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Old 07-30-2018, 10:50 AM   #1
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Left GEICO after 43 years

As the title says I have left GEICO Auto after 43 years and switched to Progressive.
I'm retired and 68 and GEICO over the past 4 years have increased rates every 6 months about 6 to 7% and 21% for my latest 6 month renewal.
2 cars 3 and 4 years old
No accidents or tickets for probably 30 years.
Basic Full Coverage
50/100/50
$1,000 medial
$500 deductible
Declines both Underinsured and Uninsured motorist coverage
Both DW and I took Defensive Driving class in 2016 to save a few bucks.
So that is it.
The 6 month renewal GEICO is $710
Previous 6 month look like this... $710, 708, $667, $621, $583, $500
So you can see how they increased each 6 months

Went to my Home Owners insurance and added my two cars
50/100/50
$5,000 medical
Added Underinsured and Uninsured drivers
$500 deductible
Got discounts for being with them for the past 8 years of homeowners insurance, etc, etc, etc,

Our new 6 month auto insure cost me ONLY $368 instead of GEICO's $710
Annual saving of $504

BYE BYE GEICO
and my new Auto Insurance carrier is with FLO and PROGRESSIVE.

Just thought others in my age bracket would like to know.
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Old 07-30-2018, 10:57 AM   #2
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You don't look a day over 55! I say rating should reflect what people look like Iggy! Nice to know the saving though. Did you get one of those things that plugs in the port?
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Old 07-30-2018, 11:02 AM   #3
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Originally Posted by B and B View Post
You don't look a day over 55! I say rating should reflect what people look like Iggy! Nice to know the saving though. Did you get one of those things that plugs in the port?
Thank you for the age compliment.
68 and probably feel like I'm 55.
Now if I knew how to regrow hair. LOL

Yes Flo is sending me two plugins for the cars.
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Old 07-30-2018, 11:24 AM   #4
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Thank you for the age compliment.
68 and probably feel like I'm 55.
Now if I knew how to regrow hair. LOL

Yes Flo is sending me two plugins for the cars.

68 here, and retired as well. Been with State Farm since - '72? So far, so good...


And maybe Flo will send you some plugins for your hair! (I could use some as well...)
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Old 07-30-2018, 11:32 AM   #5
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Old 07-30-2018, 11:37 AM   #6
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Congrats on finding a significantly better rate. I used to work for an insurer (not GEICO *or* Progressive, btw, and in an IT capacity, not underwriting or sales.)
I am not surprised to hear this re: GEICO - only that it took so long.

GEICO tends to be very competitive for *new* customers, and raise their premium at successive renewals - even if no claims. A classic 'loss leader' strategy, if you will. You escaped this for so long b/c of your long history with them.

What probably triggered *your* premium increases, sorry to say, was your age. GEICO saw you as 60+ and therefore 'undesirable risk' going forward. It would've gotten worse as time went on, and the premium increases you saw reflect this. In short - they were signalling you that they *wanted* you to leave, I'm sorry to say. So 'both' sides are happy, as it turns out.

Re: Progressive - I have a policy with them for my TT, and have had motorcycle policies w/ them in the past. They can be *really* competitive on these types of items. For a company that does so much of their business online, they have really good customer service, as well. I like them, and have considered bundling with them - but my current insurer (who I've been with for 15yrs or so) has been very good.

As you see, the incentives to go multi-line (bundle home / auto, etc.) are strong. That's because statistically, with a two policy bundle, there's a 95% chance you'll remain with that carrier for 'life' (let's say 20yrs or more). If the insured has 3 or more policies (ex: home/auto/life), that increases to 97-98% retention rate (these stats are admittedly a bit old, but likely haven't changed much, even today)

Unfortunately, you can probably guess what happens after that, but it's not as bad as you would think (or what GEICO did to you).

Looking at your pic, I see that you are retired military. USAA and AFI aren't always the best deal for every service member, but if you haven't explored those two companies, you may be able to save a little bit more with them. 'Boutique' providers like these tend not to be as age-biased - but if you're going to switch to them, it would be better to do it before you reach 70. After that, you're really at the mercy of the actuaries. Your 'golden years', premium-wise, are from about 30-60, generally speaking.
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Old 07-30-2018, 12:01 PM   #7
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Unfortunately I live in the auto-theft capitol of the US. Already had 1 stolen, but luckily retrieved. Having a 20-year old college student on policy doesn't help either.

Safe and happy travels.
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Old 07-30-2018, 12:02 PM   #8
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I shop insurance every 3 years or so. Current company will keep charging same amount for a depreciating car while a new company will charge for the value of a 3 year old model. Every time i change (State farm, farm bureau, national general-gmac, progressive and now gieco) every time!, the rate was cheaper elsewhere.
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Old 07-30-2018, 01:01 PM   #9
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Unfortunately, loyalty to an insurer does not count for anything these days. You can, and almost certainly will, save by researching rates every renewal period. Is it worth the hassle? everybody's aggravation point is different in that regard.
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Old 07-30-2018, 01:07 PM   #10
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Quote:
Originally Posted by Iggy View Post
As the title says I have left GEICO Auto after 43 years and switched to Progressive.
I'm retired and 68 and GEICO over the past 4 years have increased rates every 6 months about 6 to 7% and 21% for my latest 6 month renewal.
2 cars 3 and 4 years old
No accidents or tickets for probably 30 years.
Basic Full Coverage
50/100/50
$1,000 medial
$500 deductible
Declines both Underinsured and Uninsured motorist coverage
Both DW and I took Defensive Driving class in 2016 to save a few bucks.
So that is it.
The 6 month renewal GEICO is $710
Previous 6 month look like this... $710, 708, $667, $621, $583, $500
So you can see how they increased each 6 months

Went to my Home Owners insurance and added my two cars
50/100/50
$5,000 medical
Added Underinsured and Uninsured drivers
$500 deductible
Got discounts for being with them for the past 8 years of homeowners insurance, etc, etc, etc,

Our new 6 month auto insure cost me ONLY $368 instead of GEICO's $710
Annual saving of $504

BYE BYE GEICO
and my new Auto Insurance carrier is with FLO and PROGRESSIVE.

Just thought others in my age bracket would like to know.
Thanks
About same age, us old school folks were use to longevity with many of our service needs, an we were rewarded for it.. today these companies could give a rats ass , today your hard press to even get to talk to a person to plead your case... today were expected to pay for others who claim on everything .. not on our own record ... its very sad the world we live in.. The Good Old Days were even better than we thought.
Thanks for the share
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Old 07-30-2018, 01:17 PM   #11
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No loyalty TO the customer anymore...

Quote:
Originally Posted by SEAYALL View Post
Thanks
About same age, us old school folks were use to longevity with many of our service needs, an we were rewarded for it.. today these companies could give a rats ass , today your hard press to even get to talk to a person to plead your case... today we’re expected to pay for others who claim on everything .. not on our own record ... it’s very sad the world we live in.. The Good Old Days were even better than we thought.
Thanks for the share
Yup. I've had phone service with AT&T at various locations since 1967 and broadband internet since 1995. I just got off the phone changing providers. Rising rates, bad service, and difficult rate negotiations drove me away. I will soon have Google fiber and 1-VOIP telephone.

As for insurance, I continue to be delighted with Amica on the cars. They don't cover trailers, so I went with Progressive. No claim experiences yet (knock on wood) but their customer service and web service have been good. The resort where the 2007 Cherokee 38P is permanently parked wanted to be jointly listed on the policy for liability coverage--when I called Progressive they knew exactly how to do that.

Larry
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Old 07-30-2018, 01:20 PM   #12
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I would never put a plug-in thingy in one of my vehicles. They will use the information against you if it benefits them. We are tracked too much as it is.

I turn the location off on my phone unless I need it for an app.
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Old 07-30-2018, 01:21 PM   #13
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I have GEICO for my 2008 Ram 3500 Diesel, 2019 Jeep Trailhawk and 2017 Diesel Pusher MH all with full coverage. Over 60 and retired. Before the trailhawk we had two others SUVs on the policy and our rates have stayed pretty consistent. Went down a little when we added the new vehicle and took off the two older ones. Tried the MH with progressive and they were three times as much as GEICO. Had our home through Armed Forces Insurance and they changed us our to Progressive this year and the rate went up 25%. Contacted GEICO for the home and saved $400.00 on that policy and got another discount on the vehicles of 5%.
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Old 07-30-2018, 01:23 PM   #14
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Thanks all.


So let the insurance switch game begin every few years.

I guess I have been nave way to long toward relations with GEICO.
I think just talking about it and making other aware is helpful to everyone.

So I got rid of my Gecko and got a new girlfriend instead. FLO
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Old 07-30-2018, 01:38 PM   #15
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I've had 3 increases the past 3 renewals and starting to wonder. When I last asked, they told me rates are going up in Florida. Not sure where you are but sounds like I need to go shopping. Geico is good and RV friendly but insurance is what it is.
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Old 07-30-2018, 02:00 PM   #16
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I just turned 65 and have Meemic, raised mine from 141.00 a month to 170.00 a month.Just because I turned 65.
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Old 07-30-2018, 02:06 PM   #17
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Old 07-30-2018, 02:20 PM   #18
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I hope your other limits are high. We pay about 200 more and max out our limits.
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Old 07-30-2018, 02:26 PM   #19
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Quote:
Originally Posted by Dpelaez View Post
I've had 3 increases the past 3 renewals and starting to wonder. When I last asked, they told me rates are going up in Florida. Not sure where you are but sounds like I need to go shopping. Geico is good and RV friendly but insurance is what it is.

Yep just like Cable TV and old ATT land line, insurance gives you a good rate to suck you in and then ups it every renewal period.
They have no customer loyalty.
If you've been with one carrier for more than a couple years you need to shop.


My poor non-internet savvy neighbors just told me they are paying $180 a month for basic cable TV and phone.
NO internet! Sheesh!! I am going to try and help them find something lower.
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Old 07-30-2018, 02:38 PM   #20
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I had nationwide for probably 10 years. Then every "renewal" cycle they started upping my rates. I'm not like you old farts... Meh, I'm turning 50 in Sept. Either way, nationwide kept upping rates. At that time I had a brand new 2015 kia sedona with the "works" with full comprehensive/collision. My rates were under $100 then kept bumping up and it was finally $150/month. I'm like what the heck is going on? I have zero accidents/tickets in 20+ years!! I called Geico, did the "15 min or less" and walked out of the conversation with a rate and same insurance at $43/month. I've been happy with Geico, but TOTALLY agree about shopping insurance. I call my insurance agent annually to go over my policy to see what I really need covered. Anyway, now I have Geico for my 2018 TT and 2016 truck and my rate is $119/month. Should I look around some more?

James
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