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Geico = gouge-co
- Thread starter JackLuminous
- Start date
Same here. I pay $447 per 6 months for the 2018 M3 LR RWD. I don't recall Progressive's quote, but State Farm and Allstate were far more expensive.
Interesting how its different for different people. I believe its based on insurance cost losses and number of insured cars in a specific zipcode for insurance company. For me, with perfect driving record and no car repair history it just kept getting increased insanely every 6 months as Geico and couldn't believe when both State Farm and Progressive were coming significantly lower, almost for the cost of 1 car I am getting 2 cars insured at progressive. But Geico agent explained me that most likely one major factor is high number of cars insured by Geico in my zip plus what she said has been higher repair cost in the zip for Geico.
Luudcrs
Member
I've had Geico for years. When I added my 3 to our 2-car policy about 3 years ago, the overall rate was actually less than with the S4 that the 3 replaced. But that didn't last long. When renewal time came, they raised it by about 50%, claiming Teslas cost more for parts and repairs. So I shopped around. Even after the increase, Geico was still lower, and by a substantial amount compared to others I got quotes from (State Farm, Progressive, Nationwide, etc.). I haven't shopped around since, but I should. The one I haven't tried but has been mentioned here quite often is through Costco. Will see...
Curious what another vehicle would cost for you - there’s so many variables involved …. Not married hurts, the fender bender hurts, also your area, your mileage, occupation, credit score, so many factors — some we know, some we don’t — all go into your insurance pricing!
I just tried Costco connect and it gave me a quote of $1,639 for 6months.
Wow!!! that is a lot for 6 months. I know there are lot of variables. In my case, Tesla + 2 other vehicles(3 vehicles total), for two drivers, $500 deductible, 250K/500K bodily injury liability. I have no claims in last 2 decades. I am paying $1002.61 for 6 months with Connect/Costco. All others were quoting more than $1500.00 for 6 months. Their premium is low for me, but I don't know how their customer service will be when I really need the service in case of accident/liability.
I have no accidents in 16 years. Even the only accident I had was a fender bender. I have one car. No tickets. Not married (I hear that lowers your insurance for some reason).
I wonder if my insurance is more because my vin comes up as a performance model.
Had Geico for decades. When I asked for a quote for an 2021 M3P they wanted $2400/yr. I've got no tickets or violations, accidents (other than a hit and run while my car was parked), over 800 FICO score, older with kids. Shopped around and found Progressive to be the cheapest. Only paying $1100/yr with additional coverage like max liability. It's only $200/yr more than Geico was charging me for a 2009 BMW 335i. I initially wasn't going to get a quote from Progressive as they pissed me off years ago when they quoted me $7500/yr for a brand new 1997 Honda Prelude SH with a clean driving record. When I asked them why so much for a $24K car, they said we don't want your business. You are too much of a risk. I guess nearly 25 years later, I'm not much of a risk anymore.
m a x i m u s
Member
I have AAA for my AMG at about $2,500 a year. They quoted me $6,500 a year for my M3P. I was like dang, it's a Tesla not a Lambo. I decided to check out Tesla insurance and it's about $1,600 a year. Caveats: Tesla insurance is only available to California residents, is only a couple of years old, and I have not seen any reviews or experiences from policyholders.
roywo
Member
There is no benefit for customer loyalty in the car insurance business it would seem.
I've had maxed out Geico coverage for 15 years, and adding the Tesla to my coverage with 7 year old truck shot my rate up to 1900/6 months.
I got a quote from Progressive and pretty much immediately executed on it. Increased coverage, and it was under 800/6 months
Relevant data: mid 30s, no tickets, no accidents, credit score in the high 700s
I've had maxed out Geico coverage for 15 years, and adding the Tesla to my coverage with 7 year old truck shot my rate up to 1900/6 months.
I got a quote from Progressive and pretty much immediately executed on it. Increased coverage, and it was under 800/6 months
Relevant data: mid 30s, no tickets, no accidents, credit score in the high 700s
KrenGrl
Banned
Yes, that is the way I interpreted it, and that has been my experience. Often I got much better insurance for just a little more money and not having to pay double the price.
KrenGrl
Banned
Sounds like there are a LOT of differences between your "variables", and ours. We are a 2 driver family on the Tesla and our cost with AAA has been less than $1200 a year for the last 3 years. Something doesn't sound right about $6,500. Unless of course you are Evil Knievel
m a x i m u s
Member
Tell me about it, I almost fell over when they told me the quote. Who knows, maybe their computer system glitched or something. I ended up going with Tesla insurance, but I suppose it wouldn't hurt to get a quote from AAA again to see if there was a mistake. Nothing crazy about my driving, etc., I am pretty "normal".Sounds like there are a LOT of differences between your "variables", and ours. We are a 2 driver family on the Tesla and our cost with AAA has been less than $1200 a year for the last 3 years. Something doesn't sound right about $6,500. Unless of course you are Evil Knievel
I'm 54 with a clean record and have 2 other vehicles plus homeowner with State Farm .... went from 2016 BMW M4 to 2021 M3P - same coverage and my bill went down by almost $900 for the year ... I pay just over $1000 a year on the Tesla with highest coverages and $250 deductible on collision .... I have been with State Farm most of my adult life and have always had great experiences whenever I needed anything taken care of ...
Like many, Geico started us out nearly 40% the cost of State Farm 5yrs ago. Now, they keep jacking up the rates every 6 months...part of their game. Now with 4 cars, 1 teenager, one 22yr old and wife/myself, paying nearly $800/mo. Tesla 3, BMW X3, Ford Fusion, VW Jetta. Funny, my 22yr old daughter is the cheapest of all of us, then my wife, me and of course, youngest getting gouged like 300/mo.
They are all crooks, sham, lawyers, the whole industry is a racket. Protection is one thing, but FL is the most litigious states in the Country. IDK...
They are all crooks, sham, lawyers, the whole industry is a racket. Protection is one thing, but FL is the most litigious states in the Country. IDK...
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