
Say it louder!
All my life I’ve lived here in Florida. I can’t wait to leave for those exact reasons and more.
Florida unfortunately is only for the elite now. It literally turned into NY/Cali overnight.
We’re all going to end up In Mississippi to afford living.
Try cali or NY!
I paid 170 in 2020. Now it’s 246. With a clean record.
I work in the auto insurance industry…it’s going up b/c it’s more expensive to fix cars, paying more for rentals due to parts delays, medical bills are through the roof, and venues are even more liberal than prior to Covid. Having to pay these nuclear verdicts is costly..these greedy attorneys don’t make it better either…
70 cents for every dollar that’s brought in goes to just claims payments
I was in bumber to bumper traffic in that exact one-mile stretch of I95 three weeks ago and a truck plowed into me from behind. I was at a dead stop and he was texting and didn’t see that everyone was stopped. My truck has been in the shop since and it will be another month before I can get my truck back. One distracted driver costing me $2000 between the rental (out of pocket) and repair deductible. Progressive will be covering $19,646.69 to fix my truck because of one dumbass who wasn’t watching the road. But now knowing I was on the deadliest stretch of highway in America, I feel lucky that it wasn’t worse.
GEICO increased my car insurance 3 times in 12 months, totaling over $100. I have a clean driving record, which I receive a discount for. No claims. I called them. They suggested I take a defensive driving course with one of their partners (cost $15). Doing so would save me less than $50 per month on my insurance.
People drive as if they are racing at the Daytona Speedway while texting. I drive in the right lane at the speed limit and wave goodbye to everyone who leaves me in their trail of dust...and yet I'm paying for their mishaps.
yes but it's so worth it because No More Mean Tweets.
How about you call other companies and see if you can get the same coverage for cheaper? Geico did this to me and I switched and saved 800 bucks a year and have better coverage.
Geico did this to me too. When I actually needed their services- a tow- they couldn't find a tow truck and left me on the side of the road.
I've worked for them for years, terrible company. Good pay, and lovely people, but you really can't shop your price like you used to anymore. If you look at your coverage breakdown a majority of your cost comes from coverages that are required by the state, so raise deductibles and cut coverage as much as you want the prices will stay about the same unfortunately. What sucks is they are actually nicer about it then most other companies. Please 🙏 don't call and yell at anyone no matter how justifiable though cause those are my peeps and I love them and they probably agree with you just can't say anything.
@@mindthedrift. who did you switch to?
Our insurance went up $1000/year No accident or tickets. We’re over 50.
Change companies right now. Online, right now. You're over 50, you ought to be wise to shopping around.
Same her. One person.
500$.
I'm fkn pist..
57
Its bs when the CORPORATe heads are 6 figure salaries meanwhile broke persons are squeezed
The rich steeling from the poor
Once you get to age 50ish your rates go up. The older you are after age 50 the more likely you are to crash, in general. The very young and then old pay more because they are more risky.
They are taking advantage of you
@@bobbykirk4047 how so? I read the coverages and agree to the price and pay it. Nobody forced me and I had dozens of companies to choose from. Maybe you feel like they take advantage because most people never need their insurance. In the small chance that you do need your insurance the $2000 premium is nothing compared to hundreds of thousands in property damage and liability that is covered. If you file a claim you are glad you have insurance, right? So you like it went you need it but when you don’t you are a victim?
Georgia born and raised, in 2012-2013 freshly graduated I was paying $80 a month for minimal coverage, skip to 2019 and insurance reps shook hands with politicians and they threw out the insurance cap (law) that was on insurance companies, now Georgia is the 2nd in the nation highest unless you're locked in with no missed payments and no more than 6 months of no insurance.
I was down on my luck and the head gasket on my car went out and I had no vehicle for maybe 8 months during Early covid.
Now, the cheapest bare minimum coverage I can find is $250 monthly and I have a perfect driving record.
The general quoted me $380-400 monthly and I told them to f off
I mean what your car? and which years is it?
@@kyprisdragonscale2571998 Toyota Camry with 380,000 miles on it
Did they say it was bc you had a lapse in coverage? That’s the best excuse I have ever heard
I did, I didn't have a car for maybe 7-8 months and the car I have now is a 98 Toyota camery with 400,000 miles on it
Thank you for the content!! All we need is the right advice on how to invest in crypto and we will be set for life, I’ve made huge figures from trading regardless of the market conditions😊
YES!!! That’s exactly her name (Octavia Adriana Madelyn) so many people have recommended highly about her e from Brisbane Australia…🇦🇺
I’m a long term investor, I withdrew my profits of over £61,000 during the Christmas period
She is my family’ personal Broker and also a personal Broker to many families in the United States, she is a licensed broker and a FINRA AGENT in the United States.
If you don't want to crash and burn, you should seek the advice of a fiduciary counselor when you first start out. Because their entire skill set is based on going long and short at the same time, they employ a profit-driven strategy based on individual risk tolerance.
A lot of people still make massive profit from the crypto market, all you really need is a relevant information and some < professional advice. ‹ it's totally inappropriate for investors to hang on while suffering from dip during significant
Intentionally being done
The Dems sure love making everyone slaves.
Yup!!
“You will own nothing and you will be happy”
Agree. This is by design. Insurance companies have to factor in the risks associated with extra drivers on the roads, you know....the folks who aren't supposed to be here in the first place. Plus the cost of parts and labor for repairs on vehicles that sometimes cost more than houses. These insurance companies have reinsurers. IMHO, I think this whole thing is a scam.
Yep, fifteen minute cities don't need cars. According to the overlords.
I have Geico, no tickets no accidents and no claims. Went up 66%
Had G. They support BLM.
HAD TO LEAVE
@@RM-lk1soI guess you have to get rid of your underwear also 😎
Geico always raise you every few months anyways. They start low to get you in then they got you!!
what state do you live in?
@@ROCKOLA79 Northern California
Here in texas 43 yo male no accidents in 20 years good credit driving an old truck 2011 model $125 a month for liability.
PBD please do more of these. Your knowledge and stats are so informative and helpful.
Average American files a claim every 18 years. Average cost of insurance is several thousand and is mandatory. Insurance is a scam.
Hey granted Patrick sells insurance. The irony.
True. The auto insurance industry has always been a "high margin" buisness. Once those margins get thin? Especially in certain states/ markets. They get out of dodge. Low margins may as well be unprofitable
I’ve been saying this shit for years
One bad accident that requires hospitalization can cost the insurance company over $100k.
Being forced at gunpoint by the state to purchase a product from a private corporation is deeply immoral.
My 20 year old car is $114 a month. No accidents or tickets. 🤞🏻 I’ve been driving for 12 years.
An old car doesn't necessarily mean a lower rate
same. Clean record. I tried to get a min liability quote from Geico on my 06 Altima and they wanted 130+ a month. I had my dad insure it for me. 90 for 6 months. Idk if its because i havent had a policy in 5 years or their version of the dealer markups and used car prices weve seen
Same. 07 Honda Odyssey; it's a minivan.
@@coma514175 for a 2002... and i have one stoplight in my entire county of farming
@@stevensgarage6451my retired father pays 4 times less, and has 2 vehicles on his policy.. they rob us people who are 20-40
IL lawmakers are reportedly considering making insurance tracking drivers the law. Not to lower insurance rates, but because they claim the criteria the insurance companies use is discriminatory. Tracking drivers actually makes rates higher in addition to loss of freedom.
Just another technique of the surveillance state
Just corporate greed! I'm sick of it!
Auto Health and Life insurance is a scam in this country
100% TRUE
100% fact!
As the owner of an insurance agency in CA, I can tell you it is a real mess. Despite the justification of increased premium, many people are having real trouble. Example: #1- 19yo male Sacramento county, clean record working at a grocery store requesting full cvg on a 2007 Ford Ranger= $650 per month. #2- 41yo female in Alameda County, 1AF accident, 2019 Dodge Journey= $420 per month. This is also having an unforeseen impact on the auto lending industry as well. As lenders are becoming aware of the massively increased rates, some are implementing auto insurance estimates to be considered in their lending decisions. Obviously, the impact will hit the most financially vulnerable sector of society. As if it isn't hard enough in CA with $6 per gallon gas and more. What are some people supposed to do?
Yeah, the whole teen boy vs. teen girl driver has always been a scam. Male drivers are always better drivers. In the past few years, every car I've seen busting a red light has been a female (usually under 30, but mostly early 20's) staring at their phone. I would say it happens 3-4 times a year.
There's a house near us that was built 20 years ago, directly across the path of an intersection. It has been plowed through three times. Every time it was a female driver.
Insurance companies need to give bigger discounts to great drivers.
57
"Single "
No violations.
Full coverage.
Was 198. 2k ded.
3 years.
Increased 50 month.
I even have drive wise.
I'm being fkd.
Meanwhile CEOs get their bonuses.
What about my discount.
Ie Bonuses for perfect driving
I'm paying for others terrible decisions.
Fk that.
Bidens Newcomers drive just fine without auto insurance 😂
Stop voting for communism would be a great place to start.
Being forced at gunpoint by the state to purchase a product from a private corporation is deeply immoral. You are literally in the business of robbing people via the threat of government force.
Progressive had my policy go from 300 to 600 and they called it an increase. $50 is an increase. Doubling is INSANE. Especially for the same services like whT
Just a progressive increase
@@frankherman5195 i see what you did there! Lol
My progressive commercial insurance went from 600-850 a month to. Only after a 1100 a month renewal. I found a local agent that was able to drop it to 850. Progressive tried to about double my bill. I’ve never made a claim and have a clean driving record.
In Mississippi, here's what people deal with and why most of us choose not to insure:
1. No public transportation. If you want a job, you most likely have to travel Therefore you need a car. The used car business is a known money maker in the state.
2. Expensive registration. Once you get a car, new or used, it's at least $400 to register with the state. $400 for a STICKER.
3. Increasing gas prices. MS is the poorest state in the country. Minimum wage is $7.25 per hour. You HAVE TO buy gas to get to work. Let's spend the $ on gas instead of insurance that would most likely not get used anyway.
Overall, let's not forget that the insurance company is most likely going to simply total out the car and pay you less than the total you've paid them as a loyal customer.
OMFG to # 2
I'm from Florida and there's plenty to be pissed about but $800 to register your car???!!? WTF?!? And that's not including taxes!! We pay around $125 for Tag and Title. Insaaaaane!!!
That’s wild. It’s like $27 in Tennessee. I just renewed mine last week. It was less than 30$ I believe.
Your spot on with the last part.
I guess I'm not only one. Last year I was paying $137 for a 2015 Toyota corolla and now it's $280. No accidents and no tickets.
That's crazy.
I pay $270 for a 2022 Jeep and 2015 Prius, no accidents, no tickets 🥲🥲 here in California and I have geico
That's what happens when there's no competition in the industry and they're owned by institutional investors
Wow, State Farm?
What state?
Just think about how much money we are losing to all this “needed” aspects of like. Whether it be mortgages/rent, insurances, groceries, gas especially while supporting a family, has gotten ridiculous. I was comfortable supporting my family that consists of wife and 5 daughters making 50k a year. I now bring in 120k a year and have never felt more broke. I’m good with money and I don’t spend any money on myself. It is getting a bit out of control.
Not to flame a specific company but Pemco increased my insurance from $200 to $334 per month in a 1 year period for a 2017 honda civic. No tickets, no accidents and been driving over 10 years. Switched to progressive for $80/month.
92% have insurance in Texas? Interesting I must’ve gotten hit and ran by the 8% lmao
My Charger was annihilated by an uninsured driver and my dad’s Camaro…too many illegals drive around with no insurance
Yeah, not so sure how they get these stats. We have thousands of illegals that don't have insurance. I've seen them hit people and either drive away or get out an run away for the last 25 years.
Right? Here in NY uninsured drivers are all over. More people who shouldn't be here= more drivers on the road = more uninsured . The math here isn't that difficult to add up. And don't expect insurance companies to pick up the loss.
Always add uninsured/underinsured to your policy.
Ditto! Paid out the nose many years, but when hit by a non insured driver, I paid up, lost work, lost truck, lost ability to attain income! But the insurance company got their fees! So much for paying out the nose, as I said, for many years, for uninsured motorist! The guy that hit me, sending me to the hospital in an aid car, walked away with a speeding ticket & traveling too close!
The main reason is all the uninsured and under insured people driving around...it costs all of us who have insurance even more to pay for the scum without decent or any insurance
Bs you'd have more insured people if it didn't cost so much. The reason is the executives are making huge bonuses, and they won't take a cut due to inflation.
Gee I wonder why there are so many criminals and uninsured drivers. I bet it has nothing to do with having a 1900 mile long open border
You mean like illegal immigrants that they are giving licenses?
The entire reason insurance exists is because a small percentage of people (drunks, poor motor function types) can't operate vehicles safely. Those same people can't conduct any aspects of their lives safely. We pay for those people, insured or uninsured.
Anyone driving uninsured and without incident is not affecting you. Anyone driving with insurance and without incident is not affecting you.
It is the few morons that cause the extreme accidents that companies and government use to justify mandates and pricing.
@@Ben-iz9ud bro the entire net worth of every executive going to zero would have no effect compared to inflation, theft, fraud, COVID, regulations, and all the illegals and uninsured
220 to 800 in Los Angeles for full coverage, I wish it only went up 22%
As soon as EVs came into the market issues have been high. Then every new vehicle that releases wants to be a “premium” level vehicle while serving a lower middle class society. Thank you for this video
House insurance doubled in South Florida.. ridiculous such a scam
I literally just received a notice that my house insurance has gone up by 48% over the past year alone. I live in the Midwest but my area has not had any huge storms and I have never filed a claim through my house insurance.
They are going up everwhere. Inflation is driving up home prices around here such that small complete rehab jobs are selling for as much as slightly larger move in ready homes were 5 years ago.
@@jimpayne9545 What is your fire services status? Fire departments, including volunteer ones, have ratings. Low ratings mean high insurance rates. Of course check how much housing prices have gone up in your area too.
i cant believe he made the title only about florida car insurance..
State Farm told me there has been a huge raft of new state and federal regulations and those are forcing them to increase rates. Regulations are always increasing so there may be some truth to this.
Never put the insurance OBD reader in your car. These ports are made for occasional use (dionogstics), it will mess your car up.
I'm a Business owner in Cali. I have a service truck fleet of 12 units. In 2019 I paid "$2,500" per month. Now I pay $12,900 per month. That's just commerical. As a business owner in Cali I pay $27k in total for insurance per month for everything. I took a trip to China 2 month ago as I am trying to get into manufacturing as I can automate in that industry. I cant automate in Maintenance Services.
I’m in California , my AAA went up 26%. No accidents with a 94’ and 06’ Toyotas.
Bc they're old cars
@@moodlampActualyour new car will break down first than those old toyotas shit you will get sick before those cars break down 😂
Great video Pat and explanation. IMy wife was an underwriter for 30 years and just this weekend I asked her why our premiums keep going up.) People drive like crap everywhere, in particular here in Charlotte. They have fast cars and are completely selfish. Every time we go out, we can count on one hand, if it's a short distance, the number of nut cases making illegal turns, changing lanes like lunatics and definitely speeding. It's a sad world.
Car theft and EVs are driving prices up. Repairs and maintenance always go up. But 22% is from car theft and evs blowing up
Same is true here in Cqhicago, I can't go more than a few blocks from my house without seeing at least several idiots breaking traffic laws left and right. People blow through stop signs and red lights like they aren't even there
I live in Las Vegas Nevada we have one of the highest insurance rates in the USA.🇺🇸
It’s from everyone moving here in the last 4 years that can’t drive and are intoxicated from legalizing weed and alcohol
Nationwide have been with them a while. Home and cars. Cars $173 for full coverage on a 15 c63 amg and a 21 acura rdx aspec shawd. Just had them replaced the windshield on the c63 completely "free" no hike on rates or out of pocket expense
We need to start inspecting these insurance body shops bc it will make a lot more sense to understand the sneaky things they do to get a bigger check from insurance companies 👍🏾
From what insurance agents have shared on here the top reason is dishonest injury claims with lawyers that try to squeeze as much as possible out of a claim. My wife had accidentally rear ended a car under 5mph waiting at a red light which resulted in them lawyering up later on and sueing for medical expenses. Luckily our Allstate lawyers took care of it and they ended up settling for less when they realized they were going to be losing more in legal fees if the continued with their sham.
The insurance companies call the shots. If you don’t do what they tell you to they won’t do business with you.
They love using used or aftermarket parts while telling you the consumer their using oem parts or refusing to replace critical components that the manufacturer and software say to replace because of liability issues.
Their all a scam.
Have you ever seen someone with flat black fender and hood, 90% chance they didn’t want to pay the deductible.
Currently paying $214 a month in TX No current tickets in the past 5 years & no accidents ever
That is so incredibly brutal. How is this possible?? That’s like half a car payment
How? I'm in Texas and I'm paying 85 a month. My car is a 2011.
@nattypatty3667 them 2020 and up vehicles cost alot to fix now. And lots of problems and recalls!
@@nattypatty3667 72 month here in FL on F150
My insurance went up 10% in January and is due to go up 40% in July. No tickets or accidents in over 20 years.
EXCELLENT research
Interesting..thanks PBD
Auto insurance went 27% every year since 2019.
Homeowners went up 52% this year.
Insurance companies are still out of hand. I have a 05 f150. I went without insurance for a month last year. Every company wanted to double what I was paying. Some companies wouldn't insure me at all because I have a low mileage truck and it is a long bed work truck so the value of the truck skyrocketed over Covid and no one wants to insure an older truck at a premium value.
My insurance went from $65 per month to $95 a few months ago. No accidents or claims.
Thanks!
He forgot the litigation costs. Insurance companies have to pay out a lot of unreasonable lawsuits and fake injuries. So many dishonest personal injury lawyers out there. These lawyers get rich while everybody else (us) get poor. We need to limit the lawsuit reward amount.
Everything is skyrocketing right now
Your wrong! The media says everything is great! (sarc)
Price of car parts are a ripoff. Price for 1 headlight for my 2010 Honda is $250. Got a pair of aftermarket for $120. Honda insists on OEM parts. CRIMINAL. Price for headlights on newer cars are over $1000
It is so refreshing listening to someone who used to be in the insurance industry. This is true. They are losing money left and right. They are an insurance company not a charity. I guess we just have to take it. Or go with no safety net
All of my bills, except rent, doubled in the last 3 years. My income didn’t double. That’s why we’re feeling the pinch.
A Publix parking lot in Florida -
The most dangerous place to drive in America. :)
Bless their hearts -
A blend of retirees confusing the brake and gas peddles, and frustrated younger drivers.
A close second?
Driving behind Grandma on 95, while my Latin brothers and sisters constantly change lanes, with no blinker of course.
Going from Fort Lauderdale to Miami -
In the most left lane doing 50 MPH,
with the left blinker on the whole way :)
All this equates to the present car insurance rates in FL.
That's why I always park in the back. Lazy people dont like to walk.
I got a hole in the side of my car in a Home Depot parking lot.
@@gifthorse3675wtf?
Publix bakery and a Pub sub is worth a few dents. Stop ya crying.
So true
I was involved in an accident where I was rear ended. The car suffered damages worth $8000. I was being called everyday by several law firms to sue. I refused, stating that I was perfectly fine. Some even got upset that I refused to sue. It’s crazy!
Good work on the video.
It went up $40 for me with a perfect record past 12 years. Instead of going down.
Why would it go down though? Why would they ever make you pay less when they can make you pay more?
@@rehmsmeyer Always the way it's worked smh the less you're a risk the less you pays where you from ?
@@potatorigs2155 Been driving for 20 years, 0 accidents or tickets and never once had my rate decrease. Midwest.
Did you even watch the video? He clearly explains the reasons why rates are increasing. Why would they decrease for you when the risk each policy represents has increased?
Yeah mine jumped almost 200 per year. Same thing.
I shouldn’t have to pay for other people mistakes!🤷🏾♂️
That is the nature of insurance though. Look up the origins of insurance.
@@LeahB31 your right, but I don’t care. I haven’t had an accident in over 10yrs with the same company and my insurance is ridiculous with all the discounts. Tax the car companies for not having proper safety features to avoid theft. Why is taxing the people always the first damn solution!?!?🤷🏾♂️
@@JacXKrueger13 It’s not a tax. The insurance companies can only control so much. The manufacturers aren’t their customer and they can’t bill them. Insurance companies partner with organizations that try to help mitigate these damages, but that only goes so far. At the end of the day, the insurance company is a business and in America we have a morality problem that is spreading. The further away this country strays from its Christian roots, the more we all pay for the sins being committed. This country needs healing from the root of the problem. Insurance problems are not at the root, it is not the diagnosis, it is only a symptom.
Biden's Newcomers
Great analysis !
Thank you PBD
The insurance app to put on your phone which monitors your behaviors is a TRAP. It is tracking and tracing everywhere you go. I refused it when it was offered because it is none of their business where I go. And then I leave the phone home always.
Can't you just remove your battery? If not get a cheap Trac phone for emergencies.
@@sandyjuntunen4088 The newer phones these days are not letting the battery to be removed.
THIS IS GETTING RIDICULOUS 😭😭
Fiat currency man.. Fiat currency..
Very impactful.
I’m paying $282/month on a 2017 Honda Civic for state minimum coverage with a $1000 deductible in Los Angeles. This is ridiculous.
Right now that's not a bad price in LA
Do not do the phone based drive trackers(at all to be honest) if you do commercial driving, operate any aircraft, or frequently drive offroad vehicles. Ive worked for an unnamed Auto insurance company and have horror stories about Auto insurance rates
You are correct. Trust me I know
I did one with progressive and one with geico and they both jacked up because they both said I "brake to hard" which is B.S. as I deal with disney traffic and all the mess here in orlando
@daniglesias3997 I spent weeks emailing folks in underwriting. This guy was a search and rescue pilot for the forest services. His driving score was awful to the point that he was paying 1k+ monthly. They refused to reset his score because "it was disclosed in the T&C's." I bet had this issue been bubbled up a little higher, someone would have been like "yeah this is dumb and not its intended purpose of the program." To be fair to rework how their policy was written would have been a lot of work and likely a huge headache for something that this guy technically agreed to. Still, because we didn't, this guy came away with the impression that his insurance company would use technicalities and legalese to raise his rates. Which is true. That's what happened, but that honestly isn't what the company intended with the program.
I heard it was to cover all the new electric cars. Because after an accident, they usually trash them.
They trash ALL cars after even the most minor fender benders. I had what I would describe as a fender bender and they totaled the car because they claimed the frame was bent. Cars today are built to crumple… they aren’t build to withstand any kind of impact.
That’s not my bill to pay
Well look at the fender prices on a Rivian vs a Toyota Camry or even a mercedes. Get yourself educated
No, it's all of the KIA cars that were stolen.
@@1love1god1people9 Rivian is like 0.1% of the total vehicles in America.
In CA we have the California Insurance Guarantee Program in which insurance companies join to be a part of their admitted status. Know as admitted insurance carriers. Most other States have this as well. But, when insurance companies join they have to succumb to all of the regulations and pricing dictated by the Department of Insurance. Insurance companies file for rate increases and the D.O.I. drags their feet on approving or telling the carrier no. That's a big part of why their leaving. Non admitted carriers don't have this issue.
I think our best bet is driver safety features.. I wish insurances would add discounts for things like dash cams or driver assist technology (lane centering / auto breaking)
I don't think YT will show this comment, but I have a theory. Whatever was in the 💉 is making people way more agressive on the road. Especially women.
I mean women are injecting everything and anything these days. 😅
Auto Insurance, between our HOA and my personal housing insurance has gone up 50-100%
I went from paying $130 a month to $285 with a clean driving record no accidents no points and same damn car
Same here in Michigan for a 2021 Nissan Sentra
Remember 🤔 when all those catalytic converters were being stolen 🤦🏻♂️ I left nyc after being broken into 3 times 3 different neighborhoods and paying 400$ as 24yr old driver no full coverage high taxes high crime low quality of life made the best decision to leave nyc even though I’m in a smaller city I don’t care it’s just not fair to pay that price plus the low quality of life
lol, I was in Queens. My neighbors catalytic converter got stolen twice. Where are you now ?
@@skoolboi_L new york is a wild zoo I’m in Doylestown PA
From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading
Please educate me, i'm willing to make consultations to improve my situation,
Christen wilburn. understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
She's recognized as 'Mrs Christen. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Please how do I find this financial counselor?
I live in Northern Arizona been here nine years, never saw the wrong way drivers up here until the last couple of years. The amount of head on collision and hit and runs has gone through the roof. My husband‘s employee was hit by an illegal with no insurance or license on his bicycle thankfully he was OK but that’s fine. The rest of us gotta pay for it, rip off like medical insurance because majority of people have the rest of us pay the bill
I have Allstate insurance mid-range coverage located in West Palm Beach Florida & I pay $508 per month for 2 newer, low miles Maserati's & I have not even gotten pulled over in 12 years & no actual tickets since I've been in my low 20's. 47 years old now.... makes no sense 😮
Allstate raped me for years. It's always worth going to an agent for better options. Besides, I'd like to delete that mayhem guy.
There needs to be an insurance company who only ensures those with 15+ years no claims!! The customer and company could win!!
I'm in Commiefornia, I stopped driving my truck last year because I couldn't afford to pay auto insurance for two cars. I went in to get my truck insured so I can drive it this summer. Best my agent could do was $140/Month extra on liability ONLY! They wanted $350 for full coverage on a 2007 tacoma! Insane!!!!!!
It's robbery!
Well said.
The mother fucking insurance
Industry is out of control
Follow the money.
Audit they're asses
my son’s challenger was stolen. we live next door to where illegals are housed when the first get here. cars are stolen by them every day/night.
Yep all of this has to do with 10+ million illegals FJB
Suuuuure 😂😂😂
Our home owners in NC is gone from $1300 in 2021 to $2500 in 2023
Cause of biden inflation
I do pay just under $600 full coverage with 1,000 deductible a year ( I insure with Allstate) my car is now 11 years old and in last five years have only added 4,000 miles to odometer plus I just retired in March no tickets in last 14 years. Truth the cost is low due to the fact I live in Wyoming.
Here in California nearly all companies stopped offering 12 month policies. I was told directly its so they can "adjust rates" more frequently. I paid nearly $1,700 for 6 months with a clean record on a tiny 4-cylindar sports car.
For reference, $1,700 was my rate over a year ago when I still had 2 speeding tickets on my record. Im 32 by the way.
Somehow, within a year, rates increased so much that my current policy WITH A CLEAN RECORD is equal to a recent very recent policy where I had multiple violations on my record. Guess I can put the $10 savings I have from my slightly cheaper registration towards my insurance policy! UGHHHHHHH
lol I remember moving from California to Louisiana and being shocked my car insurance actually increased.
Wow!
Hallelujah!!! I'm the favorite, $60,000 every week! Now I can afford anything and also support the work of God and the church.
Oh really? Tell us more! Always interested in hearing stories of successes.
This is what Ana Graciela Blackwelder does, she has changed my life.
After raising up to 60k trading with her, I bought a new house and car here in the US and also paid for my son's (Oscar) surgery. Glory to God.shalom.
😊😊
I know Ana Graciela Blackwelder, and I have also had success...
The reasons. 1) ev parts scarcity and ease of achieving a full total 2) bumper mounted sensors all of a sudden being ubiquitous.
#2 is the big one. You are so much better off without adaptive cruise control AND front parking sensors.
driver licence in Germany costs 3500 to 4500 depending where u life in Germany
It has nothing to do with you or what you are doing or the weather. It 100% has to do with those companies being controlled by the companies they get their funding from. aka Blackrock. Also all of these companies get reinsurance from companies in Bermuda. The reason they do this is the C level employees from the insurance companies own the reinsurance companies. They shift their profit to the reinsurance companies. Therefore they show smaller profits or losses by the US owned insurance companies. They win with both companies.
Thanks for that insight. All I know is we are being scammed and they have huge advertising budgets. With so many people moving to Florida our rates should be going down not up