Outrages Geico Insurance rates
 

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?

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

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.

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

Have no noticed because I would never use Geico.

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.

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.

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

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.

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.

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.

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

Sheesh

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

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.

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.

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.

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!!!!

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.

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

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.

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.

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.

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.

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

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.

More about Geico
 

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:

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

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.

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

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

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

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

Insurance for free
 

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

Florida insurance rates for home and auto
 

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!

We use travelers ins. Great insurance, and best price

Ohiobuckeye
 

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.

Recently switched to AAA Insurance
 

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.

Insurance is the craziest game on the planet