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Why did my GEICO premium increase by 40%?
When I called GEICO about my renewal, they said they found a speeding ticket that was not accounted for before. The policy covers me, my wife, two children, and five vehicles, so one speeding ticket seems like a minor issue. Why would the increase be so significant?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Rate increases can be incredibly frustrating! There are a variety of rules surrounding car insurance rates. The renewal period allow insurance companies to reassess and re rate policies.
With several people and cars on one policy, there are a lot of factors for the insurance company to consider. A rise in claims in the area where you live or a statewide mandate could increase your premium. Every company has a unique rating system, so even one ticket could potentially raise your rate.
That said, you have options! Since you’re unhappy with your renewal price, shop around. You may find a lower rate with another company. You can also use the
Jerry
app. Jerry compares rates from up to 50 providers at once, giving you the lowest price in seconds! And the best part–Jerry does this for free.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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