GEICO rate increase: 49% annualized?!

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welderwannabe
Posts: 1220
Joined: Fri Jun 16, 2017 8:32 am

Re: GEICO rate increase: 49% annualized?!

Post by welderwannabe »

I have had this problem with GEICO. Every 2-3 years my rate skyrockets and I head over to Progressive who offers me a policy for at or about where GEICO was before the rate increase. Then after 2-3 years Progressive does the same thing. I have switched back and forth between them for the last 20 or so years.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.
stoptothink
Posts: 8467
Joined: Fri Dec 31, 2010 9:53 am

Re: GEICO rate increase: 49% annualized?!

Post by stoptothink »

welderwannabe wrote: Mon Jun 24, 2019 11:49 am I have had this problem with GEICO. Every 2-3 years my rate skyrockets and I head over to Progressive who offers me a policy for at or about where GEICO was before the rate increase. Then after 2-3 years Progressive does the same thing. I have switched back and forth between them for the last 20 or so years.
That's exactly how the industry works. They offer a low introductory price to get you to switch and then progressively raise it. In the last decade I've gone from Esurance to Geico and now to Progressive. And the differences can be staggering; when we switched from Geico to Progressive 2yrs ago it was ~40% savings. It takes almost no effort to get quotes and switch over, so at least get quotes every year or two.
mickroark
Posts: 121
Joined: Wed Jan 13, 2016 10:35 am

Re: GEICO rate increase: 49% annualized?!

Post by mickroark »

Every 3 years I get a quote on auto insurance from most all the major insurance companies. Geico's are always the highest quotes I get. Again no tickets or accidents in 5 years. :oops:
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