I've had Geico for auto insurance for about 16 years in NY and then NJ. Have had 0 claims with them, but the last few years every 6 months the rate kept climbing about $30-$40. After the low of 2020/2021 going down to like $350/6months, it steadily kept increasing.
I lease and have got the same vehicle, volvo xc60 several times. The msrp, sensors, basically everything has been the same. I work from home and put about 6k miles a year on the car. When I got a 2023, my price went up a bit but nothing drastic. It was annoying to see the price climbing without it being anything to do with me. Within the past year they bumped the price over $650/6months. I've shopped around every 6 months and everyone else kept coming in higher than them. I spoke with an agent and was told it's due to increases in the state.
In November I got a 2025 model, again identical car to my 2023 in color/specs/msrp. They bumped me up to $995/6months. The agent told me when you get a new car it's more expensive to repair. Msrp of 2020/2023/2026 was $60k, nothing more expensive today than it was yesterday. In any case, I ran a comparison and found nothing better. I paid the prorated amount and moved on. Now my policy is up for renewal and I ran a comparison again, this time progressive came in at $531/6months for the exact same coverage.
Not sure if Geico is doing something different these days, but it feels like they are no longer interested in keeping me as a client. Having 0 claims, never paying late, not sure what their model shows them to justify such a rate. I've been very surpised to see such prices and progressive coming it at half the price on the same car sealed the deal for me.
Anyone else experience something similar with them?
Something change with Geico in Nj?
byu/SashaG239 inInsurance
Posted by SashaG239
3 Comments
Feel free to move to Progressive if they’re cheaper. A fundamental concept of insurance is that it’s a pooling of risk, which means your price isn’t exclusively based on your own loss experience. Insurance premiums are typically going up over time.
Also, premiums are fully backed by data. It’s nothing personal.
Almost everyone. It is not based on the value of the vehicle. A 5 year old vehicle can do as much damage as a brand new one.
Repair costs have gone up, medical costs have gone up and we all have to pay for it.
Gone up for everyone so much fraud and uninsured drivers, inflation, bigger heavier vehicles, crazy people etc