And THIS is why auto insurance rates are rising…
I need to get this off my chest. As a retired property-casualty actuary, I generally understand the rationale behind rate increases due to rising claim costs. However, I was hit hard this year: my auto insurance went up 10% over six months (which is pretty standard), my homeowners insurance increased by 18%, and my umbrella policy shot up by 42%. Mind you, I haven’t filed any claims in the last year. I reached out to an independent agent, but they couldn’t offer much better rates.
Then I discovered something surprising in my motor vehicle record. In late 2023, I made a regrettable decision—I found myself in a right-turn-only lane, but I needed to go straight. I backed up to try and switch lanes since the traffic behind me was clear. Not my brightest moment. I ended up sideswiping a shiny truck belonging to a rather unpleasant woman who was stopped in the straight-ahead lane. She unleashed a tirade on me, and I owned up to my mistake. We exchanged insurance information, and after filing the claim, I blocked her number and let State Farm handle it from there. Later, I did some digging and was shocked to find her mug shot online. She was a towering 6 feet tall and weighed 208 pounds, looking like she’d just stepped out of a bar fight.
To my disbelief, she ended up collecting $4,000 for property damage and a staggering $8,000 for bodily injury! Though she had an adult male passenger and possibly kids in the car, it’s hard to believe anyone could have been genuinely hurt. I can only imagine they celebrated a very merry Christmas.
I’m frustrated with State Farm for seemingly caving in, but I suppose she found herself a tough lawyer.
It sounds incredibly frustrating to deal with rising insurance rates, especially when you’ve been a responsible driver and haven’t had claims in the past. It’s unfortunate that a single incident, even one that seems minor, can lead to such significant increases in your premiums and impact your overall costs. The system can feel pretty unfair at times, especially when it seems like people are taking advantage of situations.
Your experience highlights some of the challenges within the auto insurance landscape, where even small accidents can lead to hefty payouts and subsequent rate increases. It’s disheartening to think that a lieutenant lawyer might exploit a situation that didn’t warrant such extensive claims.
While I understand your disappointment with State Farm, they often settle to mitigate the risk of larger lawsuits, which can further complicate things for everyone involved. It really makes you wonder about the broader implications of how our insurance systems work and whether they truly serve the interests of safe, responsible drivers. Hopefully, you’ll find some options for better rates in the future. Thanks for sharing your story; it’s a good reminder of how quickly things can change on the road and the impact of those changes on our finances.