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Geico insurance increase

Discussion in 'Model 3' started by KL670, Sep 23, 2019.

  1. KL670

    KL670 Member

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    We just got the Geico statement for the next 6 months. Our 2 tesla and 1 Lexus household, has seen an increase from $1100 to $1450. The model 3’s we have used to cost around $330 each for 6 months. It’s now $550. Anyone seen this?
    I just got off the phone with them. Of course they told me it’s based on their stats of repair costs and blah blah blah.
     
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  2. Trips

    Trips "Boring bonehead questions are not cool. Next?"

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  3. RC2785

    RC2785 Member

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    A lot of insurance companies will raise your rates after the first 6 months when those new customer discounts expire, try switching to a new insurance.
     
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  4. phaheem

    phaheem Member

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    Geico just raised my insurance Insurance

    Same thing happened to me. Really cheap first 6 months then nearly doubled in the 7th month. Switched to Ameriprise/Costco for a cheaper rate than the introductory Geico rate...we’ll see if Ameriprise/Costco pulls the same stunt
     
  5. FunSecured

    FunSecured Member

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    We had the same experience. We’ve actually
    been with Geico for some time and while initially, they were really price competitive, even with our multiple Teslas, we’ve seen two sets of increases over the past year and change that have been really significant.

    It was most recently better for us to drop our Model S with them and insure it alone, with Tesla. It’ll be interesting once Tesla irons out the multi-Policy stuff to see how that shakes out
     
  6. KL670

    KL670 Member

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    Actually I’ve been with them for years now and have insured my Tesla’s with them for 3 years. It’s the first jump I’ve seen.
     
  7. GaboPaz

    GaboPaz Member

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    FYI: according to the manager of the body shop I just got my Tesla out of (Tesla certified shop in Van Nuys, CA), Geico is among one of the worst insurance companies to deal with. Another on his list is Liberty Mutual. He said Wawanesa was good though - I have Wawanesa :)
     
  8. Wennfred

    Wennfred Supporting Member

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    I have Wawanesa also, no issues.
     
  9. HelloJohnny

    HelloJohnny Member

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    I've experienced the same price increases with Geico. Here's my breakdown of my first year with them:

    First 6 month premium: $120/per month
    Next 6 month premium: $132/per month
    Next 6 month premium: $192/per month

    Reason for premium increase is due to the "high" repair cost of Teslas and that they adjusted their coverage for them.

    I've had enough of the price increases and switched over to Tesla Insurance with better coverage at $128.00/per month
     
  10. azred

    azred Active Member

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    I switched from Ameriprise/Costco four months ago when rate shot up. Geico had a much lower rate and I took it -- but they would only offer for six months though twelve is sometimes a possibility. So I have assumed I will be shopping again in two months. Some people will stay with the same company come hell or high water. Not me.
     
  11. billionaiire

    billionaiire Member

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    Insurance is a form of social and financial syndication of risk, after all. Eventually there’s no exception left when it comes to rates as they look to catch up with each other.

    Tesla is notorious for long repair times and excessive repair costs (I’m not trying to defend or attack that; it is what it is), so even if YOUR Tesla isn’t in an accident, you’re ultimately bearing a little for someone else’s loss and as more and more Tesla’s are on the road and get into accidents, the worse it’ll get.

    If Tesla parts and labor were much cheaper and turnaround times faster than they are today, insurance companies don’t have to worry about rental costs, diminished value etc. that much. Someone is paying for that and it sure as hell not the insurance companies.

    Tesla Model 3 has attracted an unnecessary luxury reputation that of a delicate expensive artifact. The rates are going to rise for a while. At least that’s my opinion.

    But with all that said, for other sedans in 40k/50k range, what are people seeing in terms of insurance rates? Are they significantly less than Tesla?
     
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  12. SD_Engnr

    SD_Engnr Active Member

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    Interesting. I was told the exact opposite from the main Tesla repair shop here in San Diego. Must be a matter of knowing how to navigate Tesla's process.

    Also a Geico customer, and no rate increase since getting my 3 last August. Next billing cycle is coming, so we shall see what happens.
     
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  13. VT_EE

    VT_EE Active Member

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    I just got my renewal, and Geico just lowered mine $63. I'm now paying ~$2600/yr for 3 vehicles and 2 adult drivers. No accidents except a no-fault rear-end last May.
     
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  14. KenC

    KenC Active Member

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    Worst for the customer or worst for the body shop manager?
     
  15. Wizard2416

    Wizard2416 Member

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    Basically is the same thing in this case...
     
  16. ⚡️ELECTROMAN⚡️

    ⚡️ELECTROMAN⚡️ Active Member

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    #16 ⚡️ELECTROMAN⚡️, Sep 30, 2019
    Last edited: Sep 30, 2019
    I was thinking about trading my Model S for a Model 3. Does anyone know if the rates are substantially lower for the Model 3.
     
  17. DopeGhoti

    DopeGhoti Active Member

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    I called around to get insurance quotes when I placed my order for my M3. They were all outrageous. I saved my current provider for last, and I called them expecting my premiums to double. My insurance cost for a six month premium went up by negative two hundred dollars per term. I'm paying less now than I was for a car from 2014. Give Progressive a call.
     
  18. Finkleson

    Finkleson Member

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    I had Gieco for many years, including my previous car. After seeing Tesla introduce their insurance. I jumped into it, bought it saving me 50$ monthly compared to Geico

    Tesla Insurance | Tesla
     
  19. xxxholic

    xxxholic Member

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    Same happened to me. I went from paying $400 every six months to paying $1000 every six months. When I received quotes from Progressive, Liberty Mutual, and State Farm - they were the same or even more expensive.

    The reason for the price is hike is the newness of these cars and they are expensive to repair and parts are extremely hard to come by. I had loss on my vehicle, it took a month repair and cost around $5.5k (USD) for a simple fix (3 wheels, the panel that runs along the underside of the doors)(this process also includes a rental car).
     
  20. leeeeee

    leeeeee Member

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    This is what I see from Geico to quote replacing my Model 3 LR/AWD with a BMW 330xi AWD. Car prices are pretty comparable.
     

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