New Car Replacement - Insurance Co. Comparison

[jeremyjeep]

Geico was x2 the cost of Progressive. I talked extensively with Progressive and Geico to understand why. Progressive's policies are configured better for 2 car policies as they stated they know you can't drive both cars at one time. Geico said they do give you a multi-car discount, but still don't come close to the cost of Progressive.

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[Flyguy81]

It seems every couple years, around this time of year, a giant hail storm will come through the area (Denver) and destroy everything in 20 square miles. Last year's was a doozy.

I was with Geico for 8 years but after 2 hail claims (no fault "acts of god") my insurance with them doubled and just about everywhere. I'm with American Family now which "only" had my insurance go up like $500 a year. I think I pay around $1,500 a year now which is ridiculous as I was well under $1,000 a year before.

Mid-30's
0 accidents, tickets, anything
800+ credit score
0 claims other than the 2 hail claims

So I'm definitely interested to hear thoughts and opinions on insurance.

I switched to Progressive last year for similar reasons although I haven’t had any hail claims....just a couple windshields replaced. Mid-30’s. Clean record and 800 credit rating also. Paying $1000/6 mos for 3 cars that are fully covered with a $500 deductible.

 

[WXman]

What's this "new car replacement" y'all speak of? Isn't that what the standard collision portion of your policy is for? If your Jeep is totaled with full coverage, ANY company will pay fair value for the vehicle. I'm not sure what you guys mean.

Also, just FYI to go along with this thread, if you lease your Jeep the insurance requirements sometimes change. You may be forced into a certain type of coverage, or a certain level of coverage that you didn't have before. And, "gap" insurance is included in leasing deals.

 

[jeremyjeep]

I switched to Progressive last year for similar reasons although I haven’t had any hail claims....just a couple windshields replaced. Mid-30’s. Clean record and 800 credit rating also. Paying $1000/6 mos for 3 cars that are fully covered with a $500 deductible.

How much did it cost to replace the windshields with Progressive? Did you have to pay the $500 deductible or was the windshield a separate deal?

 

[Flyguy81]

How much did it cost to replace the windshields with Progressive? Did you have to pay the $500 deductible or was the windshield a separate deal?

I was with SafeCo when I did the window replacement. Had glass coverage with $0 deductible. They tried jacking my rates nearly $800 so I left. Haven’t replaced a window with Progressive yet but the best glass coverage they have is a $50 deductible.

 

[Spank]

Shopping around for insurance is not as great as it sounds. It is more of a pain in the ass really. They all collude. Each make it complicated for everyone by having exclusions etc. that really make life hell. I like having options for some things. Insurance is not one of them.

I seriously think they just pull numbers out of their asses to see what they can get away with. My rates continue to climb year after year, despite having an excellent driving record and no claims.

You can call one of the major carriers and get an insanely ridiculous quote for coverage, but call one of the smaller guys that's owned by that larger company and the exact same coverage is significantly less.

 

[jeremyjeep]

I was with SafeCo when I did the window replacement. Had glass coverage with $0 deductible. They tried jacking my rates nearly $800 so I left. Haven’t replaced a window with Progressive yet but the best glass coverage they have is a $50 deductible.

I just spoke with Progressive today. They said "If your windshield is damaged, it can be repaired or replaced and no deductible would apply. If other glass like the back or side windows, the full comprehensive deductible would apply.". But this depends on which state you are in. Some states it would be your comprehensive deductible to replace your windshield.

 

[Flyguy81]

I just spoke with Progressive today. They said "If your windshield is damaged, it can be repaired or replaced and no deductible would apply. If other glass like the back or side windows, the full comprehensive deductible would apply.". But this depends on which state you are in. Some states it would be your comprehensive deductible to replace your windshield.

I’d assume CO is a high risk state for windshield repair. Which is why I went with a $50 deductible on glass repair. If they’ll cover the windshield for free, I’ll take that but no way am I paying $500 every time I eat a rock. I did have to run their snapshot thing in each car for 6 mos to transmit driving habits/mileage to get my rate.

 

[BlackRook]

What's this "new car replacement" y'all speak of? Isn't that what the standard collision portion of your policy is for? If your Jeep is totaled with full coverage, ANY company will pay fair value for the vehicle. I'm not sure what you guys mean.

Also, just FYI to go along with this thread, if you lease your Jeep the insurance requirements sometimes change. You may be forced into a certain type of coverage, or a certain level of coverage that you didn't have before. And, "gap" insurance is included in leasing deals.

The "new car replacement" covers the difference between the "fair value" and the actual cost of a new vehicle. Remember, the moment you roll off the dealer's lot, you lose a few thousand dollars. It's not as precipitous for Jeeps as it is for cars, due to the low depreciation, but it's still a few grand lost.

Gap insurance is designed to cover that same "gap" between what you paid for the vehicle and what the vehicle is actually worth. Gap is, in some ways, more important; if you lose your purchased vehicle, you're the one who's out the cash, whereas if you lose your leased vehicle, the leasing company is out cash. Which they will extract from you or the insurance company, makes no difference to them.

It'd be nice if we didn't instantly lose money (i.e. if vehicles on a dealer's lot weren't more valuable than ones off the lot), but the only way around that would be to go factory direct and not use car dealerships. Which is illegal in most states. /sigh

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