Am I getting hosed on my insurance(Allstate)?

[Strmtrper6]

There is so much information you're omitting. What are your coverage amounts? Deductible? Location being city or town?

I live in Boston with all of the standard coverage limits here which you can find online and have a 1 k deductible for a 1600 premium every year paid in full from Geico. If I went with 500 deductible, it would have been close to 2k premium

I figured I would miss some things. I said it was 500/1000 comprehensive/collision. $300k bodily, $100k property damage. Suburbs of Cleveland.

 

[Strmtrper6]

Also, 36 y/o male with no accidents.

 

[SageBrush]

OP: Shop your insurance needs.
This thread is a waste of your time since quotes vary by region, driver, packages, history and choices.

And think about increasing your medical liability above $300k. That is easy to exceed in a multi-car crash and the premium difference is very modest. A higher premium also keeps bottom dwelling lawyers at bay since they know that the insurance company can field at will a cadre of lawyers on retainer.

 

[Strmtrper6]

OP: Shop your insurance needs.
This thread is a waste of your time since quotes vary by region, driver, packages, history and choices.

And think about increasing your medical liability above $300k. That is easy to exceed in a multi-car crash and the premium difference is very modest. A higher premium also keeps bottom dwelling lawyers at bay since they know that the insurance company can field at will a cadre of lawyers on retainer.

Thanks for the post. I agree I'll just have to shop around myself. I didn't realize how much insurance could vary on a "luxury car."

 

[paulvinh]

So what are you paying now with your m3? What kind of liability coverage?

Obviously, insurance costs vary wildly depending on who you are, where you live, how you drive, and claim history. I live in rural Colorado, have 1 ticket in 20 years (not in the Tesla), and have never been in an at-fault crash.

I just got my renewal notice from State Farm. In 2016, it was $589/6 months. It goes up a bit each semester, and the latest is for $643. They show that's discounted by something like $343 due to "multi-line discounts" for having other policies with them. The liability is set low since I have an umbrella liability policy, but otherwise it's pretty full coverage, including $0 deductible for glass. Which is a good thing since I just turned in a claim for a broken windshield, and the Tesla SC charged me $996.25 for that.

So take that for what it's worth, but yeah: if you think you're getting hosed, it will likely pay well to shop around.

 

[SageBrush]

I didn't realize how much insurance could vary on a "luxury car."

Part of the problem (I hope fleeting) is that repairs of minor damage can run $5 - $20k. Another part of this story is that the Model 3 is not just an entry level luxury car, it is a high powered "sports car."

Ask yourself this question: would you insure yourself, and for how much ? Or imagine you as your neighbor:
Buying a sports car;
History of speeding;
Sky high repair bills from minor damage.

 

[SageBrush]

So what are you paying now with your m3? What kind of liability coverage?

My impression is that liability coverage premiums scale with car weight, at least in the same vehicle category. I pay about $20 a month per car for $1M/500k in rural Colorado.

 

[drawfour]

Nearly all insurance companies will let you get quotes over the Internet. Just go to progressive.com, allstate.com, geico.com, statefarm.com, etc... put in some basic info and get a quote. Then you can find out, given the exact coverages that you want, how much it will cost. All other numbers you get from anyone else are bogus to compare yours to, because they don't have the same background as you. They don't live in the same area, don't have the same education, job, family situation, the other cars or houses you might have usually give you "multiple coverage discounts". They don't have the same level of years without a claim, speeding records, etc... Many insurance companies give you discount based on number of years you are a customer, so you can't compare with those since you would be getting it new there.

 

[SageBrush]

Nearly all insurance companies will let you get quotes over the Internet. Just go to progressive.com, allstate.com, geico.com, statefarm.com, etc... put in some basic info and get a quote. Then you can find out, given the exact coverages that you want, how much it will cost. All other numbers you get from anyone else are bogus to compare yours to, because they don't have the same background as you. They don't live in the same area, don't have the same education, job, family situation, the other cars or houses you might have usually give you "multiple coverage discounts". They don't have the same level of years without a claim, speeding records, etc... Many insurance companies give you discount based on number of years you are a customer, so you can't compare with those since you would be getting it new there.

Yep.

I think you can also use websites that search multiple vendors, similar to the way we search for plane tickets. A lot less annoying than typing in the same information for each quote.

 

[Strmtrper6]

Nearly all insurance companies will let you get quotes over the Internet. Just go to progressive.com, allstate.com, geico.com, statefarm.com, etc... put in some basic info and get a quote. Then you can find out, given the exact coverages that you want, how much it will cost. All other numbers you get from anyone else are bogus to compare yours to, because they don't have the same background as you. They don't live in the same area, don't have the same education, job, family situation, the other cars or houses you might have usually give you "multiple coverage discounts". They don't have the same level of years without a claim, speeding records, etc... Many insurance companies give you discount based on number of years you are a customer, so you can't compare with those since you would be getting it new there.

Totally agree. I'm just surprised how much variance based on vendors there are. $300-$400 per most vendors vs. the $1400 for Allstate.

 

[smartypnz]

I figured repairs may be less than the MS due to steel instead of aluminum.

My State Farm (multiple policies) was less than expected - but not by much.

 

[Hank101]

Model 3 owner. I'm being quoted $1200 per 6 month period when paid in full. 500/1000 comprehensive/collision. The quotes from other insurers seems much lower in cost.

Am I missing something or is Allstate the wrong choice for this vehicle?

Also, do any companies offer a discount for automatic collision avoidance?

Was with Allstate 30 years. Switched to Geico, 3 cars, full coverage, no accidents or tickets - any driver, dropped my rates exactly in half. I was getting screwed and didn't know it. Even met with my Allstate agent prior to the switch, he basically tried to sell me on how great they were, and that they have more offices in local locations than Geico. Switched that afternoon.

 

[Tezzie]

I have four policies with Allstate - Home, Auto, Life, and Umbrella. I was paying $112/month on my Acura. My first quote on the Model 3 was $400/month. I told my agent he can either come back with a better quote or I’m moving all my business to a different company. 10 minutes later he gave me a quote of $190/month - still too high but much more reasonable. I’ll still be shopping around for a lower quote.

Who did you end up going with? I am in Southern CA, and in the exact same situation with Allstate--homeowners, auto, and umbrella. I have been with them for 20 years I currently get a multi-car discount, homeowners discount, umbrella discount, good driver, no at-fault accidents or traffic violations. My coverage is for BI 300/500; PD 100; UMBI 300/500 for both cars because of the Umbrella policy.

For the 2010 Prius, I have
comp $0 and coll $500
coll waiver included for uninsured motorists
Towing
Rental $35

For the 2018 Tesla Model S I have:
compr $250
coll $1000
coll waiver included for uninsured motorists
Towing
Rental $35

The cost for both cars is $2617/6 months with the discounts!

So, I'm shopping around now, and it looks like Geico may be the winner in terms of reliability and cost for auto and umbrella. They can't insure my home, but even if I lose Allstate's 15% Homeowners discount, I save $1000 every 6 months.

I presented my Allstate agent with these facts, saying, "Hey, what am I supposed to do. Pay Allstate a $2000 annual bonus for...nothing?" She's checking with her supervisor, and I will report back here. I'm going to call her now and ask for a discount due to the Auto Collision Avoidance feature. That should be recognized as a safety feature.

 

[GPinzone]

I planned on getting competitive quotes after I got my model 3. I didn't realize it was going to be such a hassle. Every insurance company wants you to fill out some web form. I thought the insurance quote aggregators would make this easy, but they really don't help. Here's what you should do:

1. Get PDFs of your current homeowners and auto insurance statements.
2. Look up all the local insurance reps for the various insurance providers.
3. Email or call them and ask for a comparative quote based on your current insurance parameters. You want an apples-to-apples comparison. If your current insurance provider provides full glass and roadside assistance, then that's what you want a quote on. Sending them the PDF is how you can avoid answering a million little questions. You'll also need to provide your SSN and every other driver's name and SSN. Do this through email.
4. With the new quotes, contact your current insurance company and tell them you have been looking around and have gotten quotes way lower than what you are paying. Do not offer the quotes you received unless asked. If so, do not provide the lowest one. Pick the 3rd lowest. You can always counter with the lower ones if they come back with a quote higher than the lowest.
5. Remember to consider that insurance companies give discounts when you have BOTH home and auto with them.

My Allstate insurance rates were TERRIBLE! The agent got it down to where it's the lowest of all the quotes I got without even having to negotiate.

 

[TankoftheNorth]

Allstate gave me one of the lowest overall Car (2) + home quotes. I'm an existing customer. Swapping the new Tesla Model 3 for my old Nissan raised my insurance by 300 every 6 months.

Edit: For Costco members, I recently got a quote from Costco/Ameriprise and the rate was lower than every where else for the same coverage.

 

[ngogas]

Try progressive insurance.

 

[Chak]

That seems really high. I have auto insurance, home owner's insurance through AllState as well. I pay $375 for Tesla 3 and $330 for Infiniti QX60 for 6 months. My deductibles are $100 for comprehensive and $500 for collision. No tickets in the last 5 years.

 

[SageBrush]

"Hey, what am I supposed to do. Pay Allstate a $2000 annual bonus for...nothing?"

Not true, you get lots of TV commercials

 

[gambit48]

Part of the problem (I hope fleeting) is that repairs of minor damage can run $5 - $20k. Another part of this story is that the Model 3 is not just an entry level luxury car, it is a high powered "sports car."

Ask yourself this question: would you insure yourself, and for how much ? Or imagine you as your neighbor:
Buying a sports car;
History of speeding;
Sky high repair bills from minor damage.

The sky high repair bills from minor damage go with pretty much any car now with parking sensors. DW was in a minor fender bender in our 10 yr old Lexus. $11k. You hit those sensors, maybe need a tiny bit of paintwork (any amount, even a little scratch), and you're talking $3-8k right there. That's with aftermarket parts too.

 

[Runt8]

Who did you end up going with? I am in Southern CA, and in the exact same situation with Allstate--homeowners, auto, and umbrella. I have been with them for 20 years I currently get a multi-car discount, homeowners discount, umbrella discount, good driver, no at-fault accidents or traffic violations. My coverage is for BI 300/500; PD 100; UMBI 300/500 for both cars because of the Umbrella policy.

Once I had my VIN, they were able to do a "real" quote, which ended up being about $280 more every 6 months, so I'm sticking with them for now (I don't want the hassle of switching life and homeowners and want to keep the multi-policy discounts). I'll probably check again in a year or two.