California resident, I replaced my luxury sedan mid-2022 with a Tesla Y LR. I got several quotes for insurance, all about the same and typically 40% more than the premium for the sedan of similar value. I kept GEICO because I have been a long term customer. I insure 3 vehicles with GEICO with payments twice a year on January 1 and July 1.
I just receive the July 1, 2023 invoice, and it shows an increase (when compared to Jan. 1 2023) of 15 % for each of the 2 gas vehicles, but a staggering 40% increase for the electrical car ! This means that I have to pay about $1,000 more per year. I called GEICO and they talk about the 'cost of living', 'cost of Tesla repair', etc. without telling me why the premium went up so much. They have zero visibility in the increase and blame the algorithm; there is 'nothing they can do about it'.
Note that nothing changed in my policy: no new driver, no accident and no ticket. I just got older, but GEICO told me that this is not the issue ... then blurted out that they slam drivers when they reach 60; I know that because it happened to me 3 years ago when I reached that 'milestone' and got a 30% premium increase without explanation.
In December 2022, GEICO and State Farm agreed to limit their increase in California to 6.9%, but this does no seem to apply to my policy.
I heard about 'bait and switch' tactics in the insurance policy: do any of the TMC have similar experience with GEICO or State Farm ?
I just receive the July 1, 2023 invoice, and it shows an increase (when compared to Jan. 1 2023) of 15 % for each of the 2 gas vehicles, but a staggering 40% increase for the electrical car ! This means that I have to pay about $1,000 more per year. I called GEICO and they talk about the 'cost of living', 'cost of Tesla repair', etc. without telling me why the premium went up so much. They have zero visibility in the increase and blame the algorithm; there is 'nothing they can do about it'.
Note that nothing changed in my policy: no new driver, no accident and no ticket. I just got older, but GEICO told me that this is not the issue ... then blurted out that they slam drivers when they reach 60; I know that because it happened to me 3 years ago when I reached that 'milestone' and got a 30% premium increase without explanation.
In December 2022, GEICO and State Farm agreed to limit their increase in California to 6.9%, but this does no seem to apply to my policy.
I heard about 'bait and switch' tactics in the insurance policy: do any of the TMC have similar experience with GEICO or State Farm ?