Insurance cost versus prior vehicles

Osco

Banned
Base
Banned
First Name
Marty
Joined
Dec 19, 2020
Threads
31
Messages
1,805
Reaction score
3,121
Location
North Carolina
Vehicle(s)
2021 Ford Bronco Sport and 2004 Ford Escape AWD
Car insurance in Florida is wildly high compared to pretty much everywhere else.
Yep the worlds full of places where the people get skinned alive on things like that. But remember, insurance companies operate because of a very good profit margin.
Some uninsured idiot has a crash and WE pay for it. Not the insurance company,
Sponsored

 

Mark S.

Badlands
Well-Known Member
First Name
Mark
Joined
Oct 30, 2021
Threads
99
Messages
5,155
Reaction score
9,592
Location
St. Jacob, IL
Vehicle(s)
2021 Badlands | 2020 Escape
Yep the worlds full of places where the people get skinned alive on things like that. But remember, insurance companies operate because of a very good profit margin.
Some uninsured idiot has a crash and WE pay for it. Not the insurance company,
The auto insurance industry maintains a historical profit margin around 5%. That number increased dramatically during the pandemic, mainly because people were driving far less than they normally would. Sadly, supply chain issues are affecting auto repair costs (ask anyone who's had an accident in the past year and had to wait for parts to repair their vehicle), which will likely drive premium increases over the next year or so.
 

Osco

Banned
Base
Banned
First Name
Marty
Joined
Dec 19, 2020
Threads
31
Messages
1,805
Reaction score
3,121
Location
North Carolina
Vehicle(s)
2021 Ford Bronco Sport and 2004 Ford Escape AWD
The auto insurance industry maintains a historical profit margin around 5%. That number increased dramatically during the pandemic, mainly because people were driving far less than they normally would. Sadly, supply chain issues are affecting auto repair costs (ask anyone who's had an accident in the past year and had to wait for parts to repair their vehicle), which will likely drive premium increases over the next year or so.
5% of a Bazillion dollars, yeah big profits Indeed.
Take just 50 million drivers times just $1,000 a year in premiums. Simple math.
 

Mark S.

Badlands
Well-Known Member
First Name
Mark
Joined
Oct 30, 2021
Threads
99
Messages
5,155
Reaction score
9,592
Location
St. Jacob, IL
Vehicle(s)
2021 Badlands | 2020 Escape
5% of a Bazillion dollars, yeah big profits Indeed.
Yup. It's like the energy industry. The profit margin isn't particularly high, but EVERYONE uses energy, so big dollars.
Sponsored

 
 




Top