Geico Ramps Up Model 3 Collision Premium

[EVTomorrow]

hi fellow model 3 owners, the upcoming premium from Geico on my model 3 is outrageous. I own 3 cars, a 2014 BMW 3, a 2018 Honda Odyssey and a 2019 Model 3. The collision w/ $500 Deductible for Tesla is $548, compared with $216 for BMW and $170 for Honda. Please see the pic yourself.

Background: 12 years with Geico, no accidents for 12 years.

Any recommendations for Tesla friendly insurance? Thanks!

 

[srs5694]

There are already a lot of threads on Tesla insurance, so you may want to check them for specific suggestions. Note also that insurance details differ by region, by driver, by coverage details, etc., so what's good for one person may not be good for you; and you certainly can't compare exact insurance costs with other drivers on a national (much less international) forum.

My own recommendation is to go to an agent or site that will enable you to compare rates from several insurers; and/or check multiple insurers yourself by calling them or asking for an online quote. I did this before buying my Model 3, and found huge disparities in rates -- about a 6x range in costs, IIRC, although one of those was an outlier, so excluding it resulted in a range of more like 2x or 3x. FWIW, my previous insurer was Geico, but it was one of the pricier options (but not the outlier), so I dumped them and changed to Progressive. Most other people who've mentioned Progressive on this forum say they've given good rates. Geico has mixed reviews; some, like you and I, have reported high rates from them, but others say they've got good rates from Geico.

Also, Tesla plans to roll out their own insurance plan soon. I gather they're working with an established insurance company, but I don't recall which one. Their idea is to use driving data from your car to incentivize low-risk driving habits, but I don't know the details. I also don't know how close they are to rolling out this product, but you might want to look into it if this idea sounds appealing to you.

 

[kengchang]

Should up it to 1K, don't know why people choose low deductible for collision unless you tend to run into other objects a lot.

 

[jjfash]

Yeah that seems very high. I also have Geico and a clean record, but my $500 deductible costs me $236 per 6/months.

 

[EVTomorrow]

There are already a lot of threads on Tesla insurance, so you may want to check them for specific suggestions. Note also that insurance details differ by region, by driver, by coverage details, etc., so what's good for one person may not be good for you; and you certainly can't compare exact insurance costs with other drivers on a national (much less international) forum.

My own recommendation is to go to an agent or site that will enable you to compare rates from several insurers; and/or check multiple insurers yourself by calling them or asking for an online quote. I did this before buying my Model 3, and found huge disparities in rates -- about a 6x range in costs, IIRC, although one of those was an outlier, so excluding it resulted in a range of more like 2x or 3x. FWIW, my previous insurer was Geico, but it was one of the pricier options (but not the outlier), so I dumped them and changed to Progressive. Most other people who've mentioned Progressive on this forum say they've given good rates. Geico has mixed reviews; some, like you and I, have reported high rates from them, but others say they've got good rates from Geico.

Also, Tesla plans to roll out their own insurance plan soon. I gather they're working with an established insurance company, but I don't recall which one. Their idea is to use driving data from your car to incentivize low-risk driving habits, but I don't know the details. I also don't know how close they are to rolling out this product, but you might want to look into it if this idea sounds appealing to you.

Hi srs5694, thanks for the info provided! I will start the quote today.

 

[EVTomorrow]

Yeah that seems very high. I also have Geico and a clean record, but my $500 deductible costs me $236 per 6/months.

hi jjfash, thank you. I think mine is about the same currently, but my upcoming bill in Jul got jacked up. Thank you and I will try other companies.

 

[Bill Foster]

USAA on my SR+ was 400 bucks cheaper a year then the 20123 335 I traded in

 

[Eno Deb]

Are you insuring the Model 3 for the first time this period, or did they hike the price on renewal?

I'm also with Geico and recently did my annual shopping around for better rates. The least expensive offer I received online (Progressive) is about the same as what I pay Geico now, so I haven't switched. But if they significantly increase my rate on the next renewal I know where to go. FWIW, I pay about $260 for the collision part with a $500 deductible now. But as others have said, YMMV because there are regional differences.

 

[EVTomorrow]

USAA on my SR+ was 400 bucks cheaper a year then the 20123 335 I traded in

Ckanderson thank you so much. I will definitely try USAA as well.

 

[EVTomorrow]

Are you insuring the Model 3 for the first time this period, or did they hike the price on renewal?

I'm also with Geico and recently did my annual shopping around for better rates. The least expensive offer I received online (Progressive) is about the same as what I pay Geico now, so I haven't switched. But if they significantly increase my rate on the next renewal I know where to go. FWIW, I pay about $260 for the collision part with a $500 deductible now. But as others have said, YMMV because there are regional differences.

It is for renewal. I insured my model 3 since Apr.

 

[SJC3]

Mine went up about $100/6months as well at Geico. Will find some time to shop others, but I suspect the repair and theft/damage claims are driving this.

 

[run-the-joules]

Reminder: Your insurance company does not give a crap about you nor your loyalty, except in very limited cases. Shopping around every time you are up for renewal is in your best interest.

 

[zhu-]

I have Geico with $1000 collision deductible and $100 comprehensive and my rate is around $430/6mo.

 

[Tam]

...collision w/ $500 Deductible...

If you are in California, please give Wawanesa a try:

My 2017 Model X: $194.03
2018 Model 3: $185.42

 

[UTMB]

Costco/Ameriprise $307/ six months. Clean record.

 

[rad1027]

Are you insuring the Model 3 for the first time this period, or did they hike the price on renewal?

I'm also with Geico and recently did my annual shopping around for better rates. The least expensive offer I received online (Progressive) is about the same as what I pay Geico now, so I haven't switched. But if they significantly increase my rate on the next renewal I know where to go. FWIW, I pay about $260 for the collision part with a $500 deductible now. But as others have said, YMMV because there are regional differences.

Weird. I was with GEICO for 14 years and when I did a quote to add the Model 3 & remove the car the model 3 was replacing, they wanted an outrageous amount. Switched to Progressive and received better coverage for less than what Iwas paying before getting the model 3. Go figure.

 

[SMAlset]

Apart from upping your deductible if you are comfortable doing that, another thing you should consider doing is going with a company that offers more than auto insurance and getting a break on multiple policies like home, apartment, etc.

And an important thing you have to take into account is how satisfied are people with coverage with a particular company in getting their cars fixed when there is an accident. It's a trying time to being with and having to fight your own company to get your car fixed is not something you really need to be going through.

 

[SMAlset]

Mine went up about $100/6months as well at Geico. Will find some time to shop others, but I suspect the repair and theft/damage claims are driving this.

Damage that's not from a collision (like vandalism) or when the car is stolen will fall under the Comprehensive part of one's policy, not Collision BTW.

 

[SJC3]

Damage that's not from a collision (like vandalism) or when the car is stolen will fall under the Comprehensive part of one's policy, not Collision BTW.

If comprehensive claims go up, wouldn't it still impact the overall premium?

 

[SMAlset]

If comprehensive claims go up, wouldn't it still impact the overall premium?

The topic as I understand it was specifically about Collision rates going up on his policy which would involve accident repairs. You could decrease or increase your deductible and it would affect the policy premium upwards or downwards too. So many variables to one's car insurance policy to take into account like medical, and liability for bodily injury and property damage, uninsured motorist, etc. So just talking about one's "premium amount" without all the other factors spelled out there's no real way to realistically compare rates. Best thing is to look at your current policy and it's specifics and try to compare the same exact coverage to another company's. That way you are more comparing apples to apples and getting a fair picture of what is best for you.

Also take advantage of any discounts a company might offer like low mileage credit (I know...hard to image when driving a Tesla! but maybe you use one car more than another and could qualify under that), non-smoking maybe even, if it applies to you. Do ask them about other discounts otherwise they might not mention them to you. And I would tell them you are shopping your coverage. Maybe there's a discount for being a long-term policy holder. Never know, but businesses aren't likely to mention things like this if they think you are happy paying your premium now.