GEICO low rates for Tesla

[Alan2000]

I had USAA and on the renewal this month
my rates were stupid expensive for ‘22 S Long Range and a ‘22 Hyundai SUV. About $450 a month. Got several quotes and in the end GEICO was 1/2 the cost of USAA, State Farm, AAA, etc. About $250 for both cars. Tesla insurance wanted $350 just for the S. Coverage was with $500 and $1000 deductible for comp snf collision and $1 million in lability coverage. (Added GEICO umbrella policy to bring GEICO auto limits up to $1M as I had with USAA.) The 50% savings factored in the cost of the umbrella policy.

YMMV depending on your driving history, addresse, etc… My rates are for SoCal. I tried a couple comparison websites and they were pretty worthless.

 

[VT_EE]

I had USAA and on the renewal this month
my rates were stupid expensive for ‘22 S Long Range and a ‘22 Hyundai SUV. About $450 a month. Got several quotes and in the end GEICO was 1/2 the cost of USAA, State Farm, AAA, etc. About $250 for both cars. Tesla insurance wanted $350 just for the S. Coverage was with $500 and $1000 deductible for comp snf collision and $1 million in lability coverage. (Added GEICO umbrella policy to bring GEICO auto limits up to $1M as I had with USAA.) The 50% savings factored in the cost of the umbrella policy.

YMMV depending on your driving history, addresse, etc… My rates are for SoCal. I tried a couple comparison websites and they were pretty worthless.

It's interesting how insurance rates are all over the map. I ditched Geico for USAA last year to save $600 every six months.

 

[Alan2000]

It's interesting how insurance rates are all over the map. I ditched Geico for USAA last year to save $600 every six months.

Yup, a family member with Tesla Plaid also in SoCal with USAA is paying about 30% less at USAA than my new S LR rate at GEICO. So even within the same company the rates can vary a lot depending on your specifics. USAA historically had very good rates and service. Neither have been the case with me for the past 2 years. (Had been insured with them for about 30 years.)

 

[Rally]

Interesting. About 10 years ago I left GEICO for State Farm and saved a lot. What started the process what I was hit by a DUI driver with a suspended license (for DUI) while driving a friend's car who didn't have insurance. I had to pay for everything up front and GEICO reimbursed me via a settlement. I did have uninsured coverage. I dropped GEICO like a hot potato after the horrible experience. Going from a 2013 F-150 Lariat to a 2023 MY, my insurance rate more than doubled with the same coverage. Almost 150% more. I'm definately open to new companies. The flip side is I have an awesome rate on the house which is bundled together.

 

[Silicon Desert]

Interesting. About 10 years ago I left GEICO for State Farm and saved a lot. What started the process what I was hit by a DUI driver with a suspended license (for DUI) while driving a friend's car who didn't have insurance. I had to pay for everything up front and GEICO reimbursed me via a settlement. I did have uninsured coverage. I dropped GEICO like a hot potato after the horrible experience. Going from a 2013 F-150 Lariat to a 2023 MY, my insurance rate more than doubled with the same coverage. Almost 150% more. I'm definately open to new companies. The flip side is I have an awesome rate on the house which is bundled together.

Yea, the wife always has a lot to say about insurance companies since in her career she has processed over 3,000 claims to practically every auto insurance company out there. Without commenting about any particular company (which will just make some people angry), she says you often get what you pay for because when it comes time to make a claim, that's where they screw with you. And yes, bundling is typically the best way to go if possible.

 

[Rally]

Yea, the wife always has a lot to say about insurance companies since in her career she has processed over 3,000 claims to practically every auto insurance company out there. Without commenting about any particular company (which will just make some people angry), she says you often get what you pay for because when it comes time to make a claim, that's where they screw with you. And yes, bundling is typically the best way to go if possible.

I would be interested in your wife's opinion. She obviously has a lot of knowledge and insight I don't. Feel free to message me if you open to the idea. I get not posting it here and starting a war of company X being better than company Y.

 

[Alan2000]

Interesting. About 10 years ago I left GEICO for State Farm and saved a lot. What started the process what I was hit by a DUI driver with a suspended license (for DUI) while driving a friend's car who didn't have insurance. I had to pay for everything up front and GEICO reimbursed me via a settlement. I did have uninsured coverage. I dropped GEICO like a hot potato after the horrible experience. Going from a 2013 F-150 Lariat to a 2023 MY, my insurance rate more than doubled with the same coverage. Almost 150% more. I'm definately open to new companies. The flip side is I have an awesome rate on the house which is bundled together.

I saw a recent report that listed USAA as #1 in service and GEICO number 2. I have friends who work in USAA and contacted them after an accident 2 years ago asking what was up with the horrible service. They told me there was an exodus of experienced staff at USAA. I ended up suing USAA for their improper denial of payments and claims handling. All I can say is that “the lawsuit was settled to my satisfaction”. In insurance your experience is based a lot on the quality of your adjuster and their workload. Every company in every industry post covid is having a hard time staffing. I was willing to pay a little more for good service, but with that no longer being the case, and the very high rates for Teslas, the lowest bidder is getting my money now. Check if you have Lemonade insurance in your state. They have some incredible rates for property insurance. However, they have not started offering auto in CA.

 

[Silicon Desert]

I would be interested in your wife's opinion. She obviously has a lot of knowledge and insight I don't. Feel free to message me if you open to the idea. I get not posting it here and starting a war of company X being better than company Y.

Well, let me generalize some situations. As she says, a lot has changed in the insurance industry in 30 years as might be expected, but the one constant is dealing with a claims processor when a claim needs to be made. Her experience as a paralegal is on the legal side working for clients to get the most back from a claim.

One comment was to be sure and compare apples to apples, and you have to read the fine print in the policy which some companies won't show you the fine print in a policy in advance of signing up unless you ask for a sample policy.

One good example: Let's say you damage your exhaust system in an accident. One company might completely pay for the repair whereas one of those cheaper internet-based companies might only re-imburse you for a "depreciated portion" of the system. They might say a typical exhaust system might have a usable life of X years before having to be replaced, and you already had the car for half that time, thus they will only re-imburse you for 1/2 the cost !!! It's things like this that will get you.

Another of her suggestions are to never accept an immediate payment after one of their evaluators looks at your damage. Some companies like to brag about paying you right away, but then you will have to take care of the repair and it WILL be more expensive. They typically low-ball the estimate.

If you aren't getting what you think is fair when you talk to the claims processor, politely suggest you might want to wait and first contact an attorney. Even though that is not your intend, you will be surprised how quick they become more cooperative. And if there is any personal injury involved, you should consider that anyway. Insurance companies almost always low-ball you on injuries and try to get you to settle quickly.

The BIGGEST thing to consider when getting your insurance is how much you have to lose. She had a few people who caused an accident, and they had only the lowest coverage required by law. They had to pay for the damages above what their policy covered and in 3 of the worst cases, they lost their home !!! Don't go for the minimum.

I know the above doesn't really help you make a decision on what company to use, but should give you some idea why some are cheaper than others.

 

[Tony8489]

I've had GEICO for quite awhile. 6 months premium in Sept, 2022 was $1,487. After an at fault accident in December it went up to $2,846 in March 2023, unpleasant but I guess that's on me. I just received the bill for Sept. 2023: $4,288!!! Now I need to look elsewhere.

 

[SoCal5]

Thanks for sharing, my 19 model 3 and 15 highlander are insured thru Tesla around $200 per month. No accidents very low annual mileage. Tesla didn’t submit insurance to dmv so I’ve had to manually submit and still haven’t received my registration tags. They were the cheapest in SoCal. Didn’t check out Geico tho, if they jack my rates up I’ll get a quote from them