Don't you just love it when they don't tell you the whole story? What about the increase in auto thefts and break-in? The D.A. won't even prosecute a lot of these cases because there are so many they would fill the prisons in no time. The insurance companies are leaving for the same reason that retail stores are leaving, they can't make money because crime is out of control and goes unpunished.
I worked in this industry in CA for well over a decade and can tell you the cost to repair vehicles has increased exponentially over the past several years. Bumpers that used to cost several hundred dollars are now several thousand. Headlights used to be a few hundred can now be upward of $5k on some cars. Why this increase? Radar, cameras, LiDAR, etc now live behind the bumper and get damaged. These are part of the advanced safety systems in new cars. As for headlights, led,adaptive and all those fancy light signatures everyone likes are very expensive to replace. If the department of insurance won’t allowed carriers to charge a rate commensurate with the risk, expect more carriers to stop selling
they already are my cousin hit some lady who ran in front of his car in the neighborhood and she sued him after she ran in the street. his premium went up 110% lol
I was a casualty insurance adjuster in California for 30 years. Aside from the high costs of collision and property damage claims. California insurance companies pay out a great deal of money for questionable bodily injury claims.
Good. I have no sympathy for insurance companies. Even if they all go away and we're left without insurance, the only thing that would change is that we're left with money in our pockets.
Don't forget about body shops causing more damage to the vehicles and claiming it was from the accident. The insurance company sometimes aren't able to know.
Haven't had an accident in 10 years...and I spoke to the DMV they told me insurance companies are only suppose to look at those accident for 3 years...and yet my rates still don't go down
Agreed. Too many illegal people on the roads, they are easily identifiable for the most part, but chp do nothing. Lets start pulling over after profiling poor cars.
As a NYC paramedic for over two decades I can attest that fraud is absolutely rampant. And when the fraud is fought, the lawyers get a payday that way. We consumers lose both ways. We had a van full of people get tapped when the person behind them was parking, two of them claimed whiplash. At parking speed. Modern cars are so safe that I see very few observable injuries (I work in Manhattan, with little in the way of highways, tho). All of the safety gains, which should be passed on to us in lower insurance, just gets made up in fraud.
Agree, my friend was in a CRV fully stopped at a light. Unfortunately he wasnt paying attention and let off the brake a little. Tapped the car in front of him. he has been battling the lawsuit for 2 years. His car idled into the car in front of him on a flat road!
I used to do physical therapy for roughly 15 years. We went from 1-2 fraudulent people in a year to many many. Some people even spoke of relatives who deliberately got into crashes, not for a cashout but to get disability. They were not happy with the relatives BTW. One was even coaching her child. Sometimes it seemed like they were all frauds. Once in a while a person would slip and say too much and blow it, and sometimes they knew it - and of course we documented their comments..
7% increase? I just got my renewal and it's up by about 50%. That's with a completely spotless record, no changes to address or coverage, and commuting 75% less than pre-pandemic. Shopping around gave me quotes that were *all* that high.
Yeah the payouts are one thing, but it's also the massive fraud, theft claims, # of uninsured and unlicensed drivers which only is getting worse. Since property theft is basically legal and encouraged in CA, and the Dept of Insurance's tough rules on not allowing the non-renewing people who make tons of claims. It's a terrible environment for insurance companies to continue. You know things are bad when GEICO doesn't want any more customers.
Driving on the freeway in California and I see tons of old cars with paper plates or no plates... im sure half the people around me have no insurance...
We need to be more restrictive with handing out driver's licenses, and also require more stringent driving tests. Of course, improved public transportation would help as well.
Nah, it’s the regulations that is why the insurance companies are leaving. Too consumer friendly and they aren’t able to charge as much in California. Cars are what makes this country strong not regulations or public transportation!
Ain’t no fucken they’re not making money. I was paying insurance $200 for full coverage since I was 18, then when I finally had an accident at 25 they didn’t want to cover me. Tf
That is a funny angle to take. I used to take per-use insurance “Metromile” and they literally kicked me out of insurance for driving too few. In other words, they didn’t like that I was too safe, which seems contradictory to what they say over here on this video.
Everyone has to keep in mind that these are the major insurance companies that were mentioned. The ones who do all the advertising and stadium naming rights, which cost them millions/billions.
Maybe the cost to insurance companies isn’t only for accidents? Who pays out when a window is smashed by thieves? If the city government decided to pay for broken windows and stolen items, the insurance companies might stick around. I don’t live in California, but those are the types of news stories I often hear about, an increase in theft from automobiles.
I had my tailgate stolen on the 4th of July a few years ago. 2012 F350. My theft deductible is $1k the replacement that the insurance was going to charge I didn’t investigate because I called a friend that works at Ford and he said it would be (at that time) upwards of $4k I found one that was the same color with the camera for $500 off Craigslist. Who knows if it was stolen as I definitely had that feeling but the guy seemed honest and was replacing his bed with a flatbed for work. But on Craigslist there’s 100’s of super duty tailgates for sale from $500-$1500 all day long. It’s for sure a hot stolen quick flip for thieves hustle.
What profit? Insurers are losing money. The elected insurance commissioner controls rates. It's ludicrous and explains why Insurers are leaving California. It would be insanity to stay.
When you buy insurance, you’re paying someone to take on a risk that you don’t want to bear yourself. If your risk goes up, the other person wants more money, because that’s going to cost them more. Pretty simple, really. And based on the way I see people drive now (lifelong California resident here), it’s a wonder that CA insurance rates aren’t even higher.
When your car gets broken into time and time again in San Francisco for example and the cops don’t even write up a crime report, can’t really blame the insurance companies. Almost every billboard I see on the freeway has an attorney advertising auto injury claims and on TV as well.
Insurance is all about bonuses for the CEOs period and like home insurance in Florida they run away when their bonuses aren’t high enough Here in Colorado they flee after a large hailstorm which we have ever 5-10 years They need to be a non profit so CEOs and shareholders aren’t the main concern costumers should be
Are the insurance increase due to catalytic converters getting stolen? Is the cost increasing because of illegal immigrants driving in CA? Also a fun note, home insurance is also getting out of the game in CA.
I used to work for AllState and Progressive. Progressive is the worst not only are they discrimatory towards pregnant woman but their business practice is they want you to sell the cheapest policy to secure the sale which is usually liability only then they fight hard on paying out insurance claims because they dont teach their agents to educate their consumers on proper insurance coverages and treat consumers just like a number and wonder why retention sucks . They don't deserve a 20% premium increase. Stick with your local agent!
Progressive and Geico are training grounds for new insurance adjusters. Low pay and hard work. But, you learn the business. Allstate and Farmers are horrible. Stick with State Farm, USAA, Wawanesa (San Diego office), Nationwide, AAA (one of the best with State Farm). Ed Rust Jr (last CEO of State Farm) warned Progressive and Geico to fear the "big dog" when he is awakened. He was my boss and was right. State Farm is swinging hard against the competition and is back on top. In the meantime, Geico closed all 38 offices in Cali. Do not mess with the big dog.
Too many people do insurance fraud there. I know a few friends who bought overpriced vehicles and ended up getting buyers regret. They pay some low life dude to steal it and get rid of it plus make some money from parts
There is a metric insurance companies look at called “combined loss ratios”. That means they look at how much premium they are taking in vs how much they pay out on corporate expenses and claims expenses. The gold standard is to have a loss ratio of about 60-70%. A majority of insurance carriers Q2-Q3 2022 had posted combined loss ratios well above 100. Translation: they are losing money fast because they are paying out on so many claims. State Farm alone posted an net underwriting loss of $8.4 billion on auto insurance. Insurance companies are tightening their underwriting guidelines to make sure that the new business they do bring in is good business. Some of the changes you can realistically expect include companies only accepting good drivers, requiring enrollment in EFT payments for monthly pay plans, upfront verification of annual mileage, and sending in photos of your vehicles and the registration. Expect to see some delays in the time it takes to bind an auto policy.
Insurance CEOs make on average 10 to 35 million dollars each year. That doesn't even include their bonuses or golden parachute. So I call BS. If money is needed, Start right there!
It is true!! And the prices are ridiculous!! In Arizona 3 new vehicles full coverage is about 300 to 400 which in California would be the price for 1 insured vehicle
About 5 years back a good friend of mine lost his house(near Malibu/Palisades) to fire. He said the insurance company would pay off but that he would not be able to get insurance if they rebuilt. That land is a vineyard now. This has actually been going on for a while now. Americans have such a limited attention span it's not much of a mystery why you're only noticing now.
you can thank the fact that modern cars are so expensive to repair in the first place that minor collisions can total them. and you can also thank large discrepancies in vehicle weights and bumper heights that cause severe damage to smaller car thus totaling them. and the lack of moral standards of modern people, not treating driving like it is dangerous.
I got an Idea let's get rid of all the safety features and computer B's make cars and trucks fun again no insurance either. Run what you want since we're unsafe at any speed DONT GET HURT.
at least the rates didn't increase...sucks to be you, insurance. that's what you get for penalizing your clients - "oh, you got a speeding ticket? Double yo rate!" I paid you to insure my property, and not judge who I am or what I do! 🚧
Don't drive like a dick and insure a house on a hillside where fires are every year. Insurance is a "for profit" business. Yes, they judge who you are (your history) and what you own. Are you stupid or what? They do not owe you shit. Otherwise, be rich enough to self-insure.
It is very common for people in CA to drive without insurance. When they get into a accident, they just split, so the insurance company has to bear 100% of the costs without handing off the costs to the other guy's insurance. When cops catch someone without insurance, they just give them a ticket. I've been hit twice by uninsured drivers who just drove off.
Just like Washington State...hit by a guy who was fresh out of jail, stopped 30 minutes prior. They used to impound the cars of unlicensed and/or uninsured motorists, but the practice was deemed "Racist." So the cops couldn't do anything after they left the traffic stop, and he ran the intersection while eating a sub sandwich.
Uninsured and unlicensed drivers in CA are let go with a warning most of the time especially if they are illegals I witnessed first hand it’s ridiculous
Uninsured and unlicensed drivers in CA are let go with a warning most of the time especially if they are illegals I witnessed first hand it’s ridiculous
If you live in California, check your recent insurance statement. They raised my premiums over $1000 dollars annually with no warning and no accidents or points on my record in over 20 years
People are driving more aggressively than before the pandemic. Drivers come right on your tail, pass with only inches to spare, widely serve from lane to lane.
What are you supposed to do about the policies already written? You cannot cancel them. No new policies is the same as leaving. Let me help you: 1&1 = 2.
Mr. Commissioner, If it's such a lucrative industry then why isn't the government insuring drivers ??? I mean the one thing the Governments of all Countries love is Money.
Yeah BUT wouldn't you be afraid that "THEY" would raid the $$$ draw like they did with our Social Security??? You know the $$$ they steal out of our paychecks every week to save it for us for retirement. Yep! they stole it & in our drawer is an 'I OWE YOU' from the government. Social Security like so many think IS NOT A PRIVILEGE it is OUR OWN $$$$ they stole from our checks all our working lives. Each generation pays for the generation after us & that's why they keep saying they're gonna be out of $$ to pay the next generation BECAUSE THEY WON'T WORK!!!!
@@whyyeseyecChrist Johnny, medical system has been broken since the 1980's and arguably before that. "Obamacare" is actually "Romneycare", it is a Republican idea but you chose to call it "Obamacare" because you are clearly in a tribe. How are you equating what we have now to nationalized health care.. what!? Your post makes no sense. Here, look, I'll present it to you in a different way, healthcare should never be a "for profit" business, and by the way, millions of Americans have benefited from "OBAMACARE", including myself. 2 person coverage for me in CA would be $900+ a month without it, I am paying only $350 of it. Do you understand that all of your premiums are going to the middle man, you dummy? Nationalized healthcare would be using the tax dollars you are already paying and getting nothing back as things are today. There is your explanation.
Police in my city Springfield IL simply no longer enforce traffic laws within the city. People speed, run red lights etc and you never, ever see anyone get pulled over. And what’s worse everyone drives now staring at their smartphones which leads to all kinds of driving mishaps and bad accidents. I’ve never seen so many dinged up cars driving around. Seems people spent all their money on their smartphones and cars and have none left for repairs.
Vote democrat and vote often. In the words of Bruce Willis, "welcome to the party pal!". it's ironic that "Progressive" wants 3 times what State Farm wants.
How many dealer ships claming all the cars that get stolen from them on insurance. Im sure there adding there Extra $60,000 to the vehicle. This is insurance fraud.
Good. Mandatory car insurance is illegal anyway. Completely unconstitutional. The Constitution says specifically no local, state or federal government entity can force citizens to buy a product of any kind in exchange for anything, at all. This is why car insurance wasn't mandatory until the 1980's when the insurance industry pressured officials to side step the Constitution.
I have insurance through Costco. I was looking in to getting another quote with them and noticed the website says they are not accepting new policies from California.
If you logically think about it even if the insurance can make $1 to have stayed in ca because they have all the overhead cover and profit $1. The only pull up when they're losing more money as that worth it for them to stay anymore
I didn’t even think about all that profit they made when people weren’t driving during the pandemic. 42 billion. I remember progressive gave like a $5 discount one month. If other insurance companies did the same it certainly didn’t affect their profits. Right now I pay $87 a month and I live in Houston, it was way higher during the pandemic.
I have family and friends in Insurance, have for my entire adult life, and they will ALL tell you yes, due to lawyers and lawsuits being VERY common here in even the tiniest of fender benders, it's WAY WAY WAY more expensive to insure in California.
Nope. The insurance companies are not being truthful. The insurance companies already raised rates in August 2022. Follow the money here. Insurance companies are focused on getting all that money back they lost during the pandemic. Rates dropped and most people were driving less. Less accidents not more during that time. I had to shop for insurance in November 2022 and what an eye opener. I usually pay around $100 per month for full coverage. I was getting quotes online as much as $600 per month!😂 and the big reputable insurance companies were quoting me double of what I’m used to paying. I had to go through an agent just like that guy said in the story. Our California insurance commissioner needs to advocate for us not approve continued rate hikes. It will only cause more uninsured drivers on the road.
im not in California but my ex bought an almost new car . she's had a few accidents and her insurance has now paid way more than the car is actually worth and honestly I think her car is worth half of what they say it is . the amount of money cars cost is crazy the amount of money it costs to have a car fixed at a body shop is absolute insanity. I'm like way over 10,000 for a fender a rim control arm and paint matching . wtf are people smoking ?? of course her insurance premium is more than a car payment was ten years ago so whatever I guess. I keep the bare minimum. I pay about 150 a month for my three cars and have not filed a claim in my 30 years of driving . I literally paid less for three cars than her insurance company paid to fix hers , once ... every year of insurance payments for her would buy you a decent used car cash . people really need to quit living beyond their means....
I find this all very odd. There has been no change in my driving record, last March my insurance company just lowered my rate by 45$ a year, not much but if they are hurting for money, why? especially if they are trying to raise rates or leave the state, this doesn't make sense.
There just too much fraud or near fraud (abuse by lawyers, doctors, etc) going on. If you keep paying for body injuries that really don't exist, it costs everyone.
Anyone who has traveled abroad and paid attention will know how rare it is to see car accidents outside of the US In general, and especially compared to California. I've noticed this for a while now. Not surprised.
These companies will not discuss the elephant in room. California started giving out driver licenses to illegal immigrants a few years ago. Since then, my auto insurance has increased significantly. Obviously, insurance companies are seeing this as a huge risk, but there is no line item for them to compensate for this risk.
This sucks. My insurance company is now asking for me to pay my auto policy in full now. I have never been in a accident and haven't had a ticket in over 10 years. I can't afford to pay for a full policy. I went to different insurance companies and they said it changed now and insurance policies have to be paid in full now in California.
My guess would be they want the money up front so they can invest it to make a few more $$$. Problem there is if the investments go bad and they loose it, then they'll go whining back to the insurance commissioner for another rate hike to cover those losses.
Don't you just love it when they don't tell you the whole story? What about the increase in auto thefts and break-in? The D.A. won't even prosecute a lot of these cases because there are so many they would fill the prisons in no time. The insurance companies are leaving for the same reason that retail stores are leaving, they can't make money because crime is out of control and goes unpunished.
nailed it
the whole state is a Hyundai
And all the criminals look alike
Auto theftd happen in other states too…
@@ciello___8307 but not in record numbers like California.
I worked in this industry in CA for well over a decade and can tell you the cost to repair vehicles has increased exponentially over the past several years. Bumpers that used to cost several hundred dollars are now several thousand. Headlights used to be a few hundred can now be upward of $5k on some cars. Why this increase? Radar, cameras, LiDAR, etc now live behind the bumper and get damaged. These are part of the advanced safety systems in new cars. As for headlights, led,adaptive and all those fancy light signatures everyone likes are very expensive to replace. If the department of insurance won’t allowed carriers to charge a rate commensurate with the risk, expect more carriers to stop selling
BINGO!!
Clearly, we need far more stringent regulations to get these criminal organizations known as "insurance companies" under control.
@@Cryptonymicus maybe you should just try the alternative and self insure
That's why I drive an old car. Liability, $160 per car for 6 months.
Every insurance agent I've ever spoken to says car repairs are a drop in the bucket compared to medical bills so I think you're way off here.
Why don’t they charge those terrible drivers the 25%
That would be discriminatory and inequitable.
they already are my cousin hit some lady who ran in front of his car in the neighborhood and she sued him after she ran in the street. his premium went up 110% lol
@@freshtapcoke boo hoo.
Because many of those terrible drivers will drive uninsured because they have to pay horrible driver rates, or just will not or cannot, get insurance.
Regulators wont allow rate increases. All prices must be approved by regulators.
I was a casualty insurance adjuster in California for 30 years. Aside from the high costs of collision and property damage claims. California insurance companies pay out a great deal of money for questionable bodily injury claims.
Good. I have no sympathy for insurance companies. Even if they all go away and we're left without insurance, the only thing that would change is that we're left with money in our pockets.
Totally agree these days you can sue for any small crash and wait for 1 year and get 5-10 k
Don't forget about body shops causing more damage to the vehicles and claiming it was from the accident. The insurance company sometimes aren't able to know.
@@slickburrito you can also save money by doing a hit-n-run
@@slickburrito Until you have an accident.
Haven't had an accident in 10 years...and I spoke to the DMV they told me insurance companies are only suppose to look at those accident for 3 years...and yet my rates still don't go down
auto theft and uninsured drivers
Same for me. When I asked them, they said, bad drivers and uninsured drivers. All the good safe people pay for the bad. That is insurance 101.
@@radolfkalis4041 you are correct. It is sort of socialized insurance.
I had Progressive redo my insurance based on how little I currently drive, my rate went down from $145 a month to $87.
get a different company
There's too many ppl driving with NO insurance no license and either a foreign national or an illegal.
Problem in Az as well
Agreed. Too many illegal people on the roads, they are easily identifiable for the most part, but chp do nothing. Lets start pulling over after profiling poor cars.
Finally the actual truth
I have news for you, many without insurance are also Americans.
Ghost cars
During the pandemic my auto insurance company sent me a check for $1.00. Was that the savings she was talking about!? 😅😂😂😂
Savings as in the insurance companies jacking up their rates. The insurance companies dont like it that CA wont allow them to charge customers more
Progressive??
When crime goes unpunished others pay the price for it.
As a NYC paramedic for over two decades I can attest that fraud is absolutely rampant. And when the fraud is fought, the lawyers get a payday that way. We consumers lose both ways. We had a van full of people get tapped when the person behind them was parking, two of them claimed whiplash. At parking speed. Modern cars are so safe that I see very few observable injuries (I work in Manhattan, with little in the way of highways, tho). All of the safety gains, which should be passed on to us in lower insurance, just gets made up in fraud.
Agree, my friend was in a CRV fully stopped at a light. Unfortunately he wasnt paying attention and let off the brake a little. Tapped the car in front of him. he has been battling the lawsuit for 2 years. His car idled into the car in front of him on a flat road!
I used to do physical therapy for roughly 15 years. We went from 1-2 fraudulent people in a year to many many. Some people even spoke of relatives who deliberately got into crashes, not for a cashout but to get disability. They were not happy with the relatives BTW. One was even coaching her child. Sometimes it seemed like they were all frauds. Once in a while a person would slip and say too much and blow it, and sometimes they knew it - and of course we documented their comments..
manhattan is full of crap people.
Looks like auto insurance is gonna get a lot more expensive in California. California drivers start your engines... and grab your ankles!
That bad my boi. Grab your ankles . Lmao😅😅😅
Or learn how to drive.
7% increase? I just got my renewal and it's up by about 50%. That's with a completely spotless record, no changes to address or coverage, and commuting 75% less than pre-pandemic. Shopping around gave me quotes that were *all* that high.
You live in CA?
Probably something the insurance company considers a “sports” car or some other catch to rob you
Yeah the payouts are one thing, but it's also the massive fraud, theft claims, # of uninsured and unlicensed drivers which only is getting worse. Since property theft is basically legal and encouraged in CA, and the Dept of Insurance's tough rules on not allowing the non-renewing people who make tons of claims. It's a terrible environment for insurance companies to continue. You know things are bad when GEICO doesn't want any more customers.
'consumer friendly,' lol. well, i guess when you can shoplift $950 and that's a misdemeanor, that's pretty 'friendly.'
Driving on the freeway in California and I see tons of old cars with paper plates or no plates... im sure half the people around me have no insurance...
Ghost cars.
Probably no license either.
Illegal aliens
We need to be more restrictive with handing out driver's licenses, and also require more stringent driving tests. Of course, improved public transportation would help as well.
❤ every accident I've been in was the fault of someone over 65 years old 😅
no license to illegals.
and when illegals are caught driving, deport them immediately.
what portion is theft?
Arrest anyone even illegals who dont have insurance
Nah, it’s the regulations that is why the insurance companies are leaving. Too consumer friendly and they aren’t able to charge as much in California. Cars are what makes this country strong not regulations or public transportation!
"Facts don't support their claims." CA politicians living in a fantasy world.
I believe the insurance companies. It's business, if they were making a profit in CA, they would stay.
I believe insurance companies like I believe Trump and Putin, the mafia, republicans, biker gangs, drug cartels, Fox, and convicted serial killers.
They say a sucker is born every minute.
@@legacyjeetkunedo492this guy believes insurance. 😂😂geez people never cease to amaze me
Ain’t no fucken they’re not making money. I was paying insurance $200 for full coverage since I was 18, then when I finally had an accident at 25 they didn’t want to cover me. Tf
That is a funny angle to take. I used to take per-use insurance “Metromile” and they literally kicked me out of insurance for driving too few. In other words, they didn’t like that I was too safe, which seems contradictory to what they say over here on this video.
I don't blame them I'd get the hell out of there ASAP.
Exactly California has gone to hell in a handbasket more people are moving out of that hell-hole
@@Americafirst-i8q don't blame them really
Best place to live. They always hate us for one reason or another. If u have your shit together you're good lol
You're the only one with a brain chiming in. No one seems to understand how insurance works.
Everyone has to keep in mind that these are the major insurance companies that were mentioned. The ones who do all the advertising and stadium naming rights, which cost them millions/billions.
They could bundle their advertising on basketball arenas with football stadiums and save a boatload of money.
And stop paying pro athletes boatload of money too
Maybe the cost to insurance companies isn’t only for accidents? Who pays out when a window is smashed by thieves? If the city government decided to pay for broken windows and stolen items, the insurance companies might stick around.
I don’t live in California, but those are the types of news stories I often hear about, an increase in theft from automobiles.
I had my tailgate stolen on the 4th of July a few years ago. 2012 F350. My theft deductible is $1k the replacement that the insurance was going to charge I didn’t investigate because I called a friend that works at Ford and he said it would be (at that time) upwards of $4k I found one that was the same color with the camera for $500 off Craigslist. Who knows if it was stolen as I definitely had that feeling but the guy seemed honest and was replacing his bed with a flatbed for work. But on Craigslist there’s 100’s of super duty tailgates for sale from $500-$1500 all day long. It’s for sure a hot stolen quick flip for thieves hustle.
Bro it’s an insurance. They are taking the risk of insuring people. Insurance shouldn’t be for profit
Who pays for the fraud, Einstein? Worse in Cali than any other state. I'm a fraud investigator.
What
Whattt?? if they are profit how are they can afford they're employees?
What profit? Insurers are losing money. The elected insurance commissioner controls rates. It's ludicrous and explains why Insurers are leaving California. It would be insanity to stay.
@@davidnewman2541 insurances are raking billions in profit my boy. That's just them trying to hold the insurance commission hostage.
When you buy insurance, you’re paying someone to take on a risk that you don’t want to bear yourself. If your risk goes up, the other person wants more money, because that’s going to cost them more. Pretty simple, really. And based on the way I see people drive now (lifelong California resident here), it’s a wonder that CA insurance rates aren’t even higher.
When I buy insurance its because of a law that requires that me to do it, thats all
Rationally yes, but my wallet can't agree.
Uninsured “illegal” drivers are raising costs.
hell yea!
What happens when you vote Democrat
This is probably as close to the most ignorant (and inaccurate) comment as I have ever heard.
@@A22DNAL ¿Cuanto tiempo te tomo aprender Ingles?
@@jeffreyb8770 15 mintutos con guardia fronterizo en Tijuana.
When your car gets broken into time and time again in San Francisco for example and the cops don’t even write up a crime report, can’t really blame the insurance companies. Almost every billboard I see on the freeway has an attorney advertising auto injury claims and on TV as well.
Don't blame the cops. Blame you liberal politicans. They set the legal requirements, not the police.
Insurance is all about bonuses for the CEOs period and like home insurance in Florida they run away when their bonuses aren’t high enough Here in Colorado they flee after a large hailstorm which we have ever 5-10 years They need to be a non profit so CEOs and shareholders aren’t the main concern costumers should be
Wait, insurance companies are greedy but they’re so greedy they’re not taking our money?
What money?
the insurance commissioner wont approve rate increases.
Are the insurance increase due to catalytic converters getting stolen? Is the cost increasing because of illegal immigrants driving in CA? Also a fun note, home insurance is also getting out of the game in CA.
How many illegal immigrants factor into this?
Catalytic converter’s affect everyone in any area where they are stolen
Newsome is trying to run the country now!
Oh cry me a river.
Keep saying that buddy 😂😂😂
I used to work for AllState and Progressive. Progressive is the worst not only are they discrimatory towards pregnant woman but their business practice is they want you to sell the cheapest policy to secure the sale which is usually liability only then they fight hard on paying out insurance claims because they dont teach their agents to educate their consumers on proper insurance coverages and treat consumers just like a number and wonder why retention sucks . They don't deserve a 20% premium increase. Stick with your local agent!
Progressive and Geico are training grounds for new insurance adjusters. Low pay and hard work. But, you learn the business. Allstate and Farmers are horrible. Stick with State Farm, USAA, Wawanesa (San Diego office), Nationwide, AAA (one of the best with State Farm). Ed Rust Jr (last CEO of State Farm) warned Progressive and Geico to fear the "big dog" when he is awakened. He was my boss and was right. State Farm is swinging hard against the competition and is back on top. In the meantime, Geico closed all 38 offices in Cali. Do not mess with the big dog.
Too many people do insurance fraud there. I know a few friends who bought overpriced vehicles and ended up getting buyers regret. They pay some low life dude to steal it and get rid of it plus make some money from parts
Progressive supports liberalism...so no surprise you say they discriminate against pregnant women.....
There is a metric insurance companies look at called “combined loss ratios”. That means they look at how much premium they are taking in vs how much they pay out on corporate expenses and claims expenses. The gold standard is to have
a loss ratio of about 60-70%.
A majority of insurance carriers Q2-Q3 2022 had posted combined loss ratios well above 100. Translation: they are losing money fast because they are paying out on so many claims. State Farm alone posted an net underwriting loss of $8.4 billion on auto insurance.
Insurance companies are tightening their underwriting guidelines to make sure that the new business they do bring in is good business. Some of the changes you can realistically expect include companies only accepting good drivers, requiring enrollment in EFT payments for monthly pay plans, upfront verification of annual mileage, and sending in photos of your vehicles and the registration. Expect to see some delays in the time it takes to bind an auto policy.
As someone in P&C we’ll said.
Insurance CEOs make on average 10 to 35 million dollars each year. That doesn't even include their bonuses or golden parachute.
So I call BS.
If money is needed, Start right there!
It is true!! And the prices are ridiculous!! In Arizona 3 new vehicles full coverage is about 300 to 400 which in California would be the price for 1 insured vehicle
About 5 years back a good friend of mine lost his house(near Malibu/Palisades) to fire. He said the insurance company would pay off but that he would not be able to get insurance if they rebuilt. That land is a vineyard now. This has actually been going on for a while now. Americans have such a limited attention span it's not much of a mystery why you're only noticing now.
you can thank the fact that modern cars are so expensive to repair in the first place that minor collisions can total them. and you can also thank large discrepancies in vehicle weights and bumper heights that cause severe damage to smaller car thus totaling them. and the lack of moral standards of modern people, not treating driving like it is dangerous.
Agreed, Look up the $40000 dent on the Rivians.
I got an Idea let's get rid of all the safety features and computer B's make cars and trucks fun again no insurance either. Run what you want since we're unsafe at any speed DONT GET HURT.
at least the rates didn't increase...sucks to be you, insurance. that's what you get for penalizing your clients - "oh, you got a speeding ticket? Double yo rate!" I paid you to insure my property, and not judge who I am or what I do! 🚧
Don't drive like a dick and insure a house on a hillside where fires are every year. Insurance is a "for profit" business. Yes, they judge who you are (your history) and what you own. Are you stupid or what? They do not owe you shit. Otherwise, be rich enough to self-insure.
@@randallr.p.mcmurphy863 wow, salty...do you always call people "stupid" when responding to comments? lol
They charge you more because you’re not as safe a driver as others. Slow tf down
How about the un insured auto accident payouts from (asylum seekers) who are getting in accidents.
It is very common for people in CA to drive without insurance. When they get into a accident, they just split, so the insurance company has to bear 100% of the costs without handing off the costs to the other guy's insurance. When cops catch someone without insurance, they just give them a ticket. I've been hit twice by uninsured drivers who just drove off.
It's also illegal. You cannot drive w out insurance.
Yes, they are called illegal immigrants. California has a lot of them.
Just like Washington State...hit by a guy who was fresh out of jail, stopped 30 minutes prior. They used to impound the cars of unlicensed and/or uninsured motorists, but the practice was deemed "Racist." So the cops couldn't do anything after they left the traffic stop, and he ran the intersection while eating a sub sandwich.
Uninsured and unlicensed drivers in CA are let go with a warning most of the time especially if they are illegals I witnessed first hand it’s ridiculous
Uninsured and unlicensed drivers in CA are let go with a warning most of the time especially if they are illegals I
witnessed first hand it’s ridiculous
Bloodsuckers
California is the absolute KING when it comes to "unsustainable business models!"
LOL
That's why they have the 5th largest economy in the world.
They will eliminate branches with humans and you'll have to purchase through phone or online only. Very soon...
So not a single one of them are actually pulling out of CA, like the title says. Clickbait much?
They have to service existing policies by law. No new policies being written is the same, Einstein.
They can’t really pull out, even if they close their offices they’re still available digitally.
If you live in California, check your recent insurance statement. They raised my premiums over $1000 dollars annually with no warning and no accidents or points on my record in over 20 years
The commissioner doesn’t know what he’s talking about
People are driving more aggressively than before the pandemic. Drivers come right on your tail, pass with only inches to spare, widely serve from lane to lane.
y'all who think having your 'government' run insurance, try it there first in CA and let the rest of us know how that works out, k?
If they only paid execs a liveable wage instead of exorbitant, then they might find its not operations that's losing money.
So true! That's the case with most public companies
Bullshit. Insurance execs do not make shit compared to tech, medical, etc. You're talking out of your ass.
Contrary to the title, I didn't hear of one company actually "getting out of" or leaving the state.
GEICO no longer writes new policies in CA.
What are you supposed to do about the policies already written? You cannot cancel them. No new policies is the same as leaving. Let me help you: 1&1 = 2.
All State last year, State Farm like last week, and AIG I forgot when.
@1952 Telecaster Actually, insurance companies DO reserve the right to cancel your policy if they feel it's necessary.
re-watch and pay attention
Mr. Commissioner, If it's such a lucrative industry then why isn't the government insuring drivers ??? I mean the one thing the Governments of all Countries love is Money.
Yeah BUT wouldn't you be afraid that "THEY" would raid the $$$ draw like they did with our Social Security??? You know the $$$ they steal out of our paychecks every week to save it for us for retirement. Yep! they stole it & in our drawer is an 'I OWE YOU' from the government. Social Security like so many think IS NOT A PRIVILEGE it is OUR OWN $$$$ they stole from our checks all our working lives. Each generation pays for the generation after us & that's why they keep saying they're gonna be out of $$ to pay the next generation BECAUSE THEY WON'T WORK!!!!
Insurance is one thing that should be nationalized, medical, auto, all of it!
Why do you think that would lower rates for everyone? Medical skyrocketed when Obamacare went into effect. Explain yourself.
@@whyyeseyecChrist Johnny, medical system has been broken since the 1980's and arguably before that. "Obamacare" is actually "Romneycare", it is a Republican idea but you chose to call it "Obamacare" because you are clearly in a tribe. How are you equating what we have now to nationalized health care.. what!? Your post makes no sense. Here, look, I'll present it to you in a different way, healthcare should never be a "for profit" business, and by the way, millions of Americans have benefited from "OBAMACARE", including myself. 2 person coverage for me in CA would be $900+ a month without it, I am paying only $350 of it. Do you understand that all of your premiums are going to the middle man, you dummy? Nationalized healthcare would be using the tax dollars you are already paying and getting nothing back as things are today. There is your explanation.
I wonder if the massive amount of automotive theft and vandalism has anything to do with the rise in premiums.
Its because the carjacking the break ins and stolen cars in California.. Thank your local democrat and Newsom..
This is a lie, they just gave all their executives huge raises. Totally scamming consumers.
Take your meds, Bradford. You're wrong.
Don't worry. CA legislature will fix insurance and charge good drivers more
Police in my city Springfield IL simply no longer enforce traffic laws within the city. People speed, run red lights etc and you never, ever see anyone get pulled over. And what’s worse everyone drives now staring at their smartphones which leads to all kinds of driving mishaps and bad accidents. I’ve never seen so many dinged up cars driving around. Seems people spent all their money on their smartphones and cars and have none left for repairs.
its sad the phones are snarter than people.
Vote democrat and vote often. In the words of Bruce Willis, "welcome to the party pal!". it's ironic that "Progressive" wants 3 times what State Farm wants.
Drivers in California are the worst !!! Crazy drivers!!😮😮😮
But but but what about diversity and the migrants??????? Blahahahaha.
How many dealer ships claming all the cars that get stolen from them on insurance. Im sure there adding there Extra $60,000 to the vehicle. This is insurance fraud.
Good. Mandatory car insurance is illegal anyway. Completely unconstitutional. The Constitution says specifically no local, state or federal government entity can force citizens to buy a product of any kind in exchange for anything, at all. This is why car insurance wasn't mandatory until the 1980's when the insurance industry pressured officials to side step the Constitution.
Statistic says 16% in Cali but I would say 3 out of 10 in SoCal are uninsured. Look at how many hit and run occurs.
Insurance should not be mandated. My life my choice to borrow a phrase.
how many problems come from uninsured and underinsured drivers who come from other countries and don't care to become legal?
The math is wrong and skewed to in the favor of the insurance companies. The corporate giants are always victims.
Lol yea Geico net profit last year was $8.07 billion dollars 💸 😂
I have insurance through Costco. I was looking in to getting another quote with them and noticed the website says they are not accepting new policies from California.
I’ll bet CA has no problem increasing their registration rates anytime they want.
If you logically think about it even if the insurance can make $1 to have stayed in ca because they have all the overhead cover and profit $1. The only pull up when they're losing more money as that worth it for them to stay anymore
why would the companies leave if they were making money? sounds like the insurance regulators are a big part of the problem.
They shouldn’t have made it a law to have insurance lol😂
All they need to do is stop wasting their money on TV commercials.
I didn’t even think about all that profit they made when people weren’t driving during the pandemic. 42 billion. I remember progressive gave like a $5 discount one month.
If other insurance companies did the same it certainly didn’t affect their profits. Right now I pay $87 a month and I live in Houston, it was way higher during the pandemic.
With as much as these insurance companies charge, I call bullsh**, they’re lying!
I have family and friends in Insurance, have for my entire adult life, and they will ALL tell you yes, due to lawyers and lawsuits being VERY common here in even the tiniest of fender benders, it's WAY WAY WAY more expensive to insure in California.
They didn't say the number of accidents increased. Just that they are paying more in each accident.
I blame the lawyers and beaurocracies.
Nope. The insurance companies are not being truthful. The insurance companies already raised rates in August 2022. Follow the money here. Insurance companies are focused on getting all that money back they lost during the pandemic. Rates dropped and most people were driving less. Less accidents not more during that time. I had to shop for insurance in November 2022 and what an eye opener. I usually pay around $100 per month for full coverage. I was getting quotes online as much as $600 per month!😂 and the big reputable insurance companies were quoting me double of what I’m used to paying. I had to go through an agent just like that guy said in the story. Our California insurance commissioner needs to advocate for us not approve continued rate hikes. It will only cause more uninsured drivers on the road.
No different in az
Paying out lol y’all been cashing in foh
THANK YOU DEMOCRATS !!👽
Smashed Windshield have anything to do with it
Interesting how all the companies that routinely overcharge people are complaining and pulling out
im not in California but my ex bought an almost new car . she's had a few accidents and her insurance has now paid way more than the car is actually worth and honestly I think her car is worth half of what they say it is . the amount of money cars cost is crazy the amount of money it costs to have a car fixed at a body shop is absolute insanity. I'm like way over 10,000 for a fender a rim control arm and paint matching . wtf are people smoking ?? of course her insurance premium is more than a car payment was ten years ago so whatever I guess. I keep the bare minimum. I pay about 150 a month for my three cars and have not filed a claim in my 30 years of driving . I literally paid less for three cars than her insurance company paid to fix hers , once ... every year of insurance payments for her would buy you a decent used car cash . people really need to quit living beyond their means....
you'd think denni ritter's job at apcia would conflict with her being the legislative director at the CA assembly.
Cant scam us nomo payin monthly for insurance that dont even cover us, 99% of time they just total it
I find this all very odd. There has been no change in my driving record, last March my insurance company just lowered my rate by 45$ a year, not much but if they are hurting for money, why? especially if they are trying to raise rates or leave the state, this doesn't make sense.
They need to save for a rainy
day too just like all of us
Rainy day 😂😂😂
But it's been a "Rainy Decade" in California.
Car Insurance companies are on borrowed time as tech comes in to make cars extremely safe. We're a few years away.
80000 dollars for cars is ridiculous
price controls never work.
There just too much fraud or near fraud (abuse by lawyers, doctors, etc) going on. If you keep paying for body injuries that really don't exist, it costs everyone.
Anyone who has traveled abroad and paid attention will know how rare it is to see car accidents outside of the US In general, and especially compared to California. I've noticed this for a while now. Not surprised.
I guess you've never visited Russia, China or pretty much any place in Asia. The only exception being Japan.
Im amazed at how perfect the rest of the world is!
These companies will not discuss the elephant in room. California started giving out driver licenses to illegal immigrants a few years ago. Since then, my auto insurance has increased significantly. Obviously, insurance companies are seeing this as a huge risk, but there is no line item for them to compensate for this risk.
always the illegal immigrants
Insurance is just another tax on the poor. All they do is take your money and when u need them they disappear.
Keep voting democrat
They won't learn...they vote blue no matter who
???
This is all the commissioners Laras disaster. He wants to run for governor after all this? No way
Most of the CA politicians just move from one office to another. Our Governor and both of our Senators are prime examples of that
Car insurance is the OTHER BIG RIPP-OFF.....nationwide REALLY SUCKS!!!!!!!
This sucks. My insurance company is now asking for me to pay my auto policy in full now. I have never been in a accident and haven't had a ticket in over 10 years. I can't afford to pay for a full policy. I went to different insurance companies and they said it changed now and insurance policies have to be paid in full now in California.
My guess would be they want the money up front so they can invest it to make a few more $$$. Problem there is if the investments go bad and they loose it, then they'll go whining back to the insurance commissioner for another rate hike to cover those losses.
Let them out and never back in. Think of every car needs insurance.🏦🏦🏦🏦🏦🏦🏦🏦🏦🏦🏦🏦🏦🏦bull
They are not paying out more claims and everybody knows it.