Effect of Acceleration Boost on insurance rates

[TMYB-C1]

Old thread, but very relevant to me... Geico just sent a letter saying they won't renew my policy on 3/15/2023 because I added acceleration boost to the policy. Currently trying to get them to realize this makes no sense, but also shopping around for another policy.

Looks like I said to much.

 

[AdamVIP]

Best to say as little as possible whenever talking with a cop/lawyer/judge/insurance agent.

 

[launchd]

Old thread, but very relevant to me... Geico just sent a letter saying they won't renew my policy on 3/15/2023 because I added acceleration boost to the policy. Currently trying to get them to realize this makes no sense, but also shopping around for another policy.

Looks like I said to much.

I'm not sure where in the country you live and if this is relevant to you but, Geico was literally the highest quote that I received for my Tesla '23 M3LR and I was an active customer of theirs (for 7 years, with a clean driving record). I ended up with State Farm, they quoted me the lowest rate out of all the major insurance providers.

 

[srs5694]

I'm not sure where in the country you live and if this is relevant to you but, Geico was literally the highest quote that I received for my Tesla '23 M3LR and I was an active customer of theirs (for 7 years, with a clean driving record). I ended up with State Farm, they quoted me the lowest rate out of all the major insurance providers.

My tale is similar. Prior to my 2019 Model 3 LR RWD, I drove a Chevy Volt and was insured by Geico. When I bought my Tesla, Geico quoted me a very high rate, so I went comparison shopping. I don't recall the details of all the insurance companies (I used an insurance comparison site and added one or two to the list they provided), but I ended up with Progressive. They actually charged me a tiny bit less to insure my Model 3 than Geico had been charging to insure my Volt. It's been almost four years now, so I may do some comparison-shopping again, since rates do change from time to time.

 

[TMYB-C1]

Thanks for your stories, I am past the dumfounded by lack of logic in their decision and have started shopping around for a different carrier for all of my policies while also waiting to hear back on a reconsideration from Geico.

 

[sightman]

Old thread, but very relevant to me... Geico just sent a letter saying they won't renew my policy on 3/15/2023 because I added acceleration boost to the policy. Currently trying to get them to realize this makes no sense, but also shopping around for another policy.

Looks like I said to much.

how did they even find out, did you notify them?

 

[TMYB-C1]

how did they even find out, did you notify them?

Added it to the policy since the upgrades tied to the car and no the person.... Silly move

 

[glide]

Thanks for your stories, I am past the dumfounded by lack of logic in their decision and have started shopping around for a different carrier for all of my policies while also waiting to hear back on a reconsideration from Geico.

Well…it makes perfect sense if you think about it.

Insurance companies are risk-averse. You bought, and want to insure, an already fast/expensive vehicle with a software package called “acceleration boost”.

 

[TMYB-C1]

Well…it makes perfect sense if you think about it.

Insurance companies are risk-averse. You bought, and want to insure, an already fast/expensive vehicle with a software package called “acceleration boost”.

With that logic they shouldnt insure the MYP or S or X... It's more likely that they put this in the same category as someone making non OEM modifications to an engine. Either way it's m mistake for mentioning it.

 

[glide]

With that logic they shouldnt insure the MYP or S or X... It's more likely that they put this in the same category as someone making non OEM modifications to an engine. Either way it's m mistake for mentioning it.

Well…not really. You cannot purchase an “acceleration boost” add-on with either of those vehicles.

Insurance is a risk/reward calculation. You may not like the way they operate, but it makes perfect sense to the carrier from a business perspective.

 

[sightman]

Well…not really. You cannot purchase an “acceleration boost” add-on with either of those vehicles.

Insurance is a risk/reward calculation. You may not like the way they operate, but it makes perfect sense to the carrier from a business perspective.

Isn’t buying the plaid variant essentially that? I mean the model S is THE fastest production car. I’m inclined to agree the logic by the insurance company is flawed on the acceleration boost.

 

[TMYB-C1]

Isn’t buying the plaid variant essentially that? I mean the model S is THE fastest production car. I’m inclined to agree the logic by the insurance company is flawed on the acceleration boost.

Exactly... You don't need to buy the acceleration boost for those car because their acceleration speeds are already faster.

 

[glide]

Exactly... You don't need to buy the acceleration boost for those car because their acceleration speeds are already faster.

Apparently you’ve never met an insurance underwriter. It doesn’t have to make sense to you.

There is a risk profile for someone who purchases a $50K vehicle + an acceleration boost option vs. someone who purchases a much quicker, stock, $140K vehicle. And sorry to say, they aren’t treated the same.

 

[TMYB-C1]

Apparently you’ve never met an insurance underwriter. It doesn’t have to make sense to you.

There is a risk profile for someone who purchases a $50K vehicle + an acceleration boost option vs. someone who purchases a much quicker, stock, $140K vehicle. And sorry to say, they aren’t treated the same.

Would have never understood anythig without ya

 

[glide]

Would have never understood anythig without ya

Clearly not. Seems like you still think you’re right and Geico is wrong becuz, Tesla doood!

Let us know when your insurance company gets off the ground. I’m sure many of us will be happy to buy your product.

 

[TMYB-C1]

Clearly not. Seems like you still think you’re right and Geico is wrong becuz, Tesla doood!

Let us know when your insurance company gets off the ground. I’m sure many of us will be happy to buy your product.

Multiple times I acknowledged it's my fault for mentioning it, called it a silly move.... You're just being ridiculous

 

[BigNick]

I'm not sure where in the country you live and if this is relevant to you but, Geico was literally the highest quote that I received for my Tesla '23 M3LR and I was an active customer of theirs (for 7 years, with a clean driving record). I ended up with State Farm, they quoted me the lowest rate out of all the major insurance providers.

Someone's gotta pay for that little CGI lizard bastard.

 

[glide]

Multiple times I acknowledged it's my fault for mentioning it, called it a silly move.... You're just being ridiculous

And now you’re following me? That’s creepy.

 

[Resist]

The thing with insurance is that a double edged sword when telling them about add ons. You'd want it covered should your car be totaled, otherwise you get nothing back for those purchases. They can just as easily deny a $15 FSD add on, because they don't want to pay out for that. But yes it's always good to review auto insurance prices at annually because things change so frequently. I ended up going with Tesla Insurance because they were a little less than my company, Farmers and anything else I could find. The good thing going with them is that all the Tesla software add ons are covered, they don't deny coverage for them.

 

[tesstuff]

Thread revival - so if I need to inform insurance of the Boost modification, what will it come under.
The following options are under engine/tuning which I get to choose?

Blueprinting

Engine - non standard

Engine - other alterations

Engine chip 00-10% inc BHP

Engine chip 11-25% inc BHP

Engine chip 26%+ inc BHP

Supercharging

Turbocharging

With it being a software mod, it's not an engine chip or is it, would it come under blueprinting????
I was thinking engine - other alterations, but then it's not an engine mod, it's a software mod.

Anyone done this before, any help appreciated?
Cheers.