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05-02-2016, 11:59 AM | #1 |
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Geico insurance rate hike
Hi all,
My Geico collision insurance rate just went up by more than 10%. When I enquired I got the following response: Vehicle insurance rates are determined by many factors, such as coverage limits, how far the vehicle is driven, age of the vehicle, and other considerations. In your case, there was an increase in premium because the symbol assigned to your 2011 BMW recently changed. Vehicle symbols are assigned by the Insurance Services Office, Inc. (ISO) and provide information about a vehicle's susceptibility to theft, safety features, and the cost to repair damages. The ISO recently updated the symbol for your vehicle which is reflected on your recent policy renewal. Annoying to say the least. Has anyone else received an insurance hike like this? And has anyone saved money by switching from Geico to someone else? I fear this might be the same with all the insurers. |
05-02-2016, 12:01 PM | #2 |
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Mine has been steadily increasing every 6 months for the past two years and I haven't had any tickets or accidents... My driving record is spotless.
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05-02-2016, 12:03 PM | #3 |
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Geico is horrible, I'm so glad I dropped them (or maybe it's the other way around). Plus they weren't any help when someone hit my friend's M5 and claimed it was his fault.
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05-02-2016, 12:06 PM | #4 |
Stop the hate, get a V8
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This isn't really limited to Geico. A lot of factors determine your insurance rates, and some providers weight those factors differently. If you aren't happy with their rate/rationale, take your business elsewhere.
Sometimes there are "freak" years that drive the price up -- example would be if a bunch of 2011 M3s got wrecked in the same year (purely by coincidence).
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05-02-2016, 12:43 PM | #5 |
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05-02-2016, 12:45 PM | #6 |
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Allstate. This was about 2 years ago.
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05-02-2016, 12:50 PM | #7 |
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I'm with All State now and my recent policy renewal went up over 10%... I have pretty much each available discount, except for that stupid OBD driving tracker thing.
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05-02-2016, 12:58 PM | #8 |
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05-02-2016, 01:22 PM | #9 | |
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Which insurance carrier do you have? |
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05-02-2016, 01:44 PM | #11 |
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For those interested, I'm a licensed independent insurance agent in 17 states.
PM me if you have questions that your agent might not be answering for you, or would just like for me to shop your insurance. I do a lot of work for my local BMWCCA guys, and offer many of the nation's top carriers. (Chubb, GMAC, Progressive, Grange, Hagerty, etc...) I don't work with Allstate, Farmers, State Farm, or any of the other captive carriers. |
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05-02-2016, 01:51 PM | #12 |
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Hmmmm might need to check my bill hahaha
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05-02-2016, 01:59 PM | #14 |
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I will speak for Atlanta - moved here late last summer from CT and saw a significant drop in my insurance premium. HOWEVER, when my renewal was received after being here a few months (no citations or accidents) I saw a 13% increase over my lowered rate. Called my insurance provider (i.e., Geico) and was informed their rates increased significantly based on accidents in Atlanta. Was told and I confirmed - during 2015 - accidents in metro Atlanta increased by 11% vs. 2014.
RANT: no fucking surprise as drivers here are simply the dumbest self-absorbed idiots behind the wheel in all of America. This coming from a guy who has lived and driven in New York, Chicago, LA, Stamford, and DC. The one thing that simply blows my mind is the fact: THERE IS NO HANDSFREE LAW HERE. With this level of volume, it's a recipe for disaster. Just this past weekend, I was almost clipped by a guy driving an i8 with temporary tags traveling on what is arguably the busiest road in the city because he arbitrarily decided to change lanes. See this shit all the time. If it wasn't for the inconvenience, I should have let him hit me just to fuck up his weekend. Was driving a "beater" and wouldn't have considered it if in the M. Back to topic: Gieco wasn't the only provider to increase their rates. Allstate was the other....both low double digits. Was able to attend a safe driving class and that basically held my rate flat with the previous period. Good luck! |
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05-02-2016, 02:00 PM | #15 |
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I price quoted all the major carriers after I saw this, Allstate was still the cheapest!
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05-02-2016, 02:00 PM | #16 |
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I shop the big companies every 2 years. Keeps my rates low. Company loyalty does nothing for you nowadays - at least in my experience in AZ (as insurance does differ state to state)
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05-02-2016, 02:05 PM | #17 | |
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Got a letter saying that they are dropping me because I was "street racing". 0 tickets prior, didn't even have a chance to defend myself, nothing. Actually, I never even got the letter. Went to print a new insurance card only to find out my E92 was not on my policy anymore. So I drove around for a month without insurance without even knowing it.
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05-02-2016, 02:06 PM | #18 | |
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But yeah that's part of the reason i'm so hesitant with online posting. My current allstate agent is down the street from my shops so I try not to do anything stupid in town. He may or may not have control over allstate covering me, but no sense in risking it.
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05-02-2016, 02:07 PM | #19 | |
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I did the defensive driving course as well and I just received my renewal for June at about a 11% increase from previous 6 months policy. |
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05-02-2016, 02:16 PM | #20 | |
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05-02-2016, 02:16 PM | #21 | |
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My Geico ins keeps going up as well for no good reason. Unfortunately after shopping around, they're still cheaper than everyone else As an aside, how did Geico get a video of you and your car?
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05-02-2016, 02:18 PM | #22 | |
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FYI, when I switched to Allstate right after, it was like $10 cheaper for 6 months, so essentially the same. Might shop around again per everyone's suggestion though. Doesn't hurt to see.
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