2024

I suspect a decent increase at renewal time again with all the storms we’ve had in the Midwest so far this year. That will be a good excuse for them to jack premiums up. For me this year was $450 more than last year. I expect that amount or more for 2025.

 

seems like there's always a driver shortage and rates have always been in the crapper. seems like it's been going on since the deregulation of trucking.

 

On the house and auto?

Yes - I’ve shopped 3 different carriers. We were with Safeco for 9 years or so, they kept raising premiums 5-10% YOY.

I tried State Farm, and the difference was negligible.

Last year we switched autos to Progressive, and home to Jasper County Mutual.

Like @Rideandrepair said - our house value has barely doubled in 14 years, insurance has tripled.

All I can do is shop around again, or go in and reduce coverage amounts on outbuildings and house. Deductible is as high as you can go.

It’s a scam. No mortgage, so we don’t have to keep coverage. But a risk to take.

 

To answer your broker question, I know of two personally that have closed up. One pretty much retired out and the other left to go do insurance. Both were doing ok as brokers, but margins were too thin for their likings. My main two are still plugging away day after day, just another trough to fight through for them.

Now as for the future, I can’t predict anything but I recognize patterns and try to stay a step or two ahead of things outside of my control. Pattern one is ocean bound containers are hitting $10000 again. It could be just for the Panama Canal situation mixed with the junk over in the Middle East, but it isn’t something to ignore. Especially so when demand is rising. So that could be a good thing, but needs time to flesh out. Second pattern is spot and contract spread. That’s been fairly stable (between 50-60 cents cheaper on spot) for the past year and a half, but spot is starting to rise. Usually not a big thing to raise an eyebrow at, but volumes are up over last year for most all equipment types. Load to truck ratios are also improving in our favor in more markets than not. These could all be the last death rattle of the American consumer, but time will tell.

Things getting ready to happen that are outside my control include the new 2027 emissions standards and the consequences that means on new trucks by the end of next year. Could be good, could be bad, but it will affect prices of current and older model trucks. Then there’s the possibility of a speed limiter mandate still hanging around off within the ethereal. If that comes to fruition, I myself will retire and I don’t think I’d be alone. So that would tighten capacity. Then there’s the election, and I’m not commenting on that other than to say that the status quo ain’t cutting the mustard.

So I’d say the next 10 months are up in the air. After that the next upswing for carriers/drivers is inevitable.

 

You're essentially going in the hole then if you aren't saving anything for equipment replacement and/or repairs.

 

What’s amazing is the price of basically everything has doubled since the dementia patient got elected but the news never mentions it .

inflation is only 6% and transitory .

BS

it’s been 30% a year for the last three years .

my neighbor is retired fireman and General Contractor and does residential construction inspections for lenders , makes sure certain stages are complete and pass building inspection before the lender hands out the next batch of money for the next level of construction.

last April he did 65 inspections.

this April he did 6 inspections

housing starts in his area have dropped 90%

and a certain political party can’t wait to pass even more laws to restrict emissions and outlaw independent contractors

 

The price of bacon dropped $2.
R134 is down almost $200.
R1234yf is down $150.
Batteries for semis are down $35.

Generators are cheaper now then the black friday deals I thought I was getting.
Tvs are cheaper.

Housing practically doubled in 2020. Hasn't done alot since.

 

Batteries are up 25 percent for me. Just bought some Sunday. Needed to fire the truck up after it sat dormant for over a year.

 

I’ve had Auto Owners for over 20 yrs. Vehicles and Home Owners. I suggested to a friend who opened a competitors franchise that I give him my business. He suggested keeping Auto Owners. Said he can’t beat their service noting an accident he was once involved in, how good they were. I agree, have had a couple total losses on vehicles and never any problems or big rate hikes. I used to shop insurances every year due to second year rate increases. Had AAA once, ended up back with them 3 yrs later. Too many play that game. The only company I’d never use again is Allstate. Rarely hear anything good about them. Mostly negative, denying claims. They burned me once 42 yrs ago. Been campaigning against them ever since. Lol.

 

Batteries are $85 last time I was at the dealer couple weeks ago.
Paid $110 x 3 last September.