Is there a reason why automobile insurance rates are skyrocketing in New York?
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Is there a reason why automobile insurance rates are skyrocketing in New York?
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I just got a 6-month renewal rate for my Progressive auto insurance policy in New York State (specifically Western New York), and it has jumped 15%. I have had no accidents, claims, address changes, or anything else that would cause a recalculation in years, and my policy lists me as having a "clean" driving record.
I heard that insurance companies were pushing for a 7% rate increase last summer, which has to be approved by the state, and that the state was pushing back saying rates should be going down instead (less driving, price of gas, etc). Never heard the final word on that though.
Curious if anyone in the insurance industry in NY might know if this is across the board, or if my company is just screwing me.
Additional Details
I got a 6-month renewal for my Progressive auto insurance policy in NY State (specifically Western NY), and it has jumped 15%. I have had no accidents, claims, address changes, or anything else that would cause a recalculation in years, and my policy lists me as having a "clean" driving record.
I heard that insurance companies were pushing for a 7% rate increase last summer, which has to be approved by the state, and that the state was pushing back saying rates should be going down instead (less driving, price of gas, etc). Never heard the final word on that though.
Curious if anyone in the insurance industry in NY might know if this is across the board, or if my company is just screwing me.
UPDATE: My original policy was $343, the renewal was for $400. I followed the "shop around" advice by going to an independent agent. He found me a policy for $241. When I asked him who the company was, he said "Progressive." So I got a good rate, just had to play a stupid game to get it.
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Miracles Happen Every Day.
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Is you company screwing you? It takes about 20 minutes to get quotes from the main insurers from the comparison sites.
this http://insurance.moneysavecenter.com/ and this http://www.bestinternetfind.solutionsarticles.com/ is where I usually go.
HOWEVER, if you want to get to know the workings of the insurance industry in NY you can follow the below:
For the Consumer Services Bureau, call this toll-free number: 1-800-342-3736.
You may also reach Consumer Services at: 518-474-6600 (Albany) or 212-480-6400 (New York City)
Website: http://www.ins.state.ny.us/ |
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cestone
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cuz ur an awful driver |
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Travelers Employee
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I can't speak for Progressive, because insurance companies rates have nothing to do with any other company's exposure than that company's in that state. Generally speaking, one can expect their insurance rates to change at each renewal. Usually you won't see it go up much more than 5% if the company is keeping their rates up to date with claim costs. Occasionally, you will see rates jump 20 to as high as 50% in some rare cases with no change in exposure. Rarely, you can see rates decrease.
My only advice to you is to shop around. Many of the big company's web sites offer quotes directly, and some even quote multiple companies. A word of caution though, that most companies will need to get a credit-based insurance score that will show up as an inquiry on your credit. Get too many of those, and your credit score may drop. |
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