I just got renewed my GEICO Auto Insurance for my 2022 Ford SUV (owned) and now pay $1,262.68 for 6 months. I live in the Austin, TX market, and when I shopped around during my renewal cycle I found that virtually all the other insurers I checked offered rates 75%-300% higher than what I'm renewing at.
But is what I'm paying actually good? I am not an expert on any of this so I could be getting ripped for all know. Here are my coverage details below:
- Bodily Injury Liability: $300k/$300k
- Property Damage Liability: $100,000
- Medical Payments: $5,000
- Uninsured Motorist Bodily Injury: $300k/$300k
- Uninsured Motorist Property Damage: $50,000 ($250 Ded.)
- Comprehensive Deductible: $250
- Collision Deductible: $500
- Rental Reimbursement: $50/Day, $1,500 Max
Discounts:
- Years Experienced Discount
- Sponsored Marketing (alumni group): $25.71
- Good Driver Discount: $21.70
- Anti-Theft Device: $1.81
For further background, I'm male, 23, unmarried, and have two accidents in my history but not at fault for either. No tickets or other violations of the sort.
What do y'all think?
I feel like I’m getting a good deal on my auto insurance… but am I?
byu/w8w8 inInsurance
Posted by w8w8
2 Comments
This sounds like a great rate. You’re under age 25, male, 2 prior claims, driving a newer suv, and you already did the work of shopping around. Enjoy it for as long as you can. If you rent, you could probably add renters insurance for very little added cost. The extra bundling discount would lower your car insurance rate thereby offsetting the premiums of the renters insurance. You’re adulting very well so far – keep up the good work. 🙂
Insurance companies use many factors when coming up with your premiums and different companies have different risk appetites. If you haven’t already, contact an independent agent, and then you can make an informed decision