Car insurance went up by $240 per year.

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Blue456
Posts: 1095
Joined: Tue Jun 04, 2019 5:46 am

Car insurance went up by $240 per year.

Post by Blue456 »

We have GEICO, neither of us ever had a car accident, ever had any tickets. Our car insurance just went up from $800 every 6 months to $920 every 6 months. We have been with GEICO for a long time now and have earned accident forgiveness.
1. Should we switch and forget about the accident forgiveness
2. Who do we switch to?
We also have umbrella and renters insurance with GEICO. So it would be nice to get everything under one insurance company...
Gill
Posts: 6793
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Car insurance went up by $240 per year.

Post by Gill »

I wouldn't switch for $240 a year, particularly considering your long relationship with Geico. I was very reluctant to switch from Amica with a 50 year relationship with that company, but finally did so when Geico offered about a $700 advantage. You have to decide how much of an increase is enough to put yourself through the effort of making a change on three policies.
Gill
Cost basis is redundant. One has a basis in an investment | One advises and gives advice | One should follow the principle of investing one's principal
flyphotoguy
Posts: 98
Joined: Thu May 02, 2019 1:57 pm

Re: Car insurance went up by $240 per year.

Post by flyphotoguy »

Wow that's odd, I just changed from Esurance to Geico a couple of years ago coz they had the lower rate for the same/similar policy for where we are (CA). Check out Esurance or other big providers and their reviews, it could be some computation adjustment that was added. Good luck!
PaleoWorx
Posts: 52
Joined: Sat Nov 10, 2018 2:48 pm

Re: Car insurance went up by $240 per year.

Post by PaleoWorx »

That's why you need to work with the broker - they do the price shopping for you.
Staying with any insurance company just because you have been with them for X years is a silly idea. They won't cover you any better or make any exceptions.
Topic Author
Blue456
Posts: 1095
Joined: Tue Jun 04, 2019 5:46 am

Re: Car insurance went up by $240 per year.

Post by Blue456 »

PaleoWorx wrote: Wed Jan 22, 2020 4:57 pm That's why you need to work with the broker - they do the price shopping for you.
Staying with any insurance company just because you have been with them for X years is a silly idea. They won't cover you any better or make any exceptions.
How do I find a reputable insurance broker?
Broken Man 1999
Posts: 5326
Joined: Wed Apr 08, 2015 11:31 am
Location: West coast of Florida, inland on high ground!

Re: Car insurance went up by $240 per year.

Post by Broken Man 1999 »

PaleoWorx wrote: Wed Jan 22, 2020 4:57 pm That's why you need to work with the broker - they do the price shopping for you.
Staying with any insurance company just because you have been with them for X years is a silly idea. They won't cover you any better or make any exceptions.
This!

If you want to get more options, use a couple of independent brokers, as brokers do not write for all companies. Using a couple makes sure you are still getting good recommendations. I send my info to a different broker every couple of years, but they haven't beat my current broker thus far.

I haven't searched for insurance on my own for years, I let brokers do the legwork. I currently have a great insurance broker agent, she finds what I need, so I'm happy with her. My homeowner's policy wasn't renewed last August, but she found me a policy that was cheaper than I had been paying, same coverage.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain
OnTrack2020
Posts: 667
Joined: Mon Mar 20, 2017 10:24 am

Re: Car insurance went up by $240 per year.

Post by OnTrack2020 »

Blue456 wrote: Wed Jan 22, 2020 5:06 pm
PaleoWorx wrote: Wed Jan 22, 2020 4:57 pm That's why you need to work with the broker - they do the price shopping for you.
Staying with any insurance company just because you have been with them for X years is a silly idea. They won't cover you any better or make any exceptions.
How do I find a reputable insurance broker?
Look locally in your town/city for an independent broker.
User avatar
sk2101
Posts: 485
Joined: Sun Jun 02, 2013 4:54 pm

Re: Car insurance went up by $240 per year.

Post by sk2101 »

Blue456 wrote: Wed Jan 22, 2020 5:06 pm
PaleoWorx wrote: Wed Jan 22, 2020 4:57 pm That's why you need to work with the broker - they do the price shopping for you.
Staying with any insurance company just because you have been with them for X years is a silly idea. They won't cover you any better or make any exceptions.
How do I find a reputable insurance broker?
This question gets asked frequently on Nextdoor. I would start by looking there to find a local broker with good reviews.
Housedoc
Posts: 719
Joined: Thu May 24, 2018 4:25 pm
Location: Alabama

Re: Car insurance went up by $240 per year.

Post by Housedoc »

You need to switch every 3-5 yrs.
Ins companies now figure long time customers are locked in ready for abuse of rising rates. Loyalty equals higher rates these days.
WhiteMaxima
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Joined: Thu May 19, 2016 5:04 pm

Re: Car insurance went up by $240 per year.

Post by WhiteMaxima »

Shop around.
like2read
Posts: 26
Joined: Wed Jan 22, 2020 5:30 pm

Re: Car insurance went up by $240 per year.

Post by like2read »

Hello, this is my first post. I’ve been enjoying this forum in “read only mode” for about a year now. Thought this topic might offer a good opportunity to register and contribute.

We recently shopped our insurance and found a significantly lower rate. We’ve had Allstate since forever (decades), including home, auto and umbrella. We recently switched to Erie Insurance (regional coverage in mostly the mid-Atlantic states).

The shopping process began by reviewing Checkbook magazine at our local library. We got direct quotes from two of the companies rated most highly (for our area) for cost and customer satisfaction. These were Amica and Erie insurance.

Comparing combined cost for the three policies, Amica would have saved us around $250 per year total. Erie came in with a total cost savings of $950 for the first year – about 1/3 less than our total yearly cost with Allstate. The coverage is a bit more extensive with Erie too.

We are quite happy with the reduced cost – and of course slapping our foreheads for not shopping this sooner! Can only go forward, right? I think we'll be doing more cost comparisons going forward.

like2read
michaeljc70
Posts: 7270
Joined: Thu Oct 15, 2015 3:53 pm

Re: Car insurance went up by $240 per year.

Post by michaeljc70 »

I'd quote it out all and see if it is worth switching. You cannot look at one policy by itself. If you save $240 somewhere else and the renters or umbrella go up $240 you haven't accomplished anything. Accident forgiveness is not something I would hold in the highest regard but it is worth something. If you switch, have an accident and your premium goes up $200 you are still ahead.
sapper1371
Posts: 164
Joined: Tue Jul 10, 2018 7:21 pm

Re: Car insurance went up by $240 per year.

Post by sapper1371 »

+1 for not staying with a company just because you have been with them for a long time. If you are not shopping around every 3 years or so, rest assured you are paying too much. Getting quotes online takes about 5-10min. You might be suprised how differently 2 reputable insurance companies will rathe the same vehicle/drivers.

The 60 minutes I spend every 2-3 years base saved me $300/yr each time. Well worth it IMO.

Home insurance is much more of a pain the shop and compare.
H-Town
Posts: 2924
Joined: Sun Feb 26, 2017 2:08 pm

Re: Car insurance went up by $240 per year.

Post by H-Town »

Blue456 wrote: Wed Jan 22, 2020 4:26 pm We have GEICO, neither of us ever had a car accident, ever had any tickets. Our car insurance just went up from $800 every 6 months to $920 every 6 months. We have been with GEICO for a long time now and have earned accident forgiveness.
1. Should we switch and forget about the accident forgiveness
2. Who do we switch to?
We also have umbrella and renters insurance with GEICO. So it would be nice to get everything under one insurance company...
That's odd. GEICO premium has consistently and gradually come down every year for me. It makes sense because we keep our cars for a long time and they get older every year...
HomeStretch
Posts: 5194
Joined: Thu Dec 27, 2018 3:06 pm

Re: Car insurance went up by $240 per year.

Post by HomeStretch »

Blue456 wrote: Wed Jan 22, 2020 5:06 pm How do I find a reputable insurance broker?
I used selectquote.com two years ago and was happy with the broker I worked with. There are a few insurers like Amica that you need to obtain quotes directly from. Get a few quotes for similar coverage and compare to Geico’s price. With no change in vehicle and no violations or claims, I would expect an auto premium on a one-year-older vehicle to decrease, not increase.
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