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Originally Posted by BAGAGT1
It depends on how detailed of a quote you are looking for. For those companies that use credit as a determinant of premium, providing the company with permission to order a credit and Motor Vehicle report will provide very accurate results, if you do not provide this information, the premium can change dramatically depending on your credit and driving history.
Once you are insured with a company, your rates can go up or down, it all depends on how much competition there is in your state, as well as whether or not the company is making money in your area. Remember all insurance is regulated by the Department of Insurance in your state. It is up to the DOI to approve/reject rate increases or decreases, and generally, no insurance company can change the rates without DOI approval first (not neccesarilly true for all states buy is generally true for most).
All rates are filed with the DOI, therefore, are a matter of public record (which is how a company like Progressive can quote you other company premiums).
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Thanks for this insightful post. I've been with GEICO for 25 years and have never found anyone cheaper. However, the other day I got an offer in the mail from AIG (American International Companies), saying they could beat GEICO by $399. I was just wondering if they are giving me a lowball offer just to sucker me in, and then later on raise the rates back up to where they really want them. I really do hate to leave GEICO, it'a a loyalty thing I guess. But, I've never found anyone cheaper either. I think I'll go ahead and send in the paperwork and see what they do quote me for real.