75% Insurance Increase

[Zextraterrestrial]

@zextraterrestrial Is your premium for six months? If so you are paying roughly twice as much in CA and @taurusking in TX only half of what I am paying in MD

ya. 100/300k coverage. I think it did go up a bit and the BMW is <1/2 the price of the S for close to the same $
I didn't have full coverage before I got the S so it might be time to check other insurance options. Many years ago I think I was banned from the ins. co. my mom had (state farm?) when I lost my license for 6 mo due to a well control drift around a corner in my 914..ooops now I just have 1 ticket in the last 15 years or so

 

[taurusking]

Yes but the price gouging and exorbitant repair rates by Tesla shops seem to more than make up for the fewer injuries. I've read a bunch of stories on the forum and hope our Tesla is never damaged in an accident in any way as it seems the few Tesla certified shops know they have a monopoly and jack up their prices. If this continues it is only a matter of time until the insurance rates go up.

Does Tesla still only sell parts to Tesla authorized body shops? This is part of the problem.

Is there a way that we as consumers can force Tesla to do something about this?

Like what you said reading horror stories of MS being declared totaled does not sit well with me

 

[jerry33]

Geico went up from $525 (six month) to $602. That is for a P85 and sienna. No accidents/tickets. As others have stated this is due to expiration of 'new car' discount and regional claims

I've been screwed by Geico in the past as well. Never again.

 

[ribsandbbqbeef]

I can see Tesla wanting to keep tight control of repairs involving the drive train or the tech stuff in the car via certified repair shops. However I don't see why they wouldn't lax up on their rules for body work since it's only cosmetic. It seems like a lot of the gouging is from the body shops & not from drive train / tech repair.

 

[aviators99]

"New car discount"?????? Has anyone ever heard of that from an insurance company before?

Mr. 75%er: how many vehicles are on your policy, and is that 75% number for all or just for the Model S?

The Tesla is on a policy by itself (so that I can exclude my teenager). My other two cars were also (and are still) with Geico, and the rates did not go up for them.

 

[SFOTurtle]

My auto policy just renewed with Travelers (who also underwrites my homeowner's policy) and there was no change in premium for my MS60.

 

[andrewket]

The Tesla is on a policy by itself (so that I can exclude my teenager). My other two cars were also (and are still) with Geico, and the rates did not go up for them.

Which state are you in? I thought about doing this as well, but Allstate insisted that VA law required all drivers in a household to be covered- no exclusions. I admit I didn't follow up on their claim at the time.

Edit: following up on my own post.

Can Married Couples Have Separate Auto Insurance? | Finance - Zacks

It appears to be true. New York and Virginia don't allow excluded drivers in the same household.

 

[dhrivnak]

I believe another part of rising repair costs is Tesla's unwillingness to sell any parts to repair salvaged vehicles. Normally insurance companies can sell totaled vehicles but with Tesla's stance the value of a surplus car is very low.

 

[scole04]

Same thing happened to me during my renewal in November. GEICO said they did a survey regarding how much it cost to fix the vehicle in an accident. Due to this they jumped my rates by around $100 per month. Ten year customer with no accidents/tickets. I promptly switched insurance companies. I'm disappointed at GEICO. My ten years of paying on time and no tickets/accidents has no value to them.

 

[Dadonator]

I guess you've never seen a Tesla repair bill. 23 THOUSAND for an almost invisible ding to the rear and front (was pushed into the car in front of me). Cars 1 and 3 had about $3,000 damage each and the Tesla, although appearing MUCH less damaged, cost car #3's insurance company $23,000+. I expect insurance to skyrocket with cars built out of "glass" like they are, but don't get me wrong, I have no desire to go back to an antique!

 

[DuncanWatson]

I've been screwed by Geico in the past as well. Never again.

Same, not on Tesla but on my Ford Focus Electric. I switched and won't go back.

 

[AmpedRealtor]

Sounds like Geico is the problem. Plenty of other options out there. Vote with your dollars.

 

[aviators99]

Sounds like Geico is the problem. Plenty of other options out there. Vote with your dollars.

Based on the repair quotes seen here, I think Geico might be doing the right thing. Eventually, all of the companies are going to have to raise rates if they lose money. I switched to Liberty Mutual, which allows 1 year policies (I also picked them because of the availability of the option to guarantee that they'll pay the cost of a car 1 year newer if totaled).

 

[bredi]

interestingly, we picked up a BMW i3 BEV and our rate quoted doubled with Geico. I have been "happy" with Geico up until now.

Geico doesn't appear to be EV friendly?

 

[jandkw]

I have All State for 25+ years but when shopped for insurance for my MS 20 months ago, some companies don't even have any records on the MS. For others (including Geico), they quoted ridiculously high. Liberty Mutual's quote was quite reasonably so I ended up using them for my auto and home. I have a small claim a few months ago with LM, the process and the people I worked with was very helpful with very little questions asked. Quite happy with LM so far.

 

[AmpedRealtor]

Based on the repair quotes seen here, I think Geico might be doing the right thing. Eventually, all of the companies are going to have to raise rates if they lose money. I switched to Liberty Mutual, which allows 1 year policies (I also picked them because of the availability of the option to guarantee that they'll pay the cost of a car 1 year newer if totaled).

Raising insurance rates on consumers by 75% is never "doing the right thing". I'm a consumer. I don't work or advocate for the insurance companies, as that is not in my best interest.

 

[PBEndo]

I recently shopped for coverage since I now have a 16 year old driver in the house. South Florida, no tickets, 1 not-at-fault accident with no injuries. I am currently with 21st century and I received quotes from AllState, Progressive, Geico, State Farm, Liberty Mutual, USAA and Travelers. The closest was Progressive, but it was still +$1000/6 mo higher than 21st. Geico and State Farm were close second place finishers (+$200), USAA after that (+$300). Travelers and Liberty Mutual were more than double my current rate.
I know every situation is different, and others may get better rates elsewhere, but I was amazed at the difference in rates that I found for similar or identical coverage.

 

[KalOrtPor]

The insurance companies are *not* losing money though....One $750k medical and personal damages claim will outdo dozens of Tesla repairs. And Tesla owners in general are a careful lot, and never have any medical claims and doubt they cause even a few. Baseless money grab to blame aluminum repairs with all the safety savings. I'll bet the incidence of minor fender benders is a lot lower too.

 

[Steelerfeever]

I sell the stuff (11 year State Farm Agent in AZ)... My little practice is pushing 3,000 insured vehicles. I have ONE Tesla insured. #2 will be next month (mine). My point is, it's going to take the bean counters (actuaries) some time to figure out how to price these things as there just aren't enough out there yet. For now, go with the best value you can find (good policy, decent premiums) with a reputable carrier. In a couple of years the carriers will have a better handle on Tesla claims/pricing.

 

[markb1]

The insurance companies are *not* losing money though....One $750k medical and personal damages claim will outdo dozens of Tesla repairs. And Tesla owners in general are a careful lot, and never have any medical claims and doubt they cause even a few. Baseless money grab to blame aluminum repairs with all the safety savings. I'll bet the incidence of minor fender benders is a lot lower too.

Except there have been lots of Model S accidents. The local body shop says that Teslas seem to get in way more accidents than other cars they service, based on how many are on the road. (Mostly rear end damage, they say.)