Review of Costco Car Insurance in 2023
Here is a brief overview of Costco Car Insurance for the year 2023. The "Costco Car Insurance Review 2023
A lot of people adore Costco for its affordable rates and delectable food court offerings. However, did you realize that Costco provides goods other than groceries? They also provide their subscribers with auto insurance. Through Connect, which is run by American Family Insurance, Costco customers can get auto insurance.
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| Review of Costco Car Insurance in 2023 |
You must be a member of Costco to obtain this insurance. The good news is that if you join, you can benefit from a variety of discounts and generally reasonable prices.
Costco offers a variety of auto insurance policies, but keep in mind that you must first join the company in order to get coverage. Consequently, if you're considering purchasing auto insurance from Costco,
Types of Costco Memberships:
Costco offers two types of memberships: Gold Star and Executive. With the Gold Star membership, you can shop both in-store and online. The Executive membership includes all the benefits of Gold Star, plus you get 2% cash back. Gold Star membership costs $60 per year, and the Executive membership costs $120 per year.
Extra Perks for Costco Executive Members:
If you have an Executive membership, you get some extra advantages. These include free roadside assistance and lifetime renewability for your membership. Besides auto and home insurance, Costco also provides other insurance options like renters, umbrella, life, pet, business health, and specialty insurance.
Types of Auto Insurance from Connect (powered by American Family Insurance):
1. Comprehensive Insurance: This covers events that are not in your control, like bad weather, vandalism, theft, or hitting an animal.
2. Collision Insurance: It covers accidents where you collide with another vehicle or object like a pole or a pothole.
3. Rental Car Coverage: This helps with the cost of renting a replacement vehicle after a covered accident.
4. Bodily Injury Coverage: If you're at fault in an accident and someone gets injured, this coverage helps with legal expenses.
5. Property Damage Coverage: It pays for damages you cause to someone else's property, like hitting their mailbox or parked car.
6. Uninsured Motorist Coverage: This comes into play if the other driver doesn't have enough insurance to cover your costs after an accident.
7. Medical Expense Coverage: Covers your medical expenses after an accident, including hospital stays and doctor visits.
8. Personal Injury Protection (PIP): Required in some states, it covers medical expenses, lost wages, childcare, and funeral expenses.
9. Guaranteed Auto Protection (GAP): It covers the difference between your car's value and what your insurance pays in case of a total loss.
10. Stolen Key Coverage (Comprehensive Insurance): Covers the cost of replacing locks and waives the deductible (up to $250) if your keys are stolen.
Additional Benefits:
Connect also offers accident forgiveness, which means your first at-fault accident won't increase your premiums if you maintain a clean driving record for a specific time. Customers also get free windshield repair, and if only repair is needed (no replacement), the Glass Repair Deductible Waiver will waive your deductible.
Limitations:
Unfortunately, Costco Insurance Agency is not currently offering new auto or home insurance policies to California residents. Additionally, Costco car insurance is not available in Alaska, Louisiana, Maine, North Dakota, and Wyoming.
How Much Does Costco Auto Insurance Cost?
The price of auto insurance from Costco can vary based on different things like where you live, your driving history, age, and the type of car you have. But Costco tries to help members save money by offering discounts on their insurance.
To get a quote, members can go to Costco's Auto & Home Insurance website and choose their membership type.
For example, a married 37-year-old woman with an Executive Costco membership in Minnesota might pay about $745 per year for auto insurance. This coverage includes $30,000 for bodily injury and uninsured motorist coverage, and a limit of $25,000 for property damage. On average, in 2023, people pay around $1,070 for auto insurance.
If the same person had a Gold membership instead, they would pay about $823 each year for the same coverage.
Costco provides different discounts to help members save even more money:
1. Premier Safety Discount: For people without recent accidents, traffic violations, or claims in the past four years.
2. Defensive Driver Course Discount: You can get a discount by taking a "refresher" driving course through your state's DMV or another approved organization.
3. Vehicle Safety Features Discount: This includes anti-lock brakes, airbags, automatic seatbelts, and anti-theft devices.
4. Garaging Discount: Available in specific states for people who park their cars in a garage overnight.
5. Good Student Discount: Full-time students who meet certain requirements can get this discount.
6. Student Away Discount: Students who live over 100 miles away from home without a car can keep coverage for weekends and school breaks without paying the full price.
7. Multi-Car Discount: If you insure more than one vehicle, you can get a discount.
8. Multi-Product Discount: Save money by bundling different types of insurance like auto with home, auto with umbrella, or auto with home and umbrella.
9. Tenure Discount: Customers who have been with Connect for a certain amount of time may get a lower premium compared to new customers.
Costco says that members who switched to Connect saved an average of $587.17 in their first year.
How to Make a Claim With Costco Auto Insurance:
If you have Costco auto insurance and need to make a claim, you can do it online 24/7 or by calling them. If you report the loss over the phone (and for some online claims), they'll contact you by the next business day. You can choose your favorite repair shop, or Connect can recommend one nearby. They also have preferred car rental facilities.
If you need help from customer service, you can call 888-404-5365 on weekdays from 7:00 a.m. to 10:00 p.m. CT, or on Saturdays from 8:30 a.m. to 7:00 p.m.
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