Should I Switch My Auto Insurance Now or Wait Until I Move?
I’m starting to think Geico is trying to reduce their customer base in Southeast Pennsylvania. I recently purchased a new car, and my monthly premium skyrocketed to $292! I have excellent coverage, so this increase feels outrageous.
I’m planning to relocate to North Carolina in a few months and got a quote from PRG for the same coverage (minus full tort, which isn’t available in NC), and my monthly premium would only be around $81—what a difference!
I also checked PRG’s rates here in Pennsylvania, and they’re still about $100 cheaper than Geico. This makes me think I could switch now, save some money, and then when I move to NC and adjust my policy, my premium might drop even further. Does this sound like a smart move?
One thing to consider is that since my car is new, I’m currently covered by Geico’s Mechanical Breakdown insurance, which PRG doesn’t offer. Is it worth it to keep this coverage, or can I safely switch to PRG and not miss out?
I’d really appreciate any advice, especially since I’ve never changed insurance carriers before. I don’t want to make a mistake here.
Thanks!
It sounds like you’re in a bit of a dilemma with your insurance situation, especially with the significant difference in premiums. Here’s a breakdown to consider when deciding whether to switch now or wait until your move.
Cost Savings: Switching to PRG now would save you a substantial amount each month, which is a strong argument in favor of making the switch. Saving around $100 or more monthly while still being adequately insured is a smart financial move.
Future Move to NC: If PRG has already quoted you a significantly lower rate in NC, it’s likely that you will continue to see savings once you move. It’s a good idea to confirm with PRG what the steps would be for transitioning your policy when you move, so you’re not caught off guard.
Mechanical Breakdown Coverage: Geico’s Mechanical Breakdown coverage can be valuable, especially for a new car. If you’re concerned about potential repair costs outside of standard warranties, it might be worth considering. However, weigh how often you might actually need this coverage against the savings you’ll gain from switching.
Policy Adjustments in NC: Make sure to clarify with PRG how your policy will adjust once you move. If you can keep similar coverages, it sounds like a smooth transition. It’s also worth asking about any other coverage options that could provide similar peace of mind as the Mechanical Breakdown coverage.
Timing of the Switch: If you switch now and then move to NC, check if there will be any penalties or complications for switching states so quickly. Most companies should allow you to adjust your policy without major issues, but it’s worth verifying.
In summary, it seems like switching to PRG now is a financially sound decision, provided you’re comfortable with giving up the Mechanical Breakdown coverage, or can find other ways to protect against repair costs. Just make sure to have all your questions answered by PRG before making the switch so you can feel secure in your decision. Good luck!