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Geico cancels my insurance because "Performance Characteristics"???


On3Performance

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Just got a phone call and they are canceling insurance on 2 of my cars due to "performance characteristics". Anyone else heard of this kind of bs or had anything like that happen?

 

What cars? Insurance carriers have lists of cars that are not covered that get updatedfeom time to time. Criteria is either unusually high repair costs or statistics that show extremely high risk

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What cars? Insurance carriers have lists of cars that are not covered that get updatedfeom time to time. Criteria is either unusually high repair costs or statistics that show extremely high risk

 

They had no issues when I called to add the vehicle, I have a good driving record and no real reason could be explained. Just found it really weird they would put coverage on a vehicle and 4-6 week later say it was being removed

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Call Justin Giger at state farm, tell him i sent you. He will get you taken care of. 882-9414.

 

Wierd this name came up...a friend from school dated a guy with this same name, and i dfove by his old house the other day and wondered whatever happened to the guy...and 2 days later someone with the same name (hell, might be him for all i know) comes up...creepy. lol

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I don't have other companies lists but I do have access to Nationwide's list of ineligable vehicles. GTR is not on this list (Yet).

 

Acura NSX

Audi R8

Aston Martin - all

Bentley - all

Bugatti - all

Ferrari - all

Ford - GT / GT40

Jaguar - XJ220

Lamborghini - all

Lotus - all

Maserati - all

Maybach - all

McLaren - all

Panoz - all

Porsche 911 Turbo, 911 GT3 RS, Carrera GT, 959

Rolls Royce - all

Saleen - S7

Spyker - all

SSC - All

 

List with my carrier is likely similar. I had to take my GT3 to my company for them to see in person when I bought it so that they could verify it was not an RS because they will not cover the RS.

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So Geico had 3 people insuring their GTR with them, 1 person totals their car so the risk likelihood based on vehicle model shoots through the roof crushing some high threshold for your car to go on the list of uninsurable vehicles. I guess that's the price of having a rare car.

 

I'm guessing you don't put a ton of miles on it. Would it make more sense for most people to go with a smaller niche insurance company that is less likely to have policies like this, just for your 'exotic' vehicles? Then just keep a regular insurance company for their regular vehicles.

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I just dont understand how a company will insure the car then a short time later call and say they wont and cant explain.

Because Race Car (AKA Because Performance Characteristics)

 

:lolguy:

 

Sucks to hear, but jokes on them. I'm sure you'll have no problem picking up someone else to cover it.

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I just dont understand how a company will insure the car then a short time later call and say they wont and cant explain.

 

Underwriting rules change frequently. Happens more often then you would notice. It could be anything from 2% increase for a zone to flat out not insuring a specific type of vehicle. It is all about risk with insurance and if you are too much you will get dropped. Nature of the beast.

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I just dont understand how a company will insure the car then a short time later call and say they wont and cant explain. My 02 gt is rough and wont even put liability on it yet they will insure my Cobra. Whatever Ill move on

 

You know it art

 

 

Usually they can't cancel a policy mid term. Were you up for renewal? If so they looked over your policy again saw that they won't insure the cars and are now legally able to drop you instead of renewing you.

 

Allstate has some pretty good rates now too.

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Underwriting rules change frequently. Happens more often then you would notice. It could be anything from 2% increase for a zone to flat out not insuring a specific type of vehicle. It is all about risk with insurance and if you are too much you will get dropped. Nature of the beast.

 

I have one ticket for over 10 years driving, I dont see that I could be a risk. I havent even filed a claim ever on any vehicle.

 

Its mid term for my policy and they are surely removing 2 of the vehicles

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