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Why did my GEICO premium increase by 40%?
I’m confused. I just got my bill for GEICO insurance, and my premium has increased by 40%. Why would they post such a huge increase to my rates?
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Periodic rate increases are not uncommon in the
car insurance
world, but an increase in your GEICO
premiums by as much as 40% is usually caused by one of the following:- A ticket or at-fault accident
- Substantial mileage increases
- Adding a new car to your policy
- Adding a young driver to your policy
- No longer qualifying for one or more discounts
- An increase in claims filed in your area
- A significant increase in vehicle and property crime rates in your area
There are a variety of rules surrounding car insurance rates, and all of them support your provider’s right to increase your rates for any number of reasons.
That said, they also support your right to inquire after the reason(s) for the increase. Something as simple as a phone call to your agent can often lead to a better price on your car insurance policy.
If after speaking with your GEICO agent you’re still not satisfied with your rate, it’s probably time to shop for new coverage, and the free
Jerry
app can help. Jerry compares rates from over 50 providers at once, to provide you with your best coverage options in seconds. View full answer
- Gregory R.
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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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