Persoanl Auto Ins in CT - Rates Have Gone Up, but Way Too Much, IMO

[mxgraves]

Hi. Maybe someone can offer some insight here.

I live in CT, and have a personal auto policy with Geico for one vehicle, the minimum allowed by law. I am the only driver listed on the policy My rate has increased since I took out the policy several years back - which is to be expected. I don't question the fact that it has gone up; I question how much it's gone up. 42% in 4 years, which seems rather excessive.

Upon request, I received from Geico a 'Statement Of Account' which details all of the rates since 1/2009, every 6 mos. It doesn't specify why the rate changes - just dollar amounts billed, and paid.

I had a convo with a Geico rep about this, and tho she was nice enough, I didn't really get anywhere. It was explained to me that 1) Due to an accident, I lost my safe driver discount, and 2) Geico had requested a rate increase from CT about 1 yr ago. Ok, that explains some of it, but not all.

I filed an online complaint with CT (which wasn't really a complaint - it was only a request, but they call it a 'complaint'), where the state does an inquiry on my behalf. Geico responded with "yeah - we got it right", offering no more than the info I already have from the 'Statement Of Account', and the convo with the Geico rep. Not surprising. That's basically all the state of CT can do. They furnished me with the contact info of the person that they dealt with at Geico, but am not feeling to confident that speaking with this person will do any good.

So, again, this does not make sense to me. How is it possible that my insurance rate goes up 42% in 4 years? Even with rate increases granted by the sate, the loss of my safe driver discount, and fluctuations in the marketplace, etc..... 42%? Does that make any sense?

I will happily post more info if needed. I don't mind posting the 'Statement Of Account' (minus personal info, of course) or listing the $ amts year by year.

Thanks in advance for any help.

 

[hesse]

what do you pay a year for insurance?

Insurance is all numbers. Guess if they have more issues with people with state minimum limits or people that carry adequate coverage?

 

[indienoise]

Typical filed rate increases can be as much as 5-10% (though allstate just announced a controversial 25% rate increase in Georgia), and safe driver discounts can be small for some carriers, and big for others. Don't know about GEICO. Then you add to your premium for a chargeable accident, and 42% is certainly within the realm of reasonable possibility on a state minimum policy.
Still, I'd recommend contacting an independent agent and shopping around. Every carrier treats circumstances such as yours differently, and there may be carriers who are softer on surcharges for an accident.

 

[djs]

Losing a good driver discount can have a 35% impact on rates. Having an at fault accident can have a 50% impact on rates.

Now, I don't know the rules in CT, but in most places, you need 2 things to lose good driver, such as an accident and a ticket. My guess is, you need to pull a copy of your MVR and see what is really there.

And yes, having one at fault accident is a good indicator of having a second. Its amazing to see how many people that go for years without one suddenly having 2 or even 3, within a few months. This is why the rates go up.

Only real suggestion is don't blame Geico, just call and shop your coverages.

Well, my other real suggestion is to get better limits rather then just state minimums, so you have some better protection for you $$$$.

Dan

 

[mxgraves]

Thank you for the replies.

Losing a good driver discount can have a 35% impact on rates. Having an at fault accident can have a 50% impact on rates.

Spoke with Geico. The accident did not cause a change in premium, but it did cause me to loose my safe driver discount. $35 on a policy that was $236 at the time. That's 15% Even with that, this still doesn't seem right.

Ok, so here is the breakdown, rounded off to the nearest $. If someone could take a moment and have a look, I'd be grateful.

7/10 - $199
1/11 - $210
7/11 - $220
1/12 - $225
7/12 - $236
1/13 - $248
7/13 - $300 (safe driver discount lost here)
1/14 - $310
7/14 - $303
1/15 - $303
7/15 - $318
1/16 - $334

Does this seem right?

Thanks again.

 

[FL P&C Broker]

That's what I pay a month

 

[jgracey]

Still not sure why you haven't pursued quotes from other companies? So much time has been wasted looking into Geico's rate changes on a basic state minimum auto policy. You could have already found a better rate in less time.

But those rates look right. Remember, the rate with a company is just a mathematical formula approved by the states dept of insurance. You plug in your specific individual variables and it spits out a rate. If any of the variables change such as your age, vehicle safety/expense ratings, credit score, claims and/or violations, garaging address or the companies claims experience in an area you will see a rate change. Those aren't the only rating factors companies will use though.

 

[MegaNEallstate]

Your rate is correct and reasonable for CT. Most companies have discounts for switching that go away over time. Add an accident and just being a single car. The rate is always on sale in the early years then it moves to what it should be priced at. In CT $50 a month is low for state minimum.

 

[togatown]

As others have stated, why not just quote around and see if what you are paying is fair, regardless of what you paid in the past, and then evaluate your situation.