april47
Familiar Member
Joined: Jan 8, 2011 18:44:29 GMT -5
Posts: 512
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Post by april47 on May 9, 2011 12:32:14 GMT -5
I need to decrease the cost of my car insurance without dropping comprehensive. I have a paid for Saturn Vue that I drive about 3000-5000 mile a year. Retired and over 60. One minor accident 4 years ago. I went online and got quotes from about 5 places. Geico was the cheapest by a lot. Any thoughts about Geico??
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raeoflyte
Senior Associate
Joined: Feb 3, 2011 15:43:53 GMT -5
Posts: 14,769
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Post by raeoflyte on May 9, 2011 12:35:53 GMT -5
The 2 people who I know that went through them had a cheap rates for 6 months, then it went up considerably.
Not really a problem except that they had to reshop it twice in one year. Not sure if others have experienced this or not.
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Post by rmtvbrooks on May 9, 2011 12:49:58 GMT -5
I had them for awhile and they were fine, though I had no claims during that time, so I can't tell you how they are if you actually need their services. I'm with USAA now, but you have to be former military (or the child of former military) to be eligible. If you've shopped and they are cheapest, go with them, but be prepared to shop around again if they decide to up your rates out of the blue. Good luck!
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reader79
Well-Known Member
Joined: Dec 30, 2010 8:48:07 GMT -5
Posts: 1,053
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Post by reader79 on May 9, 2011 13:34:26 GMT -5
I went through an accident with GEICO, they were very responsive. Currently, they are defending me against the driver who is suing me for a million dollars I live in a bad neighborhood, so my rates were reflective of that. I shopped around with Progressive, State Farm, esurance, and a few others, GEICO was by far the cheapest. I am considering getting another car this summer, and despite the accident, they are still the price to beat.
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Post by Savoir Faire-Demogague in NJ on May 9, 2011 13:47:01 GMT -5
I insured with GEICO back in November 2009. My existing insurance ran me about $1600 per year, on an auto I used for leisure driving, and I have no accidents or moving tickets. GEICO insured me for $250 on a six month policy. I renewed in May 2010, Nov 2010 and just recently. My six month premium is now $297.
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tskeeter
Junior Associate
Joined: Mar 20, 2011 19:37:45 GMT -5
Posts: 6,831
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Post by tskeeter on May 9, 2011 13:47:59 GMT -5
April, the best way to find out how good an insurance company does on the customer service is to check with your state insurance department and find out about the complaints that the insurance department has received about the companies you are considering. Really no point in carrying insurance with a company that does stuff like paying your claim, then canceling your insurance because you filed a claim (having your insurance canceled makes it difficult and very expensive to get insurance with another company). Or simply refusing to pay your claim, or insisting on low-balling your claim, etc.
If it is essential that you reduce the cost of your car insurance, make sure you have only the coverage you need (what you "need" isn't the legally required minimum insurance, but what is prudent). When my MIL mentioned the cost of their car insurance (nearly triple what we pay on cars driven 20K miles a year, when they drive less than 5K), I reviewed their policy and discovered that my FIL had added all kinds of expensive riders to the policy that they didn't need. One of the riders provided for income replacement if my FIL became disabled as a result of a car accident. At the time, my FIL was 82 years old and hadn't held a paying job in nearly 10 years. When this rider, and some others, were removed from the policy, the cost of my in-laws car insurance dropped by over $1,000 a year.
Here's a thought for your consideration that is pretty radical. How could you meet your transportation needs if you just got rid of the car? My rough estimate is that owning a car costs between about $7,000 and $12,000 a year for most people, by the time they consider insurance, maintenance and repairs, registration fees, depreciation, parking, and other costs that can come with owning a car. That pays for a lot of cab rides, shuttle services, and rental cars each year. Even the small town (population 1,300) where I grew up has a shuttle service so seniors can get to the grocery store, doctor appointments, etc. Given where you live, is it possible to do without a car?
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Post by brian964 on May 10, 2011 13:00:24 GMT -5
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azphx1972
Familiar Member
Joined: Mar 2, 2011 22:08:36 GMT -5
Posts: 809
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Post by azphx1972 on May 11, 2011 16:50:51 GMT -5
I got sued for $3 million after an accident that left the other driver with a sprained foot. I was told this is typical legal tactics but sure made me sweat.
Make sure you carry plenty of liability insurance, and get an umbrella insurance if you have significant assets to your name.
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Post by cyrusmuller on May 18, 2011 4:10:51 GMT -5
I would recommend AARP-The Hartford; my parents have been insured with them for a few years now and rave endlessly about how cheap their auto insurance rates are.
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zibazinski
Community Leader
Joined: Dec 24, 2010 16:12:50 GMT -5
Posts: 47,873
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Post by zibazinski on May 18, 2011 14:45:16 GMT -5
I have Geico, they are fine. AARP-Hartford were rude and overpriced so it is different for everyone.
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share88
Junior Member
Joined: Jan 28, 2011 2:36:24 GMT -5
Posts: 182
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Post by share88 on May 18, 2011 16:47:23 GMT -5
Haven't had any claims with geico but my rates are great and stable for several years.
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moneymaven
Well-Known Member
Joined: Dec 26, 2010 10:05:04 GMT -5
Posts: 1,864
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Post by moneymaven on May 19, 2011 11:29:00 GMT -5
The true test of any insurance company is how they handle insurance claims. Check out your state's Department of Insurance website. If you're not looking to change carriers and want to keep comprehensive coverage, consider increasing your deductible (example, if it is currently $500, asses the rates at a $1000 deductible). Of course, this assumes you have the cash reserves to cough up in the event of an accident where you'd pay the deductible.
Remember, insurance is meant to protect you from catastrophic financial loss. Saving a few bucks per month may not be worth the changes.
Another thing to check - make sure you don't have double coverage. For example, if you have a AAA membership, you don't need towing and disablement coverage on the insurance policy. Do you have rental coverage? If so, could you manage to share a vehicle with your spouse for a week if the car was in the shop, or use public transportation? If so, have that coverage omitted from the policy.
Do you insure your home and autos with the same carrier or two different companies? Your insurance company will offer discounts for multiple policies.
Pay your policies in full rather than by month or other installment plans. You can save $60-120 a year by avoiding installment fees and sometimes you're eligible for a pay in full discount.
If you don't already have one, I highly encourage you to have an umbrella insurance policy. You underlying policies (automobile, home owners) limits may need to be increased, but you can add $1M in additional coverage for a modest $100-$200 a year. This is well worth it.
Remember, you can make changes to your coverage at any time - you don't have to wait until your renewal date. Hope that helps.
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