Just got a quote from Geico, 6*$170 = $876? The math is wrong!

[Eeezee]

"Your monthly premium is $168.29. That is only $876.20 for 6 months."

No, it's not... 6*$168.29 = $1009.68. Geico did not specify that you had to pay all 6 months up front to get the lower 6-month rate, either; if I were to buy this and pay up front, there's no guarantee that I wouldn't end up paying the full $1009.

Not only that, but both of those rates are higher than what I'm paying at Progressive for the same coverage...

 

[spidey07]

If you pay for 6 months (semi-annual) it's cheaper than the monthly premium for 6 months.

 

[Ns1]

was there a rant here?

 

[Farang]

Geico sucks

 

[Nutdotnet]

Originally posted by: Eeezee
"Your monthly premium is $168.29. That is only $876.20 for 6 months."

No, it's not... 6*$168.29 = $1009.68. Geico did not specify that you had to pay all 6 months up front to get the lower 6-month rate, either; if I were to buy this and pay up front, there's no guarantee that I wouldn't end up paying the full $1009.

Not only that, but both of those rates are higher than what I'm paying at Progressive for the same coverage...

Geico has a number of payment plan options. They do give you a discount if you pay all up-front but it's only something like $4/month or something...

Are you sure the $168.29 is based on 6 months of payments? I have Geico and I pay the first 4 months for the 6-month policy. I don't pay anything the last two months as it's all rolled into the first 4.

 

[Whoozyerdaddy]

Originally posted by: Farang
Geico sucks

Yes. Just switched back to All State. Saving myself almost $400/6 months.

What an idiot I was...

 

[Mojoed]

I pay $142.50 every six months.

I like Geico lots

 

[Eeezee]

Originally posted by: Nutdotnet

Originally posted by: Eeezee
"Your monthly premium is $168.29. That is only $876.20 for 6 months."

No, it's not... 6*$168.29 = $1009.68. Geico did not specify that you had to pay all 6 months up front to get the lower 6-month rate, either; if I were to buy this and pay up front, there's no guarantee that I wouldn't end up paying the full $1009.

Not only that, but both of those rates are higher than what I'm paying at Progressive for the same coverage...

Geico has a number of payment plan options. They do give you a discount if you pay all up-front but it's only something like $4/month or something...

Are you sure the $168.29 is based on 6 months of payments? I have Geico and I pay the first 4 months for the 6-month policy. I don't pay anything the last two months as it's all rolled into the first 4.

The quote only said what I put in quotation marks. Progressive does the same thing, they give you a small discount if you pay all 6 months up front but it's only a few dollars a month. Even if it was a $5/month discount for paying up front, that'd be $979.68, about one hundred dollars more than the price quoted for 6 months.

And no, there was no rant here, only questions.

 

[Eeezee]

Originally posted by: Mojoed
I pay $142.50 every six months.

I like Geico lots

With minimum coverage, I assume?

 

[CrackRabbit]

Originally posted by: Farang
Geico sucks

QFMFT.

 

[alkemyst]

Originally posted by: Whoozyerdaddy

Originally posted by: Farang
Geico sucks

Yes. Just switched back to All State. Saving myself almost $400/6 months.

What an idiot I was...

hope you are not in Florida with Allstate. If so expect a rate increase at the next reset.

 

[AndrewR]

Do you people regularly destroy cars and cause significant property damage? Those are some astronomical rates.

I pay $900/year for two vehicles, one comprehensive and one liability, and that increased when we moved from Ohio to Maryland. I guess I need to count my blessings! I'm with USAA.

 

[T9D]

I got a quote from Geico a year or so ago. I couldn't believe how expensive they were. I'm with USAA now and only pay like $47 a month for full coverage on a BMW. Geico was over twice as much as that and for when I had my crappy old Camaro. Can't imagine what they would charge for my BMW. Now they send me their stupid mail all the time and spam my (real) mailbox since I did that quote.

 

[FoBoT]

I :heart: Geico
been with them since 1987

 

[alkemyst]

Originally posted by: AndrewR
Do you people regularly destroy cars and cause significant property damage? Those are some astronomical rates.

I pay $900/year for two vehicles, one comprehensive and one liability, and that increased when we moved from Ohio to Maryland. I guess I need to count my blessings! I'm with USAA.

Age, location and vehicle have much to do with it. Without providing any other details, it may be you in fact that's paying too much.

Here in S. Florida rates a not the worst, but not the best either.

 

[sniperruff]

Originally posted by: alkemyst

Originally posted by: AndrewR
Do you people regularly destroy cars and cause significant property damage? Those are some astronomical rates.

I pay $900/year for two vehicles, one comprehensive and one liability, and that increased when we moved from Ohio to Maryland. I guess I need to count my blessings! I'm with USAA.

Age, location and vehicle have much to do with it. Without providing any other details, it may be you in fact that's paying too much.

Here in S. Florida rates a not the worst, but not the best either.

yup. my quote was cheaper once i hit 25. the amount of deductible, the types of coverage, and the neighborhood you live in all affect the price.

i pay more than $900 for 6 months.

 

[altonb1]

A lot of insurance companies also charge rates based on your credit score, so that also can affect things.

In any case, regarding the OP's question:
Geico charge a $4 convenience fee, I believe, for each payment if you pay in installments. You are probably being quoted 5 payments, which is what I think I paid when I first switched to them.

 

[Tremulant]

I just switched from Geico to Progressive. Dropped my monthly by 40%...

 

[sactoking]

Geico and Progressive both blow.

I had Geico when I moved from CA to NV. I called to change my address and the 'Customer Service' rep quoted me a 25% increase in premium! When I asked why, his EXACT words were "Oh, it's because so many cars get stolen in Las Vegas and we find them burning in the desert." Not only was the answer complete BS, but I'm not within 600 miles of LV! I changed to Progressive as soon as I hung up the phone.

Progressive was great UNTIL I had to make a claim. I was in Washington DC on vacation when I got a phone call from my house-sitter; "Hey, I just got a call from the sheriff. They arrested a couple of guys who were driving your truck." I didn't know what condition the vehicle was in, so I called in a Comp claim. I fulfilled my legal duty to mitigate the loss by forking over $100 to change my flight home. I got home, went to the PD (who had impounded the truck), got it released, went to the ATM (tow lots ONLY take cash, you know), then got the truck released. The lot charges $302.50! It was $70 for 1 day of storage and $232.50 for the tow. I paid them and went to Progressive for reimbursement. Those jerks actually had the nuts to deny my claim! They said that since the vehicle was not damaged and the cost of the tow and storage did not exceed the Comp deductible, they were not liable for anything. I told them in no uncertain terms that they were retards and pointed out the clause in my policy that said in plain English "Progressive will pay to have your vehicle returned to you." After arguing with the adjuster, the claims manager, Progressive's attorney (which they didn't ID themselves as an attorney), I put in a complaint with the DOI. They denied my complaint. I argued with the DOI. I argued with the DOI's attorney. Then I got the head of the complaint department on the line and he agreed that a "reasonable person would interpret 'Progressive will pay to have your vehicle returned to you' to mean that Progressive will, in fact, pay to have your vehicle returned". I guess it paid off being an ex-auto adjuster specializing in policy interpretation.

Cliffs:

Geico has ignorant CS reps who have no problem lying.
Progressive employees either don't know how to read and interpret their own policies or are under orders to find reasons to deny coverage, which is expressly forbidden by most states' Divisions of Insurance.

Edited spelling.

 

[ja1484]

Originally posted by: Eeezee
Not only that, but both of those rates are higher than what I'm paying at Progressive for the same coverage...

Then what the hell does it matter?

Originally posted by: AndrewR
Do you people regularly destroy cars and cause significant property damage? Those are some astronomical rates.

I pay $900/year for two vehicles, one comprehensive and one liability, and that increased when we moved from Ohio to Maryland. I guess I need to count my blessings! I'm with USAA.

More likely they're just young males. I'm 24 and my rap sheet consists of a whopping 1 speeding ticket for 9 over that I got 7 years ago during my senior year of high school. I drive a Honda Accord. My car insurance rates are absurd. Insurers just happen to bend us over the barrel because they can.

 

[divinemartyr]

I was paying about $2300/year with Progressive for 2 cars. One full coverage, one liability only. I went to insurance.com and got a quote. Switched to Unitrin direct and now I pay about $1200/year. I was amazed how much I saved for the exact same coverage.