Difference Between $100 and $1,000 Deductibles is Only $14 Per 12 Months... So What's the Catch?

[OldGeorge1950]

would you happen to be real close to the renewal date on your policy?

that would explain it.

No... I have 3 cars on my policy. The change takes effect for the 6-month
period from 1/01/2016 to 7/01/2016.

With $1,000 deductible, my 6-month premium was $1229.

With $1000 deductible, my 6-month premium is $1266.
(car #1 increased by $14, car#2 increased by $11, car#3 increased by $12)

 

[BlockO]

No... I have 3 cars on my policy. The change takes effect for the 6-month
period from 1/01/2016 to 7/01/2016.

well that explains it then. you're at your renewal, just like I thought.

you're rating probably improved at renewal, which cut into the increase of lowering your deductible. what you're being quoted with is the net increase.

that makes sense and is a lot more believable.

 

[OldGeorge1950]

well that explains it then. you're at your renewal, just like I thought.

you're rating probably improved at renewal, which cut into the increase of lowering your deductible. what you're being quoted with is the net increase.

that makes sense and is a lot more believable.

oh.. you're right... I didn't think about that.

Is it possible that Geico lowered my premium for the new year?
How is that even possible, considering that they've raised my rates
every single year for the last 10 years. (anywhere from $50 per 6 months
to $180 per 6 months)

Too bad my health insurance rates can't be lowered... in fact, I'm going
to start paying $371 extra per months starting 01/2016 for the exact
same coverage that I've had for almost 8 years. :( :( :(
(thanks to you-know-who and you-know-what :( )

 

[BlockO]

oh.. you're right... I didn't think about that.

Is it possible that Geico lowered my premium for the new year?
How is that even possible, considering that they've raised my rates
every single year for the last 10 years.

my guess would be because one of the two claims you mentioned earlier has fallen off of your record. but without knowing the dates of those claims, I'm only guessing..... it could be due to a number of other things.

 

[OldGeorge1950]

my guess would be because one of the two claims you mentioned earlier has fallen off of your record. but without knowing the dates of those claims, I'm only guessing..... it could be due to a number of other things.

are claims supposed to fall off my record after a certain amount of time?

when I log into my Geico account, I can still see claims going back as far as 1999. (which was for a windshield glass claim in July 1999)

I think I became a Geico customer in 1996 or 1997. All claim that I have ever made from 1999 to 2015 are still clearly listed on my account. They are right there when I log into my account and click on "claims" section.

I should probably look into this, because a couple of items listed under claims were not even claims made against Geico. For example, I was hit by someone from the rear back in 2007 and the claim was paid by the other driver's insurance company. I'm not really sure how Geico came by the info if I only filed a claim with that other insurance company?

 

[BlockO]

things never really "fall off of your record". sorry for the confusing terminology...

what I meant by that term "fall off of your record" means that insurance companies no longer penalize you for it after a certain amount of time has passed. once this time passes, you no longer get dinged for it. so even though something from farther back than 3-5 years (see below) may still be listed, it's not being counted against you, or affecting your rate.

for almost everything, the time that needs to pass is 35-36 months, depending on the company. (e.g. comp claims, tickets/violations, dui's, and not at fault accidents).

however, some companies differ on how far back they count at-fault accidents. some companies only go back for 35-36 mo.... others go back as far as 59-60 months. I'm not sure about GEICO.


as an example of how this works, let's suppose I got a DUI or a speeding ticket in December of 2012... 3 years has now passed .... so when I reach my policy's next renewal date, I would expect my premium to drop some because I'm no longer being dinged for the DUI/speed.....

hope this helps make sense of it.

 

[FEX Quotes]

The $14 difference for each car is for the entire year, not per month. So it's basically just about $1 more per month for me for each car.

I might even suggest looking at a $50 comp deductible.

I am insured with GEICO here in NJ, and the difference between a $50 comp ded. and a $1000 comp ded. is about $12 per 6 months.

No brainer here - $50 deductible all day long

The one thing GEICO doesn't offer is full glass coverage on the comp.

 

[BlockO]

I am insured with GEICO here in NJ, and the difference between a $50 comp ded. and a $1000 comp ded. is about $12 per 6 months.

on what vehicle? a Gremlin, Yugo or motorized bar stool?

----------

I'm only kidding, Fex.

I think you meant $100, not $1000, right? there was a typo earlier in the thread where he said $1000, but meant $100. otherwise, why would anyone take $250/500 deductibles?

 

[OldGeorge1950]

on what vehicle? a Gremlin, Yugo or motorized bar stool?

----------

I'm only kidding, Fex.

I think you meant $100, not $1000, right? there was a typo earlier in the thread where he said $1000, but meant $100. otherwise, why would anyone take $250/500 deductibles?

Don't know what kind of vehicle Fex has. However, I have an Acura MDX, Honda Accord, and a BMW 325i. On the Acura MDX, the premium difference between $1,000 and $100 deductible is only $14 for the entire 6 months.

I asked my MIL to give me access to her Geico account and poke around. She has a Mercedes E320 wagon(2002). She is the only one on the policy. If I change her deductible from $1000 to $100, the increase for the 6-month policy is $127 additional. Although... she's only been with Geico for about 2 years.

 

[Tiesto422]

Sounds like you are really close to renewal like what has been posted, otherwise it doesn't make sense to me.