Considering bundling car and renter’s insurance?
I’ve been with State Farm for my car insurance and have never had any claims. However, they recently stopped offering renter’s insurance, so I switched to Allstate for that. Despite this change, I found that State Farm is now charging me even more.
Right now, I’m paying $192.90 per month for my car insurance, and I haven’t had any accidents. My renter’s insurance with Allstate costs me $146 a month, and I’ve never filed a claim with them either. In total, that’s $338.90 each month for both policies.
I recently received a quote from Geico for $217.46 for both car and renter’s insurance, and that’s even with adding an additional driver who frequently uses my car but isn’t currently on my State Farm policy.
Is it worth making the switch to Geico? Are there any other insurance options you would recommend?
It’s frustrating that my rates keep increasing, especially since I’ve never filed a claim. I feel like I’m being penalized for being a responsible policyholder.
It sounds frustrating to see your insurance rates increase, especially when you’ve been a responsible policyholder. Given your current expenses and the quote from Geico being significantly lower for both car and renter’s insurance, switching might be a smart financial move for you. Here are a few things to consider:
Savings: The difference between what you’re paying now ($338.90) and the Geico quote ($217.46) is substantial. That’s a potential savings of over $120 per month, which adds up to more than $1,400 a year.
Bundling: Geico is offering a competitive rate, and since you’re already looking at separate insurers, it’s always worth considering just how much you’ll save by bundling. Make sure to ask Geico if there are any additional discounts they offer for bundling both types of insurance.
Customer Service & Claims: While cost is a major factor, customer service and ease of filing claims are also important. Check reviews for Geico and compare them to Statefarm and Allstate to ensure you’ll have a good experience if you ever need to file a claim.
Coverage: Make sure to compare the coverage options as well. Sometimes a lower premium could mean less coverage or higher deductibles. Ensure you’re getting the same (or better) coverage when comparing policies.
Market Research: Beyond Geico, it can be beneficial to shop around and get quotes from other insurers like Progressive, Liberty Mutual, or even local insurers. You may find better rates or coverage options by exploring multiple companies.
Review Annually: Insurance rates can change frequently, so it’s a good idea to review your policies at least once a year. Your situation may change, and so might the rates from different providers.
Ultimately, based on the information you provided, switching to Geico seems worth considering primarily for the financial savings. Just ensure you conduct thorough research to ensure the coverage meets your needs. Good luck!