My Geico policy went way up today :)

[marsarbu]

Friday I picked up a 2024 AGT (18 months lease). I added it to my Geico policy. The cost went up from $845 /6 months (2 cars) to $1,995 /6 month (2 cars + Lucid), with the same coverage options. So that would be $192 /month just for Lucid. Quite a bump, but I was expecting it. At least they are covering it

 

[Neurio]

You're lucky. I pay more than that for just my Air with GEICO. Clean driving record, but paying the California tax

 

[Steveinarizona]

Auto insurance companies have been having a tough year with costs of repairs rising dramatically. So the cost of insurance is rising with it. The OP's rate increase is probably more a general increase than one specific to Lucid.

 

[hmp10]

Auto insurance companies have been having a tough year with costs of repairs rising dramatically. So the cost of insurance is rising with it. The OP's rate increase is probably more a general increase than one specific to Lucid.

Yep, seeing the same thing with State Farm. Even so, our premium for the 2022 Lucid Air Dream Edition is still less than for our 2018 Honda Odyssey with the same coverage, although the gap has closed a bit.

 

[translux]

Auto insurance companies have been having a tough year with costs of repairs rising dramatically. So the cost of insurance is rising with it. The OP's rate increase is probably more a general increase than one specific to Lucid.

This is an area that I follow. Despite their well crafted propaganda to the contrary I can ensure you that they’re doing just fine.

• The p/c insurance industry made a record $88 billion in profits in 2023.
• The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history.
• In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits.

 

[borski]

This is an area that I follow. Despite their well crafted propaganda to the contrary I can ensure you that they’re doing just fine.

• The p/c insurance industry made a record $88 billion in profits in 2023.
• The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history.
• In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits.

Yes, but part of the reason for rising profits is specifically because companies are pulling out of certain markets (like FL and CA), decreasing risks and incidents significantly.

 

[SteveG]

Have Geico also in CA , paying a little more than you . 25 yrs with Geico , clean everything . Just got my Cali. registration renewal almost 1k for the year ....... yikes .

 

[translux]

Yes, but part of the reason for rising profits is specifically because companies are pulling out of certain markets (like FL and CA), decreasing risks and incidents significantly.

Strong premium gains are #1 factor.
Personal auto rate increases exceeded 6% in each of the 16 months through March 2024.

 

[borski]

Strong premium gains are #1 factor.
Personal auto rate increases exceeded 6% in each of the 16 months through March 2024.

You don’t find me defending auto insurers lol. I was just pointing out a confounding factor.

 

[TFCooper]

This is an area that I follow. Despite their well crafted propaganda to the contrary I can ensure you that they’re doing just fine.

• The p/c insurance industry made a record $88 billion in profits in 2023.
• The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history.
• In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits.

Context is important.
First, property/casualty insurance companies are not extraordinarily profitable. These increases in profitability are coming after a few years of underwriting losses.
Second, based on the industry's capitalization, $88 billion in earnings may not be that much. A recent figure I saw for the auto industry's combined ratio is under 105%. That's not much after a few years of being below 100%.

 

[translux]

You don’t find me defending auto insurers lol. I was just pointing out a confounding factor.

Oh I’m all for profits. Insurance is a relevant part of my personal holdings.

 

[HC_79]

You're lucky. I pay more than that for just my Air with GEICO. Clean driving record, but paying the California tax

My renewal is coming up and dreading what it’s going to jump to. Apparently GEICO is ready to pull out of CA due to the labor rate being charged to insurance companies is now $130 an hour.

 

[translux]

I don’t really have a grasp of consumer insurance rates as all my vehicles have been covered under a a commercial fleet policy. It’s criminal what we pay but have some 30 vehicles on the policy. We’ve been able to stay roughly flat by increasing the delectables.

 

[translux]

My renewal is coming up and dreading what it’s going to jump to. Apparently GEICO is ready to pull out of CA due to the labor rate being charged to insurance companies is now $130 an hour.

I hear Montana registration calling…

 

[Batteryman]

This is an area that I follow. Despite their well crafted propaganda to the contrary I can ensure you that they’re doing just fine.

• The p/c insurance industry made a record $88 billion in profits in 2023.
• The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history.
• In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits.

I'm a strong proponent of making health/home/car insurance non-profitable- just like hospitals. Stop the gouging and misleading way of doing business and screwing customers. It's amost fraudulent.

 

[translux]

You don’t have

I'm a strong proponent of making health/home/car insurance non-profitable- just like hospitals. Stop the gouging and misleading way of doing business and screwing customers. It's amost fraudulent.

you could always self insure, oh wait that’s not possible.
I assume everyone knows that today insurance companies are banks that invest the float and long tail $. This is where a large portion of their net profits come from.

 

[translux]

Wish I could edit posts!
Anyway IMHO I think the only questionable practice is using FUD to encourage over insuring.
Insurance should be in place for significant and catastrophic events. Savings should cover everything else.

 

[Ormond]

Friday I picked up a 2024 AGT (18 months lease). I added it to my Geico policy. The cost went up from $845 /6 months (2 cars) to $1,995 /6 month (2 cars + Lucid), with the same coverage options. So that would be $192 /month just for Lucid. Quite a bump, but I was expecting it. At least they are covering it

That seems reasonable to me, sad to say. I pay the same amount for two cars in Florida.

 

[Unh00ked]

Have Geico as well and yes it doubled my insurance.

 

[Pragmatic]

You don’t have

you could always self insure, oh wait that’s not possible.

It's partially possible. Just carry liability insurance. Everything else (fire, theft, collision) can be self insured. I've always done it this way.