I’ve been a policy holder for well over a year. My Tesla insurance premium abruptly jumped 12% this month. Spoke to customer service and they told me this was due to a discount that was incorrectly applied to my account and that the new rate reflected the correct cost. Now paying $144/mo for basic coverage. Anyone else experience this?
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Insurance rate increase
- Thread starter apacheguy
- Start date
Yes. I had the same thing happen. I received an email saying my rate would go up. In the details it said they were unable to verify I was a tesla employee. Apparently I was given employee discount for 2 years.
There was nothing I could do to fight it.
Then I got my model Y. So with the multi car discount. My new rate is lower than before.
Not a suggestion but if you have 2 teslas to insure, you’ll save some money.
Call me crazy, but a 12% jump in any insurance premium (auto, home, etc) after one year has always been within the range of typical, even well before these recent high inflationary times. There could be no change in yourself (aside from being a year older), but the explanations/excuses ranged from geographic (we are seeing more claims in your state) to demographic (higher rate of claims for your age group) to car-ographic (we're finding Tesla's more costly to repair) to "just-because-we-can".
The only saving grace was they could only jack your rates every 6 or 12 months at renewal time, so at least you were locked in for a bit. Sounds like Tesla insurance is month-by-month so they could raise it repeatedly within a short span if they chose to, but no one's reported they're doing that.
Not saying Progressive is the best for Tesla, it's not the cheapest or best for everyone everywhere, but since switching two Tesla's to them my premiums have not gone up much over the past four years. Of course two of those years were during COVID, so not only were we getting demographically older, but everyone was driving far less, and insurance companies were even kicking back credits to customers since claims were also far lower. Ironically I noticed they stopped sending annual mileage verifications when COVID started too - I guess they didn't want to lower the premiums based statistically on mileage during COVID...
The only saving grace was they could only jack your rates every 6 or 12 months at renewal time, so at least you were locked in for a bit. Sounds like Tesla insurance is month-by-month so they could raise it repeatedly within a short span if they chose to, but no one's reported they're doing that.
Not saying Progressive is the best for Tesla, it's not the cheapest or best for everyone everywhere, but since switching two Tesla's to them my premiums have not gone up much over the past four years. Of course two of those years were during COVID, so not only were we getting demographically older, but everyone was driving far less, and insurance companies were even kicking back credits to customers since claims were also far lower. Ironically I noticed they stopped sending annual mileage verifications when COVID started too - I guess they didn't want to lower the premiums based statistically on mileage during COVID...
SilverString
Member
I have Tesla insurance in Texas and the rate is determined by safety score and how many miles are driven. My policy renewed April 16th and went down from $93 - $98/month with 98 -99 safety scores to $75 - $80/month with the same scores. The reduction occurred automatically when I drove less than 5K miles over a six month period. As we head into the summer and I do my annual cross country drives, I expect it may go up.
Mrcarcrazy
In need of a shrinking gun to zap a plaid with.
Wow. Tesla just quoted me 204/mo starting price ( with an assumed 90 safety score) But that’s at 10-15k miles a year.
For reference I pay 88/mo for better coverage through progressive.
SilverString
Member
I hear of people getting good rates with Progressive but it has never been the case for me. I checked prices a few weeks ago and Progressive wanted over $200 per month. For this I used the address of an alternate piece of property I own in my same neighborhood. When I use my actual home address the rate jumped to approx $400 per month and there was no way I could get a cost that did not include all four people that have lived here over the past few years as occasional drivers even though no one else ever drives my car. Bottom line seems to be if you ever have a claim with Progressive (which I did - a comprehensive claim not collision) your coverage skyrockets.
I had another experience with State Farm where the agent took my make and model (2019 MS 100D), my drivers license and driving history, and quoted me a $160 per month price which I accepted. When he asked for my VIN to finalize the deal and accept payment, the rate jumped to $266 per month with no explanation . I refused, and the agent promised to contact a supervisor to see what happened but I never got a call back - just an email that my rate had increased and telling me how much money I was still saving. Total BS.
Mrcarcrazy
In need of a shrinking gun to zap a plaid with.
That’s wild, I can say I’ve had multiple claims with progressive. And my rates have been reasonable for all my cars excluding my Lotus (I feel that I way overpay for it, so going to change it to a specialty car insurance). I do have 4 cars on my plan and I’ve had Progressive since 2007. Those two things help for sure.
I was annoyed when my rates went up a bit due to me moving near the border.
Auto Insurance is a huge scam how it’s currently designed, in my opinion.
I'd venture to say the customer rep was less than forthright with you. Bean counters now influence every decision. It's all about profit and Elon's increasing move to the right and the land of billionaires. How much pain will the public bear? No limit. Believe me, there is more to come. Raise the car prices in anticipation of increased raw material costs, collect $12,000 for FSD, which does little more than the Mobileye software on my 2014 S, (I'd gladly pay you today, for a hamburger on Tuesday- especially when the company has zero debt, after opening three billion dollars worth of factories) now pay for the garage door opener, now pay monthly for the "Premium" music and maps (again standard on my 2014), now pay for charging (Yup, standard) and don't forget the electric car without a charging cord! Damn, that's a day without sunshine. (Even a Hyundai comes with a charging cord and two years of FREE EA charging, BTW. And awe!! My little loot box has disappeared. No more bennies for referrals. They are going to have to wait until all those who earned new Roadsters for 25 referrals die, before they release the next Roadster.
In a previous post I joked about having to pay extra for wheels and tires and be damned if this week, it happened. "The 19-inch sport wheels, which used to be standard, can be bought for an additional $2,200."
Get ready. for.........
And just around the corner from us, don't forget about Starlink Internet which went from $500 to $650 for the initial set-up and from $90 a month to $110. Are you ready for the $2000 Pi-Phone?
Hey, seriously, if you are eligible for USAA insurance, you will find their rates are comparable along with amazing service. And surprise, you won't get scored on your driving.
Go ahead, hit it! You know you want to!
You know we have a bumper sticker in Florida that says, "When I get old, I'm gonna move up North and drive slow."
Here's the corollary, "When I grow up, I'm gonna buy a Tesla PLAID and drive slow."
Don't be fooled, It's always about the Jelly Beans
In their pocket, not yours.
I just got a quote for Tesla's insurance for $45/monthly with a starting safety score of 90. Not sure if I'm going to go with it even though it's way cheaper than what my current insurance company quoted me just for the simple fact that they track your driving habits and I feel that's too invasive, it was the reason I turned down snapshot from progressive. I'll probably just call around and see who can get close.
SilverString
Member
el-guapin
Trust no One
Ah, thanks for this info. I had the opposite. My rates went up to $93 - $98... because I put slightly over 6000 miles in the previous 6 months. My last month was 259 miles. Sigh. Anyway, I guess I'll need to wait 6 months to try to get the lower rates.
Why have a car if you can't drive it much due to the high insurance rates? Uber it. Just like trying to make the cut for the "safe driver" rates.
Why pay for a fast car to drive slow? I've driven on the track and driven on the street. I drive fast, as due about 80% of the drivers on I-95. I haven't had a ticket or accident in over 40 years. I would posit that driving the speed limit on I-95 or most other highways, even in the slow lane could make you more of a safety hazard. Driving with insurance monitoring is like driving with your mother in the passenger's seat. Have at it if it makes you smile.
DFibRL8R
Active Member
My Progressive auto renewal premium in Virginia just jumped 25%, no claims/violations/credit score changes and I have multiple policies with them for several years. I am considering the switch to Tesla's product, I wouldn't mind the link to safety score if the safety score wasn't so bizarre (hard braking event to avoid hitting a pedestrian is a negative but go whatever speed you want with no demerits?). I assume the algo will improve in time when data of collision rates gathers.
Tesla has become a profit-making machine.
No more free supercharger for life.
No more free home link
No more free premium maps and music
An electric car without a charging cable?!?
Raised price on Starlink set up
Raised price on Starlink service
Exorbitantly raised prices on ALL vehicles
Raised price on Tesla insurance
No more free charging for referrals
And those of you waiting for your free roadster for your referrals, good luck.
The bean counters have taken over, but the glory days aren't going to last forever. Remember, objects in the rear-view mirror are closer than they appear.
How else can Tesla open $4 billion in new factories and have zero debt?
The only thing they haven't raised is the price of Elon Musk's flamboyant, aggressive, attacking, and self-defeating open mouth.
When you grow up, you learn how to not fight every battle. It's too costly and exhausting.
Long past time for a Public Relations and Marketing department to speak for Tesla, so Elon can you shut up, not stymie progress by firing people who disagree with him, keep working, and keep his nose out of politics, world finances, and social issues. Every time he opens his mouth he's alienating his fan base at some level. Remember Elon, it's at least 40 hours at the office. Keep focusing on using your genius for good, not for divisiveness.
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I called Tesla insurance today about my premium increase and was told everyone mistakenly got the employee group discount and they were now correcting it. More likely a bait and switch tactic and so disappointing. Elon used to pop off about how Tesla was different from mainstream auto, yet they seem to be just like everyone else.
SilverString
Member
Mine jumped from $75 with a 99 score to $124 with a 98 score on 6 month renewal starting in October. I did do a lot more driving than the last period but that is a huge increase.
