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75% Insurance Increase

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This is worrisome moving forward. I have many family and friends who are now jumping on the Tesla bandwagon. If they are faced with huge insurance costs after their car is built or delivered, that would be unfortunate for them. I have a 2013 MS85 with Geico. My renewal just dropped $30 for 3 cars, BMW X5, MB CLS 500 and my Tesla.
 
My Geico policy comes up for renewal in March, and I'm in MD also. Will be interesting to see what happens. Last renewal period the rate went up $100 for 6 months, due they said to their experience with the Model S in this area. I have claen record, driving a P85. I should note that the insurance rate for my 2005 Prius (which is on a separate auto policy with Geico as it is garaged in PA where my son goes to school) went up about $10 per 6 month period a few weeks ago.
 
I just got my renewal quote in the mail for my 2013 P85 and I am disappointed. They insurance company increased my rate in Sept 2014 by $200 for 6 months. When I inquired as to why, I was told the cost for repairs was way higher in the DC, MD, VA area than they had anticipated. I replied that my record was clean, and they said yes, but the rates were adjusted for ALL Tesla owners (even those without accidents) to spread the cost between all Model S owners.

Today I got the quote for the renewal to take effect in March. The rates for items such as comprehensive and liability decreased slightly, but the Collision portion increased by $250, for a total insurance increase of $205 above the Sept 2014 increase. The Model S now costs more than twice what my 2013 Avalon Hybrid costs to insure, and three times what it costs to insure my Prius (on a separate policy) which my son has at college in another state.

BTW, the insurance for the Avalon Hybrid decreased by $15 for the next 6 months. That is what is supposed to happen as a car gets older, the insurance rates decrease, not increase. The Prius (which renewed in Jan 2015 on a separate policy because the car is garaged in another state where my son attends college and which lists him as a driver) increased by $3 because I added accident forgiveness to that policy (plus another $7 for adding car rental to the policy). The Tesla and Avalon Hybrid only lists me and my wife as drivers (our son need not be listed because he attends college in another state). All three cars have $300K/$500K liability, $300K/$500K uninsured motorists, comprehensive with $250 deductible and collision with $500 deductible.

I've read too much about the high costs of repairing this car. Tesla needs to investigate to determine why, and if the repair centers are taking advantage of the owners. The Model S is being totaled in many cases for seemingly minor cosmetic accidents. I love my car, but if it were to be totaled, I don't think I would buy another one if the insurance rates continue to go up.

I going to call my insurance company to see what they say this time, but I think I'm going to have to look at other companies to see what they charge.
 
Woah, mama! Geico just jacked up our Model S Collision cost for our renewal effective in April 2015. We have owned our Model S for 2 years and 1.5 months.
No change to discounts (new car still applied). No change to anything except cost of collision.
Total Insurance pre-renewal = $690.80
Total Insurance renewal = $931.80
Increase of 34%.
 
Woah, mama! Geico just jacked up our Model S Collision cost for our renewal effective in April 2015. We have owned our Model S for 2 years and 1.5 months.
No change to discounts (new car still applied). No change to anything except cost of collision.
Total Insurance pre-renewal = $690.80
Total Insurance renewal = $931.80
Increase of 34%.

That's for one year? That's still a pretty good rate.
 
Good rate not good rate. Totally dependent on location

If I had to pay $900 a year, I'd be pretty upset. I have USAA and I went from about $400 to $600 a year going from a 2007 Honda Accord to a S85. Pretty reasonable I think. $900 for me in my locale would be pretty high. (new policy - just called)
 
Woah, mama! Geico just jacked up our Model S Collision cost for our renewal effective in April 2015. We have owned our Model S for 2 years and 1.5 months.
No change to discounts (new car still applied). No change to anything except cost of collision.
Total Insurance pre-renewal = $690.80
Total Insurance renewal = $931.80
Increase of 34%.

Just got an apples to apples quote from Progressive and my rate dropped to $353! Peace out Geico!
 
I'm an agent and having to move my own coverage. I've done a little homework and know some of the companies that will and won't write an MS. PM me for any additional info requested.

One of the benefits of working with an agent, you have them do the shopping, calls to underwriters, etc for you.
 
Just got the latest increase from Geico by $200 for 6 months, bringing it to $800 (P85 and Sienna in MD). No claims, tickets, anything. Very upsetting. So I shopped around and Progressive so far is the best at $422 for 6 months. That's where I will go. Bye Geico, it was good while it lasted
 
Just got the latest increase from Geico by $200 for 6 months, bringing it to $800 (P85 and Sienna in MD). No claims, tickets, anything. Very upsetting. So I shopped around and Progressive so far is the best at $422 for 6 months. That's where I will go. Bye Geico, it was good while it lasted

Curious if you looked at USAA? That's where I plan to get my insurance from. Very competitive rates.
 
Just got the latest increase from Geico by $200 for 6 months, bringing it to $800 (P85 and Sienna in MD). No claims, tickets, anything. Very upsetting. So I shopped around and Progressive so far is the best at $422 for 6 months. That's where I will go. Bye Geico, it was good while it lasted

Strange. We just called Geico to tell them we were trading our 2013 Model S in on a 2015 that's just arrived at the service center and our rates increased by only $22 every six months. I suspect that the other shoe will drop at some point, though.
 
Thanks to everyone for your feedback. I do not believe I would qualify for USAA, although I did finish the Navy Seal Battlefrog 15K race in Orlando last weekend ;-)

So I ended up signing with Progressive for $440, about half as much as GEICO is now charging. I fully expect the premium to go up with the next renewal. It is interesting how we all thought rates would be lower with reduced medical claims. This may not change until Tesla becomes a true mass market car manufacturer.
 
Arghghghgh. In BC, the rate I received was about $2,200 annually, about double what my previous 2007 Infiniti M35 cost. And, since my car was built in December 2013, it gets classed as a "2013" car, which means they are going to try to take away the replacement cost availability next January instead of in December 2016 (a future battle).

This after seeing an Insurance Corporation of BC advertisement talking about by far, their costs are human injury, not vehicle repair.

Just trying to make y'all feel better about your rates!! :eek:
 
$1400/yr w/ Costco Ameriprise for 2 cars and 3-year gap coverage for the Model S.

Without the 2nd car, the Model S coverage rises to $1800/yr. Yep. Both cars are domiciled, for insurance purposes, in Los Angeles County.

I'll be shopping for more sensible coverage once the 2nd car is sold.