Let's drive car insurance rates back down!
Quote from glen on November 28, 2022, 9:21 pmDear <your state> Representative/Senator,
I am one of your constituents. I just got notice that my car insurance
is going up $200/yr for no reason I have caused. It's ridiculous because I
get no service from the insurer and have minimum coverage. All I am is data
in their database. So how can the rate go up?As I check around, all auto insurers have raised their rates. The cost of car
insurance is now at 5% of my income. It would be cheaper for me to
drop insurance and pay the fines.The bizarre thing too, is that the liability coverage amounts have not changed,
despite inflation. So I'm not getting more coverage, and the insurer's risk
has not increased. In fact, I drive my vehicle less than ever, so am lower
risk.So I take issue with <your state>'s law to have basic liability insurance, because
it forces <your state resident nickname> to become victims of insurers. It would be more economical
to:
1. lower the requirements (and promote) for state residents to self-insure
- <your state> will not cash the FD check (insurer can make interest on funds),
or the cashed funds are put in [a reputable money market fund] in insurer's name
- claims above the reserved fund amount are rejected by law, unless there
is determined to be criminal intent by the self-insured driver
2. require all insurers to offer insurance proportional to average use
- I only drive 1-2 days a week, and for short distancesThat could provide the competition to drive insurance rates to be more
reasonable.Please help!
Thank you,
<your contact details>
Dear <your state> Representative/Senator,
I am one of your constituents. I just got notice that my car insurance
is going up $200/yr for no reason I have caused. It's ridiculous because I
get no service from the insurer and have minimum coverage. All I am is data
in their database. So how can the rate go up?
As I check around, all auto insurers have raised their rates. The cost of car
insurance is now at 5% of my income. It would be cheaper for me to
drop insurance and pay the fines.
The bizarre thing too, is that the liability coverage amounts have not changed,
despite inflation. So I'm not getting more coverage, and the insurer's risk
has not increased. In fact, I drive my vehicle less than ever, so am lower
risk.
So I take issue with <your state>'s law to have basic liability insurance, because
it forces <your state resident nickname> to become victims of insurers. It would be more economical
to:
1. lower the requirements (and promote) for state residents to self-insure
- <your state> will not cash the FD check (insurer can make interest on funds),
or the cashed funds are put in [a reputable money market fund] in insurer's name
- claims above the reserved fund amount are rejected by law, unless there
is determined to be criminal intent by the self-insured driver
2. require all insurers to offer insurance proportional to average use
- I only drive 1-2 days a week, and for short distances
That could provide the competition to drive insurance rates to be more
reasonable.
Please help!
Thank you,
<your contact details>