Nationwide Insurance increase

[Jimbydude]

Well this is sounding very much bait and switchy like. The Rivian/Nationwide was considerably lower and yearly, which made a huge difference.

I recently got an email saying that to continue home ins (which I switched to for discount) I need to get a certificate to say that I have fire and alarm monitoring, that was never mentioned or discussed either. and is not something I'm interested in.

My renewal is not up until Dec, so guess I should start shopping around in Nov!

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[UnsungZero_OldTimeAdMan]

In CA, AAA was the only reasonable option…hopefully that doesn’t change…

That sounds way too much like AAA ad. Sorry. I've gotten quotes from them for other cars before. And none of those quotes came close to what I was paying for State Farm. What's my point? Both experiences are just two single datapoints. Too narrow to make a broad claim like that.

 

[AA_Rivian_Socal]

same problem with nationwide/rivian insurance... went up 50 percent more but 6 months of coverage... keeping it for now. but will replace with the next renewal term with another company.

 

[sherold]

This is a trend that has been ongoing since we started insuring these vehicles. It is predominate but, not limited to Nationwide.

My R1T was originally insured through Nationwide in Aug/2022, 6 months later with no claims and rates jumped close to 20%. I switched to AAA and one year later my rates have increased for all 3 of our vehicles.

 

[Forager]

My Nationwide went up 20% at the 6 month renewal, I expected this would happen when I started the term so I tried to get a 1-year rate but they wouldn’t do it (have 2 homes and umbrella which are yearly however). I anticipate another 20% bump at the next 6 month renewal, at which point I’ll be dropping them and going back to State Farm.

 

[ksurfier]

That sounds way too much like AAA ad. Sorry. I've gotten quotes from them for other cars before. And none of those quotes came close to what I was paying for State Farm. What's my point? Both experiences are just two single datapoints. Too narrow to make a broad claim like that.

I couldn't even get quotes from local insurance dealers, told them I had a good rate from AAA and they said they've been hearing from many people that AAA is one of very few providers currently in CA marketplace...not trying to do an ad for AAA at all, just sharing my experience...hope more options become available soon...

Also have Tesla ins. for a vehicle, that went up 11% for 6 month renewal...actually, this has now become an ad for Tesla, looks like they are finally insuring Non-Teslas, just checked rate and it’s good ($1,200/year)…

 

[Magicbus]

Has anyone from CA tried MAPFRE? It looks like they actively cover cars there. We have a Bronco Sport, a Sprinter camper van and our R1T insured through them and haven’t found better rates (in Massachusetts). We even had an $8k at-fault claim last year and they didn’t bump our rates and handled the claims process with ease.

 

[UnsungZero_OldTimeAdMan]

Has anyone from CA tried MAPFRE? It looks like they actively cover cars there. We have a Bronco Sport, a Sprinter camper van and our R1T insured through them and haven’t found better rates (in Massachusetts). We even had an $8k at-fault claim last year and they didn’t bump our rates and handled the claims process with ease.

MAPFRE is a global insurance company based in Spain. It operates only in 19 US states.

 

[s4wrxttcs]

If insurance prices keep increasing I'm going to trade my Rivian in on bumper car.

 

[Magicbus]

MAPFRE is a global insurance company based in Spain. It operates only in 19 US states.

Well yes, that may be true, but I am happy with their product in Massachusetts and it appears to me that they also offer their product in California. I am open to being corrected about their availability in California, but I do not I have a problem doing business with a company based in Spain.

 

[Pghllew]

The insurance companies are probably seeing some of the body shop repair bills and adjusting accordingly.

 

[UnsungZero_OldTimeAdMan]

The insurance companies are probably seeing some of the body shop repair bills and adjusting accordingly.

Or you can say they are protecting revenue/profit projections, right along with adjustments for increased costs.

 

[ther1slife]

Try Travelers - i've been pretty happy with the combo of homeowners and auto insurance through them at a competitive price relative to some of the exorbitant quotes from other coverage policy providers.

 

[electruck]

Premium increases aren't just Rivian vehicles or Nationwide insurance. Both my homeowners and auto policies are going up 50% over last year with no claims against either policy. Yet, shopping around, I still haven't been able to find a better deal (although I could certainly reduce my premiums by reducing my coverage). Rivian could do a better job of engineering with repair costs in mind but the cost of parts/materials and labor for both auto and home repairs are skyrocketing these days and the total volume of claims is up - especially in places like CA, FL, and apparently TX. As a result, our premiums and even the ability to obtain insurance are reflecting that.

 

[ksurfier]

Looking at the data, I would guess it was the jump in losses between 2020 and 2022, going up from $160 B to $240 B, which represents an annual increase of 20-25%. Sounds like EV repairs could certainly be a factor as well, inflation likely to blame for some of the increase…maybe someone from the insurance industry is here and can elaborate?

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