Outrages Geico Insurance rates

[PennBF]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

[Kenswing]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:
Is outrages anything like outrageous? The beautiful thing about an open market is you get to shop around for your insurance. Maybe it's that time?

[MrFlorida]

Yea, I noticed the high rates and will be shopping around at the next renewal.

[EdFNJ]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:I believe they (Geico) farms out anything other than auto insurance to their "partners". My Auto rates from Geico that I just renewed last week are still from 25 to 50% less than the nearest competitor for identical $ for $ coverage and that includes Allstate, State Farm, AAA, Progressive and 1 or 2 others. I go through that every year. No claims in 15+ years,

I Tried getting a homeowners quote from Geico and they weren't interested. They insisted on sending me to one of their "partners."

You really have to shop around for each type of policy separately but mainly keep homeowners and umbrella from the same company for the best umbrella rate.

[Babubhat]

They have no loyalty to customers. Always need to shop rates every few years

[Garywt]

Have no noticed because I would never use Geico.

[DAVES]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

Reality. Being a customer with one company for 40 years does not make them say they are a loyal customer rather they say he is not shopping and so we do not need to offer him a discount to get his business. You should shop and see if the company you are using is competitive. Age? Credit score? May count differently with different companies.

I'm not an insurance expert however my mother, years ago worked for a broker. If, I recall an umbrella policy is under your homeowners insurance not your auto insurance.
In any case you can reduce you insurance costs, with any company by increasing the deductibles-you self insure smaller claims. Even the car you drive can effect the cost of insurance. Tickets? You get to pay the fine and then pay more for your insurance for years after.

[DAVES]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

I did not mention it in my first reply. I see others have so I will join in. All companies will gladly take your money. Collecting on a claim some companies are reasonable others are not. Perhaps, unfair of me but I had GEiCO insurance ????? 25 plus years ago.
My car was legally parked with the engine off. It was hit by another car. The driver saw that I saw. It was precellphone cameras but I did have a film camera with me and I took pictures. I even got the name of a worker who saw the whole thing from a ladder.
I saw him laughing. Simple, could not be more easy. Geico did everything they could to make it difficult for me. They never did get a statement from the witness I handed them. The person who hit my car also had Geico. Took roughly a year and a half to get back my deductible. When all was settled Geico raised my insurance rates. I was able to go to another insurance company and pay less.

Geico regulatory tries to sell me insurance. As it is said fool me once shame on you fool me twice shame on me. I am not a potential GEICO customer.

[EdFNJ]

I did not mention it in my first reply. I see others have so I will join in. All companies will gladly take your money. Collecting on a claim some companies are reasonable others are not. Perhaps, unfair of me but I had GEiCO insurance ????? 25 plus years ago.
LOL, 25 years, you really hold a grudge! If that were the case I'd never own a Honda or ever send a package through the mail or NEVER buy a bottle of Tylenol! :D

[GrumpyOldMan]

Interesting. This thread certainly points out how people can have different experiences. We have used GEICO for 10 years and have had nothing but positive experiences with them. We have had to use them 4 times in those 10 years and every time we have been completely satisfied - no, that is not fair to them, they went way out of their way to make sure we were satisfied.

Their price is on the low side of competitive. Every year we check with other companies and every year they win. I see no reason to change. I have NO loyality. And if things change this year, we will move on - but so far, we are completely happy with them.

[banjobob]

As always you should shop your insurance needs at least every two years if not yearly. Loyalty does not seem to matter to insurance companies.

[davephan]

In Florida, one of the higher costs is insurance. That’s just life in Florida! It just like the higher driving speeds are “normal”. But much more important, is the number of totally reckless drivers on the Florida roads. The small round signs and crosses next to the roads should be a reminder to you about the result of all the reckless and irresponsible drivers in Florida. Our auto insurance is almost double in Florida compared to Minnesota. If you wonder why, just look at all the reckless drivers in Florida.

There are several things that could be done, that aren’t being done. The police could concentrate on just the reckless drivers. Suspend the reckless driver’s driving licenses. If they are caught driving with a suspended driver, put them in prison for a year. Much fewer people would risk driving with a suspended driver’s license, if there was a risk of going to prison. They could also confiscate the vehicle. If their driver’s license was suspended multiple times, then revoke their driver’s license permanently. If they are caught driving with a revoked driver’s license, put them in prison for 5 years. If there’s teeth in the law, people will obey the law. The people who don’t obey the law, and go to prison will serve as examples to other people, and cause more people to obey the law.

People who have histories of reckless driving arrests, could have their rates drastically increased. Then the auto insurance for responsible drivers would decrease, and the costs would be shifted to the irresponsible drivers, because the responsible drivers are currently subsidizing the reckless drivers now.

The umbrella insurance is a little higher in Florida, but not drastically higher, like auto insurance. Have you ever noticed the billboard’s where the attorney got me $500K, or some other amount? Have you noticed all the attorney advertising on TV? While some people deserve compensation for their injuries, there are others who are faking their injuries for essentially a lottery payout.

If you maintain your insurance without periodically switching companies, the insurance companies will gradually increase your rates. It’s your task to periodically shop for insurance, and switch insurance companies periodically. If you stay with the same insurance company for decades, then the insurance company know that you won’t leave them if they gradually raise your rates.

[Hiltongrizz11]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

Well what are you talking? Car insurance, golf cart insurance, RV insurance, home owners??

Sheesh

[Babubhat]

I did not mention it in my first reply. I see others have so I will join in. All companies will gladly take your money. Collecting on a claim some companies are reasonable others are not. Perhaps, unfair of me but I had GEiCO insurance ????? 25 plus years ago.
My car was legally parked with the engine off. It was hit by another car. The driver saw that I saw. It was precellphone cameras but I did have a film camera with me and I took pictures. I even got the name of a worker who saw the whole thing from a ladder.
I saw him laughing. Simple, could not be more easy. Geico did everything they could to make it difficult for me. They never did get a statement from the witness I handed them. The person who hit my car also had Geico. Took roughly a year and a half to get back my deductible. When all was settled Geico raised my insurance rates. I was able to go to another insurance company and pay less.

Geico regulatory tries to sell me insurance. As it is said fool me once shame on you fool me twice shame on me. I am not a potential GEICO customer.

Why some people choose Chubb. It costs more but they pay the claims without hassle

[lkagele]

I'm not an insurance expert however my mother, years ago worked for a broker. If, I recall an umbrella policy is under your homeowners insurance not your auto insurance.


In general, two types of umbrella; business and personal. A personal umbrella policy provides liability coverage above your underlying policies for both auto and homeowners. If a claim occurs that exhausts your underlying limits on either a HO or auto then your personal umbrella kicks in with an additional layer of liability coverage.

[togabill]

Yes. Received my new Geico bill this morning. Over a 50% increase in one year. No claims. Sock it to the seniors I guess. Been with them for decades.

[noslices1]

I have been with State Farm for 61 years with my car and had been with them for my homeowners until I moved to Florida, 11 years ago, but they weren’t selling homeowners back then. I’ve had four or five different homeowners since then and State Farm started selling in FL a few years ago, but were double what I was paying, so didn’t go with them. The Villages Insurance, American Integrity, almost doubled last year, so I switched to Farmer’s who were about $500.00 less. I’m due in August and have started shopping, but all these “free roofs” that have been charged to the insurance companies have really screwed up the market.

[J1ceasar]

My favorite subject is insurance. I had Geico for automobile for 10 years and suddenly they went up 50%. I called and they said market forces. I went to progressive and I suddenly getting emails and a lower price from Geico but I don't switch. Geico does not offer homeowners in the state of Florida. I moved here 20 plus years ago and I don't know really who I had for homeowners but after a few years people's trust caught my attention as they were the only ones doing things over the internet. They were half the cost for homeowners and I switched them for a few years the minute I switched I got a letter from my old policy company telling me about all the things people's does not cover but I never got a call from my old company that I could get a smaller quote if I drop coverages.
Your needs may be different than mine as I don't have the assets some of you have in the bank. Do you realize that if you put your home in a trust and your assets in a trust is very little need for a large coverage for insurance? You know you can save 50% on your auto insurance if you go down from 1 million to 50,000/100,000 on your coverages? There is another what I call a scam for a homeowners policy in that they cover your outlying buildings as well as your basic residence of course. Well I don't know anybody in a senior community that has a storage shed, this alone is 50 or $100 a year in cost that is not needed. You need to also make sure that your insurance covers the new course of building to the new laws. I forget what that ryder is called. This is also probably the first year that the rebuild cost will match your actual insurance cost. Don't forget most houses are over insured because they conveniently forget that there's a piece of land under your home that does not get fire damage or flood damage as a general rule. You want to make sure you were not over insured for the value of your home. One last thing I would like to mention is that the agents work on commission and you understand what that really means. In other words for my first five years in Florida no one told me that I should get what's called the wind remediation report for $90. This can save you $200 or $300 per year off your insurance easily.... . So at the end of the day it is up to you to do your own work and making sure you get the best value and a decent price. I'm not one to move policies for 10 or 20 bucks but when they become outrageous that's when I act. You should also yearly look at your cell phone bill, as well as check your credit card rates and you should call both companies to see if you can get something better. Do you know your credit card company if you keep a balance will negotiate a lower rate for you. And by the way if you have an old car and want something newer this is the best time in a century to trade in? The car I bought 3 years ago, I can now get $1,000 more for and I paid!!!!

[diva1]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

Yes. They raised our umbrella policy 110%. We shopped elsewhere and cancelled ALL our policies with them...and told them why. Try AAA insurance. I think you will be happy.

[Topspinmo]

Is outrages anything like outrageous? The beautiful thing about an open market is you get to shop around for your insurance. Maybe it's that time?

Warren collecting his share and not paying taxes on it. :):icon_wink:

[bilcon]

In general, two types of umbrella; business and personal. A personal umbrella policy provides liability coverage above your underlying policies for both auto and homeowners. If a claim occurs that exhausts your underlying limits on either a HO or auto then your personal umbrella kicks in with an additional layer of liability coverage.

Wrong. You can get an umbrella policy under your auto insurance to cover everything. I have GEICO and only have auto with them. I took out a $1,000,000 umbrella policy with them several years ago and the premium was $220 a year, for the first 3 years. Then it went up a little last year and this year it almost doubled, to over $400. I called and the rep said that Florida has one of the highest rates of law suits, so that is the reason for the increase. THANK YOU DAN, MORGAN AND MORGAN ETC. I dropped the policy.

[PJackpot]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:
I found Auto-Owners to have the best rate. Geico quoted me $300 a year more than I’m currently paying. The other thing I’ve noticed with these companies is they will not guarantee their quoted price, and it often ends up being more once you sign up.

[Topspinmo]

My favorite subject is insurance. I had Geico for automobile for 10 years and suddenly they went up 50%. I called and they said market forces. I went to progressive and I suddenly getting emails and a lower price from Geico but I don't switch. Geico does not offer homeowners in the state of Florida. I moved here 20 plus years ago and I don't know really who I had for homeowners but after a few years people's trust caught my attention as they were the only ones doing things over the internet. They were half the cost for homeowners and I switched them for a few years the minute I switched I got a letter from my old policy company telling me about all the things people's does not cover but I never got a call from my old company that I could get a smaller quote if I drop coverages.
Your needs may be different than mine as I don't have the assets some of you have in the bank. Do you realize that if you put your home in a trust and your assets in a trust is very little need for a large coverage for insurance? You know you can save 50% on your auto insurance if you go down from 1 million to 50,000/100,000 on your coverages? There is another what I call a scam for a homeowners policy in that they cover your outlying buildings as well as your basic residence of course. Well I don't know anybody in a senior community that has a storage shed, this alone is 50 or $100 a year in cost that is not needed. You need to also make sure that your insurance covers the new course of building to the new laws. I forget what that ryder is called. This is also probably the first year that the rebuild cost will match your actual insurance cost. Don't forget most houses are over insured because they conveniently forget that there's a piece of land under your home that does not get fire damage or flood damage as a general rule. You want to make sure you were not over insured for the value of your home. One last thing I would like to mention is that the agents work on commission and you understand what that really means. In other words for my first five years in Florida no one told me that I should get what's called the wind remediation report for $90. This can save you $200 or $300 per year off your insurance easily.... . So at the end of the day it is up to you to do your own work and making sure you get the best value and a decent price. I'm not one to move policies for 10 or 20 bucks but when they become outrageous that's when I act. You should also yearly look at your cell phone bill, as well as check your credit card rates and you should call both companies to see if you can get something better. Do you know your credit card company if you keep a balance will negotiate a lower rate for you. And by the way if you have an old car and want something newer this is the best time in a century to trade in? The car I bought 3 years ago, I can now get $1,000 more for and I paid!!!!

IMO Insurance companies have great lobbyist so they can pick and choose where and who they want to insure. IMO if the federal government requires you to have automobile insurance Then, they should regulate the cost. But they probably had to pass it to see what’s in it. That what we got today, county full of pigeons.

IMO That’s because you 3 year old car worth 1/2 what you paid for it, so 1000 Bucks pigeon feed. You never get good deal trading, you only think you do.

[ithos]

For those who did shop around for auto insurance based on price, who did you find that had the lowest rates?

I have USAA and Progressive is almost half the cost.

[mrf6969]

They have to pay somehow for all their stupid TV ads.

[SandDollar70]

I have had GEICO for over 30 years and have found a better policy price (same coverage amounts) using Progressive. Will be changing at the end of July.

[PennBF]

When I called their Service Dept. regarding their abusive rate I was told I would be better off if I moved to a different state and they were only increasing the rates in line with Florida rules. They went further by saying if I lived in New York, or California I would be
paying as in Florida. Does this mean the Florida Insurance Laws are alleged;y as bad as those states? What makes this worse is that Florida has many more Senior Citizens on fixed income than those states so they are hit much harder with these abusive outrages rate increases. I have had Geico for many many years and never had a claim for anything in thos 40+ years and so blindly paid their rates. This increase was so terrible (100+ increase over prior year) that it caused me take a look. Ignorance had been bliss!
Now for the good news. It has caused me to realize how I have allegedly been taken advantage of over the years and start investigating other Companies and also waking me up to the fact that over the years I was participating in their game by recommending them to my friends. :ohdear:

[Skip]

I called and the rep said that Florida has one of the highest rates of law suits, so that is the reason for the increase. THANK YOU DAN, MORGAN AND MORGAN ETC.

Those Law Firm ads are misleading. If a driver has $100,000 liability coverage and injures someone, Morgan and Morgan can NOT get a $1,000,000 pay out from the insurance company. The insurance only pays $100,000 max. Now, if a commercial vehicle, like a truck or school bus hits you, and they carry $1,000,000+ liability, then yes, Morgan and Morgan might get that much. But no more than that. And the Law Firm takes a big cut of that $1,000,000. That's why they can afford to advertise on TV (the most costly advertisement outlet).

Skip

[Jayhawk]

Auto insurance rates rise, but insurers brace for higher costs ahead (https://www.cnbc.com/2021/06/12/auto-insurance-rates-rise-but-insurers-brace-for-higher-costs-ahead-.html)

[GATORBILL66]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:
All insurance rates are going to sky rocket over time. The reason being all these attorneys ads showing all the lawsuits they are winning for their clients. You see them on television every day. These insurance companies have to charge everyone else higher rates.

[graciegirl]

Many bills for home insurance have gone WAY up, because our homes are becoming quite a lot more expensive to replace.

[Seamus6]

We go through a broker. We insure our house and two cars with higher limits than we had AND a 1,000,000 umbrella policy on top of both for much less than we were paying before. The broker does the shopping for us and every 2 or 3 years they change our policy to another company (asking us first, of course). It's easy and cheap! we always get major companies...never GEICO...heheh

[butlerism]

Helllooooooo.
You live in the villages.
You can drive a golf cart.

Now we go to Math Class.

Monthly car insurance number.

Take your monthly rate divide it by 4.286 (30/7= 4.286)
Look at that number.

Think about how many days you really need the car.
Pick up a rental if needed. Cheaper.

Stop being so spoiled.
I watch the weather.
I plan my days accordingly.

We do not need a car.
I ditched mine a long time ago.

USAA and Geico are the same company.
Look it up.

Here is their scam.
Geico looks back five years.
USAA four years.
State Farm three years.

..... Go ahead math GURUs. show me how to compare rates and make that decision.

USAA and Geico they are vacuums. They are glad to take your money, and more than ready to drop you for something as simple as hitting a pothole on a road trip in another state.

They gave me that BS in New York.
In Vermont, Road covered by snow and freezing temps.
The underwriter said to me " surely you could have avoided the pothole!"
I went into a rage. Pothole filled with water and ice, covered by 1/2" of snow.
Yes you are right low paid idiot. I could see that pothole
I was screaming.

IT IS ALL NUMBERS TO THEM
THEY HAVE YOU BY THE BALLS

USAA.... when I joined 35 years ago was OFFICERS ONLY
They ditched that model and now allowed Enlisted and family.
There goes the lower rates premise.

You are an Officer. More responsible. You deploy over seas (meaning you are not here and driving) .
Your rates will be lower.
VOILA they duped many many vets.
Ditch Geico.
Ditch USAA.

If you want to keep them. Give me your address. Put a candy bowl out front on the first day of the month with $50.
I will be glad to take your money too.

PM me if you want to drill down into the numbers.
Bottom line. they are crooks.

Sorry. Car insurance is the biggest scam

Happy Fourth

KJB
LT, USN Submarines, Retired

[butlerism]

Seamus.
Please PM me.
Lets beat them all and start our own agency

[Skip]

If you think insurance companies gouge policy holders each year and keep raising rates, then you are on the wrong side of the deal.
One way to get your insurance premiums paid for you is to own part of the company.

If you bought just $6,000 worth of stock in Progressive Insurance (symbol: PGR) [Only sells vehicle insurance, the very profitable part of the business - Homeowners is covered by partners, not by Progressive] at $77/share a year ago (7/8/20) and sold it today at its $99/share price, you would have gained 28.5%, or $1,714, PLUS it paid $382 in dividends over the last 12 months. Over $2 grand increase. And the next results look even better since few people drove cars during the pandemic.

Or take Allstate Insurance (symbol: ALL). That $6,000 investment gained by 46.2% plus $174 in dividends. That's almost $3 grand increase.

That's enough to pay for your premiums and still have money left over for oil changes, car washes and a mini-vacation.

With a business like this, don't be the buyer, be the seller!

Skip

[bobnyce]

In Florida, one of the higher costs is insurance. That’s just life in Florida! It just like the higher driving speeds are “normal”. But much more important, is the number of totally reckless drivers on the Florida roads. The small round signs and crosses next to the roads should be a reminder to you about the result of all the reckless and irresponsible drivers in Florida. Our auto insurance is almost double in Florida compared to Minnesota. If you wonder why, just look at all the reckless drivers in Florida.

There are several things that could be done, that aren’t being done. The police could concentrate on just the reckless drivers. Suspend the reckless driver’s driving licenses. If they are caught driving with a suspended driver, put them in prison for a year. Much fewer people would risk driving with a suspended driver’s license, if there was a risk of going to prison. They could also confiscate the vehicle. If their driver’s license was suspended multiple times, then revoke their driver’s license permanently. If they are caught driving with a revoked driver’s license, put them in prison for 5 years. If there’s teeth in the law, people will obey the law. The people who don’t obey the law, and go to prison will serve as examples to other people, and cause more people to obey the law.

People who have histories of reckless driving arrests, could have their rates drastically increased. Then the auto insurance for responsible drivers would decrease, and the costs would be shifted to the irresponsible drivers, because the responsible drivers are currently subsidizing the reckless drivers now.

The umbrella insurance is a little higher in Florida, but not drastically higher, like auto insurance. Have you ever noticed the billboard’s where the attorney got me $500K, or some other amount? Have you noticed all the attorney advertising on TV? While some people deserve compensation for their injuries, there are others who are faking their injuries for essentially a lottery payout.

If you maintain your insurance without periodically switching companies, the insurance companies will gradually increase your rates. It’s your task to periodically shop for insurance, and switch insurance companies periodically. If you stay with the same insurance company for decades, then the insurance company know that you won’t leave them if they gradually raise your rates.

In case you haven't noticed the trial lawyers and insurance lobby run Florida. Anything they want they get! Why arrest unlicensed drivers if they create the forum for suing your own insurance company when you have an accident involving an uninsured, unlicensed driver? Trial lawyers thrive in this environment. Home insurance has had several hidden changes in the last few years driven by the lobbyists. Standard homeowners insurance only covers sink holes if your house is uninhabitable now thanks to the insurance lobby. Oh yes, and if your roof blows off in a storm you better be prepared to subsidize a new one because it will be prorated based on whatever the insurance company thinks is reasonable. Doesn't matter if your roof was in perfect condition. No, they will decide since they could not win in court with the crooked roofers they went to the legislature to get what they wanted. Sound familiar - it is!

[THUNDERCHIEF]

We use travelers ins. Great insurance, and best price

[OhioBuckeye]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

I hear you! Every Ins. Co. I get emails from say they can save me 5-6- or $700. dollars, but when I call them & I did they’re always hundreds of dollars higher than the 2 or 3 that I already checked. When I called Geico they were higher than the lowest of estimate that I already had. In fact the Geico agent I talked to couldn’t believe his estimate was $200. Higher than the lowest of the 3 that I already had. A few questions he asked me, he asked me if I mind if he put me on hold, I knew what he was doing, he did a credit check on me which I very clearly asked him not to do. Well he lost a client right there! PennBF you’re comment was right on.

[snbrafford]

Has anyone noted the outrages Geico charges for insurance. In the case of Umbrella Policies they have more than doubled the charges. Not sure yet what they are going to do with the Auto Insurance policies? It seems it allegedly may be tied to age as even if you
never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate? It is allegedly beyond outrages abuse of the seniors.:ohdear:

I recently switched to AAA Insurance. Not related to the Geico post but I had a problem with Cabrillo Coastal and the age of my roof and with the FL insurance changes that went into effect on July 1, thought it was time to change. I went to AAA for home and auto and umbrella. I had auto and umbrella with Progressive (no problems - just got a bundled rate) and I saved money on all three. AAA is well known and the local agency was great to work with.

[Petersweeney]

Insurance is the craziest game on the planet

[tovliteuser]

Just got a new home insurance policy after the old one went up 95%. Check out Farmers Insurance. Only draw back is that in addition to the normal wind mitigation report (got one when the roof was redone) they need to have a 4-point inspection for the roof, ac, electrical and plumbing. Cost for this inspection was $100 but it is only required once for the lifetime of the policy. Since I saved over $500 on the new policy, I thought it was well worth it.

[tovliteuser]

Been looking for home insurance since my rates almost doubled. Best rate with a long established company was from Farmers Insurance (Brian Knight out of Ocala). Wind mitigation report was a must but I also had to get a 4 point inspection done (roof, ac, electrical, plumbing) which cost me $100 but is good for the life of the policy. I saved over $500 on the new policy so I thought it was a pretty good deal. You may find cheaper rates from a new player in the game but Farmers has the best rates of all the companies that have been around a while.

[Aces4]

If you think insurance companies gouge policy holders each year and keep raising rates, then you are on the wrong side of the deal.
One way to get your insurance premiums paid for you is to own part of the company.

If you bought just $6,000 worth of stock in Progressive Insurance (symbol: PGR) [Only sells vehicle insurance, the very profitable part of the business - Homeowners is covered by partners, not by Progressive] at $77/share a year ago (7/8/20) and sold it today at its $99/share price, you would have gained 28.5%, or $1,714, PLUS it paid $382 in dividends over the last 12 months. Over $2 grand increase. And the next results look even better since few people drove cars during the pandemic.

Or take Allstate Insurance (symbol: ALL). That $6,000 investment gained by 46.2% plus $174 in dividends. That's almost $3 grand increase.
That's enough to pay for your premiums and still have money left over for oil changes, car washes and a mini-vacation.

With a business like this, don't be the buyer, be the seller!

Skip


Now you have hit the nail on the head, what’s the biggest farce of all, the stock market! Why are so many companies public now, what is the purpose? How many businesses actually need to raise capital which was the primary intent of going public.

So many of these insurance companies and other businesses don’t need the extra capital and their stock is way overvalued. They need to show profit for their stockholders so the customer is wrung out for every nickel and left holding policies with high deductible and poor coverages.

Anyone here remember mutual insurance companies? Owned by the insureds and serving the insured only and not some other false gods where money is siphoned off by ceos, huge advertising budgets and the “something-for-nothing” investors. People are sheep being sucked in by slick maneuvers that actually harm their way of life. How much premium do we pay for so many things that have no need to be a public company.

[ithos]

Now you have hit the nail on the head, what’s the biggest farce of all, the stock market! Why are so many companies public now, what is the purpose? How many businesses actually need to raise capital which was the primary intent of going public.

So many of these insurance companies and other businesses don’t need the extra capital and their stock is way overvalued. They need to show profit for their stockholders so the customer is wrung out for every nickel and left holding policies with high deductible and poor coverages.

Anyone here remember mutual insurance companies? Owned by the insureds and serving the insured only and not some other false gods where money is siphoned off by ceos, huge advertising budgets and the “something-for-nothing” investors. People are sheep being sucked in by slick maneuvers that actually harm their way of life. How much premium do we pay for so many things that have no need to be a public company.

USAA was supposedly one of those. Compared rates recently for car insurance realized I was paying too much. I also wanted home insurance with them but their quotes were out of sight. I am going to get new insurance and cash out my subscribers account. I can find better things to do with $3800 and the money I am going to save by switching.

They charge a much higher premium for living in Florida.

[Marykschulz]

Our umbrella policy with Progressive is renewing next month for the exact premium price as last year.

[tovliteuser]

Our umbrella policy with Progressive is renewing next month for the exact premium price as last year.

May I ask how long you have had your policy? I tried to get Progressive home insurance since I already had their car insurance. I was told they aren't writing them in Florida.

[Dlbonivich]

It could be increased if you just moved to Florida. Florida has very liberal litigation laws

[Skip]

Anyone here remember mutual insurance companies? Owned by the insureds and serving the insured only ...

Yes and that's who I am with, a Mutual Company. They are like Savings and Loan Associations vs. the big Wall Street Commercial Banks.

Skip.

[Topspinmo]

Insurance is the craziest game on the planet

No, it’s legalized racketeering when you have government in one hand and pigeons in the other.

[Babubhat]

They raise your rate excessively if they don’t want to be accused of dropping too many customers. It accomplishes the same thing

[msilagy]

All seniors can take an online safety course (it takes a long time to complete because the timing for each section is long and cannot be adjusted) but I save about 10% on my Geico premium for 5 years. I have an umbrella thru Geico also. Every time I get other quotes they are higher. Clean driving record, credit score. I'll see what my July renewal is.

[CoachKandSportsguy]

It seems it allegedly may be tied to age as even if you never had a claim in 40+ years and have a credit rating of greater than 800 you are still subject to a 100+% increase in your rate?

please google actuary
/
Primary duties: Actuaries handle financial risk management for individuals, businesses and government organizations. They examine financial costs, assess risk levels and recommend courses of action. They use their background in statistics to collect data, review trends and use business models to forecast future events. These professionals also use their expertise in math to calculate the probability of financial risk and generate charts and reports that show uncertainty. Actuaries often work for health, life or property insurance companies, which rely on their advice to develop policies and calculate premiums. /end

Actuaries create pools of similar characteristics of at risk items, in this case people who own homes, within florida, etc, estimate the risk of payout events happening, and then are used in a profit model within the legal rate structure of the state to determine premiums. Your situation looks like you moved into a different actuarial pool and combined with a different rate structure as determined by the insurance company for the pool. Of course you don't know the characteristics of the pool you are in, so of course you take this change personally.

Its nothing personal about event risk other than the pool you are in, the average premium, the expected proportion of premium price insensitive retainers, and the marketing total pool profit structure of each insurance company. . .

ie, there is nothing personal about the change in rates based upon you, but there is based upon your peers in your actuarial pool, like a very high portion of price insensitive policy holders.

Always shop around and get rid of the assumption in quotes, its irrelevant just as you as an individual are irrelevant to the premium setting.

finance guy

[PennBF]

There is a pricing point called "Price Elasticity". It is the point on a chart where the forecast volumes cross the line of the price. It reflects a point where when the price is increased the sales volumes go down or the reverse. When these two points cross then you have the best price. There are many additional considerations when pricing and this is a basic one. As a follow up to my previous posts I did start looking into leaving Geico in the dust and moving on to a company that is more interested in its clients. I started with Travelers and it's input indicated policies for both an Auto and Umbrella would result saving between $350-400 a year and gaining more coverage's. I am not indicating a commitment to Travelers but rather as a start It is clear there are better ways to go other than the alleged senior abuse provided by Geico. I am more angry with myself for believing the differences were only a few dollars and believing it was not worth my time to look into the alleged subtle price increase. It finally got my attention when the company tried to increase their rates by over 100%+ in one year. Anyone who currently has Geico may want to take a peek to see if you allegedly are also being a part of this outrages price actions?:ohdear:

[Babubhat]

I almost went with Progressive until the fine print said there is a one time price incentive in their quote which made it look cheaper. The renewal would guaranteed to be higher.

[davephan]

Yes. Received my new Geico bill this morning. Over a 50% increase in one year. No claims. Sock it to the seniors I guess. Been with them for decades.

Did you move to Florida recently? It’s important to know that information. When we moved from Minnesota to Florida, the auto insurance nearly doubled. That because many drivers in Florida drive recklessly.

If you’ve been in Florida for more than a year, then it’s time to shop around again for your auto insurance. Your insurance company is betting that’s you’ll stick with them! They can jack up the rates, and many of the long term loyal customers will simply pay the higher prices, no complaints, no questions asked.

[KAM+6]

Somebody has to pay for all their advertising. You have to factor that into the premium.

[shopnstop]

LOL, 25 years, you really hold a grudge! If that were the case I'd never own a Honda or ever send a package through the mail or NEVER buy a bottle of Tylenol! :D

Ed, I agree w/the originator as I had a similar situation w/Geico 40+ years ago! If I were you I would never buy a Honda, use the postal service, and only buy Tylenol by the gross as you certainly might need it!!!!

[Babubhat]

Why your insurance is high. Villages news today. Cheaper to drive without insurance. Everyone else pays. 150 bond is a joke. Shame on the judges

The defendant has been living in Fruitland Park and admitted that he does not have a visa. The defendant does various jobs in the area. The defendant is originally from Mexico,” the officer wrote in the arrest report.

Hernandez was arrested on a charge of driving without a valid license. He was booked at the Sumter County Detention Center and released after posting $150 bond.

[Topspinmo]

When I called their Service Dept. regarding their abusive rate I was told I would be better off if I moved to a different state and they were only increasing the rates in line with Florida rules. They went further by saying if I lived in New York, or California I would be
paying as in Florida. Does this mean the Florida Insurance Laws are alleged;y as bad as those states? What makes this worse is that Florida has many more Senior Citizens on fixed income than those states so they are hit much harder with these abusive outrages rate increases. I have had Geico for many many years and never had a claim for anything in thos 40+ years and so blindly paid their rates. This increase was so terrible (100+ increase over prior year) that it caused me take a look. Ignorance had been bliss!
Now for the good news. It has caused me to realize how I have allegedly been taken advantage of over the years and start investigating other Companies and also waking me up to the fact that over the years I was participating in their game by recommending them to my friends. :ohdear:

What makes it worse in Florida? older population and law suits.

[Topspinmo]

Did you move to Florida recently? It’s important to know that information. When we moved from Minnesota to Florida, the auto insurance nearly doubled. That because many drivers in Florida drive recklessly.

If you’ve been in Florida for more than a year, then it’s time to shop around again for your auto insurance. Your insurance company is betting that’s you’ll stick with them! They can jack up the rates, and many of the long term loyal customers will simply pay the higher prices, no complaints, no questions asked.

“cause may driver is Florida drive recklessly” and without insurance, on drugs, drunk, and in stolen vehicles.

[PennBF]

Using the amount billed from Geico I would save about $350 going with Travlers and about $375 going with Hartford which is the AARP Insurance provider. In both cases the Company would provide more coverage than Geico with their quoted price. The above
are the penalties I paid by not questioning how much Geico was charging and just going with their alleged abuse of a senior citizen.:ohdear:

[davephan]

“cause may driver is Florida drive recklessly” and without insurance, on drugs, drunk, and in stolen vehicles.

That’s true too! There’s a lot of criminals who steal cars and drive very recklessly multiple times. They need to be locked up in prison for 10 or 20 years, and prohibited from ever driving again. If they drive again, after being prohibited, 20 years in prison.

I wish it could be a foreign prison with forced hard labor 7 days a week for at least 12 hours a day. If that happened, the number of stolen vehicles would drastically and very quickly be reduced to almost zero. That would permanently fix the stolen vehicle problems. The long term prisoners would serve a useful example to others thinking of committing crimes.

Too many criminals simply laugh at the justice system. There are YouTube videos of criminals who laugh at the victims families when they killed their victims. That should cause their prison sentence to be doubled, or the death penalty to be imposed. Society will be better off if the career criminals who think it’s funny to victimize people, if those criminals are simply locked up for the rest of their life or put to death.