I used to work at one of the biggest insurance companies in the country. There’s a lot of things that causes insurance rates to rise and one of them is that now they also use your credit score to determine your risks. Every year, insurance fraud costs the industry billions of dollars and it goes up and up. 2nd, the amount of natural disaster claims increases due to tornadoes, hail, flooding, snowstorms, hurricanes, etc. 3rd, the amount of accidents and claims that people report in your area affects your rates too. 4th, how many claims you’ve filed and how much your insurance company has paid you for each claims. Were you at fault or not at fault for each of these claims? Was your insurance carrier able to recover their money back? Remember, insurance companies are a business. Their main purpose is to make a profit for their shareholders. It takes 7 years for an insurance company to make a profit on one customer. You have to be insured with them for 7 years before they can make any profit from you. Look, I’m not defending the insurance companies. I’ve seen what they do to cut corners but I’m just trying to explain that this particular issue is not as simple as some people think. There’s a lot of factors that comes into play when it comes to insurance rates.
GTFOH! I haven't had an at fault (my fault) accident in 35 years & I haven't had a moving violation or any other Citation or Ticket in 25 years Despite a much cleaner driving record than 99% of the population - I get hit with 22% increases the last 3 years in Cobb County just outside Atlanta GA Please explain how in fvck it takes 7 years to turn a profit on ME when I've paid 7 straight years of premiums with no claims, and no Tickets nor DUIs, nothing You didn't think that bullshyt through that you wrote above, no effing way does it take 7 years to turn a profit on 1 customer Simple example: Let's say a person pays $100 per month for car insurance (wayyy too low) that's $1,200per year for 7 years = $8,400 over 7 years that the insurance company gets to invest in office towers & everything else Your 7 year example is straight up bullshyt Go defend some other bullshyt azz industry
I thought you would have an argument we could use against this robbery we're being hit with on mandated purchases. Bummer. Some of us barely squeak thru, and don't have any 'extra' to 'invest'
American car insurance has been chronically loss making for over a decade. Companies have used the current inflationary climate as cover to raise their prices to where they always needed to be.
My favorite excuse for higher insurance rates, “well many people in your area don’t carry insurance so prices have increased.” - as if that’s my problem!!
I had almost this exact conversation with someone at my car insurance company TODAY! And that was only after I Googled their phone number (because it wasn't anywhere in their information) and waited on hold for 20+ minutes to reach a human after dealing with their clueless chatbot on the app. I feel like I'm living in the movie Idiocracy.
Funny thing, we JUST bought our 1st care last week (well my fiance did technically) and sure enough ran into the same car insurance issue. However, since he has an in with friends in the insurance field, he was able to get a quote tailored to the car he was in the market for. Since our budget and mark was 2K-5K total and a used model pre-2010, we were able to get a quote for $110 a month.
I have now screwed over car insurance, license, registration, inspection, EVERYTHING. I have a health condition which does not allow me to drive. AND I find it cheaper to Uber than to own a car!
Interesting that her ‘Free’ 5 day Investing course is listed as not offering a refund in the Terms and Conditions. Why would it need to if it is free? 🤔
If you pay $200 per month in car insurance, then you either bought a very expensive car that just has a very high replacement value, or your driving record is awful, or just dealing with an insurance company that is determined to rip people off and probably has overhead problems of its own.
My truck was 40k but the value jumped to 50k during the used car market spike and my insurance is nearly $200 a month now. But that’s for top end full coverage 🤷♀️
Or none of the above. 3 yrs ago, I got geico full coverage for 2 vehicles. The salesman said that, except for one old ticket that was still hanging on, I could’ve gotten it for $88/mo. Cut to 6 months later…did I get the reduced price because of zero tix? No. It went up. I asked why, and was told ‘because, that’s what happens.’ So in these 3 yrs, I’ve 1) gotten older, supposed to reduce the rate 2) gotten zero infractions, supposed to reduce the rate 3) one of the cars was paid for and dropped full coverage, to liability only, supposed to reduce the rate. Result? My rates are going up AGAIN for another $30/mo beginning in May. So it’s now almost double what it was 3 years ago with all those issues that no longer apply. Insurance is a scam and it has NOTHING to do with how you drive or who you are-they do it because they can. And that’s the only reason. Legalized robbery for mandated purchases.
@@lisayoder5686Call a few other insurance companies and get competitive quotes. Unfortunately, doing this every couple years has been necessary for us to keep our rates down. Most companies aggressively jack it up from year to year knowing that most people won't shop around each year once locked in.
Cars have increased in value, higher than normal. Insurance companies are paying out more in claims - many are straight up losing money year over year.
I don't support the Insurance Industry, but actually, the main reason premiums are increasing is multifaceted. 1. More vehicles on the road. 2. Higher cost of the vehicles on the road. 3. Higher repair cost of the vehicles on the road. 4. More young drivers on the road. 5. Higher instances of litigation from accidents. 6. Climate Change causing more destruction across the nation. I am not saying Inflation isn't part of the problem, but its not the only or main problem.
Few reasons car insurance is going up - one is inflation, MSRPs are rising on vehicles which affect claim payouts, claims are also rising so insurance companies need to be able to recoup from unexpected increased losses, and electric vehicle part replacements cost way more so claims are more expensive to indemnify the customer. Nuclear verdicts are also not helping companies recuperate from inflated loss payouts. Totally agree though sometimes the increases are just crazy and unprecedented when someone has had no claims and no issues
Pay them in pennies and change its still legal tender or just walk away and get a new insurance plan. If you get a new insurance plan you have to keep changing the plan otherwise they walk over you and think it's okay.
My gf told me, after a call with her insurance company, that her insurance prices got jacked up due to the huge increase in uninsured drivers in Houston. Deadass.
Why insurance companies increase their prices in the way tangible products can? And he mentions "supply chain shortages..." ??? That doesn't make ANY sense to me. It's not like there's a warehouse full of insurance somewhere... and I know I've never heard of a strike at the Insurance Factory. Seems like you need to have a supply of something in order to follow a supply side business model. The insurance industry is a racket anyway. Is there ANYTHING else that's equivalent to insurance? Is it a product, or a service? Well, if you're an insurance company, you're either or both, dependent upon what is advantageous. Inflation of goods? "We're a product... with a 'supply chain shortage'... When the cost of goods goes down, insurance is a service , so it doesn't depreciate like a surplus of goods...
Select the "i want to cancel option", say "its very expensive, can you do any better?" Though insurance companies costs have gonre way up. Cars are getting written off because they sre taking longer to fix and the rentsl for the replacement costs more than your car is worth
@@lgee9027 thank you for replying back. Yeah man those a holes got into my account. I was gonna pay them back honestly but at my own time. Hard times rn. I know is not cool owing ppl.
As a matter of fact this is happening to me I have no tickets no accidents ..... I have a great driving record..... They are telling me that the reason why the rates are going up every 6 months is because of the tickets and accidents of other drivers in the area I live
Same here I was first told that everything was going up that's why the prices were going up... Then I ask another person and they said I live in an area where crime was high that's why my insurance was going up.(Like breaking into cars).
The one time that we all really needed a "fine print loophole" she failed to give us one I guess only Rudy Baylor & Deck Shefflett (Grisham's The Rainmaker) have beaten an Insurance Company in Court We really needed something in the fine print to help us out.......
As an insurance agent I’m afraid that there’s no fine print on this one, just quote with all the companies you can, make sure they’re giving you every single discount than you qualify for, try to not fill any claim and pray for luck lol
Ok soooo state farm is a mutual insurer which participants share liability across the board. Allstate is corporate and has share holders and do not insure in high risk areas. With that said if you didnt have a claim you should not be penelized just because corpoate mismanagement. Your rate should go down. file a complaint with you states department of insurance. Fair is fair.
If insurance companies are really ripping everyone of with exorbitant profits, most of them are publicly traded. Just buy the stock and use your share of the exorbitant profit to buy your insurance with!
Legally they can charge what they like. The view is if your not happy with the price you can go somewhere else for insurance. I appreciate it seems insurance is needed for 90% of everyones daily life but unfortunately thats the law. There is no obligation for an insurance company to insure you.
Car prices alone can drastically change insurance costs. My truck’s value went up 10k in two years due to the used vehicle market chaos. so yes the insurance went up. But if I crash it at least the truck’s value is still going to be covered properly! 😅 My older truck’s insurance is the same for six months as my newer truck’s is monthly. It’s just something to keep in mind when you decide to purchase something nicer / newer. Investing can only do so much. If you make too much interest in a year you just get taxed harder. The middle/lower classes are always on the shit end of the stick unfortunately.
@erika2 so your solution to combatting a corrupt economy and its corrupt institutions and corporations is to tell people to go out and make more money? NEXT!!
Damn girl, I used to love your vids but they stopped coming across my stream - I just saw this one and was excited - you lost me though at the end selling your own course, you are the expert I guess, but I will def not be enrolling
Anyone else hoping she would say this wasn’t allowed in the fine print? 😢
It's legal unfortunately
Me, I was disappointed smh
That was the only reason I click on the short. Very disappointed. I already know it's wrong. I had the same conversation with my insurance company.
The fine print is inportant
Chile, I was finna call my insurance company while the video was playing 😂😂
I thought she was going to say her usual “watch this” and get us a discount. 😢
When Erika doesn’t have a fine print, you know it’s bad
I worked in the banking and insurance industries for years, and let me tell you that they are the best scams and run by the best CONs.
I know this to be true! legalized theft and price fixing…that is mafia 101.
Insurance is nothing more than legalized extortion
And most people with basic insurance spend and 70k a year on car insurance alone nothing else included but insurance premiums
So are taxes we started a war against Britain for, yet here we are, forced to pay taxes.
It's interesting how car insurance jumped higher during COVID when no one was even driving 😱😭😂😂😂
She has the most beautiful smile😀
How the car person said, “StOp CoMpLaInInG😂
Dude. I used to watch these for financial advice. Now I just watch it mainly for the costumes and outfits. Lol
I used to work at one of the biggest insurance companies in the country. There’s a lot of things that causes insurance rates to rise and one of them is that now they also use your credit score to determine your risks. Every year, insurance fraud costs the industry billions of dollars and it goes up and up. 2nd, the amount of natural disaster claims increases due to tornadoes, hail, flooding, snowstorms, hurricanes, etc. 3rd, the amount of accidents and claims that people report in your area affects your rates too. 4th, how many claims you’ve filed and how much your insurance company has paid you for each claims. Were you at fault or not at fault for each of these claims? Was your insurance carrier able to recover their money back? Remember, insurance companies are a business. Their main purpose is to make a profit for their shareholders. It takes 7 years for an insurance company to make a profit on one customer. You have to be insured with them for 7 years before they can make any profit from you. Look, I’m not defending the insurance companies. I’ve seen what they do to cut corners but I’m just trying to explain that this particular issue is not as simple as some people think. There’s a lot of factors that comes into play when it comes to insurance rates.
GTFOH!
I haven't had an at fault (my fault) accident in 35 years & I haven't had a moving violation or any other Citation or Ticket in 25 years
Despite a much cleaner driving record than 99% of the population - I get hit with 22% increases the last 3 years in Cobb County just outside Atlanta GA
Please explain how in fvck it takes 7 years to turn a profit on ME when I've paid 7 straight years of premiums with no claims, and no Tickets nor DUIs, nothing
You didn't think that bullshyt through that you wrote above, no effing way does it take 7 years to turn a profit on 1 customer
Simple example:
Let's say a person pays $100 per month for car insurance (wayyy too low) that's $1,200per year for 7 years = $8,400 over 7 years that the insurance company gets to invest in office towers & everything else
Your 7 year example is straight up bullshyt
Go defend some other bullshyt azz industry
So basically this all means were screwed and the only thing we can do is do what she says. Got it.
I thought you would have an argument we could use against this robbery we're being hit with on mandated purchases. Bummer. Some of us barely squeak thru, and don't have any 'extra' to 'invest'
The toplip hair is incredibly accurate.
Heard electric cars have affected all auto insurance. Electic cars are often totaled and big dollar repairs😅
THAT mustache THO!!! 🤣
More than the info you learn in these shorts, I mainly watch to see how much Erika's acting has improved 🤣
It's pretty much the same 😂
American car insurance has been chronically loss making for over a decade. Companies have used the current inflationary climate as cover to raise their prices to where they always needed to be.
My favorite excuse for higher insurance rates, “well many people in your area don’t carry insurance so prices have increased.” - as if that’s my problem!!
Thanks Joe
Why is this video giving me huge red flags...
Her “business of helping people invest” is a bit scammy. But a lot of her law / fine print videos can actually be helpful!
THANK YOU MAME!! ...
I had almost this exact conversation with someone at my car insurance company TODAY! And that was only after I Googled their phone number (because it wasn't anywhere in their information) and waited on hold for 20+ minutes to reach a human after dealing with their clueless chatbot on the app. I feel like I'm living in the movie Idiocracy.
Yes!
LOL not the mustache
Something terribly familiar about that insurance representative. 🤔
That mustache, though 😂😂😂
Independent Brokers are the way to go!
Funny thing, we JUST bought our 1st care last week (well my fiance did technically) and sure enough ran into the same car insurance issue. However, since he has an in with friends in the insurance field, he was able to get a quote tailored to the car he was in the market for. Since our budget and mark was 2K-5K total and a used model pre-2010, we were able to get a quote for $110 a month.
Why are you paying so much for car insurance? What state do you reside in?
Full coverage and different cars cost different prices. Yes, states matter too...😮@675R1
I think it would be cheaper to drive without insurance and hope you never get pulled over or be in an accident.
ERIKA! Marry me and teach me law 👩⚖️👩⚖️. This knowledge is very useful
Erika's grew a mustache even faster than my car insurance payment went up!!
Love the mustache 👍
Where was the helpful tip at the end? 😟
This just tells us we're getting screwed by insurance companies. We already knew that.
It’s the wig and mustache for me. 🥸
I have now screwed over car insurance, license, registration, inspection, EVERYTHING. I have a health condition which does not allow me to drive. AND I find it cheaper to Uber than to own a car!
Interesting that her ‘Free’ 5 day Investing course is listed as not offering a refund in the Terms and Conditions. Why would it need to if it is free? 🤔
Oh no I was about to call insurance company.😮😢
If you pay $200 per month in car insurance, then you either bought a very expensive car that just has a very high replacement value, or your driving record is awful, or just dealing with an insurance company that is determined to rip people off and probably has overhead problems of its own.
i pay $300 for 2 cars with an 800 credit score and economy cars...$200 is sadly what some ppl will have to pay in Fl
My truck was 40k but the value jumped to 50k during the used car market spike and my insurance is nearly $200 a month now. But that’s for top end full coverage 🤷♀️
I think the percentage increase is more the point than $ amount.
Or none of the above. 3 yrs ago, I got geico full coverage for 2 vehicles. The salesman said that, except for one old ticket that was still hanging on, I could’ve gotten it for $88/mo.
Cut to 6 months later…did I get the reduced price because of zero tix? No. It went up. I asked why, and was told ‘because, that’s what happens.’
So in these 3 yrs, I’ve
1) gotten older, supposed to reduce the rate
2) gotten zero infractions, supposed to reduce the rate
3) one of the cars was paid for and dropped full coverage, to liability only, supposed to reduce the rate.
Result? My rates are going up AGAIN for another $30/mo beginning in May. So it’s now almost double what it was 3 years ago with all those issues that no longer apply.
Insurance is a scam and it has NOTHING to do with how you drive or who you are-they do it because they can. And that’s the only reason. Legalized robbery for mandated purchases.
@@lisayoder5686Call a few other insurance companies and get competitive quotes. Unfortunately, doing this every couple years has been necessary for us to keep our rates down. Most companies aggressively jack it up from year to year knowing that most people won't shop around each year once locked in.
The normal lies....
Can you do one about Hospital fees and doctor visit charges?
The customer service guy wins.
That’s a sweet stache!!!!
the moustache commitment.
Shoot that’s nothing. Mine jumped $1200 per year! Freaking ridiculous!
Cars have increased in value, higher than normal. Insurance companies are paying out more in claims - many are straight up losing money year over year.
These two would make a scorching couple!
Car insurance has gone up because of EV vehicles. Even if you don't own one, you still have to pay for those that do.
Despite being middle-aged, having a flawless driving record, and keeping the same car, my car insurance has nearly DOUBLED with GEICO since 2020.
Nothing to do with car insurance
Who goes to a car lot to buy insurance
Probs just so it could be a skit lol
I don't support the Insurance Industry, but actually, the main reason premiums are increasing is multifaceted.
1. More vehicles on the road.
2. Higher cost of the vehicles on the road.
3. Higher repair cost of the vehicles on the road.
4. More young drivers on the road.
5. Higher instances of litigation from accidents.
6. Climate Change causing more destruction across the nation.
I am not saying Inflation isn't part of the problem, but its not the only or main problem.
Unfortunately the rise in both home and auto claims due to the increase in natural disasters has caused a massive increase in insurance.
Few reasons car insurance is going up - one is inflation, MSRPs are rising on vehicles which affect claim payouts, claims are also rising so insurance companies need to be able to recoup from unexpected increased losses, and electric vehicle part replacements cost way more so claims are more expensive to indemnify the customer. Nuclear verdicts are also not helping companies recuperate from inflated loss payouts. Totally agree though sometimes the increases are just crazy and unprecedented when someone has had no claims and no issues
Turn off auto pay for insurance and any subscriptions
Its not law, its code!!!
Damn insurance really is a racket if Erika can't beat it
Pay them in pennies and change its still legal tender or just walk away and get a new insurance plan. If you get a new insurance plan you have to keep changing the plan otherwise they walk over you and think it's okay.
My gf told me, after a call with her insurance company, that her insurance prices got jacked up due to the huge increase in uninsured drivers in Houston. Deadass.
So because others aren't following the law, the law-abiding citizens have to get punished? Got it. 😮💨🫠
@@Jensenia11 straight up.
Why insurance companies increase their prices in the way tangible products can?
And he mentions "supply chain shortages..." ???
That doesn't make ANY sense to me.
It's not like there's a warehouse full of insurance somewhere... and I know I've never heard of a strike at the Insurance Factory.
Seems like you need to have a supply of something in order to follow a supply side business model.
The insurance industry is a racket anyway.
Is there ANYTHING else that's equivalent to insurance?
Is it a product, or a service? Well, if you're an insurance company, you're either or both, dependent upon what is advantageous.
Inflation of goods? "We're a product... with a 'supply chain shortage'...
When the cost of goods goes down, insurance is a service , so it doesn't depreciate like a surplus of goods...
There is no hope of investing for me
If you have any relatives in or retired from the military USAA is great - they have solid, honest investment options
@@tracytaylor1513 i have no money it goes to rent food gas
Select the "i want to cancel option", say "its very expensive, can you do any better?" Though insurance companies costs have gonre way up. Cars are getting written off because they sre taking longer to fix and the rentsl for the replacement costs more than your car is worth
What can someone do if a debt collector freezes your bank account
Call a lawyer and file chp.7 or 13 bankruptcy
@@lgee9027 thank you for replying back. Yeah man those a holes got into my account. I was gonna pay them back honestly but at my own time. Hard times rn. I know is not cool owing ppl.
Ur correct they shouldn't B able 2 inflate insurance that way...
This is more like a complaint to an underwriter, not an agent. Good luck trying to find rates from 2018 today.
Wow that’s exactly how my call went with my car insurance company 😳 🤦♂️
Tesla Insurance in Nevada for one Tesla and one non-Tesla is $88.70 per car per month. Thanks, Elon!
As a matter of fact this is happening to me I have no tickets no accidents ..... I have a great driving record..... They are telling me that the reason why the rates are going up every 6 months is because of the tickets and accidents of other drivers in the area I live
Same here I was first told that everything was going up that's why the prices were going up... Then I ask another person and they said I live in an area where crime was high that's why my insurance was going up.(Like breaking into cars).
@@marysalazar7965 ...omg 😯.... Well mine wasn't because of the crime....it's cause of all the accidents in Murfreesboro TENNESSEE... uhhhh
There is a way ... Switch insurances on occasion.
Oh. The sales have started. Ugh.
The one time that we all really needed a "fine print loophole" she failed to give us one
I guess only Rudy Baylor & Deck Shefflett (Grisham's The Rainmaker) have beaten an Insurance Company in Court
We really needed something in the fine print to help us out.......
Just buy liability. Simplest solution.
As an insurance agent I’m afraid that there’s no fine print on this one, just quote with all the companies you can, make sure they’re giving you every single discount than you qualify for, try to not fill any claim and pray for luck lol
Ok soooo state farm is a mutual insurer which participants share liability across the board. Allstate is corporate and has share holders and do not insure in high risk areas. With that said if you didnt have a claim you should not be penelized just because corpoate mismanagement. Your rate should go down. file a complaint with you states department of insurance. Fair is fair.
If insurance companies are really ripping everyone of with exorbitant profits, most of them are publicly traded. Just buy the stock and use your share of the exorbitant profit to buy your insurance with!
Car insurance is terrible. Try insuring 6 cars or is it 7?
Legally they can charge what they like. The view is if your not happy with the price you can go somewhere else for insurance. I appreciate it seems insurance is needed for 90% of everyones daily life but unfortunately thats the law. There is no obligation for an insurance company to insure you.
Signed up ✅❤
this was just depressing
Car prices alone can drastically change insurance costs. My truck’s value went up 10k in two years due to the used vehicle market chaos. so yes the insurance went up. But if I crash it at least the truck’s value is still going to be covered properly! 😅
My older truck’s insurance is the same for six months as my newer truck’s is monthly. It’s just something to keep in mind when you decide to purchase something nicer / newer.
Investing can only do so much. If you make too much interest in a year you just get taxed harder.
The middle/lower classes are always on the shit end of the stick unfortunately.
Inflation has been 17.9% in 3 years erika. The hell did you get 3 percent from
Well once you register car to the post no mire pating this.
This is the second video ive seen of her pip up i think she's so pretty
@erika2 so your solution to combatting a corrupt economy and its corrupt institutions and corporations is to tell people to go out and make more money? NEXT!!
The amount of “transparency” I see in the comments 🤣
Yeah, she doesn't give the advice to solve the issue as usual. :(
Sweet 'stache.
Ok, but how do I get cheap car insurance?
Damn girl, I used to love your vids but they stopped coming across my stream - I just saw this one and was excited - you lost me though at the end selling your own course, you are the expert I guess, but I will def not be enrolling
I just watch to see Erika! What a babe!!!
You guys pay 160 per month for insurance? For real??????
whoa
It's called bidenomics.
So they are allowed to do it
How bout you use your skills and fight the greedflation?
Im not eating that Pizza eww
👍
U still look fit as a man
It actually jumped because of the uninsured migrants and the increasing vehicle crime
It's called Bidenomics. Keep voting blue
Pls pin me very helpful videos.⭐💎