How much did your insurance go up?

[TellTastic]

Bringing this back from the dead

We have USAA and our 6mo premium will go up ~$120 after removing a vehicle

On a separate note, We got a quote with Geico and a policy with them of equal coverage would save us ~$800 annually.
Pretty big savings and we are considering the swap. Mind you, USAA has been exceptional when we’ve had to process claims. I’m pretty loyal and am hesitant to drop my policy with them but the savings are tempting.
Unfortunately, one thing is holding us back - USAA offers ‘Car Replacement Assistance’ and we have this optional coverage on our policy. USAA will pay out the car’s value plus 20%.

IMO, This coverage Is only integral if you have a new car, like this Telluride. There are some companies out there that have this coverage but Geico doesn’t. We’re debating on whether or not the savings outweigh the loss of that optional coverage, and I think it does. at the end of the day, it boils down to peace of mind but I didn’t know if anyone else had a similar experience

 

[w8rner]

Since you’ve been with USAA for a while, have you spoken to them to see if they will match or at least lower your premium?

 

[TellTastic]

@w8rner , I have. The quotes were done on the same day over the phone. I also talked with USAA a few months ago when I hadn’t narrowed down a plan for a vehicle. The narrative was the same then as it is now.

 

[Yendor]

Bringing this back from the dead

We have USAA and our 6mo premium will go up ~$120 after removing a vehicle

On a separate note, We got a quote with Geico and a policy with them of equal coverage would save us ~$800 annually.
Pretty big savings and we are considering the swap. Mind you, USAA has been exceptional when we’ve had to process claims. I’m pretty loyal and am hesitant to drop my policy with them but the savings are tempting.
Unfortunately, one thing is holding us back - USAA offers ‘Car Replacement Assistance’ and we have this optional coverage on our policy. USAA will pay out the car’s value plus 20%.

IMO, This coverage Is only integral if you have a new car, like this Telluride. There are some companies out there that have this coverage but Geico doesn’t. We’re debating on whether or not the savings outweigh the loss of that optional coverage, and I think it does. at the end of the day, it boils down to peace of mind but I didn’t know if anyone else had a similar experience

Mine went up about $86 per 6 month premium with our Farmers coverage. This also includes the New Car Replacement being added (where in the event of a total loss we get full value to replace with a brand new edition).

I was surprised it went up with the safety ratings but I guess it makes sense as the Telluride is a much nicer and higher cost vehicle then the Escape I traded in. Farmers is a bit on the expensive side and I'm considering shopping around but I definitely want the car replacement coverage option. My agent is also a life long family friend and always goes above and beyond when we've needed it which can be worth it's own value in trying to navigate the process in the unfortunate event it's needed.

______________________________

 

[TellTastic]

Mine went up about $86 per 6 month premium with our Farmers coverage. This also includes the New Car Replacement being added (where in the event of a total loss we get full value to replace with a brand new edition).

I was surprised it went up with the safety ratings but I guess it makes sense as the Telluride is a much nicer and higher cost vehicle then the Escape I traded in. Farmers is a bit on the expensive side and I'm considering shopping around but I definitely want the car replacement coverage option. My agent is also a life long family friend and always goes above and beyond when we've needed it which can be worth it's own value in trying to navigate the process in the unfortunate event it's needed.

this is good data. Yes, swapping with an equinox we have which probably has similar safety ratings as an escape. But new vehicles cost more to ensure because they have more tech and cost more to repair.

I heard the same about farmers. I may call for a quote as I do kind of want that new car replacement option. But the savings quoted with geico is hard to beat...by a long shot.

 

[MarcinTexas]

Bringing this back from the dead

We have USAA and our 6mo premium will go up ~$120 after removing a vehicle

On a separate note, We got a quote with Geico and a policy with them of equal coverage would save us ~$800 annually.
Pretty big savings and we are considering the swap. Mind you, USAA has been exceptional when we’ve had to process claims. I’m pretty loyal and am hesitant to drop my policy with them but the savings are tempting.
Unfortunately, one thing is holding us back - USAA offers ‘Car Replacement Assistance’ and we have this optional coverage on our policy. USAA will pay out the car’s value plus 20%.

IMO, This coverage Is only integral if you have a new car, like this Telluride. There are some companies out there that have this coverage but Geico doesn’t. We’re debating on whether or not the savings outweigh the loss of that optional coverage, and I think it does. at the end of the day, it boils down to peace of mind but I didn’t know if anyone else had a similar experience

USAA is a great company. I work there Sometimes cheapest isn't best. As you said - service is exceptional when you have claims.

 

[noles1983]

USAA is a great company. I work there Sometimes cheapest isn't best. As you said - service is exceptional when you have claims.

Also a fellow USAA'er.

 

[TellTastic]

USAA is a great company. I work there Sometimes cheapest isn't best. As you said - service is exceptional when you have claims.

That complex is massive! I just left the area earlier in the year. I do love the company, but I'm disappointed that many of the services are being offloaded to third parties - investments and credit monitoring to name a few. Auto insurance rates is just another thing that I have issues with.

______________________________

 

[noles1983]

That complex is massive! I just left the area earlier in the year. I do love the company, but I'm disappointed that many of the services are being offloaded to third parties - investments and credit monitoring to name a few. Auto insurance rates is just another thing that I have issues with.

The membership has grown so much from when I first started 13 years ago. With that, comes, let's say...challenges.

 

[MarcinTexas]

Also a fellow USAA'er.

You know - with all the people on campus before COVID that is - I was surprised I only ever saw one or two Tellurides. Even after we get mine - it will never be on campus as it is my wife's car.

 

[noles1983]

You know - with all the people on campus before COVID that is - I was surprised I only ever saw one or two Tellurides. Even after we get mine - it will never be on campus as it is my wife's car.

Haha, true. Although I work/worked downtown, not the home office.

 

[TellTastic]

The membership has grown so much from when I first started 13 years ago. With that, comes, let's say...challenges.

It's frustrating, that's for sure.

______________________________

 

[Yendor]

Well, GEICO is my firms biggest client and they essentially pay my salary. So, anyone who wants to switch over please do by all means. That way I can continue to afford my Telluride car payments

 

[TellTastic]

Bringing this back from the dead

We have USAA and our 6mo premium will go up ~$120 after removing a vehicle

On a separate note, We got a quote with Geico and a policy with them of equal coverage would save us ~$800 annually.
Pretty big savings and we are considering the swap. Mind you, USAA has been exceptional when we’ve had to process claims. I’m pretty loyal and am hesitant to drop my policy with them but the savings are tempting.
Unfortunately, one thing is holding us back - USAA offers ‘Car Replacement Assistance’ and we have this optional coverage on our policy. USAA will pay out the car’s value plus 20%.

IMO, This coverage Is only integral if you have a new car, like this Telluride. There are some companies out there that have this coverage but Geico doesn’t. We’re debating on whether or not the savings outweigh the loss of that optional coverage, and I think it does. at the end of the day, it boils down to peace of mind but I didn’t know if anyone else had a similar experience

did a little more homework, some of which may be obvious to all on the forum.

a quick google shows that the average car depreciates 20% in the first year and successive years at a rate of 10-15% for the next 4-5years.
At 5 years, regardless of how the math works, vehicles are worth roughly 40% of their original cost after about 5 years.

having new car replacement assistance is really only beneficial for the first year, which is why many insurance companies only provide you the service if your vehicle is within 1-3 years and/or driven xx amount of miles (depending on company). I have an ‘18 truck that I’ve been paying this assistance on for 3 years with USAA who will give the 20% regardless of vehicle age (I.e. no stipulation on coverage). At this point, I should probably drop this coverage but my vehicle isn’t depreciating at that fast of a rate compared to the national average, so I’ll drop it next year.

that said, using a $40 and $50k vehicle
20% of $40k= $8k
Vehicle depreciation equates to $36k right off of the lot, or $32k within first year
20% of $50k= $10k
Vehicle depreciation equates to $45 right off of the lot, or $40k within first year

if I have a 40k vehicle and my savings are $800 by switching insurance companies as mentioned above, that’s 10% of the depreciated value. In essence, my breakout would be 8 years of savings to ‘earn’ what the 20% payout would be.

Basically, it seems beneficial to keep the more expensive insurance for a year and then switch to a more cost effective company as the cost to benefit analysis of losing that coverage with a cheaper company seems better than paying for the ‘useless’ coverage (at that point) with a more expensive company

 

[svote]

I am with USAA and ours only increased $12 a year replacing a 10 year old car.

 

[TellTastic]

I am with USAA and ours only increased $12 a year replacing a 10 year old car.

not sure if this was to me or in response to the thread title, but I, personally, am not upset about the insurance increase. My comments have been as a result of higher overall coverage cost through USAA

______________________________

 

[svote]

not sure if this was to me or in response to the thread title, but I, personally, am not upset about the insurance increase. My comments have been as a result of higher overall coverage cost through USAA

Just a comment to the thread.

 

[Dschneider]

I had just liability on my 2013 mini van, added gap insurance and rental car and went up $26 for six months, would have been lower if not for the upgrades. They said it was because of all the safety features. I use Progressive.

 

[poppajass]

I changed from Donegal to Eri and saved around 800.00. I have a 2012 sorento, a 2020 sple and my telly

 

[mberns1]

We have Country Financial and ours went way, way up w the Telluride, replacing a 16 Honda Civic touring. Just got a quote from Progressive and its $800 a year cheaper for same coverage. Country said that they can't match it. We are accident free for a long time too and have been w Country forever. Crazy. Time to switch.