RANT INBOUND:
Obviously the process for an insurance company to provide an auto insurance quote is 100x more complicated than FICO. I can only imagine all of the factors considered.
Anyway I was just flabbergasted between these three quotes for essentially the same coverage on my new car:
GEICO: $53/mo
State Farm: $173/mo
Liberty Mutual: $286/mo
Oh, and while I have a clean driving/insurance record for the past seven years, I do have TWO total losses on my personal insurance history with GEICO, one on an older car in 2003 - i totaled my Mom's car on the way home from getting my license, and I'm sure they paid coverage limits since they had to land a medivac on the highway for the other car - and one on a financed new car in 2007, both of which I'm sure they didn't forget - which makes it even more unbelievable that the other two quotes are so much higher.
Now, my estimation is that GEICO is probably the biggest auto insurer in my area and that is a major factor in GEICO being absurdly cheaper than the rest - otherwise I have no idea how the two higher quoted companies stay in business with price differences like those. Also why would anyone drive if they have to pay insurance costs like that?
I think my luck is ok but it was bad that day. Ive actually escaped serious trouble multiple times in my younger days. My penance has been to be better.
@nj23 wrote:RANT INBOUND:
Obviously the process for an insurance company to provide an auto insurance quote is 100x more complicated than FICO. I can only imagine all of the factors considered.
Anyway I was just flabbergasted between these three quotes for essentially the same coverage on my new car:
GEICO: $53/mo
State Farm: $173/mo
Liberty Mutual: $286/mo
Oh, and while I have a clean driving/insurance record for the past seven years, I do have TWO total losses on my personal insurance history with GEICO, one on an older car in 2003 - i totaled my Mom's car on the way home from getting my license, and I'm sure they paid coverage limits since they had to land a medivac on the highway for the other car - and one on a financed new car in 2007, both of which I'm sure they didn't forget - which makes it even more unbelievable that the other two quotes are so much higher.
Now, my estimation is that GEICO is probably the biggest auto insurer in my area and that is a major factor in GEICO being absurdly cheaper than the rest - otherwise I have no idea how the two higher quoted companies stay in business with price differences like those. Also why would anyone drive if they have to pay insurance costs like that?
I wish I could get insurance that cheap! I have a flawless history without even a single speeding ticket, yet because I am 18 I am "high risk" and therefore I pay about $700 every 6 months. 
