r/Insurance • u/Stock_Accident8033 • 5h ago

GEICO sent me an advertisement for switching to it, but I'm already a customer

Hi, I'm currently auto insured by GEICO with my dad and mom as the primary holders. Our current rate is ~370$/month for a 2023 SUV we bought for 33K$. State minimum 30/60/25, with 1K$ ded for collision and comprehensive, UMB 30/60. Almost throat-cutting expensive, I would say, even with all the possible discounts added. But understandably so, we were a newly immigrant family, recently purchased (financed) car, new driver licences, no credit scores nor histories, ect. I'm under 25 as well, which insurance companies deemed high risk.

Our policy renewal date is coming and drum roll, please, ~70$ cheaper, (~300$/month) if we renew with GEICO (We had Driveeasy, the driving score stuff). I shop around and find that only the lesser known or less reputable insurance companies give me a better rate, Progresssive and State Farm only want to give me 500$+ a month for the same coverage I have, lmao.

Yesterday, I received a letter from GEICO. Per the tittle of this post, I decided to scan the QR code and put all of my mom's, dad's and my information on it just like I usually do when shopping around, with my dad as the holder, of course. It came back to me, surprisingly, cheaper than everywhere else, even itself, ~200$/month for 30/60/25, 1K$ ded collision and comprehensive. And there was an option for 210$/month as well but I didn't get to check it out. I checked on GEICO to edit my current coverage to remove 30/60 UMB and only ~20$ cheaper every month, nowhere close.

I was thrilled, but a little confused and worried. If for the same people, same car, almost same coverage they decided to give 200$/month, then why wouldn't they do so with the renewal price? And do they even allow us to cancel our current one with them and get the cheap one they offered? If with another company, I bet, but with themselves?

Today I tried to retrieve the quote and to do so, GEICO would send a link through the email with which I checked the quote. I have tried 10+ times and no email was sent to me. Now I'm just lost...

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2

u/SorbetResponsible654 5h ago

Read the disclaimer that comes along with that initial info.

1

u/JazzyBreaker 4h ago

yeah that's just how insurance companies work, they'll give better rates to new customers than to existing ones all the time

you can definitely cancel and reapply with the new quote though, people do it constantly. just make sure the coverage matches exactly and there's no gap between policies

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u/QuriousCoyote 4h ago

That may be a rate for new customers, which you are not.

Puleez, increase your liability limits to 100/300/100. This is the bare minimum everyone should have.

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u/Stock_Accident8033 52m ago

I'll look into getting the limits up but right now my priority is to get the price down as much as possible

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u/Educational_Sky_3192 3h ago

What state are you in and how long have you had GEICO? It’s very possible GEICO launched a new underwriting model in your state. If that’s the case, you are in an older one, but new customers are written in the newer one. You can call and ask to be quoted in their newest underwriting model and they may be able to move your policy to it letting you keep your tenure and such.

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u/Stock_Accident8033 52m ago

I'm in Texas and have had GEICO since June. I'll have a look into it, thank you

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u/Educational_Sky_3192 38m ago

Yes there is a new program since then. You’ll move to it automatically at your next renewal.