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 Posted: Thu May 07, 2009 9:35 pm Post subject: Insurance prices increased by GEICO in New Jersey |
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This time I got a policy renewal from geico, and to my surprise I saw a increment in my policy premium by around $40. I neither involved any accidents or got any ticket.
Though I am geico customer for past 3 1/2 yrs, I never really felt that they are offering lowest prices for me. Is GEICO an expensive insurance to go with?
Ram
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Inguva
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| Posted: Fri May 08, 2009 5:58 am Post subject: |
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Hi Inguva, welcome aboard 
Buddy, at times premium hike doesn't depend only upon your personal show, there are several other factors which the insurance company would take into consideration while reviewing the premium level, such as:
# Inflation rate
# Sudden increase in the number of accident or increase in the incidences of car theft, which have increased their loss pay out.
# Rise in the cost of repair, and so forth.
Geico might have altered the rate across the region. You may ask your neighbors as well if they have faced a hike.
BTW, have you made any changes to your policy recently, like adding a driver or raising the coverage level? |
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jeorge
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| Posted: Fri May 08, 2009 6:02 am Post subject: |
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| Quote: | | Though I am geico customer for past 3 1/2 yrs, I never really felt that they are offering lowest prices for me. Is GEICO an expensive insurance to go with? |
IMO what you can do is compare the rates of few other carriers. Keeping the coverage level same you can check what rates they have to offer. It'd give you a fair idea. But remember that don't compromise with policy benefits for lower rates. |
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kelvin
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| Posted: Fri May 08, 2009 11:26 am Post subject: |
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Hi Inguva,
Did you ask the Geico csr regarding your premium hike?
As you've seen, there could be a lot of reasons for such hikes and hence the best way to go about it is to share your doubts with your carrier. Once you'd find out the real reason behind this hike it would be easier for you to decide whether you'd shift with another service provider or not.
If your premium hike is the outcome of an economic downturn, then I guess their competitors would also go for a cost revision. Please don't forget to check the ROI for competitive programs that are in offer.
See if a clean claims record may urge your carrier to reconsider a cost revision than losing out a long-term customer like you. But please don't forget to share the outcomes with us!
Awaiting your reply.. Steven |
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steven
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| Posted: Sat May 09, 2009 12:50 am Post subject: |
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Hey, you can't expect Geico to keep making clever commercials like a rolled up wad of bills with a pair of eyeballs staring at you if you and other's don't chip in.
I suspect and it is only a hypothisis, is that companies that sell online, bill online, handle claims online and by people that can't shake your hand and give you face time, are losing the confidence of policy holders in their ability to live up to the hype of their promises. There are some companies that bought into the notion that you can charge cheaper rates, offer reduced coverages, further reduce claims handling efficiency and still think after people had to use their claims services, that they would be satisfied. Now they are finding out that they are not and were not impressed with the handling of their claims and they are returning to companies that have real agents that you can vent your frustrations and pat on the back when they do it right. Hence the plummeting of some companies stock values. It seems to correlate to quality of service when it comes time to live up to the hype.
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mike o' the ozarks
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| Posted: Wed Oct 20, 2010 3:40 am Post subject: NJ INSURANCE |
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NJ RTAES HAVE JUMPED. ITS TO PAY FOR THE INSUANCE OF THE SO CALLED LOW INCOME WHO CLAIM THEY CANT PAY FOR IT, MIND YOU THESES ARE HIGH CRIME AREAS IN NJ, CAMDEN, NEWARK,NEW BRUNSWUCK TO NAME A FEW. OVER TIME GOVERMENT HAS CREATED THESES AREAS WITH WELFARE ,SNAP, SECTION EIGHT ECT... THEY CREATED A LAZY DEPENDING CULTURE TO SAY IT LEAST. WE KNEW THIS MAY HAPPEN, MY INSURANCE JUST WENT UP $250 A YEAR, NO PROBLEMS ON MY END FOR OVER 25 YEARS. PERFECT RECORD, SO I WAS MAD, THEN i FOUND OUT WHY, WELFARE GOVERMENT OFFSETT PROGRAMS, JUST LIKE THEY GET THERE ELECTRIC BILLS OFFSET NOW THEY GET , WELL FREE CAR INSURANCE ALSO, WE OR i PAY FOR IT, NOW I HAVE TO TAKE MY HOBBY CAR OFF MY INSIRANS SO I CAN HELP IN THIS TRICKLE DOWN CHANGE . NICE, I DO WITHOUT SO SOME LAZY NJ WELFARE SCUM CAN DRIVE AROUND IN THERE 65,000 CADDY BLOWING CRACK ALL DAY, THE TRUTH IS THE TRUTH.
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WAR ON MIDDLE CLASS
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| Posted: Thu Oct 21, 2010 8:08 am Post subject: |
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It is impossible to label any particular insurance company as cheap or expensive. Insurance rates are based off of personal characteristics. Geico may be the cheapest for your friend or family member, but the most expensive for you. That is why it pays to shop around.
Check out www.frogdogquotes.com |
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MrFrogDog
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| Posted: Thu Oct 21, 2010 8:01 pm Post subject: |
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Dear War . . .
Seems you've figured out what's wrong with too much government control/intervention in private enterprise. If you think $250 per year is a lot when it comes to auto insurance, you're definitely not going to be happy when your medical insurance goes up by that much (or more) per month to pay for Obamacare.
Aside from the fact that drivers in NJ, NY, PA, and many other eastern states are pretty lousy drivers to begin with, auto insurance rates are very dynamic. People prefer static to dynamic. Your best bet is to start shopping for the same level of coverage with other insurers and see what the premiums look like on the other side of the fence. You may discover that, even paying $250 more per year, you've still got the best rate going.
If that's true, you'll need to move to someplace else where you can get a lower rate for your auto insurance. Of course, that might mean you could find yourself suddenly unemployed and in danger of becoming one of those "lazy, depending" members of the culture that has set you off in the first place.
Bummer.[/list]
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MaxHerr
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