OT: Geico insurance?

[hoquat63]

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.

Dropped flood insurance long ago because of the cost. Would be in the $6,500 range now. Ida was worst of all the floods we’ve had over the years, spent about $15,000 on repairs but if we only flood every 10 years I’m way ahead.

 

[Ready_to_Rumble]

Some may find this helpful when shopping for homeowners insurance.

RU InsureScore — the homeowners insurance policy scoring tool — provides an accessible and understandable way for homeowners to evaluate and compare policies of many of the nation’s largest homeowners insurance companies.

https://crr.rutgers.edu/homeowners-insurance-policy-scoring/

 

[RU#1fan]

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.

Mine went up 30%
F GEICO

 

[RUforJERSEY]

Good news. I just saved a lot of money by switching my car insurance from Geico. Ironic isn't it? Have Progressive now. But I'm gonna be year to year shopping for the best rates.

 

[fg7321]

In other words, you're advising us to ignore the obnoxious ads. (Liberty is almost as bad!)

NJM has only recently done advertising and it pokes fun at other insurance companies. Quite mild compared to the others and nowhere near as frequent

 

[ClassOf02v.2]

NJM has only recently done advertising and it pokes fun at other insurance companies. Quite mild compared to the others and nowhere near as frequent

Don’t let them fool you. NJM used to be a niche insurer available to a selective group of people. They’re on a path to the mass market now. Their “No Jingles/Mascots” schtick is just as much of a marketing campaign/gimmick a Flo or the gecko or Limu Emu. Maybe not as annoying, but definitely a mass marketing campaign.

 

[MoreCowbellRU]

Mine went up 30%
F GEICO

Can't argue with that

 

[RU to the Core]

Property and casualty is a pretty low margin business and mix in bad inflation with supply chain problems and it’s basically a disaster to fix cars or your house. The combined ratio is how you analyze these companies. A ratio under 100 means the insurance company takes in more than it pays out. Across the board this radio has jumped to above 100 for most companies and is prob like 105 if not worse for a lot. Therefore these 30% increases.

I don’t think insurance companies make any money in Florida bc of the hurricanes and you already see the company’s pulling out of California.

 

[RU#1fan]

Good news. I just saved a lot of money by switching my car insurance from Geico. Ironic isn't it? Have Progressive now. But I'm gonna be year to year shopping for the best rates.

GEICO sucks

 

[Joey Bags]

Yup. Imagine being a Cali homeowner where State Farm and All State literally up and left. Going to be some sticker shock out there.

By the end of 2024, every major carrier will be out of California and you will have to take a state plan that will be 75-150% higher than current rates. Word on the Street is there will be three other carriers pulling out this year.

 

[newell138]

By the end of 2024, every major carrier will be out of California and you will have to take a state plan that will be 75-150% higher than current rates. Word on the Street is there will be three other carriers pulling out this year.

Your assuming there will be any taxpayers left in California by then