this post was submitted on 16 Jan 2024
229 points (97.1% liked)

News

23399 readers
4584 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. 

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven’t decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Non-paywall link

you are viewing a single comment's thread
view the rest of the comments
[–] FlyingSquid@lemmy.world 9 points 10 months ago (3 children)

The only two states that don't require some form of car insurance are New Hampshire and Virginia.

So I guess we're all fucked in the other states?

[–] Aviandelight@mander.xyz 12 points 10 months ago (2 children)

So Virginia is weird. You can technically drive without insurance but you have to pay a one time fee to DMV and register as uninsured. In truth though you will not likely get an auto loan without it. And good luck if you get in an accident. I'm guessing that this is a hold over for vehicles that are "farm use" or for "antique vehicles" that might need to use the roadways occasionally but don't really need expensive coverage.

[–] BakedCatboy@lemmy.ml 9 points 10 months ago

You also have to pay the uninsured motor vehicle fee when you renew registration, so that comes out it $500/year or $40/mo. So you end up paying 1/3 to 1/2 of insurance and don't get any coverage.

[–] lm7@lemmy.ml 5 points 10 months ago* (last edited 10 months ago) (1 children)

In Va, it's not a 1 time fee, it's a $500 fee on top of your yearly registration.

But that exemption it's also going away this year in July. After that insurance will be required.

[–] Aviandelight@mander.xyz 1 points 10 months ago (2 children)

I didn't know it was annual. Wow that's even worse.

[–] lm7@lemmy.ml 3 points 10 months ago

That was kind of the point, they want people to have insurance.

[–] Earthwormjim91@lemmy.world 1 points 10 months ago

Car insurance costs more than $500 a year generally.

[–] weiln12@lemmy.world 10 points 10 months ago (1 children)

Technically you are not required to have auto insurance. The law (most states if not all?) requires “financial responsibility”. This can be achieved by filing a bond with the state instead of paying for insurance.

However, insurance is far and away the most cost effective way to meet financial responsibility requirements. The coverage is greater and the costs are much cheaper.

Or, don’t drive. Spend the money on investing in mass transit and walkable cities and then you don’t have the cost of insurance, a vehicle, maintenance, or fuel. If only it were that easy…

[–] FlyingSquid@lemmy.world 8 points 10 months ago (1 children)

It isn't that easy. I would love it, but suggesting it's easy is ludicrous. It would take an incredible amount of money and time and effort and, in general, it is an effort worth making. But it won't help those of us who live well outside city limits down a country road.

[–] weiln12@lemmy.world 6 points 10 months ago

Agreed, it’s not easy, and I don’t suggest it is.

I’m in a similar boat, living in a suburb in county land where the closest grocery store is 15 minutes away. There’s no chance in hell Phoenix will move away from cars in my lifetime.

My only option is to move to a city with infrastructure already built. Housing will be more, but not having the costs associated with car ownership vastly outweighs the cost of housing increases. But again, it’s not that easy.

The truth is, there is no easy answer to the rising costs. Public companies must make a profit. If there are more frequent losses and those losses are more expensive, the only thing to do is raise premiums.

Making the companies “public” like Citizens doesn’t fix things either, it just makes them susceptible to politics, which will always come back to bite.

[–] lagomorphlecture@lemm.ee 5 points 10 months ago (2 children)

Get hit by someone that's totally irresponsible in New Hampshire and tell me you're not fucked!

[–] FlyingSquid@lemmy.world 8 points 10 months ago (1 children)

Obviously. I'm just saying- what are you supposed to do if you need insurance but no one will insure you and this is happening to huge numbers of people? I'm sure the Fuck Cars folks would tell us to just not drive. I live in a semi-rural subdivision down a country road from a four-lane highway, two miles from the nearest bus station. It was -16 this morning when I woke up.

[–] bluGill@kbin.social 2 points 10 months ago (1 children)

For starters you are supposed to demand better transit. While expensive, there is no reason you can't get great transit to your sub division - and since it is great transit everyone could get rid of a car (not all cars: you keep the SUV to tow the boat!) and save money overall.

[–] FlyingSquid@lemmy.world 2 points 10 months ago (2 children)

While expensive, there is no reason you can’t get great transit to your sub division

I believe the reason is in the first part of that sentence. Who's going to pay for it? We're not inside city limits. There's only a city bus. There isn't a county bus and there never has been.

[–] Pips@lemmy.sdf.org 1 points 10 months ago (1 children)

You and your fellow citizens are. That's why it's called public transit. There should be a light rail for you that's accessible. Obviously there'll still be some commuting you have to figure out yourself but most of the world has figured out getting a train from suburbs to city.

[–] FlyingSquid@lemmy.world 1 points 10 months ago

You and your fellow citizens are.

How? No one is collecting funds.

There should be a light rail for you that’s accessible.

Light rail going off a highway miles out of city limits, down a country road and into a subdivision?

Obviously there’ll still be some commuting you have to figure out yourself but most of the world has figured out getting a train from suburbs to city.

My last job was 10 minutes by car even further away from the city than I am and the only access road was on the highway. Have fun with that.

[–] bluGill@kbin.social 1 points 10 months ago (1 children)

That is a political problem. Those can be fixed. I don't know how, but they can be fixed.

[–] FlyingSquid@lemmy.world 1 points 10 months ago

If you don't know how, what makes you think anyone else does?

[–] dhork@lemmy.world 2 points 10 months ago

I have a rider on my insurance specifically to cover additional costs incurred if I get in an accident where the other party is at fault, but has no insurance themselves. It doesn't cost that much more.... yet.