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Insurance renewal hikes caught me off guard

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cloud_walker
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Just got our group's insurance renewal notice today and um, wow... wasn't expecting such a steep jump in rates. Thought it'd be a modest increase, you know, inflation and all—but this feels excessive. Anyone else dealing with surprise hikes lately?

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williambrown460
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Yeah, noticed the same thing recently with our family's auto insurance renewal. I anticipated a slight bump due to inflation and maybe some increased claims in the industry, but the actual increase was pretty startling. From what I've read, insurers are adjusting rates more aggressively now because of rising repair costs and supply chain issues affecting parts availability. Still, it feels like they're passing on more than their fair share of costs to us consumers...

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"Still, it feels like they're passing on more than their fair share of costs to us consumers..."

Yeah, definitely feels that way lately. I've noticed the same trend with my classic car insurance renewal—usually pretty stable, but this year it jumped noticeably. I get that parts for older cars can be tricky to source, especially with supply chain hiccups, but still...ouch.

Funny thing is, I recently had to track down a replacement carburetor for my '68 Mustang. Took forever and cost way more than expected due to shipping delays and limited stock. So I guess insurers aren't totally blowing smoke about rising repair costs. Still, can't shake the feeling they're padding their margins a bit extra these days.

Hopefully things settle down soon—my wallet could use a break.

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gamer19
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I get the frustration, but honestly, insurers probably aren't padding margins as much as we think. My daily driver's windshield cracked last month—replacement was crazy expensive compared to a couple years ago. Seems like everything auto-related is pricier now, not just classics...

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cloud_walker
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Same here, renewal hit my inbox last week and it was a solid 20% higher than last year. Did some digging into the breakdown:

- Parts costs are definitely up across the board. Had to replace brake pads recently—noticed prices jumped about 30% compared to two years ago.
- Labor rates at local shops have climbed noticeably too, probably due to staffing shortages and wage increases.
- Insurers seem to be factoring in higher repair costs and longer wait times for parts, which means more rental car days covered per claim.

I get that inflation is hitting everywhere, but still feels like insurers could communicate these hikes better. A heads-up explaining the reasons behind the increase would soften the blow a bit. Also makes me wonder if shopping around might yield better deals this year... haven't done that in a while, but might be worth the hassle given these jumps.

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