Posted: Wed Aug 06, 2008 11:28 pm Post subject: Good news for New York GEICO customers!
Edit: I just refreshed myself on the terms and we're not supposed to link to outside sites, or stories or whatever. Sorry! I removed everything. Well basically what is said is that GEICO requested a rate increase for 75% of their New York customers and it was questioned because New Yorkers drove 500 million fewer miles than a year ago, yet they still wanted to raise the rates. After the issue was raised, GEICO immediately retracted their request so now the rates will remain the same.
This will probably be the first and only time anyone says "yay for high gas prices!" _________________ Visit The Insurance Files for information on auto, health, life, homeowners and more!
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Insurancefiles, if you come across an interesting news regarding insurance that can help the consumers at large, you can always post it in the news section of the community. There they allow you to post outside stories with the original source.
Also, you can post the story in the open forums to seek comments on it, but remember to put it within quotes (use the quote tab) and also mention the source of the news (for authenticity sake).
However, avoid commercial links while posting, since they don't allow advertisements. In my experience I've seen them to remove all the commercial links from the posts.
Hi, I must say its a good move from Geico to retain customers..but I believe there are many factors associated with a price hike whenever a carrier increases rates..& those 'fewer miles' could only be one good reason for it..am I right!
Thanks..Evan
I agree with you Evan, mileage is one of the components that determine the premium rate of the auto policy. There are, of course, other factors like- the driving record of the driver, age and gender of the motorist and so forth, even the place of residence of the driver influences the auto insurance rate.
However, its definitely a great move from Geico. It'll help them retain a great segment of their customer base.
good for the New Yorkers. You're right, that's the only good thing this maddening price rise can bring.
