Costco Insurance Feedback (Geico Insurance is now over $200 a month, paid in full! absolutely ridiculous)

[VinayRaju21]

Looking for feedback on Costco insurance... looks like there was 2 options through them, Connect (700 for 6 months) and Midvale (900 for 6 months). Has anyone used this for their Model 3, and any pros/cons other than the price?

I have Geico now, and the price is getting ridiculous... now charging 1200 for a 6 month, and that is paid in full. I am in ATL, GA.

 

[karkrazy]

Auto insurance is one of those things where you have to continuously shop. It’s extremely hard to compare one person to another as locations, driving history, claims history, credit and many other factors play a role in premiums charged.

Costco itself is not underwriting the policy - it’s these insurance companies. How good is their customer service? Claims servicing? Adjusters? Are they going to drop you after a claim? Best get multiple quotes from multiple firms then checkout reviews online. You’ll see some feedback that it is a good idea to shop auto insurance every 2-3 years.

Some food for thought - I have geico too but am in the SF bay area. 2 cars (‘22 MY and ‘21 bmw), very high coverages and extremely low deductible. 6-mth policy is under $900. I have had one total loss claim on a 5-series 3 years ago and yet they didn’t raise rates on me But geico is consistently 50% cheaper than anyone else for me. Long story short, keep shopping around good luck!

 

[ucmndd]

I’ve had Connect/AmFam (was Ameriprise) insurance through Costco for ~7 years now. All in all I’ve been extremely pleased with the service to value ratio. They were (and continue to be) one of if not the cheapest options available to me, and the service has been quite good.

I’ve filed two claims with them, one for a not-at-fault collision in one of my non-Tesla cars, and a comprehensive claim for my Model S. Both were resolved quickly and to my satisfaction. They’ve been very easy to work with.

 

[VT_EE]

Geico seems to not want to insure Teslas. I dumped them.

 

[ElectricIAC]

Yeah we have Geico and ours went up too, looking at Tesla insurance.

 

[VinayRaju21]

I’ve had Connect/AmFam (was Ameriprise) insurance through Costco for ~7 years now. All in all I’ve been extremely pleased with the service to value ratio. They were (and continue to be) one of if not the cheapest options available to me, and the service has been quite good.

I’ve filed two claims with them, one for a not-at-fault collision in one of my non-Tesla cars, and a comprehensive claim for my Model S. Both were resolved quickly and to my satisfaction. They’ve been very easy to work with.

Good to know! I saw that Connect was by far the cheapest option I have seen for my 3. Since it is through Costco, I had to assume it was reputable and solid

 

[VinayRaju21]

Yeah we have Geico and ours went up too, looking at Tesla insurance.

I am in GA, still no Tesla Insurance there

 

[ucmndd]

Good to know! I saw that Connect was by far the cheapest option I have seen for my 3. Since it is through Costco, I had to assume it was reputable and solid

Also it’s worth noting my rates have stayed very consistent, even with the claims… they do bump up a tiny bit every renewal but honestly it’s been lower than inflation, so hard to complain.

 

[jjrandorin]

I’ve had Connect/AmFam (was Ameriprise) insurance through Costco for ~7 years now. All in all I’ve been extremely pleased with the service to value ratio. They were (and continue to be) one of if not the cheapest options available to me, and the service has been quite good.

I’ve filed two claims with them, one for a not-at-fault collision in one of my non-Tesla cars, and a comprehensive claim for my Model S. Both were resolved quickly and to my satisfaction. They’ve been very easy to work with.

I moved to Connect /AmFam from MetLife (which got bought by farmers). I have not had a claim, but the pricing was like 40-45% cheaper than metlife / farmers for auto, and I have not had a claim / ticket etc for like 20-25 years.

The onboarding process was very easy with Connect. I havent had a claim yet, so am glad to see this feedback, but their customer service through the onboarding process was very good.

 

[Mr_Joe]

Looking for feedback on Costco insurance... looks like there was 2 options through them, Connect (700 for 6 months) and Midvale (900 for 6 months). Has anyone used this for their Model 3, and any pros/cons other than the price?

I have Geico now, and the price is getting ridiculous... now charging 1200 for a 6 month, and that is paid in full. I am in ATL, GA.

I'm currently with Geico (have been for 8+ yrs), accident free with 0 claims with a perfect driving record, and the insurance quote I just received from them went up $100 more a month. I'm a new Tesla owner (MYP), taking delivery in March. Did you find better insurance company? I may try progressive once I have a VIN assigned.

Geico's pricing tells me they don't want to insure Tesla's in Atlanta.

 

[Monkichi57]

I had Geico for 17 yrs before I got my Tesla back in '21 (multiple policies and multi-vehicle discounts), and when I asked for a quote for my model 3, it jumped from $665/6mos (2 Volvos, no accidents; full coverage) to $1800/6mos (1 Volvo and 1 Model 3). I jumped ship to State Farm and was quoted $343/6mos for the Model 3. It went up a little (~$20/6mos; now $365/6mos), but manageable. I have 2 Teslas with them now and so far been good. Model S is pretty pricey, but glad I have full coverage on it ('17 MS for me is $702/6mos). Note, I do have a new driver (~18yrs old) on my policy and it didn't make an impact yet.

 

[neilsf]

I'm in Las Vegas, 50yo, 1 small not-at-fault ~$2500 damage, 5 years ago. Been with GEICO for 12 years.

My previous 2011 BMW 3-series convertible with high coverage, moderate deductibles was $1020/6mos.

My new (yesterday! Woo!) 2020 M3LR with identical coverage is $1750/6mos. with GEICO.

Note that GEICO does not offer gap coverage. GEICO's glass coverage in Nevada is anemic; 1x / year with full deductible otherwise it's totally on you.

Tesla quoted me $1010/6 mos. (safety score 98) for apples-to-apples coverage, offers gap coverage as an option, and when I spoke with the Tesla agent a week ago, I think I heard that glass is covered without a deductible for Nevada.

I tried calling Tesla insurance yesterday to double check the glass coverage, was told a 25 minute wait, actually waited 55 minutes, and got disconnected on their end when I was finally transferring to an agent. When I tried calling back, the call center had closed.

Given the savings, availability of gap coverage, and how little I have claim history, I am jumping ship for Tesla insurance as soon as I get the details of glass coverage straight with an agent. Even if it's a *nightmare* to deal with claims and adjusters, the savings is too great to beat.

 

[neilsf]

After 1h 15m hold, I spoke with Tesla insurance this morning. Just updating the info here.

Because I bought the vehicle used from a 3rd party dealer, I cannot get loan/lease gap coverage. Tesla Insurance only offers this gap coverage when you buy the vehicle directly from Tesla.

Glass coverage in Nevada is covered at the comprehensive deductible rate, which for me in the Tesla app the lowest I can go for a deductible is $500.

The SafetyScore sets itself to 90 by default for the first two months of coverage, and then the premium is adjusted up or down in month 3 and beyond based on actual scoring. Obviously, the closer to 100, the better the driver Tesla thinks you are, and the premium may improve.

The mileage level you select is set for the first 6 months of the policy. Upon renewal, vehicle telematics are compared against your policy level, and "the computer" will auto-adjust the premium for successive renewal periods should you have more mileage than stated. There is no way, according to the Agent, to have a human make any adjustments.

I'm signing up shortly, but the policy won't go into effect until tomorrow. The bindings process at midnight the day you want coverage to begin -- like every other policy I've had.

 

[pvdoug]

After 1h 15m hold, I spoke with Tesla insurance this morning. Just updating the info here.

Because I bought the vehicle used from a 3rd party dealer, I cannot get loan/lease gap coverage. Tesla Insurance only offers this gap coverage when you buy the vehicle directly from Tesla.

Glass coverage in Nevada is covered at the comprehensive deductible rate, which for me in the Tesla app the lowest I can go for a deductible is $500.

The SafetyScore sets itself to 90 by default for the first two months of coverage, and then the premium is adjusted up or down in month 3 and beyond based on actual scoring. Obviously, the closer to 100, the better the driver Tesla thinks you are, and the premium may improve.

The mileage level you select is set for the first 6 months of the policy. Upon renewal, vehicle telematics are compared against your policy level, and "the computer" will auto-adjust the premium for successive renewal periods should you have more mileage than stated. There is no way, according to the Agent, to have a human make any adjustments.

I'm signing up shortly, but the policy won't go into effect until tomorrow. The bindings process at midnight the day you want coverage to begin -- like every other policy I've had.

This from Costco last month:

"California members: The Costco Insurance Agency is currently not offering new auto or home insurance policies in CA."

I have an 2M umbrella for my condo and Tesla. I will be grandfathered in. I am advised that Connect has filed for a 25% increase. Today I received a quote for my umbrella insurance and it has not increased.

 

[brianbcc]

I'm also here in the Bay Area and have Costco Connect insurance for both our cars, as well as home and umbrella.

For the 2023 M3 RWD, it's $379 semi-annual.
Coverage is 250/500k bodily, 100k property, with $500 deductible.

But we're also in our 50s, perfect records, no accidents, etc.

Hope that helps for reference.

Cheers!