this post was submitted on 11 Mar 2024
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Privacy
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Apparently a part of that is that EVs are more expensive to insurance companies, so they are spreading that cost around.
My insurance jumped by about 20% as well, after discounts from shopping around.
It cant just be EVs, but when i was searching this was the main reported factor.
Or, all the insurance companies just decided to massively bump rates
My understanding is that they all got together and decided to raise rates across the board.
Colluding?
Of course not, that would be illegal and immoral!
/s just in case
My completely uninformed guess is:
The reasoning they gave me is exactly that. People driving like crazy post pandemic, and the fact that cars have become exponentially expensive.
Parts are plastic and cheaply made so more shit breaks when you get in an accident.
I bet you all the insurance companies are using a service that provides pricing via algorithms. In their opinion it's not collusion, just math.
This is essentially what all insurance is. Actuary tables, risk analysis, so forth. All math with the single purpose to ensure that over the whole risk pool, the House wins.
Used Vehicles became more valuable over the past few years as new vehicle production was issued halted in early 2020 and supply chain issues plagued manufacturers for a few years after that. Used car prices are just now starting to come down. I hardly ever saw cars for sale by owner that didn't have over 200k miles on them and weren't models plagued with major issues. People were still asking $5k for absolute junk. My advice over the past few years has been to buy a new car as it's a much better value over any used car at the moment.