Geico just raised my rate another 40%

[Tanquen]

Don’t seem like that should be legal.


I know it’s mostly a bait and switch thing as they raised it much the same after the first year and I had to increase my deducible and lower coverage to get it back down.

When is Tesla doing their thing? Will it be just as bad?


I’m tired of being screwed over by companies that don’t add value but check a box and increase their revenue by 40%.

Can we start a site where we all agree to cancel our insurance on the same day and until they lower the premium by 75%?

 

[ucmndd]

This is their polite way of telling you they don’t want your business. Lots of companies will insure Teslas for reasonable rates. Time to vote with ye olde wallet...

 

[DOCAL]

@Tanquen : are you in California? I had the same thing last week, but it was a 25% raise.
I called them, they said it was due to rising costs of medical bills in CA. So I got some quotes, called them back and cancelled.
Progressive gave me higher coverage for the same as Geico charged me last time.

 

[ASMills85]

Individual rates are based on so many different factors, but in my situation Geico went from around $900/6month with my old car to $1800/6month with my Model S. I switched to progressive and pay just under $900/6month.

Shop around if you haven't.

 

[darxsys]

You have options. What’s the problem? Be grateful you don’t live in British Columbia, for example. Screw Geico and switch.

 

[zwede]

Check with Travelers. This is my 6th year with them & my Model S and I still pay the same $600/6 months I did the first year.

 

[sorka]

AAA hasn't raised my rates on my P85DL since I got it new over 4 years ago. Still paying $1200/year.

 

[Patrick W]

My policy with Progressive did go up but only from $736 to $785 per year Much less than I paid a few years ago for Allstate.

BTW, my Allstate agent told me Allstate has reduced prices for Tesla but it's still not down to Progressive's.

I'm looking forward to whatever Tesla is coming up with for insurance.

 

[swegman]

OP, do you have any tickets or accidents or live in an area with high insurance rates? I have been with Geico since getting my model S in 2013. The rate for my March renewal (in the Washington DC suburbs of MD) went down from the previous 6 month period. I have 300k liability, 250 collision deductible, towing to the nearest Tesla “dealer” regardless of distance plus a 1M umbrella policy for about $900/6 months.

 

[mswlogo]

Individual rates are based on so many different factors, but in my situation Geico went from around $900/6month with my old car to $1800/6month with my Model S. I switched to progressive and pay just under $900/6month.

Shop around if you haven't.

It's not so easy to "shop around" we have two houses, a boat, 2 cars and an umbrella. A lot of insurance companies give you discounts for buying everything from them, and a lot of other insurance companies don't do everything. So even though we found a good rate else where, our umbrella went way up because we no longer insured our cars from that company and the new company doesn't do everything.

This will be a difficult issue for some folks to use Tesla for insurance. My wife spent weeks trying to sort stuff out and it's really hard to know if you are really getting the same coverage on things.

 

[Tanquen]

I ended up with them because I shopped around but now I have to shop around again and see if I can do better. I was under a grand a year and then it went up and I made adjustments to get it back down but now it's going to be like $1400 a year. I'm almost 50, don't drink never had a ticket and the car has 1938 miles on it and will be 3 years old in October.

Nothing changed the last time they did it and nothing changed this time either they're just douchebags and from what I've read online you call and complain and then they lie, like it's medical expenses in your area have gone up or some other nonsense.

I think they just randomly bump people's rates by 20% 30% 40% and hope nobody says anything. Some people calling and b**** some people leave but mostly they make a bunch more money for doing nothing.

 

[ASMills85]

It's not so easy to "shop around" we have two houses, a boat, 2 cars and an umbrella. A lot of insurance companies give you discounts for buying everything from them, and a lot of other insurance companies don't do everything. So even though we found a good rate else where, our umbrella went way up because we no longer insured our cars from that company and the new company doesn't do everything.

This will be a difficult issue for some folks to use Tesla for insurance. My wife spent weeks trying to sort stuff out and it's really hard to know if you are really getting the same coverage on things.

Again every persons situation is different, but in my experience multi-policy discounts are often a trick to make the customer think they are getting the best rate available, and to get more of your business. I have a rental home, my home, and my vehicles all insured with different companies.

It isn’t a quick 5 minute job to check other insurers, but it isn’t that labor intensive either. Your rates should be clearly spelled out to compare to each other. This isn’t something you would do often. Once every year or so. I personally don’t ever do it until something changes (Buy/sell a car or a large rate increase.) Switching my carrier when I bought my Tesla saved me almost $2000/year. Everyone’s time is valued differently, but to me it was a no brainer.

It would have to be practically free, or tried and proven by others before I would ever consider using Tesla as my insurance provider. I suppose time will tell with that.

 

[TiggerTime]

Definitely time to go shopping. Allstate did the same thing to me several years ago when I bought a Honda Civic si. Initially got a good rate then each year they would increase it and then they did a big increase and I dumped them. Even gave them a chance to match what State Farm quoted and they said they couldn't and that State Farm was raising rates later that year so they were sure my rate would too.
Not only did it not go up it went down. When I got the Tesla my rate went up about $120 /yr.

Always, keep an eye on your renewal rates and 1st sign of them increasing start shopping. doesn't cost you anything to switch insurance companies to a lower priced company with the same policy configuration.

 

[Tanquen]

I got the paperwork today and that's why I was pissed off. I just checked with Progressive and I know I checked with them last time and they were more but as of 10:00pm this evening they're $415 for 6 months with $20 off if I buy 6 months at a time.

When I first got the car All $tate wanted like $2500 a year and that was with a house and the other car etc.

 

[ucmndd]

It's not so easy to "shop around"

It is. Find a broker and they’ll do all the work for you. Well worth it in your situation.

 

[nio796]

I was in the same situation, Geico went from &700 to $1700 after I bought MS last month. Tried all state, State Farm and couple of others and $1700 was the lowest.

Yesterday I tried progressive and they quote me $700 for 6 months. Geico is cancelled and progressive coverage is 3 times better.

Question: do you guys get road side with insurance or just rely on Tesla road side service?

 

[Nick B]

It's not so easy to "shop around" we have two houses, a boat, 2 cars and an umbrella. A lot of insurance companies give you discounts for buying everything from them, and a lot of other insurance companies don't do everything. So even though we found a good rate else where, our umbrella went way up because we no longer insured our cars from that company and the new company doesn't do everything.

This will be a difficult issue for some folks to use Tesla for insurance. My wife spent weeks trying to sort stuff out and it's really hard to know if you are really getting the same coverage on things.

Maybe you should think of doing business with an insurance broker. You provide your information once and they do the price comparison for you. No need to call multiple companies...

 

[BigNick]

Consider a well-established local or regional insurance company that doesn’t blow millions of dollars on SuperbOwl commercials with a stupid animated lizard.

Also, DON’T skip or cheap-out on rental coverage (unless you have long-term access to a “spare” car). Tesla is notorious for taking a long time to supply body shops with parts.

 

[Snowstorm]

My experience has been that insurance company almost always slowly raise rates in 1-2 years after someone signs up. They know that switching is a hassle and not everyone wants to shop around. So rates slowly go up to extract more revenue hoping you don’t care to notice or jump ship. Like slowly cooking a frog.

 

[bhzmark]

It's not so easy to "shop around" we have two houses, a boat, 2 cars and an umbrella. A lot of insurance companies give you discounts for buying everything from them, and a lot of other insurance companies don't do everything. So even though we found a good rate else where, our umbrella went way up because we no longer insured our cars from that company and the new company doesn't do everything.

This will be a difficult issue for some folks to use Tesla for insurance. My wife spent weeks trying to sort stuff out and it's really hard to know if you are really getting the same coverage on things.

However they arrive at your rate, by applying discounts because of home or not, doesn’t really matter. Simply compare total marginal costs:

1) given all home etc. insurance from current Acme insurance co, how much MORE will they charge you for total insurance after they add your car? That marginal cost is X.
2) collect quotes from other insurance cos and find the lowest quote for your car insurance. That marginal cost is Y.

If Y << X, then switch.

It would be more work, but you can also do the same exercise with all your insurance.

Don’t succumb to the cognitive error of chasing perceived “discounts” vs. simply comparing marginal costs.