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Discussion Starter · #1 ·
My Geico policy renews every 6 months, and I'm up for renewal next month. I got my new premiums and it was $40 more. I inquired about the increase and the reply I got is pasted below:


We understand you are concerned about the premium increase you experienced at your recent policy renewal.

Insurance premiums are based on a wide variety of factors. Each factor provides information about a group of individuals with similar characteristics like age, driving experience, or location. GEICO regularly reviews each of these factors and the behaviors associated with them.

We constantly strive to offer the most accurate and competitive rates for our customers, so we will diligently monitor the factors in your area to ensure you are receiving the best possible rate at each renewal.

Also, vehicle insurance rates are determined by many factors, such as coverage limits, how far the vehicle is driven, age of the vehicle, and other considerations. In your case, there was an increase in premium because the symbol assigned to your 2013 Hyundai recently changed.

Vehicle symbols are assigned by the Insurance Services Office, Inc. (ISO) and provide information about a vehicle's susceptibility to theft, safety features, and the cost to repair damages. The ISO recently updated the symbol for your vehicle which is reflected on your recent policy renewal. To learn more about ISO and how they determine vehicle symbols, please visit ISO Auto Symbols.


So I guess the cost to repair the Sonata increased? and/or theft has gone up?

This is with Geico in New York State.
 

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Weird because my policy with GEICO hasn't gone up. I have my car now 8 months and renewed in Aug. And the quote was the same as the day I bought the car.
 

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Not surprised considering you live in NYC/Queens. Sonatas are just as popular as the Camry and Accords and with that comes more break-ins and thefts.

I remember when the back seat alone off of a 2001 Honda Accord could fetch $3,000.
 

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Discussion Starter · #4 ·
Weird because my policy with GEICO hasn't gone up. I have my car now 8 months and renewed in Aug. And the quote was the same as the day I bought the car.
I guess the "symbol" changed sometime after August. My policy went up a few bucks in April when I last renewed because of "all the Hurricane Sandy claims in NY, or so I was told."
 

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My insurance is with Allstate and it went up $6 a month this renewal in September. I did not check if it was because of the Sonata. Could be the repairs are getting higher, new car prices are going up, and just plain inflation.
 

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d So I guess the cost to repair the Sonata increased? and/or theft has gone up? This is with Geico in New York State.[/QUOTE said:
:00000732:Sonatas have bluelink and it is always talkig to the mothership. in case of theft, the car can be located via satelite and the police along with hyunday can even bring a running car to a complete stop.
my insurance premium went down when I purchased mine and has not increased, I am not with geico so I would shop around.
 

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My policy with Geico just renewed this month and decreased on both of our vehicles. I'm guessing it's all about location.
 

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I like 1 year policies and there are some out there. Shop around. As to Hyundai's my 2013 Elantra is more expensive than my 2012 Lincoln but has about half the value so one would think collision would be much less , not so, same coverage on both. So, perhaps parts are more expensive or something which makes them more costly to an insurance carrier
 

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I like 1 year policies and there are some out there. Shop around. As to Hyundai's my 2013 Elantra is more expensive than my 2012 Lincoln but has about half the value so one would think collision would be much less , not so, same coverage on both. So, perhaps parts are more expensive or something which makes them more costly to an insurance carrier
Funny you say that. My wife's job offers for friends and family 1 year insurance deal thru liberty mutual. So I call for a quote and the guy tells me the cost with discount and all is 14 times more than my current 6 month policy :eek::eek: no thank you I will stay on my 6 month.
 

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Maybe they realized these cars are FAST. I got away with cheap insurance on my motorcycle for a long time before they found out that my FJR1300 is a very quick bagger capable of 160mph. ;)
 
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