Significant increase in collison coverage (Geico)?

[ihaskrayon]

I have them too and I noticed mine went up as well

[gtslow]

Just got my renewal in the mail for Progressive, does not seem to have gone up but I will have to look further. Got a month to shop around, so I guess I will see if I can save some money elsewhere.

[evomike]

its funny how much companies like progressive and geico will charge for insurance and use the cheapest garbage parts on your car, my nationwide plan with an OEM policy is cheaper than going with almost all of the other major carriers.

[Celadrielas]

I have American Family. Just changed from having State Farm for 15 years. -- I pay $91.86 / mo with full coverage, ($0 comp, $500 collision), and OEM glass coverage. It was $117/mo but I added my fiance's vehicle to my policy so multi-car kicked in.

sooo yea. My car payment is $287 + $92 for insurance = $379 total for my car before fuel every month. (Less than a good amount of people's car payment alone)

[fridayfrs]

I can't say whether or not it's gone up because I haven't had the car long enough. The collision portion for my car is $110.32 for 6 mos (purchased 7/2015) The total monthly is $54. Many factors such as age, gender, credit score, driving history, mileage, location and number of vehicles along with how many products you have such as home, life, etc with that company affect rates. Good credit will help you a lot.

[Fishbed77]

I don't know about Geico, but State Farm instituted across-the-board auto coverage rate hikes for all policyholders (at least in my state) earlier this year.

[strat61caster]

Originally Posted by Fishbed77

I don't know about Geico, but State Farm instituted across-the-board auto coverage rate hikes for all policyholders (at least in my state) earlier this year.

Gotta get 'dat money before the gub'ment starts crackin' down.

[Kerune]

While we're on this topic, what does everybody use to shop rates with other than individually requesting quotes?

[fridayfrs]

Originally Posted by Kerune

While we're on this topic, what does everybody use to shop rates with other than individually requesting quotes?

I don't shop because I've been with the same company since I started driving. If I were to though I'd find a broker in my area and ask them what they can do. The personal touch is nice if you have questions or problems. There are sites like netquote but I have no experience. I'd rather see who I'm dealing with.

[Tcoat]

Originally Posted by fridayfrs

I don't shop because I've been with the same company since I started driving. If I were to though I'd find a broker in my area and ask them what they can do. The personal touch is nice if you have questions or problems. There are sites like netquote but I have no experience. I'd rather see who I'm dealing with.

I have had the same broker for 30 years. I can always rest assured that I have the best possible rate since they review what is available every 3 months.

[bdbx18]

With a perfect credit score and a last claim was more than 10 years back and many, many referrals to others because of the 12 month policies, after almost 20 years Liberty Mutual decided not to renew my homeowners insurance. Their reasoning is 'wildfire threat', the same excuse they've used on different neighbors over the years. My house is not on the edge but surrounded by many, many homes, I'm 10 ft away from the hydrant and never ever had a fire even close.

So I say F them, I had to scramble to find coverage and then went ahead and cancelled my auto policies as well. I went with a broker and the overall bill is about a wash with better coverage, home, EQ, auto e.g.

Hint about insurance brokers - different brokers have different markets and thus may be limited to fewer companies.

[evomike]

I see a lot of people concerned about rates in here, I have a serious question do you actually know what your policy is and what changes your brokers are making to make it cheaper?

[MokSpeed]

The rates of coverage for the twins going up should have been expected. It's only natural as the car gets older and has been on the market longer. It's the modern day 240SX so there's probably a bunch of teenagers wrecking them.

[Spacemane969]

Originally Posted by Impureclient

They are increasing rates because their profit needs to be higher. Says so in the article Pickleahoy referenced to. Do like I did when they do that and kick them to the curb. I switched from Progressive to a smaller company that doesn't have a billion dollar a year advertising and now I have all three of my vehicles covered for about what Progressive had me paying for just one. I bought a car new and for 15 years, my monthly charges stayed the same. Not having any accidents or tickets or the fact that the first car was 15 years older as was I and the monthly charge stayed the same and actually crept up made me say enough is enough. Also, there is no magical age of 25 or 30, when your insurance rates drop as I can testify for.

Edit- Directly quoted by a poster who works in insurance from that article which proves my point about unnecessary increases

"The new watchwords in our industry is “Price Optimization”. It works like this. Take a loyal, long term customer with no claims, pays their bill promptly and give them a rate increase and hope it is not so high that the customer leaves. Then, you write someone new that you know nothing about and give them better rates to put them on the books. Allstate has been doing that for a while now and I would imagine many other carriers as well. That is how actuaries think and it is abominable."

That makes total sense. Geico brought me in at about $165 a month with plenty of tickets and an accident where others were quoting me upwards of $400 a month. Its lookin like I got sucked in.