Just to add my own two cents to this scintillating discussion I would recommend that you check your level of coverage for uninsured or underinsured motorists. If you, and potentially any passengers, are involved in an accident and the party at fault has no or little liability coverage you may potentially face a major problem. Unfortunately this is occurring frequently in current times.
GEICO Insurance
- Thread starter this_is_nascar
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I have no plans on changing coverage limits that I've had for years. It's called insurance for a reason. You get it, hoping you will never use it. How much is just enough? How much is too much? None of us know. I'm almost sure I'm dropping my current collision, comprehensive and rental reimbursement on the Tacoma, whether I stay with GEICO or not. Tomorrow, I'll call them to get a better explanation of the level of PIP they have me signed-up for. It's not clear when looking online what and how much is included and how it breaks down.
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It's staggering to think about how much I have paid for vehicle insurance over the last 50 years. I started driving in 1975. I have insured the same two trucks simultaneously for the last 23 years and my wife has always had her own vehicles. I have also insured 4 different motorcycles off and on over the last 50 years.
The real kick in the ba*ls is that I have never filed a claim of any kind.
The real kick in the ba*ls is that I have never filed a claim of any kind.
Does anybody buy the optional PIP insurance? I never do because it’s $400+ a year in additional in premiums, but I know an attorney who tells me that’s a huge mistake. He claims if you don’t have PIP and somebody hits you and you end up with debilitating back and neck pain that prevents you from working, you can’t sue for your pain, suffering and lost wages.
You won!It's staggering to think about how much I have paid for vehicle insurance over the last 50 years. I started driving in 1975. I have insured the same two trucks simultaneously for the last 23 years and my wife has always had her own vehicles. I have also insured 4 different motorcycles off and on over the last 50 years.
The real kick in the ba*ls is that I have never filed a claim of any kind.
Cut 26% and he still makes 10million, someone's gotta pay for that!
While Consumers Struggle to Afford Insurance Coverage, Insurance CEOs Rake in Millions · Consumer Federation of America
CEOs of America’s largest auto and home insurance companies collected massive salaries, bonuses, and other payments in 2023, amounting to over $119 million for the CEOs at ten of the largest insurers.
consumerfed.org
I don't even want to know what the Gecko pulls down!Cut 26% and he still makes 10million, someone's gotta pay for that!
While Consumers Struggle to Afford Insurance Coverage, Insurance CEOs Rake in Millions · Consumer Federation of America
CEOs of America’s largest auto and home insurance companies collected massive salaries, bonuses, and other payments in 2023, amounting to over $119 million for the CEOs at ten of the largest insurers.
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This entire PIP fiasco is one of the things I'm learning going through this process. As you said, just the PIP portion could wind up costing as little as $90 or $100 bucks all the way up to hundreds of dollars, depending on which options you take. I know under certain circumstances you must have PIP as the primary paying medical at a minimum and the add-ons can be used at your own discretion.
The issue is as I'm finding with Geico is talking to someone that actually understands this better than I do.
Well, I just pulled the trigger. Come the middle of May, progressive will be our new auto insurance company, saving $448 over the 6-month period over Geico, with the same coverages.
That’s pretty good. Progressive quoted me a price that is $85 cheaper for one vehicle for six months, so for now I’m just going to stay put with Geico.
I really don't know, but with almost a $1000 annual savings for the same coverage, it's hard for me to believe there isn't something very different between those companies. Unfortunately, you may not find out what that is unless you need to file a claim. But hopefully that will never happen.
I've always been baffled by PiP too. This quote from someone makes some sense out of it.
"Your auto insurance is the PRIMARY payor of medical costs when in an auto accident. Your health insurance is SECONDARY. You may be looking at a coverage gap if you were able to drop coverage but alas you are not allowed to reject PIP coverage in NJ. You can buy minimum benefits and cap the PIP coverage at tort limits rather than without tort limits. Why? Because by forcing individuals to carry coverage, hypothetically the state will have to cover less people on the tax payer's dime. By forcing everyone into coverage, just like the ACA planned to counteract through their health care penalty, you will pool both the good risks and bad risks which makes insurance feasible. If only bad risks were in the pool, the risk could never be adequately financed without enormous premiums that would be cost prohibitive. This would in turn mean more people would resort to not purchasing coverage (again, sort of like our health care crisis)."
Just make sure that your liability limits are high enough to protect your "assets". It doesn't take much of an accident to get to your policy limits and beyond.
One of the big issues today with insurance is vehicles have gotten much more expensive in the last decade and our fellow travelers don't sue for small amounts. Don't be short on your insurance coverage, considering how densely New Jersey is populated.
I would have to look to get the exact number on my limits but I pushed them high enough so I can sleep at night and no worry about how much equity I have that can go towards a lawsuit. I have liability on one car and full coverage on the other. They also carry over to an umbrella policy which also include my homeowners insurance. Its a PITA.
One of the big issues today with insurance is vehicles have gotten much more expensive in the last decade and our fellow travelers don't sue for small amounts. Don't be short on your insurance coverage, considering how densely New Jersey is populated.
I would have to look to get the exact number on my limits but I pushed them high enough so I can sleep at night and no worry about how much equity I have that can go towards a lawsuit. I have liability on one car and full coverage on the other. They also carry over to an umbrella policy which also include my homeowners insurance. Its a PITA.
Hopefully, I'll not need to use it, as is our hope with any insurance policy we purchase. I agree it appears too good to be true, but I've been through everything, as it relates to the policy specifics, several times.
Hopefully, as a company, they're not lacking on the back end, if/when needed.
Hopefully, as a company, they're not lacking on the back end, if/when needed.
Like I said earlier, my 6-month premium for 2-vehicles went from $1000 to $1300. Removing my 2007 Tacoma with 215,000 miles on it would have lowered that by $130. For the exact same thing, for this initial 6-month period, Progressive quoted me right around $700. Hopefully, I'll never need to use it and 6-months from now they don't rake me over the coals with a much higher increase.
Even if I hadn't lost my job, I would have really had to consider switching this year, but losing my employment made the decision easy for me
Sorry about your job. I never had to deal with that but thought about how that would have affected me at retirement. Fortunately, I made it to that point and feel pretty lucky about that. Now I just need to keep my health.
My cost is about the same as you. I am forced to have Jessica as a driver on my plan because she lives here and does not have a vehicle. But then again I don't know exactly how much savings I would have if she was not on my plan.
My cost is about the same as you. I am forced to have Jessica as a driver on my plan because she lives here and does not have a vehicle. But then again I don't know exactly how much savings I would have if she was not on my plan.