Auto Insurance policy costs have skyrocketed in the past many years.
My personal experience, I am late 30s female, great driving record, currently drive a later model (2007) crossover suv. I drive less than 2 miles to work and drive less than 10,000 miles a year. My cars KBB is less than $1000 (driving my backup car until my not at fault vehichle is resolved) so now im missing my multicar.
My insurance is over $300/mo. For a car valued at $1000?
No tickets , 1 not at fault accident 2 years ago. The pricing policies and lack of real transparancy and comparable data for others from these companies allows them to charge any amount because carrying insurance is required by law. I just have to take what they offer without an ability to understand if im being discriminated against.
Laws force need for insurance is fine, i have no issue with that. But this creates an environment for insurance companies to charge whatever they want bc we dont have the option of saying no. And severely limits their financial liability. Only benefiting the INS company.
There are limited number of insurance carriers and this oligolopy needs to be regulated for the benefit of the people. Not create huge profits for insurance companies as American people suffer and cant afford coverage.
Lets discuss…