Increase In Geico rates?
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Anonymous
| Did anybody recently experience an increase in Geico insurance rates? Mine just went up $500 total for the year, with no claims or tickets. |
Anonymous
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Yes, same. No claims or tickets. Cars were several years old and worth $15K or less, even at currently inflated prices. When we asked what the basis was for the increase, we were told it was an underwriting decision and they couldn't or wouldn't tell us the reason.
We switched back to USAA as a result. |
Anonymous
| Same thing happened to us last year. We left GEICO. Ours almost doubled - no ticket/no claims for years. |
Anonymous
+1 Ours was last year, when, due to the pandemic, we had hardly been driving at all. No tickets or accidents, but there as a huge increase in premium. |
Anonymous
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I posted this in the similar thread in the money and finance forum, but Virginia approved Geico for a 26% hike in premiums, so if you haven't seen a big increase on your latest renewal, you will next time.
https://www.spglobal.com/marketintelligence/en/new...te-auto-rates-in-june-71378591 |
Anonymous
+1 i called geico to ask about it and they said there are more claims nowadays. No clue if this is true. I switched to progressive, got more coverage, and now pay about 40% less than i did with geico. |
Anonymous
Oh no! We added two teen drivers so probably didn’t notice the big increase and assumed it was due to the new drivers. I guess I need to shop around before the next renewal. |
Anonymous
We added a teen and then immediately checked different rates. Nationwide was about $750 less per 6 months ($1,500 per year) than what we would pay with Geico. I signed up to switch in a couple weeks. Between then and my effective date with Nationwide, I got my 6 month renewal and it went up another $500 per 6 months, just a couple weeks later from adding my teen. So I saved $2,500 per year from what Geico was going to charge me. Plus homeowners was about $500 per year cheaper. You don't have to wait until your next renewal. If you have new teen drivers and haven't shopped around, do it ASAP. |
Anonymous
It appears big increase kicks in different time for different people. I am like PP that it kicked in last year which forced me to switch. My point being it may be coming. |
Anonymous
| Ours went down this year, even with a higher performance vehicle added. |
Anonymous
You don't need to wait for the next renewal. You can cancel your insurance at any time and get a pro rata refund. |
Anonymous
| Mine went up $240 a year. Will get quotes and look into moving on, I have no accidents, tickets or claims. |
Anonymous
| Yes, Geico raised mine and then royally screwed up an insurance claim for an accident that was not my fault. I switched to State Farm and am paying less for better coverage. |
Anonymous
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I dumped Geico for Progressive. Did not like it but Geico really does. It want young drivers particularly with accidents.
My daughter had an accident. Other driver caused at last 75 percent of it. Geico fought us insist we were at fault Ignoring all evidence. Why to Jack rates. Screw them |