Is Everyone's Insurance Getting More Expensive in Last Few Years?

witsa on 03/06/2018 - 12:06
Last edited 05/06/2018 - 16:31 by 1 other user

Just been going through some old bills and noticed that just in general, insurance have gone up by heaps.

Anybody know why?

Like for example, my house which I bought in 2014, the prices started at 400, 500, 750 and now 800 this year. Basically doubled in 4 years. Nothing's really changed (well I guess the worth of the house has gone up, but definitely not double)

And I've noticed similar trends for my car, health insurance etc, as well.

And these are all different companies - so it's not just the one company doing this. It seems that insurance in the last couple of years have gone up faster than CPI. Anybody know why?

Financial

Comments

  • SBOB on 03/06/2018 - 12:13
    +1

    It seems that insurance in the last couple of years have gone up faster than CPI

    What makes you think insurance is in anyway linked to CPI?

    • poboy on 03/06/2018 - 14:29

      I think it was mentioned as a reference point, showing that insurance prices seem to be increasing more than other items. There's nothing in the post implying that insurance prices should mirror CPI increases.

  • JIMB0 on 03/06/2018 - 12:20
    +3

    You are paying the lazy tax if you stay with the same company. They jack it up each year in a hope that you're too lazy to shop around and change providers. You need to get new quotes each year and be prepared to change.

    • foxmulder on 03/06/2018 - 12:22
      +1

      This year I save $250 for changing insurance company for the same coverage.

      • klendestined on 03/06/2018 - 12:26

        Yup, think I ended up paying less than half what they originally quoted me by shopping around for 2 hours on my car insurance. That being said I'm still being too lazy about my health insurance…..

  • Ocker on 03/06/2018 - 12:21

    Because insurance is one of the 11 component groups that comprise the C.P.I. - pretty good enough reason I would say !!!!

  • chumlee on 03/06/2018 - 12:24
    +1

    I shop around but even then it's only a slightly better price.

    Someone has to pay for the CEO's remuneration for doing an average job. Just ask QBE shareholders who have seen numerous writedowns of previous acquisitions and CEO's still get their bonus

  • zonra on 03/06/2018 - 12:29
    +1

    From personal experience premiums always go up regardless of changes on your parts. I’ve had car insurance premiums steadily go up even though both the car and myself get older, with no claims.
    Switching providers regularly fixes this issue.

  • jimbobaus on 03/06/2018 - 12:44
    +1

    I almost fell over when my car insurance went down this year and they added new for old without asking :)

  • Gandalf the Thrifty on 03/06/2018 - 12:46

    One year my premium jumped hundreds, rang them and they said system put up too much and they dropped it to nearly the previous year rate. So worth ringing up on.

  • RiseAndRuin on 03/06/2018 - 13:26

    Simply because this country has no real Antitrust laws, petrol prices are the most obvious example.
    btw I'd expect most insurances to go up, except for goods that depreciate rather quickly, for example my car insurance has been going down every year and hopefully will continue

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