What's happening is the insurance companies are increasing rates due to higher severity(damage) per accident. For whatever reason people are crashing at higher speeds since covid and the cost to repair vehicles are higher now due to how vehicles are being repaired
Also, there is rampant medical fraud and increased bodily injury claimed.
Now with all those factors being laid out, the mgmts of these insurance carriers are raising rates to actually persuade people from NOT getting insurance with them to slow down growth as they have to maintain a profitable ratio. I've heard it directly from the mouth of one of the CEOs during a town hall meeting for my company they planned an increase sometime ago to make sure they have a better handle on the amount of risk they are underwriting.
For example, Georgia experienced one if the biggest growth, especially Atlanta during the pandemic. Market got too hot so premiums going up to offset all the new policies these companies has gained.
More policies in force = higher chance of having to payout for claims. The insurance companies have to make sure they have cash on reserve ready to payout at the drop of a dime.
Long story short, if you are getting crazy high quotes compared to other companies, that particulars companies risk profile is saying they DO NOT want to fukk with you but go ahead pay these absurd premiums if you want , we won't stop you
