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Author: golfwaymore Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 737335  
Subject: Discount Auto Insurance Date: 5/7/2001 10:50 AM
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I'm wondering how many here have used some of the national discount insurance companies such as Geico for auto coverage?

The only downside I've heard is that claims take much longer to settle with these firms, as opposed to "Like a Good Neighbor" writing a check within a few days.

Seems to me that for the FIRE, getting a check in days isnt such a big deal, and likely is not worth the difference in rates.

Any thoughts?

Golfwaymore
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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37794 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 10:54 AM
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I'm wondering how many here have used some of the national discount insurance companies such as Geico for auto coverage?


Hartford Insurance provided me the best rates. Beat Geico...they bug me every now and then, and I say great...beat my current rates, and I'll sign up...they can't.

Hartford also provided best rate for my mom...policy restricted her from driving after dark, but at age 80-81, she wasn't going to drive when dark since she had near zero night vision. Not a problem.

Plan on paying a lot more for car insurance once you get over 75! Rates go up each year. (unfortunately, so do accident rates).



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Author: 1HappyFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37795 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 11:01 AM
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I'm wondering how many here have used some of the national discount insurance companies such as Geico for auto coverage?

I've had coverage by Geico in the past and they were cheap but I never needed to file a claim. They have lots of restrictions that help them keep the cost down. They wouldn't cover an eight cylinder Mustang, but they would cover an eight cylinder T-bird. The exact same 5.0 liter engine, but a different driver mindset.

I left Geico because they redlined me when I moved three miles closer to Los Angeles. My zip code changed and they boosted my cost by more than 40%. I don't blame them for doing it, but they weren't the cheapest anymore. If I left my current carrier (USAA -- available to military and ex-officers only), Geico would be the first place I'd look for coverage.

1HappyFool


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Author: brewer12345 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37803 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 12:07 PM
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I've been a GEICO customer for 4 years and I've been very happy, but I've never filed a claim. Since I now only carry liability insurance, I don't give a rat's ass how long they would take to pay a claim. I haven't had the time to do my DD on this, but if you are a Berkshire Hathaway shareholder you can get an extra 8% discount in states that allow this. I'll have to contact Bershire one of these days and see if B shares are included in the deal.

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Author: Patnbj Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37806 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 12:35 PM
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I've been a GEICO customer for a few years and have been happy with their rates--I haven't found another company that comes close to their rates. I filed a claim for windshield repair and it was very easy--the repair person just phoned GEICO and they authorized the repair on the spot. FYI- my state's department of insurance publishes a rate comparison of all the insurance companies that do business in this state. This was a quick way for me to narrow down which companies might have the lowest rates and GEICO was among the very lowest.

brewer12345-

Interesting idea the discount--I'll do the DD!

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Author: mrhowell Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37807 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 12:36 PM
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I have geico for auto/renter's/and umbrella liability.

I have had no problems at all with them.

In 1999 my car was hit in the parking lot. Hit and run accident. I handled the whole thing over the phone. Payment was prompt with no screw-ups or weasling by Geico. And, for the next insurance cycle my rates actually went down.

Their rates, at least for my actuarial demographic, are lower than even State Farm's which I used to have before I discovered Geico.

I would recommend them.

**************
GOLFWAYMORE ASKED:

I'm wondering how many here have used some of the national discount insurance companies such as Geico for auto coverage?

The only downside I've heard is that claims take much longer to settle with these firms, as opposed to "Like a Good Neighbor" writing a check within a few days.

Seems to me that for the FIRE, getting a check in days isnt such a big deal, and likely is not worth the difference in rates.

Any thoughts?

Golfwaymore


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Author: foolkath Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37811 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 12:47 PM
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Please let us know what you find. I have never heard of this before. An investment in a good stock that includes an 8 percent discount on a needed service.

Thanks

Fool Kath

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Author: LLNunn Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37817 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 1:26 PM
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I have been with GEICO for several years and have been very happy... When my car was totaled a few years ago they were very quick to respond. The only hangup was the accident was entirely the other person's fault and I wanted their insurer to handle it (Integon! beware!)... After Integon dragged their feet for a few weeks I asked GEICO to subrogate (sp?) and they settled in a few days... they also got my deductible out of Integon within a month... so I am happy. My rates went down too! well... by 12 dollars a year with another car EXACTLY like my first... :-) Hey, twelve bucks is twelve bucks... ;-)

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Author: Melman Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37840 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 3:58 PM
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I've been a GEICO customer for 4 years [...] if you are a Berkshire Hathaway shareholder you can get an extra 8% discount in states that allow this. I'll have to contact Bershire one of these days and see if B shares are included in the deal.

Yes, B shares are included. Call GEICO and tell them you want the discount. When I was with them, they required no verification that you actually were a BRK shareholder (I was).

I recently dropped GEICO and went back to Farmers. The local agent spent over an hour with me, combing through my record and finding discounts that GEICO never told me I was eligible for. On a combined (auto/home/umbrella liability) package, he undercut GEICO by over 10%.

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Author: chrisb76 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37853 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 5:10 PM
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After Integon dragged their feet for a few weeks I asked GEICO to subrogate (sp?) and they settled in a few days...

I always ask my insurance company to handle everything (State Farm), people say your rates will go up if you call your insurance comany but I've been in 5 accidents in the past 8 years (usually while sitting at a stop sign) and since they were never my fault, my rates have never gone up.

I am also interested in Geico.

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Author: utrecht5 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37858 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 5:24 PM
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After reading the posts in this thread, I went to Geico's web site and filled out the form for an online quote. They have a very detailed questionaire that asks alot of questions like what your occupation is. Anyway, I filled out the form and entered all of the info regarding policy limits and deductibles straight from my current insurance statement (Allstate). They offered me a 6 month rate of $1360.40. I currently pay $704 for 6 months. What a bargain!
Utrecht

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Author: EditorialWe Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 37889 of 737335
Subject: Re: Discount Auto Insurance Date: 5/7/2001 8:04 PM
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I had GEICO for a number of years and was always very happy with the service. I originally was included on my dad's policy (he actually *is* a government employee, which of course you needn't be in order to get GEICO coverage any more), then got my own policy and kept it about 7 years or so. I never was in a major accident, but had to file a couple small claims and they were always handled very promptly.

Sadly, I had to drop GEICO when I moved to Los Angeles and my premiums doubled. After some shopping I finally settled on Mercury, which seems to like writing policies here in the barrio and is quite reasonable, considering. Never had to file a claim with Mercury and I hope I'll never have to. I actually preferred GEICO's system - no agent (my Mercury agent is not the crispest chip in the bag) and customer service available 24 hours on the phone, always seemingly very helpful and pleasant.

Redlining is the pits.

EditorialWe

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Author: zskii Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 38012 of 737335
Subject: Re: Discount Auto Insurance Date: 5/8/2001 3:50 PM
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If I left my current carrier (USAA -- available to military and ex-officers only), Geico would be the first place I'd look for coverage.

---

Actually, to establish USAA eligibility you must be in the military(officers & enlisted - enlisted included for about 2-3 years), and ex-military within 2 years of retirement or separation (anything past that and it's too late).

Also open to anyone who has ever been a USAA member (i.e. you got insurance 20 years ago when you were an officer, but you changed companies later) and ex-dependents of USAA members.

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Author: GLSHEFF Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 38084 of 737335
Subject: Re: Discount Auto Insurance Date: 5/9/2001 9:41 AM
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Let me relate my experience with auto insurance. (warning-- long post)


For over thirty two years, I had auto insurance with the "good hands people". both my wife and I had no accidents and maybe two traffic citations. Eveything was wonderful. Then, about four years ago, we went through a rash of 6 accidents in a 14 month span. We had three accidents each ranging from minor fender benders to accidents that, by all odds, should have resulted in deaths. In all these accidents except one we were not at fault. In the last one, my wife struck another vehicle broadside and was charged with the accident. Understandably, my premiums went higher untill the last quote was for $5200 per year (two vehicles).This was through Allstate's high risk plan.
I changed to another company since Allstate representatives made it plain they did not want us as clients anymore. My alternative company,(another high risk plan) charged me $2500 for the same level of coverage.

This year, after three years on the assigned risk plan, I asked for quotes from Geico and from The Hartford. These were with full disclosure of our driving history. Geico quoted me $1800 for same level of coverage and the Hartford quote was for $1248. I took the Hartford policy for obvious reasons. The representatives were courteous and helpful. Of course, I have had no claims and hope to continue this into infinity.

I am still amazed that we could go for so many years with no accidents at all and then be covered like a blanket in a short time. In all this time including the last accident, we received no points against our driving records. In the one accident where my wife was charged, she was found not guilty in court. We have not had any violations or accidents in four years now and hope never to go through such a period again.

Gary

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