GEICO rate increase of over 30%

[Elff]

I am curious, how do they come up with a value for diminished value?

and besides filling out a form, what else do you need to do for that?

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[ScottBeach]

2020 JT and a 2022 E350. 1354 for 6 months. FL. Geico. Clean records no more kids at home

 

[LCF]

I am curious, how do they come up with a value for diminished value?
and besides filling out a form, what else do you need to do for that?

best answer I can give is….I have no fxcking clue lol. My advice would be to contact an attorney that handles this. A lot of factors go into it…I just don’t know.

 

[22EcoDs]

I get hit with the "oh you live in NY, so we gotta pay for all these ppl without insurance" tax.

 

[Summitsearcher]

Same ole line I heard as well, just a different customer. I switched to USAA and have kept them for years.

 

[lrtexasman]

Absolutely inflation. I feel bad for renters because inflationary costs in rent are felt when a lease is renewed. Sometimes inflationary rent increases can run up to a year behind. The butchers bill is coming due in 2023.

 

[Elff]

best answer I can give is….I have no fxcking clue lol. My advice would be to contact an attorney that handles this. A lot of factors go into it…I just don’t know.

Thankfully, it's just a hypothetical question.

 

[Chance_P]

Inflation causing price increases.... shocking!

I recently built an addition to my house (about 600sqft added to my 2k) and when I added it to my insurance it almost doubled my annual cost because they had to recalculate my replacement value on my home at an extra $100 sqft.


We have barely scratched the surface regarding inflation and cost of living.

 

[f33d]

Anyone else seeing insurance premiums rise? I had added a second Jeep and they quoted me (numbers rounded and simplified) $750 per 6 months for both Jeeps. Quote was from yesterday. Got an email today stating my renewal (Nov 2022) would increase my rates to $1000 per 6 months. I called, and was told "we have to raise our rates because everything is more expensive when we pay out for claims" - not because there were any marks on my account. Been with them for decades and am just ... stunned.

Any recommendations on which insurance company might not be either (a) scamming or (b) passing the buck onto the safe-driving consumer?

Thanks.

you can ask them to have an underwriter rewrite and check your credit. I was with Gieco for awhile and they had my insure policy high from when we purchased a house and some cars. So it took hit. We had them rerun our credit and they were basing it off a 650 vs 780 at The time of writing.
We went from $500 for two cars to $200. Net of 60% down. Id verify the last time it was checked. Can’t hurt! Unless you got a bunch of recent tickets then they will see that.

 

[Elff]

While that is awesome for you, I find it complete B.S. that you had to fight that, and you initially had a higher rate based on a credit score.

That does not affect the value of the item you are insuring.

 

[Minty JL]

Interesting topic... Wonder how much location has a play in rates. I have 21 JTM, 18 Outback and a overland trailer all full coverage and my premium went down. Now $1300 a year total....

My rates dropped $200 for 6 months moving 15 mins from my old house......so your zip is definitely a factor

 

[Jimko71]

My GEICO rates just went up too, not as bad, but they did go up. They even included a letter in the renewal notice that rates are going up because of the current economic environment. I too shopped around after the rate increase and they were still the most affordable.

 

[Bjeepz]

Come on up to Canadaland.... I have a clean record, am mid 40's and pay roughly $1600 annually for one Gladiator!

:-(

 

[doc-ketamine]

you can ask them to have an underwriter rewrite and check your credit. I was with Gieco for awhile and they had my insure policy high from when we purchased a house and some cars. So it took hit. We had them rerun our credit and they were basing it off a 650 vs 780 at The time of writing.
We went from $500 for two cars to $200. Net of 60% down. Id verify the last time it was checked. Can’t hurt! Unless you got a bunch of recent tickets then they will see that.

Never considered that. My credit is good now so I’ll look into it! Thanks.

 

[Escape.idiocracy]

Mid 30’s- $135 a month USAA
22 jtrd 12k miles per year
14 vw tdi sportwagen 40k miles per year

$0 comprehensive
$500 collision

$300k under insurance
Bodily liability $100k/300k
Property $300k
Under insure bodily 100/300
20% vehicle replacement insurance

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