Why Car Insurance is Expensive in 2024. The Ultimate Guide

This video is an in depth explanation on not only why your car insurance is expensive in 2024, it also explains how tickets, accidents, Credit and many other rating factors that make your insurance high.

This Ultimate Guide to why your car insurance is expensive will give you tactical ways to get cheaper car insurance as well as, throw in some fun facts, such as, what are the top 5 most expensive and cheapest states for insurance.

Available in Virginia, Michigan, Indiana, New York, and Ohio

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DISCLAIMER:
Please consult your agent before making any changes you feel you are not knowledgeable with. Due that the laws being different in each state, I am not responsible for any changes or updates that may have occurred after the making of this video.

This video and description contain affiliate links, which means that if you click on one of the product links, I will receive a small commission. This helps support the channel and allows me to continue to make videos like this. Thank you for the support! Car insurance advice, car insurance, auto insurance, home insurance, homeowner’s insurance

00:00 Chapters
01:22 Repairs
03:30 Lawsuits
04:35 Credit Score
06:07 Tickets By MPH
08:45 Cost by # of Accidents
10:36 Profile Rating
11:29 Secret to Cheaper Prices
12:38 DUI
13:09 Medical Claims
13:56 Cost By Age
16:13 Most/Least Expensive States
17:46 Credit Score Factors
18:47 How to Get Cheaper Price

[babycakes]

How ridiculous that they penalize you even if you were not at fault👿

[kellyhewittangleberger]

My insurance rate within the past 2 years has gone up about 40% No points, no accidents. The vehicles are getting older. Makes no sense. This is ridiculous. People have always sued and parts plus labor have always been expensive. This all started a few years ago. I wonder why 🤔

[falsificationism]

This was all explained so well! Also makes it alarmingly clear that individual vehicle ownership combined with boom-bust cycles is a nightmare for urban planning.

Bikes, walkable streets, buses, and trains are infinitely more scalable than these insanely pricey houses on wheels. I think we've reached terminus when it comes to car culture and car-centric urban planning. Until I can move to a more walkable city (or fight for more walkability and transit where I live), it's great to know what's driving the insanity. Premiums have gotten insane, especially relative to the value of my vehicle. I think I'll be shopping for a new insurer thanks to this video!

[Kennypeagler]

I was shopping for new car insurance and they’re trying to charge me damn near 5-6k a year for a used Honda civic. Ridiculous.

[RN_BSN_PHN]

*Best way to avoid Insurance inflation? NEVER BUNDLE WITH ANY SINGLE INSURANCE COMPANY. DIVERSIFY ALL YOUR POLICIES WITH DIFFERENT CARRIERS*

[mynock]

In an investor earnings call Berkshire Hathaway (owner of Geico and other insurance companies) Stated the reason for there 30% growth in earnings was for 2 reasons. First they raised there rates substantially and 2nd they had many fewer claims . The so called inflation rate for the last fiscal year if you look past the surface was. driving by 2 things, electricity and you guessed it car insurance….not food (actually is negative). So the the reason for the rate hikes is corporate greed, they have no oversight and the industry is controlled by a few, very few corporate interests they can raise there rates as much as possible.

[JazzyGazzy-njrn]

hearing the average premiums was very helpful, we ALL are getting screwed man lol drive safe everyone i think im ready to get a bike xD

[Sarcastic_Asmodeus]

My insurance on my 2015 old Lexus keeps going up. I get that newer cars are more expensive, but why an old car that has outdated old tech, shared parts from cheaper cars, and is still in production? I have a clean record. No car accidents or tickets. My credit score is in the high 700's, too. Lol

[dogewisdom]

Crazy how cars depreciate but insurance goes up.

[travmoo]

Im in MO. Mine just shot up 1000 for the renewal and that’s after 20 percent last year as well. The problem I keep running into is that all the “insurance search engines” want consent to blow up your phone and let everyone start trying to call you. I just want the bids. If I’m interested I can contact to discuss further.

[Michelle-bwxg]

Watch to the end. Appreciate all your videos, shorter and longer. Renewal coming up so good timing. How far ahead should I shop around for rates? Lots of EVs where I live and reckless drivers which drives up cost for all. Agree that independent agent is the way to go.

[Jasiel.]

I have to do this. My insurance is 2K per 6mo 16 mazda3 w/ elevated coverages (300k, medical, pip, etc.) renters bundled in. With progressive get into an at fault accident 13 months ago and a not at fault December 23. They paid out a lot in less than a year come June my premiums are going to be high as fuck again.

They were going down so much.

[RottingQueen]

I watched my car insurance jump after any accident that took place, no matter I was no-fault in all cases. The only incident I was at fault for was recently, a fender bender with no damage to my car and a bumper replacement on hers. (In fairness, she stopped short where she should not have but - I did hit her on the "backside", so I am at fault.) I just got my 2024 rate and it is +$100 USD a month to my 2023. It puts me over $350/mo for (1) 2014 vehicle. I don't know what they expect people to do, honestly. I have to have insurance, but I can't afford insurance at these rates. I checked with Geico, Progressive, All State, USAA, AAA, etc. and all of them are over $300 or worse. . .

[ahotdj]

I want to know why looking for insurance, what does my race, education level, marital status, if I owe or rent my home has to do with my rate? How is that relevant?

[towfoe]

Do you have an agent for Rhode Island?

[gordonliddy]

my 21 chevy trail boss is incredibly outrageous to insure. I have good credit, a squeaky clean record and yet Farmers Mutual want's to bend me over like I'm Andy Dufresne in the Shawshank prison laundry room.

[guspaca]

Can you write home & auto policies for Laurel, Mississippi ?

[lytesout]

Hey. Thanks great video. I just subscribed. Question. My insurance has gone up about 20% in the past couple of years. Have 2020 GLC 300. It cost me more now than it did when I first bought it. I’ve move to a better area and gotten married. No accidents, glass claim 8 years ago, no speeding tickets within last 15 years. 800+ credit. Any advice?

[Peanutdenver]

Every state uses your credit score except here in California, Hawaii and Mass. I have a great score but I think it's unfair to use one's score against them with such a heavy punishment when the score is, say below 600. Most States, as you know, make liability mandatory so these Insurance companies have the public over a barrel once you get past this coverage. There is little competition in the industry and is no longer fair to those who are struggling financially or are fresh out of uni(to name but a few). They also give a ton of SI money to politicians who are solely motivated by the power they can achieve and the money they can pocket so there's no motivation to fairly regulate the industry. It's a horrible industry...much like the credit card industry.

[kelisurfs]

Mark how do I find out what the state laws are?