Geico = i hate

[pixieluv]

So as most of you know I was recently dropped from Nationwide despite never having a claim or ticket...
Well I haven't even had Geico a month and they are dropping me on the 28th of this month. They sent the notice today so I haven't even received it yet. we only noticed logging into the website. They say it should never have been insured by them and when I asked why they are only giving me a weeks notice, maybe shorter depending on when the letter arrives, and her response was just well your type of vehicle should never have been covered
I cant believe that is the case. A lady who had geico hit me two weeks ago and the repair is $5000 to fix the little spot she hit and i think that is really why they are dropping me.

** I give nationwide credit, at least they let me finish the policy before I had to go somewhere else

[ivan1]

my first elise was insured with G. They did well by me when it was totalled in a flood. When I got my second, I signed up with them again (last year). I got my insurance card in the mail. Then I got a phone call saying they never whould have written the policy, they dont cover the elise anymore. They covered me for about 2 wks until I got other insurance....

[Vampyre]

I use Geico, not sure why you are not covered, maybe it has to do with location and claims made in the past.

[LotinElite]

Hmm. Geico is chomping at the bit to insure me. And since I'm paying USAA ~$250/mo for two vehicles I've been seriously considering it. Thanks for the heads up, I'll have to check with Geico.

[fishguy]

seems to me that after fixing enough of the clams at ~$5K a pop plus all the other stuff resulting from minor "fender benders" that would be cheap repairs to "normal cars", the ins companies have decided that they are losing $ by offering coverage on the lotus.

it does make sense when you look at it from a business model pespective.
If you were an auto ins. company, would you want to insure the car, and if so, i would think that you would have to charge much more than a normal car, or just not even deal with it altogether?

its the same principle that the companies are taking about offering coverage to a car while it is used on a racetrack for HPDE. its a bad risk.

I keep reading about damage to the cars being minor, but very expensive to repair, and the owners saying "glad the ins. company is paying for it."

I have the feeling that this is the begining of a trend, and these cars will become more expensive to cover, and more difficult to find coverage for, as the competition for companies offering coverage thins out.

[Monsi]

Originally Posted by LotinElite

Hmm. Geico is chomping at the bit to insure me. And since I'm paying USAA ~$250/mo for two vehicles I've been seriously considering it. Thanks for the heads up, I'll have to check with Geico.

I pay 100 bucks a month to USAA for my S240 and 50 bucks a month for my yaris and I have a lot of coverage, its gotta be an area thing

[pixieluv]

What makes sense is notifying me at least 30 days prior or letting me finish the policy they already ok'ed. The fact they barely gave me a week to find a new policy makes me angry and the fact that why is this happening when someone else hit my car. Its not my faullt, if i was with another carrier they would still have to pay the damage
and i do not qualify for usaa

[Amarao]

Originally Posted by fishguy

it does make sense when you look at it from a business model pespective.
If you were an auto ins. company, would you want to insure the car, and if so, i would think that you would have to charge much more than a normal car, or just not even deal with it altogether?

I agree with you on a business model standpoint, however when insurance is required by state law an insurance company should not be allowed to deny insurance on any vehicle. Insurance itself is a gamble, you don't see me getting a refund every 6 months when I don't have any claims do you?

I also ended up dropping Geico when I bought the Exige. What good is a company who can't provide the service I need?

[MikeinAlexandria]

I completely disagree with this as a business model. Not everyone who owns a car gets into an accident, and not everyone who owns an Elise gets into an accident that is their fault. Christina, Geico should not be dropping you because someone else hit you! That's ridiculous. Basically, if this is allowed to continue, the Elise will become un-insurable in the US, and therefore not be permitted on the roads anymore. That would really suck! I think it is time for Lotus Cars to intervene on the part of their customers and future business!

[glacialmoraine]

Really, liability only on an Elise or Exige would be pretty cheap. Tiny, alloy, plastic. Not many other cars they could hurt too badly.

Extremely high full coverage insurance costs would limit ownership of these cars to people that could pay cash for them, use home equity loans etc. AND could afford to write it off on any accident that is your own fault. There are a lot of people that run track days uninsured with these cars all the time. They can afford to total the car so they can live without full coverage.

Mine is financed. I'd have to pay it off or sell it if full coverage became economically unviable.

Getting just comprehensive does little good, as any damage from another car is collision, even if you are parked and nowhere near the car.

gm

[MyFutureSelfnMe]

Mike, what can Lotus do about it except build a more durable car. US owners are also partially responsible, I've found that I can correct with epoxy, a drill and touch up paint what some people would spend 5 grand on. I reserve being anal retentive for mechanical issues. And my car looks pretty clean.

There will always be someone willing to insure the car. So far I've had no issues with Geico in NYS. I made two claims in the past. They seem happy to continue accepting my currency.

There are a ton of insurers in the US, including some specialty ones. If you have a clean record, there are always alternatives.

VA may be a high risk state. They have very draconian speed enforcement and I understand that is to compensate for the near total lack of driver training

[ivan1]

Clearly it is time for a government or public option.

[MikeinAlexandria]

VA has one of the lowest auto-theft and accident rates in the region, and probably the lowest insurance rates, even though we get alot of traffic. But my insurance, for example, is only $600 a year on the Lotus, perfectly reasonable.

It worries me that insurance companies have the ability to influence what we drive. In twenty years, if things continue like this, we'd all be driving boxy truck like hybrids with big crash bumpers and 40bhp... 0 - 60 in 20 seconds or more! All in the name of "safety"... Yuck!

Originally Posted by MyFutureSelfnMe

Mike, what can Lotus do about it except build a more durable car. US owners are also partially responsible, I've found that I can correct with epoxy, a drill and touch up paint what some people would spend 5 grand on. I reserve being anal retentive for mechanical issues. And my car looks pretty clean.

There will always be someone willing to insure the car. So far I've had no issues with Geico in NYS. I made two claims in the past. They seem happy to continue accepting my currency.

There are a ton of insurers in the US, including some specialty ones. If you have a clean record, there are always alternatives.

VA may be a high risk state. They have very draconian speed enforcement and I understand that is to compensate for the near total lack of driver training

[ItsThaMonsta]

My bad.... Im part of the reason Geico isnt covering anymore.

[txdude]

Geico refused to insure my Elise even though all my other rides are with them. State Farm hasn't given me any problems though... for now.

[pixieluv]

Originally Posted by ItsThaMonsta

My bad.... Im part of the reason Geico isnt covering anymore.

lol, what did you do?

[ivan1]

Originally Posted by txdude

Geico refused to insure my Elise even though all my other rides are with them. State Farm hasn't given me any problems though... for now.

I ended up going with State Farm as well...

[ivan1]

Originally Posted by ItsThaMonsta

My bad.... Im part of the reason Geico isnt covering anymore.

The money ItsThaMonsta cost us with Geico

[ItsThaMonsta]

Originally Posted by ivan1

The money ItsThaMonsta cost us with Geico

........ Thats almost as funny as the private message I just got about someone wanting me to leather their entire interior for $900.00

[RENDERMAN]

All insurance will drop you if you have more than 2 claims.....