Have you noticed how high your car insurance is?

Auto insurance is getting more expensive nationwide, including in Maryland. Just ask David Willeford. He was recently notified that his premium would increase over 33 percent.
Willeford is a senior on a fixed income with no tickets or accidents, but there are factors outside of his control causing rates to soar.
“I was in a state of shock when I opened it up,” said Willeford after receiving a notice from AARP Auto Insurance Program From The Hartford. “My total costs last year, this is just for two cars was $2,770. And this year, the total premium was $3,705.”
Willeford immediately called his insurance company for an explanation.
“She says, ‘Well, sure, you know, all insurance companies are going up, they're all raising their rates.’ She says the cost of doing business is increasing, the cost of parts and supplies and automobiles, and so forth, it just keeps going up,” Willeford said.
“How long have you been a customer of theirs?” WMAR-2 News Mallory Sofastaii asked Willeford.
“Fourteen years,” he responded.
“Have you had any recent accidents” Sofastaii asked.
“Never,” said Willeford.
“Do you have a new car?” asked Sofastaii.
“Nineteen, 2019. And a 2021,” he said.
“So did they give any other kind of explanation pertaining to your driving record or your choice in vehicle?” Sofastaii followed up.
“No, they commended me. They commended me,” Willeford said.
According to data from the consumer price index released in April, car insurance prices rose by an unadjusted 2.7 percent, while the year-over-year increased by 22.2 percent.
“I'm a consumer of auto insurance too, so I've had the same experience,” said Maryland Insurance Commissioner Kathleen Birrane, who heads the state agency that oversees and regulates insurers in the state.
In a presentation to the Maryland General Assembly House Economics Matters Committee, the MIA gathered information from the top ten personal auto insurers by market share in Maryland. In 2023, rates increased for all 10 companies, but varied between 1.8 percent and up to 49.7 percent. The MIA said they're unable to provide the names of these companies.
But he wanted to know why those costs are being passed along to him.
“The primary driver of the increase in premium is the increase in losses that insurance companies are required to pay - the cost of an accident, the cost of parts, the cost of medical care when there's a bodily injury claim, the cost of a jury verdict and the amounts of verdicts that are increasing over time,” Birrane explained.
Carriers must have enough capital to remain solvent, so more losses means more money is needed to be able to cover future claims.

[@juegomaestro11]

You can't forget about the insane increase in claims, mostly due to car theft, criminal joy riding, damaging property, etc. The government just lets them back on the street. I wonder also the costs of EVs playing a factor as well.

[@gngd5351]

car insurance is high now and what can people do about it?

[@larryjanson4011]

state farm just raised my home insurance. raised my deductible to $10,000.USD.
i am also on a fixed i come. and the money is gone before the end of the month.
i fear this will force me into a foreclosure and to living on the streets.