Raised Car Insurance Premiums
Author: eujay
Posted: Tue May 17, 2005 11:03 pm
Post subject: Raised Car Insurance Premiums
Hi All,
A few questions abput auto insurance?
My oldest daughter, (now 20), has had a few accidents. One of them was a real setup. She rear ended an off duty undercover cop who waited a year before claiming he had "neck pain". Cutting a long story short he knew how to work the system to his advantage and my daughters Auto Imsurance went up as a result of the claim.
Sooooo. At the time the whole family was with Geico and I shopped around and found esurance to be cheaper.
I called Geico and asked them to be noce and not charge so much. Now the daughter was with Geico because her Mom was with them for years and Grandma was with Geico all her life too. I did a quick calculation and figured that Geico sttod to gain roughly $30000 in business over my daughters driving career. So will they please drop the price?
I was surprised that they didn't drop the price so my daughter left Geico for Esurance and Geico have lost a lifetime of business.
Question? Has anyone ever been succesful in haggling insurance rates down on the basis of projected lost business?
OK. Several months later the same daughters car was stolen and recovered. She paid the $1000 deductible and esurance paid $2000 to fix damage to the steering column.
Now I'm expecting the renewal rate to be increased once again due to the second claim.
Question? I'm thinking about offering to pay esurance $2000 and see if they will maybe not increase the rates again. Has anyone ever tried this?
Author: nixuzer
Posted: Wed May 18, 2005 6:45 am
Post subject: Raised Car Insurance
premium due to Accidents
eujay wrote:
Question? Has anyone ever been succesful in haggling insurance rates down on the basis of projected lost business? Question?
I'm thinking about offering to pay esurance $2000 and see if they will maybe not increase the rates again. Has anyone ever tried this?
Question 1: Have tried and it doesn't seem to do any difference however we have a pretty good rate so our haggle hasn't been enough to cause us to leave since our company has done pretty well by us.
Question 2: Can't speak to this.
One thing I can say is that we've been pretty fortunate with our insurance company but we also do everything we can through our insurance company: Home Insurance, Car Insurance, Life (if it's reasonable). Plus we have an unusual rate code because my father-in-law has been with them for 40 or so years. We have used them since we got married and I moved my car over to their company which was 14 years ago. We've had a car stolen which was never recovered about 10 years ago (that was a $14,000 hit to the insurance company) without our rates going up, this has also included two small claims for windshield replacements (0 deductable at the time). Out prices aren't the lowest of some carriers but it's pretty close so we've continued to stay with them. Honestly the $30,000 you quote seems like a low amount; we've spent close to that in the 14 years we've been with them so I'd say that amount would probably be higher for you.
Author: consumercity
Posted: Wed May 18, 2005 4:02 pm
Post subject: Raised Car Insurance
premium due to Accidents
As an insurance agent I would like to offer the following information:
Unfortunately, insurance rates can not be haggled. Insurance companies have to file their rates with the states where they sell insurance. They are frequently audited by the state.
Let's say there is a girl your daughter's age who drives the same car as your daughter and lives in the same neighborhood. The other girl has the same driving record, claims history, credit characteristics and coverage amounts. If Geico charged the other girl for incidents on her record and didn't charge your daughter, they would be breaking the law.
It isn't that Geico doesn't want to lower your rate to keep your business, it's that they can't.
The best way to get the best rate is to shop independent agencies (representing multiple companies) and the internet.
Posted: Tue May 17, 2005 11:03 pm
Post subject: Raised Car Insurance Premiums
Hi All,
A few questions abput auto insurance?
My oldest daughter, (now 20), has had a few accidents. One of them was a real setup. She rear ended an off duty undercover cop who waited a year before claiming he had "neck pain". Cutting a long story short he knew how to work the system to his advantage and my daughters Auto Imsurance went up as a result of the claim.
Sooooo. At the time the whole family was with Geico and I shopped around and found esurance to be cheaper.
I called Geico and asked them to be noce and not charge so much. Now the daughter was with Geico because her Mom was with them for years and Grandma was with Geico all her life too. I did a quick calculation and figured that Geico sttod to gain roughly $30000 in business over my daughters driving career. So will they please drop the price?
I was surprised that they didn't drop the price so my daughter left Geico for Esurance and Geico have lost a lifetime of business.
Question? Has anyone ever been succesful in haggling insurance rates down on the basis of projected lost business?
OK. Several months later the same daughters car was stolen and recovered. She paid the $1000 deductible and esurance paid $2000 to fix damage to the steering column.
Now I'm expecting the renewal rate to be increased once again due to the second claim.
Question? I'm thinking about offering to pay esurance $2000 and see if they will maybe not increase the rates again. Has anyone ever tried this?
Author: nixuzer
Posted: Wed May 18, 2005 6:45 am
Post subject: Raised Car Insurance
premium due to Accidents
eujay wrote:
Question? Has anyone ever been succesful in haggling insurance rates down on the basis of projected lost business? Question?
I'm thinking about offering to pay esurance $2000 and see if they will maybe not increase the rates again. Has anyone ever tried this?
Question 1: Have tried and it doesn't seem to do any difference however we have a pretty good rate so our haggle hasn't been enough to cause us to leave since our company has done pretty well by us.
Question 2: Can't speak to this.
One thing I can say is that we've been pretty fortunate with our insurance company but we also do everything we can through our insurance company: Home Insurance, Car Insurance, Life (if it's reasonable). Plus we have an unusual rate code because my father-in-law has been with them for 40 or so years. We have used them since we got married and I moved my car over to their company which was 14 years ago. We've had a car stolen which was never recovered about 10 years ago (that was a $14,000 hit to the insurance company) without our rates going up, this has also included two small claims for windshield replacements (0 deductable at the time). Out prices aren't the lowest of some carriers but it's pretty close so we've continued to stay with them. Honestly the $30,000 you quote seems like a low amount; we've spent close to that in the 14 years we've been with them so I'd say that amount would probably be higher for you.
Author: consumercity
Posted: Wed May 18, 2005 4:02 pm
Post subject: Raised Car Insurance
premium due to Accidents
As an insurance agent I would like to offer the following information:
Unfortunately, insurance rates can not be haggled. Insurance companies have to file their rates with the states where they sell insurance. They are frequently audited by the state.
Let's say there is a girl your daughter's age who drives the same car as your daughter and lives in the same neighborhood. The other girl has the same driving record, claims history, credit characteristics and coverage amounts. If Geico charged the other girl for incidents on her record and didn't charge your daughter, they would be breaking the law.
It isn't that Geico doesn't want to lower your rate to keep your business, it's that they can't.
The best way to get the best rate is to shop independent agencies (representing multiple companies) and the internet.
posted by CardRatings.com at 11:53 AM
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