Geico- big increase Bodily injury liability, property damage liability (WA)

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mariezzz
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Geico- big increase Bodily injury liability, property damage liability (WA)

Post by mariezzz »

I'm seeing a 15% increase in 'bodily injury liability' and a little more than that in 'property damage liability' & 'underinsured motorist' from Geico, over what I paid last fall for 6 months.

No claims, no tickets.

This is WA state - one site I looked at (Apr 2017 date) showed Geico increased premiums 6.5% for WA. But this is much higher than that.

Is anyone else in Western WA seeing these huge increases? I shopped around a year ago and Geico was still the lowest, but this kind of an increase is really annoying.

Western WA traffic is horrendous. The frustrating thing is I drive only about 5K a year - but there is no discount for low mileage driving. (Geico told me this was due to WA law). I'm also rarely on the freeways when there is heavy traffic - can't stand it. No comprehensive/collision (20 year old car). I may drop my coverage limits as I've never had an accident.
Hypersion
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by Hypersion »

For me my Geico was down a few percent. When i shopped around on nerdwallet and Zander Geico was still the cheapest. i would not drop your liability limits to save a few dollars.
Last edited by Hypersion on Sun Feb 18, 2018 6:28 pm, edited 1 time in total.
runner3081
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by runner3081 »

Gieco and all of the other insurers seem to be increasing rates (across the country). They all took a big hit with the hurricanes and flood damaged cars (amongst other insured losses on homes, storm damage, etc).
pshonore
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by pshonore »

runner3081 wrote: Sun Feb 18, 2018 5:29 pm Gieco and all of the other insurers seem to be increasing rates (across the country). They all took a big hit with the hurricanes and flood damaged cars (amongst other insured losses on homes, storm damage, etc).
That would raise Collision/Comprehensive rates, not BI/PD although I'm sure their costs increased there as well
runner3081
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by runner3081 »

pshonore wrote: Sun Feb 18, 2018 5:52 pm
runner3081 wrote: Sun Feb 18, 2018 5:29 pm Gieco and all of the other insurers seem to be increasing rates (across the country). They all took a big hit with the hurricanes and flood damaged cars (amongst other insured losses on homes, storm damage, etc).
That would raise Collision/Comprehensive rates, not BI/PD although I'm sure their costs increased there as well
At the end of the day, insurance companies need to cover losses. It is not a 1-1 relationship of loss to increased costs.
scifilover
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by scifilover »

The Puget Sound area has enjoyed a booming economy for the last few years. Population is increasing, along with the number of cars on the highway. With more density, there are more accidents, and inevitably, rates must go up. Insurance companies live in a cycle. When the economy gets better, they do worse and vice versa. When times are bad, people hold on to their cars, and take better care of their property.

https://finance.yahoo.com/news/progress ... 02435.html
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midareff
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by midareff »

It is always reassuring to quote around every couple of years. I have Geico and a new car ordered, as soon as I get the VIN I will be quoting them against Hartford, e Insurance, Progressive and such.
mickroark
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by mickroark »

Geico has always quoted me hi for auto insurance. I call about 16 insurers every two years. I have a credit rating in the mid 800's with no accident or tickets and live in Colorado. The highest quote was Farmers, and the best price was Nationwide. Geico seem to be in the middle. Check around some more is my suggestion.
talzara
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by talzara »

mariezzz wrote: Sun Feb 18, 2018 2:05 pm I'm seeing a 15% increase in 'bodily injury liability' and a little more than that in 'property damage liability' & 'underinsured motorist' from Geico, over what I paid last fall for 6 months.
GEICO increased its base rates in Washington state by 12.9% in August 2017. Your premium will depend on what coverage you have. Some coverage went up by 25%, and some coverage remained unchanged.
mariezzz wrote: Sun Feb 18, 2018 2:05 pm Western WA traffic is horrendous. The frustrating thing is I drive only about 5K a year - but there is no discount for low mileage driving. (Geico told me this was due to WA law). I'm also rarely on the freeways when there is heavy traffic - can't stand it. No comprehensive/collision (20 year old car). I may drop my coverage limits as I've never had an accident.
If you only drive 5000 miles a year, then you should get a quote from Metromile. This is a pay-per-mile insurer that charges for every mile you drive. The trade-off is that that you must install a tracking device on your car to let them verify mileage.

GEICO has low-mileage discounts in Washington state, but the discount at 5000 miles is only 10%. There is no law against larger discounts. However, large discounts result in underreporting of mileage and even odometer fraud. This is why the largest discounts are offered by companies that track your driving.

Reducing coverage limits may not reduce your premium by much as you think. The last dollar of coverage costs less than the first dollar of coverage. Reducing your limits also throws you into a worse risk pool.
Last edited by talzara on Mon Feb 19, 2018 2:01 pm, edited 1 time in total.
talzara
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by talzara »

pshonore wrote: Sun Feb 18, 2018 5:52 pm
runner3081 wrote: Sun Feb 18, 2018 5:29 pm Gieco and all of the other insurers seem to be increasing rates (across the country). They all took a big hit with the hurricanes and flood damaged cars (amongst other insured losses on homes, storm damage, etc).
That would raise Collision/Comprehensive rates, not BI/PD although I'm sure their costs increased there as well
lnsurance rates are set on a state-by-state basis, and there have been no hurricanes in Washington state.

GEICO's 12.9% rate increase in Washington included a 0% rate change for comprehensive. It's the liability coverage that's going up.
Topic Author
mariezzz
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by mariezzz »

Thanks for all the feedback. Still trying to sort this out with Geico. The 12.9% increase (mentioned above) for WA would explain the majority of the increase.

I did discover the metromile option but am unwilling to give up privacy. However, that clued me in to the fact that Geico gave me incorrect info in the past as to whether I could get a discount in WA for driving less. (For at least 3 years, I've likely been paying more than I should have). Am trying to sort this out with Geico.

One agent did reduce my premium by about 4% based on emailed info. That just increases the questions I have. Do agents have some leeway simply to reduce premiums because someone might leave otherwise?
denovo
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Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Post by denovo »

Shop around
"Don't trust everything you read on the Internet"- Abraham Lincoln
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