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Anyone with used auto loan penfed, please read

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Regular Contributor

Anyone with used auto loan penfed, please read

I was just wondering what the auto insurance limits requirements are for a penfed used auto loan. Trying to reduce my bills and want to see how much I can take my auto insurance policy down without penfed flagging that I need to up my limits back.. I currently have geico with 10k/20k/10k pip is 10k comp and collision is 500 deductible. Anyway I can tweak it to improve my monthly payments because with geico I’m paying 760 for 6 months with geico, seems like a lot for a 2014 Kia Rio lx.. thanks for all answers and have a great night
Discover IT 02/2013 (1000.00),Chase Freedom 02/2013 (3000.00),AmEx Blue Cash Everyday 06/2013 (3000.00)
Citi Simplicity 06/2013 (1000.00)
TU FICO - 718 , CK TU - 738 , Credit.com EX - 727, Quizzle.com - 720, CreditSesame.com - 720

Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Anyone with used auto loan penfed, please read

I believe Penfed has a $500 deductible requirement. (Best to call them and check) Have you tried shopping around? We were with geico for years and finally shopped around. We were paying double with them what we are now paying with State Farm.
RBFCU Premier $25K, Sam’s Club MC $20K, Cap1 Venture $20K, Navy GoRewards $10K, PenFed Power Cash $10K, PenFed PLOC $10k, Navy Platinum $5.7K, SMG $4K, PenFed Promise $2.5K, Total Rewards $1.5K, Discover It $1.1K, Cap One QS1 $850, Overstock $13.9K,
DC BK13 3/17....TU clean due to EE as of 12/17! EX clean as of 4/18!
Message 2 of 6
Established Member

Re: Anyone with used auto loan penfed, please read

WE had geico for 15 years then one day  i went shopping .  geico was $2100 year  went with SAFECO $840 YR , Same coverages. 

 

 Insurance don't like for you go shopping!!!

Message 3 of 6
Regular Contributor

Re: Anyone with used auto loan penfed, please read

Thanks for the advice yall
Discover IT 02/2013 (1000.00),Chase Freedom 02/2013 (3000.00),AmEx Blue Cash Everyday 06/2013 (3000.00)
Citi Simplicity 06/2013 (1000.00)
TU FICO - 718 , CK TU - 738 , Credit.com EX - 727, Quizzle.com - 720, CreditSesame.com - 720

Message 4 of 6
Valued Contributor

Re: Anyone with used auto loan penfed, please read

Do not drop your coverage, shop your carrier.  Frankly your limits are already lower than the state minimum in California and would scare me.  

Ch 7 Discharge 3/12/2018
Credit One $500, Wayfair $3,500

AU Cards: CSP $34.2k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 5 of 6
Regular Contributor

Re: Anyone with used auto loan penfed, please read

Those limits are so low, that even a fender bender and you will be screwed.

I would shop around and try to find much higher coverage....

or see if you can get umbrella or something.

 

Thing is, if anyone hits you,  and if they dont have coverage, oh boy.

 

Shop around. not trying to start any crap, just trying to help.

(TUfico8 828)--(TUvs3.0 799)--(EXfico8 795)--(EXbcscore2 771) CL- pers 150k+ util~2% biz $85k+
IHG 14.2k--BOA 8k--Amazon Prime Store 10k--Chase Amazon Prime 500--Amex Blue Cash Everyday 6k--WellsFargo Cash Wise 14k--PNC Core 10.2k--WalmartMC 10k--SearsMC 10k--Lowes 18k--Toyota 6.5k--Capital One 5250--BP 10k--Home Depot 24.2k--Chase FU 6.6k--Discover 14k
BIZ- Amex Plum NPSL--Amex SC+ $13.5k--Amex B4B $12k--Chase Ink $36k--PNC $25k
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