Cap insurance premiums

Economy
1

Not sure if it’s possible but I feel like insurance companies should not be able to keep increasing my premiums if I have not had to put in a claim. For example, my auto insurance keeps climbing and I don’t have any tickets or crashes on my record so why do we have to keep paying more for what feels like not getting anything out of it.

Or at the very least cap the max amount of premium that can be charged per vehicle if auto insurance. Maybe it can start at a lower rate and slowly increase it over the years to a reasonable cap to compete with other insurance companies. But at least this way people can expect an increase at policy renewal rather than being surprised by a giant jump in pricing. Love to hear people’s opinion or other options for solutions to this issue.

1 Like
2

I think something like this should be possible. Maybe even like 6 months free if you go 5 years with no accidents/tickets? Or at least toss in a discounted mechanic visit, oil change or something. I’ve paid upwards of 30k since starting driving and never had an accident. I think an oil change would be the least they could do since they keep raising my rates because people around here have a lot of accidents. I live close to a major pass, but that doesn’t mean I drive it regularly, it shouldn’t have any bearing on my rates.