I just received a statement in the mail from Geico to notify me that my motorcycle insurance premium (for both bikes, I have two) was increasing. This is their explanation for the increase; "There are many factors that affect your insurance premium such as age, driving history, location, and the increasing cost of vehicle repairs. When one or more of these factors change, it may impact your policy premium." Sounds pretty much like a general statement painted with a broad brush as it doesn't specify any changes to these "factors." Since I haven't had any tickets, accidents, or claims, I'm assuming none of those are factors. I asked my sister about this (she is a licensed State Farm agent with 25+ years in the business). She said 90% of the time these increases are made to keep insurance co. profits as high as possible. She also said they will offer you low premiums to get your business, then jack up your rates later, even when none of the "factors" have changed. This is exactly what Geico did to me. My premiums for both bikes was $210 a year, now they've increased it to $310 a year.
I have my auto insurance through USAA, and I think they've increased my premiums 3 or 4 times over the 25+ years I've been with them, and the increases are usually less than $10 every 6 months. However, USAA doesn't offer motorcycle insurance, they referred me to Progressive. I did an online quote with them and they quoted me $151 a year for both bikes with the same coverages I have with Geico. My current policy is good until 1/15/23, so I will cancel my Geico policy and go with Progressive. So a year from now I will probably be getting quotes from other companies because Progressive will probably pull the same stunt as Geico did...what happened to businesses working to KEEP their customers?
I have my auto insurance through USAA, and I think they've increased my premiums 3 or 4 times over the 25+ years I've been with them, and the increases are usually less than $10 every 6 months. However, USAA doesn't offer motorcycle insurance, they referred me to Progressive. I did an online quote with them and they quoted me $151 a year for both bikes with the same coverages I have with Geico. My current policy is good until 1/15/23, so I will cancel my Geico policy and go with Progressive. So a year from now I will probably be getting quotes from other companies because Progressive will probably pull the same stunt as Geico did...what happened to businesses working to KEEP their customers?