OT Car insurance - Geico half of MetLife, really?
 

We've been with MetLife through a local agent for a few years. Just got a new car, Hyundai Ioniq PHEV, so wanted collision. I found out a few months ago that I had collision on our 2008 Honda Fit so I asked them to remove it, but they haven't. Just got the new quote with the new car, with collision and comp, $1000 deductible, on the Fit and the Ioniq, and basic coverage on our 2001 Ford Ranger. Carrying 250/500 BI and 100 PD. Costs us $1658/year. We're in MA.

For grins, I just entered the same data into Geico's online quote calculator, with slightly better deductibles ($500) and the cost is $848/year - about half!

Is this for real?

Geico quotes/writes 6 month policies.

Yep, it was $424 for 6 months and I doubled it. Is the first 6 month quote a teaser rate that they double the next 6 months?

We were with Geico for about 5 years. They increased the rates a bit each year (no tickets, no accidents) but not double. That said, the total rate hike over those 5 years was high enough that I shopped around again and found a better deal through Esurance. We pay ~$1,000/year for wife's 2014 Elantra (full coverage) and my 2006 Murano (not full coverage). This is in Atlanta GA.

I'm with Geico. Have been with them for many years. They've given me the best rates. However, their rates do go up every year like clockwork. Does not double but a steady increase in premiums every year. Started out at $600/year and am now at $1000/year after 5 or 6 years. I just do not understand it especially when I have no traffic violations.

Anyway, despite the price increase per year, they have still been the cheapest for me. But after 5-6 years, and after their steady rate increase, their competitors rate get closer and closer. I will switch soon enough when Geico's premium surpasses the competition's.

In many states insurance companies routinely ease up their rates on customers they predict won't change providers. It almost always pays to shop around every year. OTOH I'm in California where there are limits on raising rates and I have been with USAA for years. When I try to get quotes from other companies and they learn I have USAA the other companies end the call. I haven't tried them all but other high-rated insurers don't seem to think there is any probability their quote would be competitive.

try going through Costco
 

on my 2016 VW Sportwagen, the Costco quote won hands down.

I hate Geico TV commercials more than many other things about which I am not fond.

In MA I originally had Amica, they jacked the rates up one year and it was pretty absurd. Shopped around, found that Liberty Mutual offered me better pricing with a local agent that I liked more - I switched. I've shopped it around and no one else has come close, I check every time I get a new car.

The flipside to the price coin is the quality of coverage - Liberty Mutual has been stellar, while the always-highly-regarded Amica was nothing short of a nightmare to deal with. Liberty Mutual even approved an OEM windshield replacement where the glass was 4x the cost of the 'OE' equivalent variant.

I've only had limited dealings with Geico, but it was a hassle due to lack of local agent.

I quoted with GEICO online about half off what I was paying Progressive. I purchased the policy and soon after they sent a letter saying they had miscalculated my rate, promptly increasing it to 120% of Progressive's policy.

It's called the "lazy tax". It's the extra premium that insurance companies charge each year after you first join them and is basically a penalty for not shopping around for new quotes each year.

It pays to shop for insurance every year, if for nothing else it keeps your agent honest.

I have Geico, what others have said the rate will increase. A small increase but an increase non the less.

Absolutely. I've had Geico now for 7 or 8 years. What they don't mention is that their service is superb. The staff has always been quick,efficient, polite.
I'll give you an example. 3 years ago I was hit by a hit and run driver while riding home from a race on my bike (In Florida, if you're hit by a car while riding your bike, it goes under car insurance). It resulted in a 30 minute visit to the ER that cost $10k. Geico settled the bill with the hospital within 24 hours.

I have USAA, for about 30 years. A few accidents, none in the last 20 years or so. As far as I can remember, the rates have always gone down each year- cars were 1 year older, and of slightly lower value. It never occurred to me that rates could go up each year.

this is my exact experience as well.

what a crap business model - incentives for new customers and punish loyalty.