Xenoilphobe
Well-Known Member
One of the few industries where discrimination is allowed. Age, sex, lifestyle, credit score etc
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The bean-counters in the back room of insurance companies are all statisticians. Fair or not, negative statistics also have a large part to do with rates. Younger drivers, maybe drivers under 28, have a higher probability of being involved in an accident. There is also zip code profiling, where insurance companies collect claim information and other statistics based on the zip codes. Do you garage your car or leave it on the street overnight? Many factors. When I moved to GEICO, they only wanted to know what model; Roadster, Model S, or Model X I had. It seems a Model S P100DL carries the same weight as my 75. Go figure.
Interesting as Geico for me classified the P different than a regular
My understanding of it is that there's more to the process of setting a premium than just the advertised discounts, so for that, I feel like it's not a very transparent process (or at least, can be a frustrating process for young Tesla drivers trying to find a reasonable premium).
For instance, at one company I would qualify for only the standard good driving, multi-policy, and occupational discounts and be quoted a very low rate. However, at other companies, I would qualify for the same/similar discounts in addition to a few more, yet be quoted a premium nearly 3 times more expensive.
That is why I have my theory that many insurance companies (especially AAA and Ameriprise) do not like young Tesla owners largely in part because they put a large weight on "age of driver + type of vehicle driving". Allied, for instance, puts less weight on that, and more weight on "are you a good driver". How about Wawanesa quoting me a premium $800/yr lower when I turned 28 versus when I was 27? I can think of nothing else that would explain such a big change in quoted premium besides the fact that I turned 28 and went from 9 to 10 years of being a licensed driver in the US.
Perhaps when I reach the average age of a Tesla owner companies like Ameriprise will start beating out everyone else, but for now, they clearly don't want the risk associated with a young Tesla owner.
@andyaycw do you have a a P or just regular Model S? Just cuious. right now Geico for me with the P90D is $1,012 for six months, it was $775 for 6 with a non-P model. I am looking at about $3,200 a year between my 335 and my Model S
It's not the P in and of itself, it's the PxxD that gets you.
We have two P85s with GEICO and they are about 700-750 each per 6 months.
Friend with the P100D (different carrier, granted) is about double that.
There are so many variables here. I lived in Florida for a couple years and drove a new Corvette. As I recall, it was cheaper to insure in Florida than here in California. I suspect being under 28 is the real killer here.
As to decoding the vehicle's VIN, it seems the 7th and 8th position of the VIN would be the only indicator of performance and vague IMO. The 7th position is for battery type (size) and 8th position is for motor or drive unit, single or dual in Tesla's case.
VIN Decoder | TeslaTap
More on VIN Decoder:
Models with dual motors manufactured after August 2015 will come up as:
8th digit - 4 = Performance Dual Motor - Three Phase A/C Induction
The premium on my Model S is $43 per month and 6.5 cents per mile (47, male, married, clean record, OC/SoCal, 3 car discount). This model makes sense for folks who don't drive a lot of miles.
Interesting. That's more than I pay to Progressive & the Model S is my only car so I'm not receiving a multi-car discount. That seems like a pretty high price.You might want to try Metromile. They're a new VC-backed outfit, I believe, and their model is a pay per mile billing system. You pay a base rate and then a per-mile rate, and they bill by the month with no contracts and no term. The premium on my Model S is $43 per month and 6.5 cents per mile (47, male, married, clean record, OC/SoCal, 3 car discount). This model makes sense for folks who don't drive a lot of miles. Metromile's customer service has been excellent when I've called them for billing and coverage questions, but I have no idea about the claims process since I haven't had any need for that (fingers crossed).
Interesting. That's more than I pay to Progressive & the Model S is my only car so I'm not receiving a multi-car discount. That seems like a pretty high price.
I actually was rear ended and had no issue with Geico. They provided me with a Tesla approved body shop and from that point on, other than a few follow up calls between me and the bodyshop to coordinate on delivery of the parts i had no problem with Geico.OK, lots of stuff about insurance in this group and on FACEBOOK. Stay away from GEICO, once you have a claim it will be a nightmare...Not a single good news story about TESLA and GEICO... Progressive too... Who is your current insurance company? look for the TESLA OWNERS WORLD WIDE group on facebook, there has been several discussion about insurance in the past week.
I will be checking Allied tomorrow