Why Car Insurance Is Skyrocketing

About this episode:
I'm sure I'm not the only one wincing at my car insurance bill these days. In this video, we're exploring why those rates are hitting the roof and I'll give you 9 essential tips to help you save. You'll also learn the sneaky ways auto makers are spying on you and how to stop them.

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[taracarmichael]

You'd THINK that the longer I go without a claim and as my vehicles get older and older, the cost of insuring them should go DOWN! Very frustrating.

[BadPhD]

Very frustrating to see the biggest bump on my policy was for uninsured motorist coverage. Drivers are required by law to have coverage, but they don't, so us law abiding citizens have to make up for it. Then when you get hit by one it's pointless to sue them since they are broke.

[MA-jwqv]

After being a customer for 15 years, Progressive raised my rates 33% two months ago. No changes, no claims. At the time, I checked their stock price… it was up 33% ytd. I will never be their customer ever again.

[yxmichaelxyyxmichaelxy]

Years ago, my insurance premiums doubled as did those of everyone in Ontario. The people cried foul! So, Dalton McGuinty then Premier of Ontario decided it was time to introduce insurance provided by the State. We all loved the idea. The insurance industry screamed foul, claiming the State cannot do any such thing. The State replied absolutely they could. Competition is wonderful they stated. Next thing I know as the State prepared to introduce insurance coverages, I received my insurance documents. My premiums had returned to their previous numbers. 😂

Power of the State used as it should be.

[thecurtisfamily]

Not only has my insurance went up, but my wife was hit by a deer and had a bear attack her vehicle when we visited the mountains within a six month period and they basically threatened us with the letter that we could get canceled if we filed another claim. Making us proud, statefarm

[Camp_MTG]

I'm in the collision repair industry. Most people have NO IDEA how crazy complex cars are getting! Frankly, they are getting really difficult and time consuming to fix, and aside from everything george said, this is contributing to the cost of insuring them.

[misterskippyu]

"Hard accelerating" is a red flag? Where I live, if you leisurely accelerate when merging on the highway, you'll become a stain on the pavement.

[Quanzino]

Number one way to fight high insurance is to have a car that’s not worth a lot. High insurance is another major downside of expensive vehicles

[the]

Nice thing about having 30 year old trucks, is that I don't have these problems haha.

AND I can work on them because they're simple machines!

[Krinbo]

“wees neek” “need a nappy” I see George is in full-on Silly Goose Mode today

[vonnnner]

I don't know who edits your videos but their work is 10/10.

[stevenewsome]

Just getting ready to go talk to my agent and George pops up spitting facts, it’s destiny. 2 days ago my agent said you’re credit score is great, drive history good and nothing will raise. Got my bill and it’s 40% more. 😮. Liar liar pants on fire sir.

[bigcahuna]

It's not necessarily you, it's the other drivers who choose to cruise around without insurance and violent weather that happens 1, 000 miles away. This explains why everyone's rate increases even if your driving and accident record remains squeaky clean.

[AviSpira]

While I agree with the saving tips... Car insurance is expensive because of other bad drivers who should not be allowed on the road.

[bydocuq]

Thank you so much for this video. When I saw my car insurance report from last year, they had collected all kinds of information that was downright wrong. I need to contact these data collection companies and rectify their incorrect information.

[danieljohnson]

I work for a personal injury law firm. My number one suggestion: Purchase uninsured and underinsured motorist coverage. Also, if you don't have health insurance, purchase medical payments coverage (depending on the insurance carrier and state, it may or may not be available).

Edit: 500k in liability coverage is excessive, unless you actually have assets from which an injured party may recover. Excess judgments are rarely sought (i.e., when the insurance carrier tenders the available policy limit but it is insufficient to cover the injured party's damages and he/she sues the driver to collect additional monies). Many drivers have only state minimum coverage, so that's why underinsured motorist coverage is critical.

[Ceileen]

George! How can this be scary, maddening and funny at the same time?!?! 😱😡🤣

[lizi.]

Lmfaooo “Does your Audi know that you have an innie?”

[adamogden]

older cars are cheaper to insure. I haveca 1994 Cadillac seville with full coverage and I pay 65 a month 250 deductible.

[TMPS]

I work in insurance and am debating sharing this video with some of my peers. George did his homework. Its the harsh reality of life, it is more expensive to insure cars in 2024 vs 2019-2020.