Travelers insurance rate increase in NY

[metalblaze]

Hi – seeking some advice here. We have a 2021 MY and 2022 M3. Both cars are insured by Travelers. We live in NY.

We just received our new policy documents, and compared to last year, the premium has gone up by almost 16%. Our driving record is spotless, there have been no accidents or issues with either vehicle (fortunately), and neither did we make any changes to our coverage.

When I called Travelers, I was told that this adjustment has been due to “inflation”.

Has anyone else experienced this? Unfortunately, there is no Tesla insurance in NY.

Our home and auto policies have been with Travelers for the last 20 years. Perhaps I should shop around?

 

[father_of_6]

Our Geico rate for 2 vehicles is fairly cheap... but it also went up this year. Not sure exactly and don't feel like checking right now, but probably by about 10%. Also in New York state, but not NYC.

 

[dakhlkt22]

Our Chubb rate went up by a lot in the last couple of years, so we switched to Cincinnati on the recommendation of our insurance agent.

For auto, our liability only rate actually went down a lot after selling our old Honda. However, we've never had comprehensive and collision, and those rates were thousands more than liability only, which deterred us. So we are basically self-insuring for those risks.

 

[EatsShoots]

There is a larger insurance rate thread on here that's active but 16% doesn't sound bad to me at all. These are expensive vehicles to insure, first and foremost, but secondly I believe insurance rates have been broadly increasing by quite a lot anyway.

 

[nate704]

Trying to find anything cheap and/or affordable in NYC? You either have to be dirt poor and have nothing or super rich with everything.