GEICO Umbrella: Significant Increase in Premium

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LadyGeek
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Re: GEICO Umbrella: Significant Increase in Premium

Post by LadyGeek »

I merged patriciamgr2's thread into the on-going discussion. The combined thread is in the Personal Finance (Not Investing) forum (insurance).
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Oilcans
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Re: GEICO Umbrella: Significant Increase in Premium

Post by Oilcans »

Actually have been paying $574.15 for 5MM since 2015. State of Nebraska which probably explains the difference in premium.
Gabelli2020
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Re: GEICO Umbrella: Significant Increase in Premium

Post by Gabelli2020 »

We have a State Farm 2million dollar policy. 2 homes, primary in Fla. 3 cars , 500k limit. $684.
Slightly high, but I’ve been with State Farm 50 years this year, and the auto rates are super low . USAA doesn’t even come close.
I’ve never heard great things about GEICO - cancellations after claims and claims management
hoops777
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Re: GEICO Umbrella: Significant Increase in Premium

Post by hoops777 »

Geico has always been very high on all quotes for me in California
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seawolf21
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Re: GEICO Umbrella: Significant Increase in Premium

Post by seawolf21 »

Just got notice of umbrella non-renewal by geico due to two auto claims less than five years. The older claim is 4.5 years ago and I was too stupid to realize I should have not called geico auto for a minor damage to rental vehicle not involving another party which was apparently covered by rental LDW.

Geico said it didn’t matter than they didn’t have to pay out at all, the fact that there were two at-fault claims in 5 years counts toward not meeting geico umbrella underwriting standards.

They did recommend RLI which they act as an agent for. $2 million $655 in NJ (due to one at-fault within last 3 years) otherwise it is $553. I don’t know if Geico raise their own rates this year or not due to non-renewal but last year I was paying $300 for $2 million.
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patriciamgr2
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Re: GEICO Umbrella: Significant Increase in Premium

Post by patriciamgr2 »

Thanks to the Forum members who have shared your experiences. It's helpful to get some context for GEICO's rate action. I'll keep checking back on this post if anyone else has input. Thanks and best wishes for the Thanksgiving holiday to you & your families.
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