Received a letter from Geico saying they are going to terminate my auto policy due to 3 accident claims from 2022 to 2024, although 1 of them was not at fault.
After the 2 claims, my 6-month premium doubled for $1k to 2k. I just spoke to Geico’s underwriting department, they offered me a much more expensive premium of $5k if I wanna stay with them.
Guys, this is crazy, what are my options?
PS: my location is Long Island, NY
Getting dropped by GEICO, what are my options?
byu/vhxu inInsurance
Posted by vhxu
3 Comments
Shop around with other companies. The average policyholder files something like ~four claims in a lifetime, fault or no fault. Three in that period of time is a very high rate
You can do it yourself (make sure you disclose all three upfront) by directly going to companies, or by working with an independent agent to do the shopping for you
Can’t stress enough to disclose the accidents upfront: some insurers wait until one month in to confirm the information on your application was accurate (it costs money) so you don’t want them to find out later and do the same thing to you again vs being honest upfront
Progressive!
You drive an expensive car and are averaging an at fault accident every 18 months and are wondering why they would drop you or jack your rates up $5k? It’s not a charity, they’re trying to make money off of you. Depending on where you’re located and how the market is there you may have to accept a non standard market policy with bare bones coverages until you improve your driving and are insurable in the standard market once again. Shop for a reputable independent agent in your area and have them shop for your best option. Insurance lifers are saying this is the hardest the market has been in 40 years.