Submitted by electrowiz64 t3_10p8i8f in newjersey
Comments
Unusual-Okra9251 t1_j6iw7r0 wrote
The rate increase for NJ is based on people only carrying the minimal amounts of coverage, so either they're full of shit or you were underinsured anyway.
electrowiz64 OP t1_j6iwgyf wrote
I meann it’s now $209 a month and I’m 28M. $1k deductible, Idk how much more minimal I can get
Unusual-Okra9251 t1_j6iwrsb wrote
What are you driving?
electrowiz64 OP t1_j6iwtrm wrote
2016 Honda HRV
Unusual-Okra9251 t1_j6ixe8o wrote
I'd try getting a quote from NJ Manufacturers Insurance, or if it's available to you, Navy Federal.
PulpFriction21 t1_j6j0t1z wrote
Yeah but this isn’t like a personal thing,
I work in insurance as a rate analyst, I review my companies filed p&c rates as well as our competitors, geico included.
The second half of 2022 for the insurance industry was very rough on auto lines. Companies are seeing combined ratios well over 100 (CR measures profit, a cr of 110 implies you spent 1.10, for every 1 of premium written, it’s the loss+the expense ratio), and essentially driving levels have returned to pre pandemic levels, but we are seeing much higher frequency and severity of crashes. Tack onto that the rising cost of rentals/ loss of use coverage payouts, supply chain issues extending repair times and therefore increasing costs, and the lack of skilled labor causing labor rates to rise all result in the rate need for auto.
While it certainly doesn’t feel fair or just, the rate increases insurers take are justified. And if geico is raising rates say 15%, odds are their actuarial support indicates a much larger rate need to maintain profitable books.
It’s really only very recently that companies have started pushing for their full actuarial indications as rates. Insurance rate was a hard sell the past couple of years with the various state DOIs
Also depending on all of your characteristics, your individual increase may be higher than someone else’s, but it’s all filed, anyone else with your same history/characteristics is paying that price/ receiving that rate increase also
Also I can get the actual answer, but I’m almost certain geico has taken auto rate in more states than not, so it’s not nj, Geico in any state is more expensive this year than last upon renewal
Fulline t1_j6j1ifh wrote
I'm an insurance broker, within the past 6 months I've had a lot of clients reach out asking for me to re-market their insurance due to higher premium rate increases.
I suggest you reach out to a broker like me, as they will have access to many carriers and can shop around. If your a homeowner, I suggest bundling with your home carrier to take advantage of all discounts.
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You mention your paying $209/mo with 1 accident on record. That seems in line, but a lot depends on your zip code.
trixiewutang t1_j6j34bi wrote
I’m a nobody person who’s around your age. The best thing I ever did was leave Geico and shop around other insurance carriers. Geico wanted to charge me 100% of my car payment as my insurance payment after 1 minor accident. (I would’ve been out $700 a month for my car)
Progressive (I’m not sure if they still do this) had a program where you insert a device on your car and they track how safely you drive (no hard stopping, no sudden fast acceleration) and if you drove well to their grading, they would increase or decrease your rates. Mine lowered, while my moms got worse so it’s not for everyone and you need to be really conscious driving. I pay $60 a month with a family plan and it goes lower almost every year, even when I had an accident in 2018 (with geico). Even without a family plan, I still suggest shopping around.
Start a new email for this cause you will get bombarded with emails. Shop around different insurance carriers. Get rates in emails and leave Geico. Geico will gouge you.
electrowiz64 OP t1_j6j3bqm wrote
We’re moving in a year (out of state) so I’m trying to hold out another year to make sure I’m getting the BEST rates for us in the new area.
trixiewutang t1_j6j4fsf wrote
Honestly, I wouldn’t wait on it. You could be putting those savings towards your move, friend! The “beauty” of capitalism is that if you don’t like a business, you can walk away and find one that works for you. Car insurance is set up like that, and Geico will keep charging you until you’re fed up and decide the annoyance of shopping around is worth it. Doing it twice could save you money, but maybe if you choose a national provider, they just need to update your info and wouldn’t change your payment? Not sure but worth a try.
FordMan100 t1_j6j4jgz wrote
They also increase rates to sustain their profits. I said this directly to an insurance company I had and rhe rep said you're correct. I had Amica one year as I got a great rate, no tickets or accidents and the next year they raised the rates to double what it was. I dropped them and went back to my old company
micmaher99 t1_j6j8kce wrote
Gov Murphy signed a law that made min coverage, and therefore rates, increase. It's not only the insurance company raising rates, it's the government.
https://www.bankrate.com/insurance/car/new-car-insurance-laws-in-new-jersey-impacting-drivers/
callisto744 t1_j6jaozi wrote
I'm a 32F in NJ driving a 2016 HR-V. My car insurance and renters insurance is $172/month with travelers.
Own-Bite3298 t1_j6jb4ow wrote
Shop around, I look every 6 months, everyone should, insurance companies are a dime a dozen.
Wild-Supermarket-443 t1_j6jbg0o wrote
Damn I’m a 28M and have a 2018 Subaru Impreza with a $500 deductible and with homeowners insurance, I’m paying $166 a month
Vibeunknown t1_j6je606 wrote
Try NJM and if you have a homeowners/renters policy change that over too.
Dfndr612 t1_j6jfbam wrote
I recommend searching the rates from multiple choices of insurance companies if your rates increase or just periodically, to make sure you are getting a good deal.
For years I had a policy with one company that was very low. Had no claims tickets or accidents. They raised the rates suddenly. Checking competitive rates I found the same coverage for much less from Progressive, and I switched saving myself about $500 a year.
Also if you specify your health insurance as the primary payer before car insurance kicks in, there is a substantial savings.
colonel_batguano t1_j6jg8yf wrote
Get New Jersey Manufacturers.
flames_of_chaos t1_j6jgghr wrote
Every insurance company will blame that the cost of doing business in X state has gone up
Shlongalongadingdong t1_j6jhwba wrote
Rates are going up with everything, everywhere. Unfortunately.
Shit costs more so insurance costs more. It's not just NJ.
NachoFries2020 t1_j6ji5xs wrote
Ahh yes, Geico, they like to entice you with low rates and then creep them up over time. They consistently do this to people. Contact just about any other provider and you will get much lower prices.
therealdieseld t1_j6jl50g wrote
30M, 2022 Tesla model 3, Plymouth, $86 monthly, $500 deductible. I switched from GEICO after seeing a quote for my new car. See if you can get car insurance from joining a credit union. I use Visions and they’re all over NJ
sugarmonkeywife t1_j6jsi2d wrote
Just going to add brokers make commission. Not to steal this persons livelihood but keep that in mind. It isn’t a killing but if your money is already super tight go on the website directly of the carriers for a quote.
VaMoInNj t1_j6jx542 wrote
It’s the minimum liability coverage that they increased from $15,000 to $25,000 (which is still too damn low). Nothing to do with comprehensive/collision.
GroundbreakingEmu929 t1_j6jxto0 wrote
Geico is the worst. I had an accident in early December that I was not at fault with 2 forms of video evidence that it was the other guys fault. He also had Geico. It took them forever to pay me out for my totaled car, I had to keep hounding them as I was left without any form of transportation after the short window they paid for my rental. I was also hurt in the accident and am still dealing with them constantly denying my doctor's requests for tests that are very much needed. I still don't have a diagnosis almost 2 months later because they keep screwing me. They also doubled my rate despite me not being at fault. I cancelled my policy with them and moved to NJM who my mom has had for years and she has had better experiences with claims with them. Geico is garbage.
electrowiz64 OP t1_j6jy1yt wrote
Lesson learned. I appreciated some of their stuff like their apps or express repair facilities, but I’ve been ready to switch for years.
GroundbreakingEmu929 t1_j6k0qis wrote
I had meant to switch for awhile too but kept putting it off. I learned my lesson the hard way unfortunately.
Fulline t1_j6k1qlh wrote
You are right that we get paid a commission. the commission isn’t paid by the insured, but paid from the insurance carrier. So basically he has nothing to lose, as no cost to him.
low_effort_shit-post t1_j6kga9x wrote
Changing wouldn't make a difference
peter-doubt t1_j6kkbmx wrote
They all do that... Your vehicle is less valuable, your insurance more expensive.... Go figure!
[deleted] t1_j6kke69 wrote
Have you tried Progressive? I am paying 76 a month on a 2023. Full coverage.
peter-doubt t1_j6kl7iz wrote
If you have any issues with insurance payouts.. contact the state's regulator. A friend had her car totaled, and Allstate was balking until the insurance agency (exact name u can't remember) got involved. Even added on full value of near new tires... They just assume they're worn out.
peter-doubt t1_j6kla9j wrote
Most companies have similar these days
peter-doubt t1_j6klii7 wrote
I found this with my previous company... Get a good rate and go shopping again!. You'll see.
Soggy-Constant5932 t1_j6kpe54 wrote
I just switched from GEICO to Progressive to save money and paid it in full.
MasterTrasher t1_j6kzr7g wrote
Had big red umbrella company for at least 10 years. Added my daughter and policy jumped from $2200 to $3800 yearly. Used an app to comparison shop companies (Jerry). Same coverage limits as always new policy $2400 yearly with Flo.
Idrinkbleachcunt t1_j6l6n5i wrote
Technically all insurance companies in the state of New Jersey are getting increases due to the high volume of claims that are currently happening. So it’s nothing against you. Everyone is getting an increase. This is coming from someone that works in the insurance industry.
Snownel t1_j6lbie3 wrote
Mine bumped up from $700/6mo to $840/6mo for no reason, with as much coverage as they'll give me. So I'm leaning towards them just being full of shit.
atabey_ t1_j6lhtfx wrote
Yeah, it's noted. People are driving like shit for some reason, and it seems much worse then before the pandemic.
TyeDyeAmish t1_j6lo23z wrote
Why would you wait? That makes no sense.
fairytalejunkie t1_j6lowtz wrote
Progressive was a much better deal for me and I have full coverage, switched almost 2 years ago
black_stallion78 t1_j6m467x wrote
Geico is the worst. I would go with NJ Manufactures. You have to belong to business group, but you get dividends if your not making any claims for any accidents.
black_stallion78 t1_j6m4d77 wrote
I called my insurance up when my rate was increased and complained and they lowered it by a few dollars. The rates go up depending on what town you live in and how many claims that payed out in that community.
No_Future8428 t1_j6mnhtc wrote
Nah thats Geico rasing the rates. I would go with another insurance plan they are alway hiking the rate. First they do it slowly then they put in a high increase for no reason.i have progressive and I have no issues with them
Circadenim t1_j6mrltx wrote
Quit complaining and just leave already
electrowiz64 OP t1_j6mtckf wrote
I will lol, 1 more year
electrowiz64 OP t1_j6mtg32 wrote
I thought it’s an issue switching back & forth so frequently but I guess fuck it, I’ll start looking
sugarintheboots t1_j6mzqhb wrote
I used to be with Geico & am now with Allstate. Saved a bunch.
TyeDyeAmish t1_j6nqt9b wrote
Not at all. They want your money. They don’t care how much you switch to their company. I just switched last week. My car ins went from $152 a month to $87 a month. Now I bundled homeowners ins with my auto ins when I switched to State Farm but if I didn’t bundle it still woulda been only $104 a month. That’s for 2 people yet & we don’t have bare bones ins either, also have a $500 deductible so not too bad. The only real disadvantage to constant switching is it’s a slight pain to get stuff switched over.
XenOz3r0xT t1_j6o3aei wrote
To all the people saying this company or that company, just shop around and go with the best price for your budget for the coverage you need. I used to be with NJM since I started driving and my parents had them too before I was born. I left them when I became independent cause they raised my rates even though I have no accidents, no tickets, good credit, etc. Moved to Geico cause they were the cheapest for the insurance coverage I want. If they raise my rates to an unfair amount then I'll jump ship again like I did with NJM.
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PS - Unless you are really accident prone then I guess company would matter to a degree?
electrowiz64 OP t1_j6ivk44 wrote
A year and a half after my last accident (which wasn’t even in Jersey). Even with their big brother app spying on my driving, I’m STILL getting a $40 increase per month on my premium… so much for that 15% bullshit