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Just as an FYI to everyone....inflation has hit insurance companies hard.
The values of used cars going up affects claim payouts, The parts problems in the supply chains increases costs, the labor pool shortage raises costs.
Claim frequency rose as we came out of covid as people got back on the road...along with some bad habits. (does anyone stop at stop signs these days??)
My industry wide guess (As an agent and former claim rep for 32 years) is that you ALL are getting rate increases at least until the inflation gets checked.
Not making excuses for the industry but just pointing out what we are seeing.
My day is spent proactively calling my clients and helping them understand rate increases that they are seeing.
Here are numbers we got just the other day....
CT GEICO 5.7% 10/6/2022
DC Allstate Corp 10.1% 5/2/2022
DE Travelers 6.0% 11/18/2022
ME Concord Group Insurance 6.9% 10/1/2022
NH Progressive Agency 7.9% 9/16/2022
NH Progressive Direct 10.6% 9/16/2022
PA Liberty Mutual 28.1% 11/14/2022
PA GEICO 34.4% 10/6/2022
VA Allstate Corp 5.0% 10/3/2022
VA Liberty Mutual 16.9% 8/22/2022
VT GEICO 6.4% 10/13/2022
PA Liberty Mutual 28.1% 11/14/2022
If you want a BMW gearhead "Good Neighbor" agent in Virginia just PM me.....
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