RANT: What's the point of insurance if using it increases your premiums?

Ask the Hackrs Insurance
41

Exactly. That’s why I mentioned, maybe someone should start takaful for us markets…

42

I’ve had the opposite experience, which is weird.

  • [Premium Increase] About a year ago, the insurance premium for my 19’ E300 was going to jump up $50 per month! I’ve had no accidents at all (minor, major, at fault, etc.) in about 3 years. None in this vehicle. Not even as much as a parking ticket. When I called Geico, the response was simply “We’ve found that vehicles of your type have higher average repair cost”. I cancelled my policy and went elsewhere immediately - got a rate about $2/mo cheaper than them.
  • [No Increase ]My Kia Cadenza was scratched up by something (possibly a cat or dog) while parked on the street. I got an estimate from a local shop for ~$1800 to repaint. Deductible was $500, so I paid that and had insurance fix it. I actually saw a decrease in my premium the next 6 month cycle after this.
  • [No Increase] In the same Kia Cadenza, the corner of my front bumper scraped against my coworkers car when I was pulling into the parking lot. My fault for sure. Paid the $500 deductible and both of our cars were fixed. No increase in my premium.
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43

knocks on wood

guess I’ve done pretty well with insurance. a couple speeding tickets in past 10 years and one large comprehensive claim to a leased Accord that was keyed from fender to bumper deep. Full panels needed replaced and was 5K+ retail. Rates never increased. Geico.

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44

might just be a geico thing :joy:, mine never went up with tickets either

45

I believe that is a Geico specialty (I have to check my notes/bookmarks). That is the driver in my accident scenario’s insurance company. While they did me dirty (placing me 100 percent at fault without evidence), I want a company willing to do that for me – protect their insured at all costs. Progressive allowed that to happen, and I was the one to inform my Claim Rep of the designation – she had no clue.

Any company that puts up a fight is one I want insuring me. Of course, it is in their interest, not yours, but it does not matter in the end. Their desire to save money saves you, but I found Geico one of the highest quotes while shopping rates. Then again, I have no ticket or moving violation in my driving history.

Edit:

The link I was referring to:

46

Geico with PenFed affiliation discount was one of the lowest rates when I changed over a decade ago. Even with adding cars, rates never jumped much. Honestly haven’t even shopped it around because I don’t feel it’s too bad.

example-- new 4xe Wrangler full coverage $420 for 6mos

47

you live in America? 320 for 6 months on a new car with speeding tickets and a claim

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48

sorry just corrected but yes Midwest US – $420 p 6 months
I think the speeding tix have fallen off and the claim never counted against me?

49

And I thought I was doing excellent at $530 for 100/300/100 with $100 deductibles for both comprehensive and collision (it is now $720 with the claim). But I am in California.

51

I have mid-30s. Married. No accidents or tickets in 10+ years. One car. $700/6m currently. Now thats going to $1200, next best I can find with one effing small incident is $900

52

have you ever checked state farm? they are pretty nice. Geico had told me it would cost about 1300 a month for 1 car after an accident . State farm offered 290 for 2 cars.

53

State farm quoted me 2000/6months last week

54

Try eSurance, ClearCover, and Lemonade. I’ve found one of the three to usually have the lowest rates. Also, try The Zebra (auto insurance marketplace), I’ve sometimes had luck there as well. I currently have a '22 Jeep GCL, paying $384 for 6 months via Lemonade (I’m in the Midwest, late 20s, and married; no accidents, tickets, or claims)

55

you live in one of the big metro cities?

56

you know how long accidents stay on the record for? I’ve seen some companies ask for 5 years while others 3 years

57

I had one that stayed on my CLUE report for 7 years, and someone else was driving my car.

If you are someone who checks your credit periodically, you should also be checking your CLUE report.

58

What’s the easiest / most cost effective way to check your CLUE report?

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59

I have Progressive as well and pretty much Tesla footage completely cleared me and got my deductible back as well. Seems it was really shitty rep

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60

This article is still a great resource, and includes how to obtain it.

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61

I tried to order my report a few months ago, but the letter said Lexis Nexis could not find me. I meant to follow up at the time but got sidetracked and ordered it again a few weeks ago, and it was the same result. So I called, and they processed it manually. I still cannot figure out why they could not verify my information, as while the individual on the other end was both helpful and friendly, they were difficult to understand. It is the same method as pulling a credit report or verifying information for a soft inquiry (including your name, address, and social security number). I never have problems with credit-related information requests, so it is odd.

My entire reason for pulling the report was due to the claim I filed showing while rate shopping for insurance with every company but my own. I even contacted my company (Progressive), and they claimed to have never reported it and that they did not intend to show it anywhere else but their system (“Progressive Only”). But during my call with Lexis Nexis, they informed me the claim was on my report, which is why every insurance company saw it. So, as @jeisensc said, it is something everyone should check.

1 Like