November 22, 2012
Insurance Company: GEICO
Coverage Type: Auto/Boat/Motorcycle
- Underwriting - Premium Too High
I enrolled in Geico's auto insurance program last December and received a rate of $499.00 for a six month premium. My car is a 2011 Subaru Outback lease and I have a clean driving record with no claims and ongoing defensive driver status.
The next six-month premium was $523 and this most recent one was $548. When I questioned what has been a 10& rise in premiums in under a year, I was told that Geico had requested and been granted a rate increase from New York State and I had received all discounts possible.
The representative with whom I spoke said that a clean driving record with no claims and regularly updated defensive driving courses made no difference; the rate hike would stand.
I am in the process of taking my business elsewhere and, as a shareholder in Berkshire Hathaway, which owns a controlling share of Geico, intend to inform shareholder services about Geico's bait and switch practices and refusal to stabilize its premiums for any longer than six months.
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