So I was playing around with on-line quoting and of course had to use Geico. Recently, now about 3 months late I received a well done email. Obviously now part of a drip campaign. This is not remarkable but what was there certainly is.
FANTASTIC. First of all it is a very cool tool. Clean screens, easy to use, etc. But why is this important?
BECAUSE THE COVERAGE THEY OFFER IS NOT AS GOOD AS WHAT YOU DO!
That’s right. I went through it ten times with a variety of combinations and every time I came up with less coverage than what I would offer a similar person. Baffled by this but not surprised. I’ve been replacing Geico policies for years. When not replacing them I am encouraging(sometimes begging) people to please take higher coverage. Most of the time it works. Let me speculate on why;
- They think they are saving you money? In theory they might be. In reality, 9 out of 10 times they aren’t. Really. If you could save $50 a year or have $400,000 which would you choose?
- “But you don’t need that much coverage…” Prove it. While you are at it go to the store and by me a lotto ticket. Same scenario. Also, if you have not noticed, companies partially base your rates on previous liability limits. Lower limits typically leads to higher rates. Your call.
- $250 deductible? $500 deductible? No coverage on a $5000 vehicle? Baffled. When it comes to your comprehensive and collision coverage(also known as physical damage) consider a few things.
1. If your car is safe to drive and presentable would you get that small dent fixed?
2. Ask a body shop how much work $500 actually is? Also ask about $1000. Oh, by the way, the odds of your rate going up for a claim less than a $1000 are as good as over $1000. Basically whatever you collect for the claim you’ll likely pay back over the next 3-5 years.
3. What your car is worth and what it is worth to you may be two different things? Math doesn’t lie.
Just some quick thoughts. Unfortunately the philosophy behind Gecio may be getting more of a life with some of the new “quoting” companies.
Just some thoughts. Use if you want.