Why did my auto insurance increase on a new lease?

Question

I had a nissan altima on a 3 years lease. I turned it in and got an '08 maxima for another 3 years. Insurance-wise, everything is the same. Why did geico increase it $50 per month???

Answer 1

While it would make sense for a newer more expensive car to be more expensive to insure, a $50/month increase seems like a lot. I would suggest calling GEICO and seeing if you can get at itemized breakdown of how much you were/are paying for each component of your coverage.

Answer 2

Newer vehicle and replacement value is higher.  

Answer 3

The answer may vary by person.It would be a good idea to hear some of them and try to choose the best one.Here is a good one.http://insurance.online-frees.info/insur...

Answer 4

Because a new car is worth more than a three year old car.  Likely, the collision and comprehensive went up.

Call geico and ask THEM to explain it.

Answer 5

because now you are insuring  a brand new car.  another reason?  Geico may have taken a rate increase since your last policy.