Anyone else here have GEICO and received a bill recently? Just recently my 6-month renewal and while it increases every time, this time it went up by 19%.
GEICO Insurance
- Thread starter this_is_nascar
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I have had State Farm for 40 years or so, we had a big increase (20% maybe?) several months ago and from what I've read, all the companies have had big increases.
"Car insurance rates are up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was 1976, not counting January, which saw the same annual rate increases."
https://www.cnn.com/2024/03/13/business/car-insurance-rates-are-surging/index.html
Interesting to note, a couple days ago I just realized I haven't seen any of those annoying Geico commercials for a long time (but there are still plenty of annoying Progressive and Liberty Mutual commercials). Just a wild guess... maybe a lot of people switched to Geico recently when other rates went up and they kept theirs down by slashing the TV advertising budget? Now, having reached their goal of growing their customer base, they're raising rates?
"Car insurance rates are up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was 1976, not counting January, which saw the same annual rate increases."
https://www.cnn.com/2024/03/13/business/car-insurance-rates-are-surging/index.html
Interesting to note, a couple days ago I just realized I haven't seen any of those annoying Geico commercials for a long time (but there are still plenty of annoying Progressive and Liberty Mutual commercials). Just a wild guess... maybe a lot of people switched to Geico recently when other rates went up and they kept theirs down by slashing the TV advertising budget? Now, having reached their goal of growing their customer base, they're raising rates?
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NJM gave me very good rates for my house and home when I subscribed last year. But hey, they all eventually go up.
Did one of those online comparison things and it looks like Progressive is coming back the cheapest, almost at an unbelievable rate. I was able to match all coverage items between my current GEICO and the proposed Progressive quote, with the exception of the PIP option. I'm trying to correlate what I have now vs what they're offering, so I can change it to match.
If I've done this properly, Progressive is coming back almost half as cheap. Looks too good to be true.
If I've done this properly, Progressive is coming back almost half as cheap. Looks too good to be true.
I have Geico and I remember getting a letter or email sometime at the end of 2024 giving a heads up about a rate increase. A friend of mine has Progressive and I can’t remember all the details but he hit a deer with a brand new truck and took him 11 months to get the truck back. It was such a headache that the body shop now refuses any jobs with Progressive. Another mutual friend of ours at a different body shop took them 4 months to get his car back due to issues with Progressive, again my apologies I can’t remember the details with that case either. Both accidents were in 2024.
I don't know anything about trucks, but isn't one that is 18 years old with over 200k miles worth almost nothing today? What happens if you total it? Would they send you a check for a couple hundred bucks? Seems like you would only want liability and the other stuff that protects you in that case.
Don't know how the tariffs will affect the price of car parts and the corresponding price of car insurance. But I can't imagine it being good. The recent price hikes make me wonder if the insurance company actuaries saw this coming.
Been using Geico for over a decade. There were no problems and a quick repair when someone dented my car. Several years ago I did shop around. Found some cheaper. But in attempting to nail down a cost, I discovered how well informed GEICO's reps were about RVs. The other companies had no idea about the different models/types of RVs and simply pulled numbers out of their a$$.
Been using Geico for over a decade. There were no problems and a quick repair when someone dented my car. Several years ago I did shop around. Found some cheaper. But in attempting to nail down a cost, I discovered how well informed GEICO's reps were about RVs. The other companies had no idea about the different models/types of RVs and simply pulled numbers out of their a$$.
I have had GEICO for four years. Started at $800 a year and am now up to $1,330 a year. No tickets, accidents or claims. In fairness, I think all auto insurance has gone up. I’m still paying less with GEICO today than I was with NJ Manufacturers five years ago.
Thanks everyone. I guess I'll have to actually call and speak to someone at Progressive to see why their online rate is coming in so unbelievably lower than what I'll paying now. It's basically half of what GEICO wants for the renewal.
Yeah, each year for the last several I've been toying with the idea of dropping those extra coverage on the truck, but my recent loss of employment and loss of income will force me to do it.
Yeah, each year for the last several I've been toying with the idea of dropping those extra coverage on the truck, but my recent loss of employment and loss of income will force me to do it.
I'm sorry to hear about your employment loss. I hope you recover from that. As to dropping collision/comprehensive, this rule of thumb is from a quick search:
You can consider dropping collision insurance when the car's value is significantly lower than the combined cost of the premiums and deductible, or when the car is relatively old. A good rule of thumb is to drop it when your car's value is less than 10 times the annual collision premium. Some experts also suggest considering dropping it when the vehicle is around 10 years old, as it may be less costly to replace than to repair after an accident.
- Vehicle Value vs. Premium:
If the annual collision premium (plus deductible) is more than 10% of the car's current market value, it might be time to drop it.
- Age and Depreciation:
As a car ages, its value depreciates, making it less costly to repair or replace. If you have a high deductible, dropping collision insurance might be a wise decision.
- Car Usage:
If you don't drive the car frequently, or if you primarily drive it in areas with low accident risk, the need for collision coverage diminishes.
- Financial Situation:
If you have the financial resources to pay for repairs out-of-pocket or replace the car if needed, dropping collision insurance can save money.
- Age and Depreciation:
If (for the sake of argument) the blue book value of your vehicle is $1000 and it needs a $2000 repair, I think the insurance company will just take it, "total it out" and send you $1000. I suppose it depends on the policy though. This was over 30 years ago, when I was on the faculty at SUNY, a student was ranting about his insurance company in a situation exactly like that, where he had a serviceable old car that met his needs, but they only paid the book value which was just a few hundred bucks. Others chimed in with similar stories at the time.
So, I always thought it was standard for an insurance company to just pay you (what they think) the car is worth if it's less than the repairs. Is that a wrong assumption? I really don't know, maybe someday I'll actually read my policy and find out!
So, I always thought it was standard for an insurance company to just pay you (what they think) the car is worth if it's less than the repairs. Is that a wrong assumption? I really don't know, maybe someday I'll actually read my policy and find out!
Maybe they use one of the car rating books, like the good old Blue Book (NADA?). Or Edmunds or Kelly's.If (for the sake of argument) the blue book value of your vehicle is $1000 and it needs a $2000 repair, I think the insurance company will just take it, "total it out" and send you $1000. I suppose it depends on the policy though. This was over 30 years ago, when I was on the faculty at SUNY, a student was ranting about his insurance company in a situation exactly like that, where he had a serviceable old car that met his needs, but they only paid the book value which was just a few hundred bucks. Others chimed in with similar stories at the time.
So, I always thought it was standard for an insurance company to just pay you (what they think) the car is worth if it's less than the repairs. Is that a wrong assumption? I really don't know, maybe someday I'll actually read my policy and find out!
I know Tacoma's hold their value, but a 2007 with $214k+ miles probably isn't going to get more than a couple/few thousand. I'll have to check KBB. I know that dropping collision and comprehensive saves about $130 on the 6-month renewal with GEICO. If I drop roadside assistance and rental, it saves another $20 or so.
I know it doesn't sound like a bunch, but I'm still trying to get over the $300 increase compared to my last renewal in Nov 2024.
I know it doesn't sound like a bunch, but I'm still trying to get over the $300 increase compared to my last renewal in Nov 2024.
How about your liablility? Maybe you have that too high? In all NJ insurance policies, the State inserts a buying auto insurance guide, and it tells you what most people choose for liabilty.
I don't know what "most people" have for liability, but would think twice before paring that down too much. God forbid!... what if you hit a school bus, or just a car full of people? In today's world, I think you would be looking at millions of dollars in potential liability. Of course, that's a low-probability event but the potential is still there. I have a Personal Liability Umbrella Policy (PLUP) that is designed to take over when the limit of my other policies (homeowners and auto) is reached. It's not terribly expensive, because it's not a primary form of insurance. Don't know, but it may be less expensive to get one of these and keep your auto policy liability lower. That's the kind of thing I would want to discuss with my agent instead of just shopping for cheap insurance online. But I'm old-fashioned. 
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