Go to an independent agent. Not an ageency that only sellls Geicco, State Farm etc. An independent agent can compare insurance from multiple companies and if you bundle car an home and do an umbrella policy you can save quite a bit. Know this from experience with my other vehicles. I haven't gotten a quote on a Model 3 yet, waiting until November when my lease is up.
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Geico Ramps Up Model 3 Collision Premium
- Thread starter EVTomorrow
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groovidad
Living the Dream!
If you took out a loan for the auto, the lending institution requires it in the loan documents. I don't know if all lenders require it but, every vehicle loan I have acquired, the lender was adamant on the $500 deductible.
My insurance (Mercury) company is able to issue a declaration that meets lender's term even though I have a higher deductible for like $25 one time fee.
That said the $500 would be a minimum deductible they would expect. If you upped your deductible to $1K for example the premium for that portion would go down somewhat. If you have the funds and can handle an out of pocket expense easily, you'll save yourself money over the life of the policy if you don't have a claim under that portion. It's really smart when reevaluating your coverage with your agent to have them give you quotes based on several different levels of deductible amounts. Then you decide what works best for you.
Oh and our insurance carrier also offers a discount if you prepay your policy for a longer period of time, like over a year as oppose to semi-annually or quarterly. You need to be a smart consumer and work out the best deal for you with the best quality of coverage from a highly rated insurance company. If you have crappy coverage, you could get sued personally for what your insurance company won't pay out in a claim if you're fully or partially at fault. The biggy here is really medical coverage.
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groovidad
Living the Dream!
Actually, the "$500 deductible" must be maintained until the vehicle is paid off, per lender. That is what I have experienced. That said, you are absolutely correct that increasing to "$1K" will drop your premium. I actually financed a Volvo and a year later, upped my deductible. So, sure, you can. Don't know anything about the lender reaching out to your insurance carrier asking if the $500 is still in affect. Most likely not an issue.
If $500 breaks the bank, okay......$1K deductible is also much cheaper premium and can probably recoup that $500 in two years.
You won't recoup it quite that fast. You don't pay $500/yr more to switch from $1000 deductible to $500. But statistically you are better off with $1k deductible. And if lose your gamble, $500 more is not a big deal.
halfricanguy
Model 3 - LR RWD - MSM
WOW! Can you ask your local agency WHY it went up so aggressively? I have Geico, I’m 24, and have had 2 accidents in the past 3 years (one at fault), yet my premium went DOWN when I renewed mine a few months ago. Yet, your new Collision premium is higher than mine is currently (with a $500 ded) but I still pay more overall. Maybe they made a mistake or there’s an accident erroneously on your record?
That being said, you usually aren’t locked to insurance companies, you can cancel at any time, so it doesn’t hurt to shop around.
355rockit
Member
My GEICO policy went up 25% at the renewal this month. Agent said they re-evaluated cars and said Model 3 was found to be more costly to repair and upped the premium. I ended up upping my deductible to compensate, but still higher than last 6 months.
Glamisduner
Active Member
xkwizit
Member
I have been a GEICO customer in California for over 10 years and I have maxed out all kinds of discounts they provide including multi-line. At Nov 2018 renewal, Model X and Model 3 together 6 month premium=$1883 with a teenage driver and another college student driver on the account. May 2019 renewal=$2800 - no accidents no changes...the collision coverage for MX went up from $275 to $523 and M3 from $572 to $1014. GEICO says they are experiencing high repair costs statewide and thus across the board it is increasing.
Checked with Farmers, Progressive, Liberty Mutual and State Farm - nobody can still beat GEICO. WTF? How can collision go up 81%.
Checked with Farmers, Progressive, Liberty Mutual and State Farm - nobody can still beat GEICO. WTF? How can collision go up 81%.
Eno Deb
Active Member
I generally agree that low deductibles usually aren't the best choice. In my case going from $500 to $1k only saves about $50/6 months though, so it would take 5 years to recoup. Anyway, not the kind of money worth losing sleep over.
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