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So I have been with GEICO for many years and have auto, home and umbrella policies with them. I always have full auto coverage with them and am getting probably almost all the discounts that are available.
During the most recent renewal I noticed my 6 month premium increased by almost $100 (from about $1,200 to $1,300). I contacted GEICO and was told that they can no longer give me a discount (membership to a credit union) because I am already at their "ultra preferred category". So while the discount is still showing up on their end, no actual discount was being added.
Has anyone else experienced this before? I was annoyed by this and immediately shopped around with other providers but it appears that I was getting the best price from GEICO already. I just hate to miss anything so it would be appreciated if anyone has any thoughts or suggestions. Thanks.
The same thing happened to me when I renewed in November. My premium increased by about $100 per year. I called Geico and asked what caused this. They said it's because our Honda CRV now has a higher rating and the repair costs have gone up over the past few years, so they needed to raise our premium.
Since your increase was similar I'm wondering if the real answer is that they are increasing premiums across the board.
Geico is totally weird and unpredictable with premium increases - I have been moving from an urban and rather high-crime area in NJ (~3mi from Newark...) to a rural and calm area in Poconos PA. When I called Geico to quote my new policy they calculated my new premium to be almost 60% more than I had in NJ. I just went online and in a few hours had 2 quotes from StateFarm and Progressive that were lower than my premium in NJ (as logically expected) with higher limits.
Back then I just figured Geico does not specialize in PA customers and fences against them with restrictive rates, but maybe there's something else behind their pricing lately...
Progressive offered me better rates then GEICO. Many years ago, in 2006-2007 I used GEICO because they had better rates.
I used to build software for those property and casualty places.
years ago there was something that having 3 points you pay less in insurance then 0 points.
I had a brand new car drown on me. It just decided to go for a swim during one of them stormy flood thingies. So it's kinda strange that every 6 month term my insurance getting a small increase while my record improving.
i am with allstate and thinking about switching to Geico. I am wondering if they are doing bait and switch, because i am getting about 40% discount compare to allstate, I hope it's not just for the first year.
i am with allstate and thinking about switching to Geico. I am wondering if they are doing bait and switch, because i am getting about 40% discount compare to allstate, I hope it's not just for the first year.
Even if it is for the first year, it will take them a good 4-5 years to bump it up every year and be where you are currently. Worth switching.
Nothing to add except if live in New Jersey the first thing you ought to do is find out if there's some way you can get NJM. If you are, going with any other insurance company (home or auto), or even getting a quote from one, is a complete waste of time.
We switched from Geico to Travelers and saved about 40% off our premium. I really doubt Geico offers competitive rates any more. They seem to spend most of their money on lizard ads and an amazing web site & phone apps.
I use new jersey manufacturers, it used to be you had to work for certain employers but not sure if its still like that, also first year was more than following years but they are the cheapest out there.
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