This is Why Your Insurance Rates are Going Up
(00:00.846)
Insurance rates, car insurance, home insurance, they’re not going up due to greed. Yeah, listen, I’m in the same boat you are. I almost threw up in my mouth when I opened up my latest car insurance bill because they continue to go up. But it’s not due to greed. You get fools like Elizabeth Warren. Fools like Elizabeth Warren. Progressives like Elizabeth Warren. Blaming climate change.
corporate greed. And I quote, insurance insurers have underwritten financing fossil fuels, and then they profit from selling protection from the impacts of those fossil fuels on climate. And now when climate risks are rising, they’re trying to hang American families out to dry here and demanding either higher premiums or to get out of the market altogether.
which again is an oxymoron of itself, isn’t Elizabeth? If they’re making so much money in those markets, why wouldn’t they stay there? Why wouldn’t they stay there? If they are, man, the profits are just huge at those insurance go out of killing it. Why wouldn’t they stay in those markets? So, you know, some of the numbers here, auto insurance rates up 46 % since January, 2020.
Homeowner premiums up 37 .8 % since 2019. In certain states, it’s been worse than others. You got Arizona, Illinois, Texas, California, Florida, some of the highest rates that are out there. OK, we’ll go through this one by one. Let’s talk about cars, shall we? Here’s a thing.
Some people might not understand it. If cars are more expensive, they cost more to insure. And what have we seen? Used cars up 29 % since 2020. New cars up 20 % since 2020.
(02:30.158)
about parts. Yeah, forget about that. Car gets into a fender bender. Parts on cars are up 21%. Repair costs are up 48%. Okay. Again, you’re an insurance company. Your kid is out driving a car, this new driver and up, but not paying attention, might have been texting on the phone, bumps into somebody.
You got a fairly new car. It’s got a lot of electronic gizmos and all sorts of stuff and cameras and all sorts of crap that’s in the car that wasn’t in cars the past cost a fortune. What normally would have been a cheap little thing to fix is no longer. Then you also obviously have, you have the tort.
Attorneys out there litigation costs have gone to the roof. I’ve told that story be here on the program where My wife bumped somebody at one mile an hour and they tried to sue us for some ridiculous sum of money and I refused to settle and we won and Person had a history of doing this stuff all the time Again, you talk about homeowners policies. There’s a whole nother one right there
You have, you actually have in the state, certain states before, I know this for a fact, various different people going around, basically running a grift, looking at people’s roofs and you know, storm comes through and demanding because they’re overwhelmed, brand new roof when they don’t need it, and it could be fixed and insurance companies having to pay that. Again, you also have situations where you do have storms and they happen.
They have to talk about what recently took place in Florida in around Fort Myers. There’s an area that never been hit before, but it got hit. And you have homes, you have homes that are very old, you know, 70, 80, 100 years old, and they don’t handle the storms as well. It is what it is. And all of a sudden, you know, that house gets wrecked and you have to fix it.
(04:55.022)
and you have to fix it with new building codes. And those new building codes, again, cost a hell of a lot more to build things than they did in the past, which adds to the costs, not to mention the cost of materials. And I mean, go right on down the list. Okay. Inflation of everything, including,
the cost of insurance. And then again, you couple that with regulations and a myriad of other things. You know, recent story, we had that tragic incident down in Florida with the condo. Was it, was it called sunrise? That collapsed. Wake of that, got all sorts of new regulations that are coming down the pike. And all of these condo buildings out there have to raise all sorts of money. All sorts of money to get these condos up to snuff, up to speed.
insurance costs that are going up right across the line. Again, it’s not greed. Okay. It’s not greed. It’s not climate change. It’s bloody inflation for crying out loud. Inflation affects everything.
Again, don’t let these, again, the government step in, we need more government regulation to handle this, that, and the next thing. That’s not the answer. And in fact, in many cases, it’s just part of the problem. I’ve made fun of this before here on the program, where you have flood insurance, government insurance, subsidized insurance. And I say to myself, why in the world are the taxpayers having to subsidize home insurance policies if people choose to live on the water?
If they can’t get that house insured, then you know what? Pay for it in cash. I don’t know what to tell you. There are stories we’ve done here, in particular, coast of Panhandle, Florida, coast of Alabama down there, houses that have been knocked down several times due to storms. Yet they rebuild them. And who subsidizes it? The taxpayer. Because no insurance company is going to insure it there, for crying out loud.
(07:12.686)
Again, the real estate lot, they love this. Again, you get subsidized insurance, could drive the prices up. You want to have prices come down along the water in some of these areas? Well, again, you get rid of the subsidized insurance, then the prices of the homes will come down. Anytime you subsidize something, anytime you get the government involved, what is that? It’s inflationary. It’s going to drive the prices up. So stop blaming the monopoly man. Stop blaming the…
flow from Progressive or the you know the gecko from Geico. It’s not on them people. Okay, it’s on inflation and who causes that? What causes all that? Yeah, you can look to the Cathedral of unintended consequences. Watchdog on wallstreet .com.
