Crystal Lake Hoffy wrote:
denisdman wrote:
The CA Dept of Insurance has been slowing rolling rate increase requests, and the insurers fell way behind on rating.
Specific to Auto, liability verdicts have gone through the roof post Covid plus the cost to repair physical damage is up substantially. State Farm posted its largest underwriting loss in history last year. Allstate and Geico are struggling too.
The cost of auto repair is insane, equivalent to the cost of health care. Cars have become so complex and filled with chips that only the dealer can service the car, and even then, the cost is astronomical between parts and labor. Add in the fact that insurers are paying out for cars damaged by hurricanes and fires and you have everyone with crazy high premiums.
Cars today are total trash. That's why all the dealerships can't sell their cars. You don't need all the chips. I'd rather just drive a vintage car with no frills that has an AC and radio.
Earlier in the year I had a major engine timing problem on my '14 Ford Explorer sport with only 73K miles. Cost me $3,500 to fix. The problem should have been covered under warranty, but there was none. If you can afford it, I would recommend paying for an extended warranty. You never know what problems will appear down the road.
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