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Are Higher Insurance Rates the "New Normal"?

Updated: Mar 7, 2023

Our agency has been working with multiple prospects over the past 30-45 days that are seeing rate increases as high as 60-70% from their captive insurance carriers and being told these premiums are the new “normal” and all companies are taking similar action. Agents may push this narrative to discourage the idea of getting outside quotes as a strategy to retain policyholders during these more dramatic rate changes – especially captive agents who only have one company to offer.

While it is true that all insurance companies are implementing rate increases for the changes in home and auto values, along with inflated costs of materials and labor – this does not mean that shopping rates with other carriers will be a waste of time. As insurance companies adjust their rating systems, their ideal client/risk profile can change as well – the number of policies one has, property values, property location, number of cars or drivers, how you plan to pay, etc. can dramatically change your rate from one company to another. It is in this climate that the value of an independent agent can really benefit an insured.

As an independent agency we can handle the “shopping” process for you. Farquhar & Gill Insurance Group provides our clients and prospective clients with quotes from multiple, reputable carriers to help you find the company that best values your specific risk profile during these turbulent periods of rate changes. Furthermore, it allows us to maintain and grow the long-term relationship we have with our clients despite a change in insurance carriers.

While higher costs of everything from eggs, to used cars, to insurance are, in fact, a reality – paying more than you need to or allowing your agent to simply reduce your coverages in order to lower your rates does not have to be your "new normal".

Please give us a call at 918-236-4604 or visit us online at

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