Insurance, Personal Finance 
18
comments

NO GEICO Multiple Insurance Discount

Email  Print Print  

I have an auto insurance policy through GEICO and a home insurance policy through Travelers, to whom I was referred to when I requested a home insurance quote through the GEICO website. As it turns out, even though I went through the GEICO website to get the quote and the two are affiliated, I get no discount on either policy because of the other.

It’s understood that when you get multiple insurance policies through the same underwriter, you usually get a discount and it should cost less than if you bought insurance from two separate insurers. This is not the case with Geico because my homeowner’s insurance is technically through another underwriter despite their close ties (Geico doesn’t offer homeowners I suppose).

I was pretty disappointed to hear that and I’ll be shopping around for homeowner’s insurance armed with that knowledge. I doubt there will be much of a change though since my premium is ~$55/mo which is pretty standard for the area. Oh well.

{ 18 comments, please add your thoughts now! }

Related Posts


RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

18 Responses to “NO GEICO Multiple Insurance Discount”

  1. Yeah, I thought multi-policy discounts were pretty standard. I know we get ‘em from State Farm.

  2. lauraloops says:

    Ditto for State Farm…my renter’s insurance is basically free after the line discount with my auto insurance. I’m going to stick with SF for homeowner’s too when I get it. I may be biased though…both parents worked for SF and they gave me a scholarship :)

  3. Trainwreck says:

    Double check with Geico. I was just quoted homeowners with them and there was a multi-policy discount. 5% I believe. In fact, I just posted an entry about homeowners and Geico this morning too. Mind Meld! :)

  4. jim says:

    I talked to a Geico CSR last night and he said there wasn’t one… I’ll have to double check. It’s because homeowners insurance was provided through Traveler’s, perhaps it’s a state issue? (Geico having no homeowner’s insurance presence in MD?)

  5. FMF says:

    We shop out our insurance every year or so. Currently the best deal we can find is with AAA.

  6. denon says:

    I highly recommend State Farm as well. There are some things it’s worth dealing with a company that always treats you right, even if it costs a couple bucks extra. However, ironically, State Farm is usually even cheaper, and has always given us exceptiona service when we needed to make a claim. More importantly, they don’t play this game of raising rates and changing stuff around after you make a claim.

    • David says:

      You are nuts if you think SF doesn’t raise rates when people file claims. Additionally they ofter cancel people for filing 1 claim. I have seen it with my own eyes many times. Yes I work in insurance, no I don’t work for SF. Every insurance company will raise your rate in the event of a “chargeable claim”. If you wonder what a chargeable claim is call your agent. It’s pretty much anything that isn’t storm damage for a house or a compr. claim for a car.

  7. andy says:

    I recently switched away from Geico (which reminds me, I need to cancel the renter’s insurance with them as well) when we purchased our house. I did have a multi-line discount, at least on the Traveler’s side for the renter’s insurance. But shop around. A quote I got from Traveler’s via an insurance broker for homeowner’s insurance came up nearly $400/year higher than I got with Allstate, and Allstate also hooked me up with auto insurance for $400/year less than I was paying with Geico. All-around win.

    I shopped State Farm as well, their auto rates were very high, and the agent tried to sell me on a bunch of his other products even after I’d told him I probably wouldn’t be buying from him.

  8. Dan says:

    I was told that geico plans to add multi policy discounts later this year (2008). But if your records are good, they still have great rates…With myself, they have been beating everyone else even with the others multi policy discounts.

  9. Steve says:

    Everyone, please keep in mind that there is no standard rate for any homeowners or auto policy. Comparing your insurance premiums to any other person is completely fruitless. Most to all insurance companies base rates on credit score, history of claims submitted or the type of car you drive (for auto). For homeowners policies the companies not only take into account credit, but a major factor is the amount to rebuild a home (homeowners) or how much contents you have (tenant). This just scratches the surface to rating factors and most importantly DON’T FORGET COVERAGE!!! This is what you are purchasing after all. There is no substitute for an honest and knowledgable agent to review your coverages with, who is also armed with many different companies to choose from. The right insurance company (price and coverage) varies for each human being on this planet.

  10. Jeff says:

    I just dumped GEICO. I moved approx 2 miles to another house and when I informed GEICO of the change of address they informed me of an increase of $402 per 6 months. Auto ins
    When questioned they said they could not provide me an answer maybe it was the new zip code they said.

  11. Jim says:

    My friend works for state farm. If you are a low risk person, that is, if you are more or less have a clean driving record, 40 years old married male, or a female, you will never beat state farm auto policies, period. However, their fire arm(homeowners and renters) keeps going bankrupt and bailed out by the auto part. so except not as much of a competitive rate from them.

    • Joseph says:

      I disagree with the statement that State Farm’s auto prices are untouchable (at any age, driving record etc.), at least in Michigan’s insurance market that is. I am an independent insurance agent and I’d say that honestly around 50% of the time State Farm’s auto prices can be matched or lower, all coverage being equal of course. They do, however, seem to breed these die-hard clients who wouldn’t change companies if you put a gun to their heads, so they must be doing something right…I mean I probably talk to and quote 2-3 State Farm clients per week with my company’s carriers and it isn’t uncommon to hear a person say they’ve been with state farm for 40 years.

  12. Sara says:

    Even though that was written a while ago, recently I found on Geico’s account page an option to add an additional discount. I have auto insurance with them and I think it was in the discount portion of their site. Clicked on their multi-line option and entered my policy number with ASI–whom I got from an independent insurer and less than two hours later I got the multi-line discount!

    Now I’m trying to see if I can get that applied to our homeowners…but may be switched back to Travelers instead of ASI. Fingers crossed.

    Regardless, it worked for a multi-line discount in the auto portion.

    Thanks!

  13. Ronelle says:

    Allstate recently increased their home and auto dicount (bundling)to over 25%. With this discount we almost always beat Geico and we have local agents to help you :)

  14. Gray says:

    I was with Geico for years and loved them for Auto insurance. However, after a tumultuous time with a a short sale property, we got into a homeowner’s policy with “Arrowhead” via Geico and it was awful. The first quote I got was $200 cheaper than the second (because of the short sale situation we had to cancel the first policy because we didn’t close on the house). And then 2 weeks after they drew up our policy they come back and tell us our house is “undersinsured” (at the prices THEY set) so our premiums were going up another $100…which we had to pay RIGHT THEN or they were going to cancel us.
    Now, whether this is Geico’s sheisty workings or Arrowheads, I’m pretty sure it’s not Geico’s fault. However, it left a bad taste in my mouth for all parties involved and we promptly shifted our policies to State Farm who came in $100/mo cheaper than GEICO and cheaper on our car insurance (admittedly, not by much). As far as a multi-line discount with Geico? It was “supposed” to happen, but never did because they couldn’t figure out how my husband and my homeowner’s policy was tied into our car insurance (which was previously just listed under my name). I didn’t give them time to riddle it out and just went with State Farm because I was sick over the $300 difference in the quote and the sticker price of my homeowner’s insurance.


Please Leave a Reply
Bargaineering Comment Policy


Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.