Geico = gouge-co

[JackLuminous]

Anyone else using GEICO for a new 2021 M3 LR? I figured being long-time accident-free and ticket-free customer, they would have offered a decent rate so I didn't shop around ahead of our delivery tomorrow (to our house no less) Our current and only vehicle is a 2012 Lexus ES and after adding the M3, our rate almost tripled. I though maybe the online quote doo-hickey was busted so called to speak with an agent and got the same answer. Removing the Lexus (after we sell it this week) drops the premium by very little..HFS.. When we asked why, we got "expensive repair and replacement costs". I figured it would be higher but damn...
.
Is this the same experience for others in Virginia?

 

[oreobbq]

Not in Virginia but yeah that's not a surprise going from a '12 Lexus ES to a '21 LR M3. The shock will wear off, enjoy your car!

 

[LionXng]

I experienced the same thing so I left Geico when I got my model 3. USAA was about a quarter of the price for the same coverage.

 

[run-the-joules]

Insurance companies, like Tesla themselves, do not care about customer loyalty and just do whatever they feel like.

Always shop around.

 

[TLLMRRJ]

Geico was insane in the membrane for my Model 3 Premium. They lost a lot of business with me over that mistake, and constantly send, “we’re sorry, let us try again” emails.

 

[JackLuminous]

Yeah, thinking I will be doing the same, once I get my stuff sorted out.

 

[AmokTime]

I had geico when I traded in my old car for SR+. They raised our premium from $1200/yr to $2400/yr. I moved to another insurer and the rates dropped dramatically. Even after we bought a second SR+ the new insurer is less than $900/yr.

 

[fortunex]

(Arizona) I had Geico but the rate they wanted to charge my 2021 M3 was ridiculous. Progressive ultimately saved me $1k. Bought through Jerry app.

 

[tech_nerd]

Had Geico for years, I quoted a M3 to replace my 2017 Ram 1500 and its almost double, $600 now to $1100 for 6 months! Ill be shopping around soon...

 

[Physicslawyer]

I asked Geico for a quote. They wanted $1500/yr. My 2016 Z51 3LT Corvette is $1000/yr. Progressive quoted me around $600/yr for the same coverage.

 

[schlacterdream]

Same here. My insurance has been insane eden after no bad driving event or insurance claim. I trusted Geico for too long and checked progressive yesterday - well my quote is half the price Geico is charging me!

 

[Physicslawyer]

I'm wondering if Progressive will honor these rates after renewal. I have Progressive for my motorcycle insurance, and they have had quite a few rate increases (with no changes on my end). I hope it's not a bait and switch. Anyone have longer term experience with Progressive on a Tesla?

 

[CapitalTM3]

Yep. Had geico for my fams previous two vehicles and the quote alone to update one of them to a ME SR+ was about another 1k for 6 months. Promptly kicked them to the curb and haven’t looked back. Shifted to progressive and saved a *sugar*-ton.

also: I’m in the northern VA area as well.

 

[dmurphy]

Happy State Farm customer. Swapped a Cadillac and Buick for a Model 3 and X, and my overall premiums went down about $100/year.

 

[techzelle]

Yes, Geico quote was way high. Moved to amconnect from costco, and price was even lower than my old prius.

 

[father_of_6]

Interesting... I've been using Geico here in NY state for years. The M3 LR AWD only raised my 6 month premium by $100. I don't *think* our rates are high normally, I did a lot of comparison shopping years ago and found Geico to be the cheapest. Their rep also confidently stated... "Nobody beats our prices in New York".

Perhaps somehow their prices vary by state?

BTW... the last car was a 2013 Chevy Cruze... so I actually think the difference in value between the vehicles warrants the $100 premium increase.

 

[JackLuminous]

Interesting... I've been using Geico here in NY state for years. The M3 LR AWD only raised my 6 month premium by $100. I don't *think* our rates are high normally, I did a lot of comparison shopping years ago and found Geico to be the cheapest. Their rep also confidently stated... "Nobody beats our prices in New York".

Perhaps somehow their prices vary by state?

BTW... the last car was a 2013 Chevy Cruze... so I actually think the difference in value between the vehicles warrants the $100 premium increase.

Yeah i guess VA must be the "rake 'em over the coals" state.

Thanks for the info and perspective, everyone.

 

[rdeca]

Geico kept raising my premium so I switched to Tesla insurance which was cheaper with better coverage

 

[JaxonDM]

I had geico when I traded in my old car for SR+. They raised our premium from $1200/yr to $2400/yr. I moved to another insurer and the rates dropped dramatically. Even after we bought a second SR+ the new insurer is less than $900/yr.

That's a terrible premium rate. No wonder why my neighbor also stopped using Geico.

 

[Uncle Paul]

Gotta shop around.