OT: Geico insurance?
- Thread starter newell138
- Start date
That’s a large jump and they are only notifying you because it’s beyond some threshold that makes it mandatory. The big jumps are universal across all carriers, however so it might be hard to find good deals.
I received a similar letter last Fall from my homeowners. They wanted a 27% increase. They got an increase but nowhere near what they were requesting.
Yup I got the same email. I use them for homeowners too. I’m gonna shop around and get some quotes. Probably try NJM first. The email did say the rates won’t go up before December
I have been a long time NJM customer (over 30 years) and they are no longer cheap. Their claims paying remains great though. I still have auto with them but moved my homeowners to Travelers almost 20 years ago when NJM wanted me to put up some railings on my front steps (would ruin the look of my entry way). Ever since they expanded outside of NJ, rates have gone up. My daughter (over 25) moved to Hoboken and NJM wanted $1K more than GEICO. They obviously don't want to insure urban areas so they could be hit or miss for you.
Travelers sent me that same letter but my increase was much lower this year.
If you are Military you can get USAA and it can be passed down to your children etc.....
I have my car ins with geico 30% less than previous carrier. Priced homeowners with them and it was almost double what I pay. SMFH
I have both auto and home through Geico after having NJM for many years. Switching my auto cut my rate almost in half, while homeowners was pretty much the same price, just a slight discount.
I got the same email this morning, I'm going to shop around early Fall to see if anyone becomes cheaper.
I got the same email this morning, I'm going to shop around early Fall to see if anyone becomes cheaper.
Every company in NJ must notify their policy holders if they APPLY for a rate increase over a certain percentage. I believe that number is 10%, but am not positive.
Just because they apply for that big bump, doesn't mean they will get it though.
NJM auto is still good, their homeowners policy itself is VERY bland and does not include a lot of valuable coverage. For example, when Ida hit last year (or was it 2 years ago?), NJM home policy holders found out that they only had $5000 of coverage if their sump pump couldn't keep up.
Watch those Geico auto quotes too. They like to lower coverage on you to show a nice price. They also ignore tickets and accidents, then hit you hard on the 6th month renewal.
Just because they apply for that big bump, doesn't mean they will get it though.
NJM auto is still good, their homeowners policy itself is VERY bland and does not include a lot of valuable coverage. For example, when Ida hit last year (or was it 2 years ago?), NJM home policy holders found out that they only had $5000 of coverage if their sump pump couldn't keep up.
Watch those Geico auto quotes too. They like to lower coverage on you to show a nice price. They also ignore tickets and accidents, then hit you hard on the 6th month renewal.
Totally done with Geico. I had NJ Manufacturer’s in NJ for 30 years and they were the best. Moved to Florida and had Geico for one year until they doubled my premium after no accidents, claims or changes in my cars. Dropped them for Progressive which brought it back down to the original Geico price. We’ll see if Progressive pulls the same **** after a year. Shop around.
IMHO, anyone thinking of buying insurance should consider not only cost, but also how good the company is at paying claims. After all, paying claims is what you want the company to do if you have a claim.
NJM is the best. Prices seem reasonable to me and their service is superb.
In other words, you're advising us to ignore the obnoxious ads. (Liberty is almost as bad!)
Happening across the entire insurance industry, and there more than likely be more increases coming.
Correct on 10% threshold for NJ; that’s why everyone is receiving this notice today. It is not guaranteed that NJ will approve the increase that GEICO is hoping for though.
That said, expect similar actions across the industry. From an auto perspective it makes sense. 10 years ago a simple fender bender could end up below the deductible. Now with all the sensors & cameras in our cars, that’s a $5000+ claim.
Sucks that these costs are going up, but if you’re looking for any consolation, be happy you don’t live in FL or wildfire prone areas of CA. It’s becoming difficult to even secure coverage, and if you do, premiums are going up way more than 26%.
It is anything above 6.9% that the companies have to notify the policyholders. Geico did this once before. They left NJ in 1989. NJM is now a take all comers insurance company. Prior to this you had to be a member and pay an annual fee. I have heard NJM rates are continuously increasing. Personally, I will pay a little more premium for good claims service. Travelers has excellent claims service.
Mr. Buffett's Govt Employees Insurance Co. is careful. If it doesn't want to do business in a low-profit area, it prices itself out of that market. Love Berkshire Hathaway and its stock. But get my insurance coverage via Progressive.
Won't argue with that! All of these companies stress how you can save money by bundling insurance. There is nothing new about this and every insurance company I know of does it. I'm sure you hate the damn Liberty emu as much as I hate Flo, the ugliest woman ever to be a spokesperson. I intensely dislike the State Farm or Allstate ads (especially the latter) as well, but they're not as bad.
I think these ads are deliberately made obnoxious to make them memorable. There is a saying that dogs and children prefer negative attention to no attention, and these companies act like one or the other. (Actually, that's an insult to dogs and children!)
I hate Flo. I hate her youthful minion. I hate the emu. I hate Doug. And the only reason why I don't hate Doug's son is that I feel like he's a victim of non-violent parental abuse.
And I will buy insurance from neither company.
I got a similar letter from Allstate but my premium did not increase.
I have been with GEICO for 15 years and not one claim/ not one violation.
They just tried to raise my annual car insurance by $600
I said adios. Just moved to Travelers.
They just tried to raise my annual car insurance by $600
I said adios. Just moved to Travelers.
GEICO was originally for government employees only -- that's where the name comes from. But they got greedy and expanded. Their rates went up and their service went down. I sure hope for the sake of veterans and their families that the same doesn't happen to USAA.
Basically what my marketing prof said a long time ago - annoying ads will stick the brand name in your head, funny ads people like and laugh at nobody remembers whose ad it is. Not sure if that really works.
Totaly agree with the other poster - I hate Flo and Jamie, I hate Doug and Lemu, I hate Mayhem. Will never check them for insurance.
My company is Amica, always have had good service from them, 50+ years.
NJM quite the RIP-off now that they advertise & take every Tom, Dick & Harry. I assume Sandy necessitated that but not hardly the same company. $3500 for 2 cars & 3 drivers is quite over the top
I’ve had two big claims with Geico, and they cut the check so fast, I couldn’t help but be impressed. For one of my complex claims, they assigned a case manager who shepherded the claim through the process. They are very efficient with claims.
I don't know about NJM but where Sandy and to a lesser extent Irene hit the wallet hard was Flood Insurance. Mine went from $2,200 to $6,500. I had the house lifted which dropped it all the way to $465. Even that has seen a a large increase (by percentage). My next renewal will be around $730.
Absolutely flood. I have a friend who lives in Cranford in a really nice area that gets destroyed in the bad floods when river overflows. I'm sorry but should be a 1 time payout and you are on your own after that or you pay 20-30k a yr in flood insurance to help offset the losses
You're not considering flood insurance doesn't pay nearly what it costs to repair and replace. Did you know the average flood claim from Sandy was $52,000 in NJ? I don't get where you think $20-30,000 a year is even within reason.
My buddy had close to 200k in damage did not get all his money for repairs and had to raise his house or he would not be able to get insurance. Just before the bridge going into LBI. Also because my friends house in Cranford has been flooded out really bad on multiple occasions. Basement & 1st floor. Do the math hundreds of thousands of $$$ in damage over the many floods someone needs to be held accountable other than other stakeholders who do not live in flood prone areas that do not issue claims ever few years. Why do you think the govt is buying properties alongside rivers to bail homeowners out and to no longer allow building
Yup. Imagine being a Cali homeowner where State Farm and All State literally up and left. Going to be some sticker shock out there.
Was told as much by my buddy who owns an auto body shop. Endorsed geico 100% for customer service. I checked with him before switching because the price difference was so drastic.
I got the email from Geico about the proposed increase. Will see what happens. My renewal was an increase but not drastic.