Submitted: Tuesday, October 16, 2007
Posted: Tuesday, October 16, 2007
D
Florida
U.S.A.
Insurance rates are based on numerous risk factors including: car cost, type, how many accidents this type of car is in and how much it costs to fix, location, how many accidents have happened in this location... NOt to mention a gazillion factors that have to do with just you personally.
Submitted: Sunday, May 13, 2007
Posted: Sunday, May 13, 2007
Paul
Macon
U.S.A.
Now you've learned some new about insurance, rates do change all the time. Insurance rates are not static and is like gas prices. Ask yourself the same question, how can one part of town have a higher gas prices than one side? Or for that matter, what about gas station next to each other? Your new rate was not because of a fee, but rather determined by the loss history in that area.
When you "research and received quotes from well known companies," guess what? You weren't comparing the other companies previous rates but rather you were given what the rates are now. Just like any other insurance company, one determening factor is where you live and rates are sometimes divided by zip codes.
Bottom line: just because you live in a small town or move to another small town, doesn't mean that your rates will stay the same. Think about it. when you moved, did all the drivers from where you moved from moved with you?
Submitted: Monday, May 14, 2007
Posted: Monday, May 14, 2007
Laura
Johnson City
U.S.A.
Not to get off the subject, but you use ever changing gas prices as an example as to why Geico is justified in ripping off consumers who already pay too much for car insurance. Well then, can you explain exactly why gas prices are different at one side of town as opposed to another side of town? Not like it matters much to you or Geico, but It is usually the norm to raise the rates of a customer who has had a less than a perfect driving record.
I on the other hand have a virtually spotless record, so I see no reason for my rates to have increased.
So the bottom line is Geico feels justified in raising MY rates because of the actions of OTHER people who I have no control over. Now does that seem fair? Is our ever-increasing gas prices fair or justified? You be the judge.
Submitted: Monday, May 14, 2007
Posted: Monday, May 14, 2007
Mike
River Edge
U.S.A.
All insurance rates, whether it be car insurance, health insurance or life insurance are based upon criteria of certain groups. For life, it's the Mortality tables, etc.
Geico is a weird car insurance company because they take into account your credit rating more than other companies, which is how they keep rates low for people. That being said, the reason why rates are higher for a different area could be many factors. Perhaps more cars are stolen from that town. Perhaps you drive further to work every day. May be more people in that town get into accidents. The fact is simply that car insurance rates vary from town to town, and state to state. Your best bet is to compare rates and go with whome you feel is the best for that dollar amount.
As for your statement that it's not fair that you pay more because of other people, I feel your pain since I am a man and pay more for car insurance than women simply because I am a man.
Submitted: Monday, May 14, 2007
Posted: Monday, May 14, 2007
Mike
Radford
U.S.A.
Companies quote a low rate to get you in then bump it up a little at a time hoping you won't bother to switch. You have to shop around often.
Hint: A company that doesn't spend millions on an intense TV ad blitz with a talking CGI lizard may not need as much money from you.
Submitted: Thursday, May 17, 2007
Posted: Thursday, May 17, 2007
Paul
Macon
U.S.A.
The actions of other driver's does affect your rates! Why? Because insurance is a shared risk. Think how much you pay for insurance and how much you are covered for. If I remember correctly, the minimum limits for New York is $25,000/$50,000. So that means if you hit someone, the insurance company can be liable for up to $25,000 per person.
Now let's take what you pay for insurance. Do you think the premuim you pay would equal to that amount? Let say you pay $100 per month, or even $300. Once you are in an accident, just where is the insurance company suppose to get the other $24,700? So let's talk fair. What if the insurance compay said you only paid us $300, so you have to pay for the other $24,700? You'd think they are crazy.
Well, the money would have to come from the other policyholders who are also paying their premium. Why don't you include this on you research. Find another insurance company that won't raise your rates because of actions of others and ask them that explicityly and post the name of the insurance company back on here.
Submitted: Monday, May 28, 2007
Posted: Monday, May 28, 2007
Ashley
Tampa
U.S.A.
You've been with GEICO for 5 years... switching companies because of a rate increase would be a huge mistake! In most states GEICO offers accident forgiveness after you have tenure with the company... this is something you won't find anywhere else. This means that once you switch companies and decide you want to come back, you will lose all of the benefits you've aquired over the years. EVERY insurance company takes rate increases, I challenge you to find a company who has not taken a rate increase in the last few years. You have a wonderful premium!! Besides, I don't know of a company who doesn't use your zip code as a part of your rate!
Submitted: Friday, August 03, 2007
Posted: Saturday, August 04, 2007
Ldeit3tk
Locust Grove
U.S.A.
In your "report" you continously mentioned you have an excellent driving record, but that is not the only deciding factor in insurance rates. You also mentioned that you have to pay higher rates for others driving carelessly, but that is not true either. Have you ever had a rock hit your windshield, park your car in an unsafe place, heard of trees falling on cars, hit a deer, skid on wet or icy roads, approached a dangerous intersection??? All of these can result in an accident and just becasue you are a good driver does not mean you are above having an ACCIDENT, that's why it's called an ACCIDENT because it cannot be predicted. And just as I';m sure you have received low rates because you statistically are unlikely to have an accident, your rates increase because in your new neighborhood you are statistically more likely to have an accident than in your previous neighborhood.