Insurance after accident

[Pcuz]

Hi All,

Doing some research on insurance. Seen a lot of threads on cheapest price etc. But would love to hear from people on experiences after a claim was made and if they got good service?

Ran numbers and seeing a huge difference in price between Geico, progressive, all state etc. So if nothing else use this as a PSA to always shop around before you renew. You might be nicely surprise the effort pays off!

But price is one thing… hence the question about how those guys are once you actually need them!

 

[brainhouston]

I've been with progressive for ages..
never had issues with them paying out other party (never used collision/comprehensive yet)
i mainly like them for online ability to switch cars anytime i want

for me insurance went up by few hundred per 6mo for few cars after accident (was small payout, 2-3k)
its kinda hard to judge increases due to multiple cars/drivers on policies n diff scenarios for everyone
my agent also told me everyone's insurance gone up this year...

 

[Keninblaine]

All insurance companies are increasing rates. I've been with Allstate for 39 years and decided to shop around. I learned today that Progressive won't insure my Tesla Model 3 LR "due to Progressive being unable to adequately price for this vehicle type, which makes it difficult to accurately rate your quote at this time."

 

[edwch]

Statefarm has been really great for us. One of our cars got hit while parked and the driver didn't have insurance. Statefarm covered our damages (over 20k) and paid for a loaner car until the car was repaired (took a month). Our rates are really good too compared to others.

 

[towndrunk]

All insurance companies are increasing rates. I've been with Allstate for 39 years and decided to shop around. I learned today that Progressive won't insure my Tesla Model 3 LR "due to Progressive being unable to adequately price for this vehicle type, which makes it difficult to accurately rate your quote at this time."

I don't understand. We switched to Progressive for their lower rates when we bought our '18 LR3 in July 2018. Stuck with them for our '22 PY and next week our '24 PX. Had trouble where they didn't like the VIN for the PX, but our agent straightened that out.

 

[jeremymc7]

Been with Allstate for 30 years now.

They’ve been great with all claims including a totaled Tesla that they paid me than it costs me.

Premiums go up if it’s your fault but it’s reasonable, especially compared to the payout and it doesn’t stay in your policy too long.

One time a decades back on a big claim they were going to drop me but ended up just switching me to a different type of policy and then back to their regular policy after a couple years.

My agents have always been reachable and friendly along with spending all kind of time with me to run various scenarios to get the best rate. They’re hooked me up with all kinds of discounts.

I highly recommend an umbrella policy they cost hardly anything and can cover you for $1-2M in the event of something major like hitting a car full of lawyers. Haha.

 

[brainhouston]

Whats umbrella policy?

 

[jeremymc7]

Whats umbrella policy?

A policy that covered you above all your other policies. Ie car, home, boat, motorcycle, etc.

You’re car policy may say max at $500K but the umbrella goes to $1M.

It’s a generally policy above all your other policies and for higher amounts than you ca typically get with just say your car policy.

“Umbrella insurance provides coverage beyond the limits of your other insurance policies, or for claims that may not be covered by liability policies. Umbrella insurance generally provides liability coverage for: Injuries. Damage to property.”

 

[DAHTcom]

If one has assets to protect in the event of a large liability claim made against them, when the max coverage of an auto policy does not adequately cover those assets, an umbrella policy is very important. Conversely, if one has few assets to protect, not only would an umbrella policy be excessive, but a large limit auto policy may not be warranted either.

Without trying to blanket all Tesla owners as having a large (dollar) amount of assets owned, I would assume most likely would benefit from having an umbrella policy. I also second the comment earlier that they are generally pretty affordable for the amount of coverage they provide.

Having worked in Personal Auto Insurance for almost two decades, I can tell you, it's ALWAYS best to shop around. Generally coverage is the same, as it is guided by state statutes, case law, etc. So Liability coverage with one carrier basically covers the same thing another carrier would. There are small differences sure, but in the end it is always my recommendation to friends and family to know what coverage you need/want (or spend a few minutes learning what you actually need, it's not complex), and then shop around for the carrier that gives you the cheapest rate for those coverages and limits.

 

[jeremymc7]

I don’t know if you would agree but I’ve always been told that you want to insurance yourself for at least for your worth This would include any equity in your house , car, cash, investments etc. Likewise given that many people get raises annually it’s best to revalue your coverage limits every so often.

 

[DAHTcom]

I don’t know if you would agree but I’ve always been told that you want to insurance yourself for at least for your worth This would include any equity in your house , car, cash, investments etc. Likewise given that many people get raises annually it’s best to revalue your coverage limits every so often.

I agree with most of that, if not all, depending on specifics in your state. In some states, a primary residence is not an asset that can be "in play" for judgements while investment property usually can. There are also some gray areas in some states with investments when they are pensions or retirement accounts, versus regular taxable accounts.

They key point you made though is 100% spot on. One wants at least enough to cover their "worth" or assets, and this likely changes often... at least often enough that a brief personal review, taking only 5 minutes, can go a long way for peace of mind that the huge premium one is paying is actually going to cover them on what might possibly be the worse day of their life.

 

[Keninblaine]

Been with Allstate for 30 years now.

They’ve been great with all claims including a totaled Tesla that they paid me than it costs me.

Premiums go up if it’s your fault but it’s reasonable, especially compared to the payout and it doesn’t stay in your policy too long.

One time a decades back on a big claim they were going to drop me but ended up just switching me to a different type of policy and then back to their regular policy after a couple years.

My agents have always been reachable and friendly along with spending all kind of time with me to run various scenarios to get the best rate. They’re hooked me up with all kinds of discounts.

I highly recommend an umbrella policy they cost hardly anything and can cover you for $1-2M in the event of something major like hitting a car full of lawyers. Haha.

I've been with Allstate for almost 39 years, and have an umbrella policy. Shopping for insurance can be time consuming and frustrating in order to get an apples to apples comparison. The reviews generally give Allstate pretty low ratings for pricing and for claims settlements compared to many other companies.

I expect that Progressive may continue to provide coverage for Tesla owners already with them. They may be avoiding taking on new polices for Teslas.

 

[Keninblaine]

I don't understand. We switched to Progressive for their lower rates when we bought our '18 LR3 in July 2018. Stuck with them for our '22 PY and next week our '24 PX. Had trouble where they didn't like the VIN for the PX, but our agent straightened that out.

You're an existing customer. Perhaps they are declining only new Tesla customers.

 

[jeremymc7]

I've been with Allstate for almost 39 years, and have an umbrella policy. Shopping for insurance can be time consuming and frustrating in order to get an apples to apples comparison. The reviews generally give Allstate pretty low ratings for pricing and for claims settlements compared to many other companies.

Allstate isn’t cheap. Nor are they the most expensive. But you know you get what you pay for as well they say. I’ve have several claims with Allstate and they always go out of their way to be there, fix things quickly, and do it to my expectations.

I’ve seen so many times people get company A or B to save some money and the company is totally great. That is until you have a claim and they really raise your rates, make you feel like you have to accept their solution , or just end up getting dropped.

A lot of insurance companies are great until you need them.


To each their own.