LoL-Gas
Member
Glad it is not just me. USAA, Nov 22 ($425) April 24 ($1050). No accidents, claims, tickets, etc..
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About Insurance Rates
- Thread starter Vettepartz
- Start date
WilliamG
Hinge Fanatic
I take yours, and raise you (Seattle) Progressive Insurance for my 2022 Model S Plaid, - November, 2023, $1146 (for 6 months). Renewal just popped up at $2100 for 6 months. No accidents, claims, tickets etc.
LoL-Gas
Member
WilliamG
Hinge Fanatic
Yeah a year before it was $1146 it was $670. It's just a racket. Oh, and in Seattle at least Progressive won't even insure Teslas anymore, - not even a base Model 3. If you already have Progressive now, you can keep your Tesla insured with them, but it's clear they're trying to get rid of the coverage. If I dumped Progressive for some other insurance company, I wouldn't be able to go back to Progressive. So frustrating. Not sure what to do at this point. I'm paying about $1600 in tabs, too, at the moment (thanks, Seattle!), so I'm nearly $6k a year without even driving my damn car. Sigh.
LoL-Gas
Member
This is a unfortunately the trend. With many people buying Tesla and new (may be young) owners not careful or used to the instant torque causing accidents and drive up the curve of the premium of Tesla insurance. I think Tesla insurance also service Washington, if you can stand the nanny, usually it is cheaper, it is 1/3 of the costs vs the others for me and I have filed claims before, the service is great. Bear in mind YMMV, they are lack of staff, after they centralized the rental car handling through a single email account, that became a major bottleneck if you ever have to change something and with recent layoffs, expect further delays. Besides companies not covering Tesla, AAA won't write the policy without home owner. Interesting thing is any non Tesla cars I tried to get a quote on is much cheaper than my Tesla.
WilliamG
Hinge Fanatic
Yeah. Unfortunately Tesla insurance isn’t available in WA State. Not sure I like the idea anyway but I’m rapidly running out of options here.
WilliamG
Hinge Fanatic
Licensing fee, you know, so you can drive legally on the roads.
You'd think with dramatically reduced values in the last year back to even before pre-pandemic that they'd lower rates back down because they're average payout per vehicle (highest ones being total losses) are so much lower than before. But each insurer charges as much as they can get away with and when the economics of rising prices caused their payouts to rise, the asked for larger increases from each of the state insurance commission authorities which were mostly granted. When prices and values go back down, most states don't come back and force them to lower their rates.
aerodyne
2 of 3 EV's - Defect Free!
The way that EV's are depreciating, maybe all I will need is liability coverage on a few years...
WilliamG
Hinge Fanatic
Part of it is insurance companies actually losing money. Did you see how much State Farm lost in 2023? $6.3m. Sorry, did I say $6.3m? I meant $6.3bn. That's bananas.
And yet they still managed to grow their networth from $131B to $134B from 2022 to 2023.
State Farm® Announces 2023 Financial Results
Bloomington, IL, February 29, 2024 — In 2023, State Farm property and casualty insurance companies experienced growth in policies while also reporting underwriting losses due to continued elevated claims severity and significant catastrophe activity, for both the auto and homeowners insurance...
Have you seen the performance in both the credit and debt markets? I'm not saying folks should buy shares (likely missed the boat by 14 months)?
In my mind, we ought to look at why insurance premiums have gone up, then think of practical solutions to make things reasonable for the average carowner/motorist. For as much as I hate the idea of more tech and less human attentiveness, the idea of automatic emergency braking systems becoming mandatory might help. It's not to say that this will eliminate car accidents and rear-end collisions, but perhaps it will mitigate the damage to both the vehicles and occupants if the speed upon impact is reduced as a population.
Personally I would like to see stricter and more frequent drivers education sessions and simulated accident programs of the most common and devastating situations so the person can learn from a simulator rather than learn too late in real-life. In the age of I-Racing leagues and the Apple Vision Pro, I don't understand why we're not using this technology for skill/judgment building. Perhaps those who complete the simulators with an acceptable score will get a reduction in their insurance premiums. I've got lots of other ideas but I'll just stop here and not go further down a rabbit-hole.
