My Geico policy went way up today :)

[Amster]

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.

With all the insurance companies leaving the state, I called Safeco a couple weeks ago to make sure my policy was safe. They are not writing any new policies in CA, but they're not canceling any existing ones and will renew them. It seems like there are fewer and fewer choices for something everyone needs.

 

[Bobby]

With all the insurance companies leaving the state, I called Safeco a couple weeks ago to make sure my policy was safe. They are not writing any new policies in CA, but they're not canceling any existing ones and will renew them. It seems like there are fewer and fewer choices for something everyone needs.

I just got new auto insurance with Safeco last week. I did already have homeowners so I guess that got me in the door.

 

[Amster]

I just got new auto insurance with Safeco last week. I did already have homeowners so I guess that got me in the door.

Probably. Although I asked my agent about adding an umbrella policy and she said no.

 

[EVCar]

I just got new auto insurance with Safeco last week. I did already have homeowners so I guess that got me in the door.

Wow. I recall you’d been a long-time customer of T insurance. Are they bugging out of California or just a matter of premium increase?

 

[Bobby]

Wow. I recall you’d been a long-time customer of T insurance. Are they bugging out of California or just a matter of premium increase?

They raised my homeowners over 100% at renewal, so I switched to SafeCo. Since I didn’t have the multi policy discount on Travelers any more, the auto went up significantly. So I switched that to SafeCo as well.

 

[marsarbu]

Insurance is a business and they are in it to make money. If they go below a certain margin / profit, they either have to increase the premiums or they will cease to do business - in that location, or completely, if they go bankrupt.

I don't like paying top dollar for incident-free years and then pay top dollar AGAIN when I have an incident. The way I talk myself into accepting it, is that you are paying for peace of mind and knowing that in case of a major incident you're covered. The chances of someone suing you when they get hit by a Lucid are probably much higher than if they get hit by a Geo Metro.

Also, for those who dabble in stocks (and can hold two thoughts at the same time), we love it when our Geico shares go up. But they only go up when they squeeze you on your premium. Oh well, win some, lose some

 

[Steveinarizona]

The chances of someone suing you when they get hit by a Lucid are probably much higher than if they get hit by a Geo Metro.

Which is why I suspect that almost all of us have Umbrella insurance as well.

 

[HC_79]

They raised my homeowners over 100% at renewal, so I switched to SafeCo. Since I didn’t have the multi policy discount on Travelers any more, the auto went up significantly. So I switched that to SafeCo as well.

Ahhh…… California. My homeowners went from $1200 to $5000 and was basically only offered a CA FAIR plan but certainly not a FAIR price!

After calling about 20 or so insurance companies I found one who would insure but was still a 150% increase on last year. So now I’m just waiting for my GEICO insurance to double in September….. we’ll see.

 

[hmp10]

Insurance should be in place for significant and catastrophic events. Savings should cover everything else.

This is what I've done for years with HO, auto insurance and, to a limited extent, with medical insurance. It's done with something called deductibles.

 

[marsarbu]

Ahhh…… California. My homeowners went from $1200 to $5000 and was basically only offered a CA FAIR plan but certainly not a FAIR price!

After calling about 20 or so insurance companies I found one who would insure but was still a 150% increase on last year. So now I’m just waiting for my GEICO insurance to double in September….. we’ll see.

From what I've read is not only CA, but also FL, TX and other states prone to natural disasters.

 

[Amster]

Ahhh…… California. My homeowners went from $1200 to $5000 and was basically only offered a CA FAIR plan but certainly not a FAIR price!

After calling about 20 or so insurance companies I found one who would insure but was still a 150% increase on last year. So now I’m just waiting for my GEICO insurance to double in September….. we’ll see.

I think you win the prize for the largest increase on a policy!

 

[Bobby]

I think you win the prize for the largest increase on a policy!

Mine went to over 20k, SafeCo at 11k.

 

[translux]

Mine went to over 20k, SafeCo at 11k.

We have SafeCo for several properties including our primary home and they have been great.

 

[EVCar]

They raised my homeowners over 100% at renewal, so I switched to SafeCo. Since I didn’t have the multi policy discount on Travelers any more, the auto went up significantly. So I switched that to SafeCo as well.

I also cancelled my policy when I found out that they counted my chipped glass repairs against me. Where I'm, we'd have 2 chips a month and this is supposed to be "free" repairs.
Travelers is no longer what it once was.

 

[Amster]

Mine went to over 20k, SafeCo at 11k.

That's insane, it's good you found something else. You win the prize for the highest quote, but I think @HC_79 still has the bigger percentage increase. You both make me very satisfied with my 45%/65% home car increase from Safeco this year.

 

[HC_79]

That's insane, it's good you found something else. You win the prize for the highest quote, but I think @HC_79 still has the bigger percentage increase. You both make me very satisfied with my 45%/65% home car increase from Safeco this year.

I think @Bobby & I don’t want to win this prize so anyone else is free to take it!

 

[TFCooper]

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're kidding, right? In case you're not: states like Florida and California have joint underwriting associations for homeowners insurance (hurricane and earthquake), since the for-profit insurers pulled out. The insurance premiums they charge are high, but not high enough. Those underwriters are non-profit, and are actuarily unsound. Taxpayers foot the bill.

 

[Pragmatic]

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.

Because hospitals never overcharge and clearly explain what you're paying for?

 

[TFCooper]

Because hospitals never overcharge and clearly explain what you're paying for?

Ditto for universities!

 

[BillHartman67]

IMHO the high cost of repair for Lucid is what is keeping the insurance quotes so high!

I see a couple people who had fender benders costing $20K.

Without a bigger body shop repair network and longer track record of repairs you won't see the insurance numbers come down.