Insurance rate increased. Anyone else?

[Racer-TM3]

So Geico raised my insurance by $600 / year. I have insured with them for about 15 years now. Their justification for the increase was:

"the price change has to do with the symbol rating for your 2018 Tesla. The symbol is what we use for setting the price for your Comprehensive and Collision coverages. We look at things like the cost of replacing the vehicle, cost to repair, likelihood it will be in an accident, and how easily it’s damaged. This new information has been factored into your overall premium."

Has anyone else's rates increased?

I'm located in San Jose, CA fwiw and am in my 40s. No accidents or tickets.

 

[cucubits]

I've heard from lots of folks moving away from Geico lately. You should probably get some quotes from other insurance providers too.

 

[woodisgood]

It’s happening across the industry. If it hasn’t happened with your provider yet it probably will soon.

At some point insurers may start looking at some of the safety features of these cars but for now it’s predominantly cost to repair/time to repair and we know how those numbers are looking.

 

[acarney]

What's the latest word from Musk on Tesla insurance? Is that dead, or still coming? I highly doubt he can find anyone to underwrite it less then it already is.... and if he brings it in house I can't see it being cheaper unless they eat the cost on service repairs and don't make any profit off those.

 

[Joshan]

What's the latest word from Musk on Tesla insurance? Is that dead, or still coming? I highly doubt he can find anyone to underwrite it less then it already is.... and if he brings it in house I can't see it being cheaper unless they eat the cost on service repairs and don't make any profit off those.

They are waiting on an acquisition to finalize.

 

[CommandoFL]

I have Geico and mine went down. I pay about 476 every 6 months

 

[run-the-joules]

Yup, they tried to raise my rate by about 50%. I told them to go jump up their own posteriors and switched to AAA. If I'm gonna pay for insurance that's as expensive as AAA, I'd rather it actually be AAA since they have good service and don't try to screw around when they have to pay out a claim.

 

[rickdogg82]

Mine went up, Kemper. But expected when I jumped from a $10K car to a $50K+ car.

 

[TomT]

I'm with State Farm and just renewed... My rate actually went down slightly...

 

[remlemasi]

My Geico bill went up from $1240 (paid Dec 2018) to $1350 (paid Jun 2019) for 6 months of coverage.

Full coverage on three vehicles total:

• 2013 RAV4 ($1500 ded.)
• 2011 BMW 3 Series ($1500 ded.)
• 2018 Tesla Model 3 ($1000 ded.)

SoCal, two drivers, one just over 30, one just under 30.

Nothing close to the crazy increases I've been reading about recently (certainly before my latest bill came due). Hope the premiums hold for the next bill.

 

[OCR1]

We just renewed our two Model 3’s with Amica. No price increase.

 

[run-the-joules]

My Geico bill went up from $1240 (paid Dec 2018) to $1350 (paid Jun 2019) for 6 months of coverage.

Full coverage on three vehicles total:

• 2013 RAV4 ($1500 ded.)
• 2011 BMW 3 Series ($1500 ded.)
• 2018 Tesla Model 3 ($1000 ded.)

SoCal, two drivers, one just over 30, one just under 30.

Nothing close to the crazy increases I've been reading about recently (certainly before my latest bill came due). Hope the premiums hold for the next bill.

It appears you're not seeing the crazy increase because you've been paying it the whole time

I went from 831/6mo for a late model Subaru and my Model 3 both with $1000 collision deductible and $500 comprehensive deductible to $931 for the same, then $968 when I changed my comprehensive to $50. Now they want $1,443/6mo with no coverage changes and no claim history. Total rubbish.

 

[OCR1]

$1,185 per year with Amica. $1,000 deductible, $250/$500K liability and uninsured motorist.

 

[nvx1977]

I'm with State Farm and just renewed... My rate actually went down slightly...

Same here.

Even year 1, I was pleasantly surprised at the premium, especially compared to my Model S 85, which is insanely high. I figured by year 2 of Model 3 coverage, they'd wise up and adjust it upward, but nope. Model S rate held steady.

 

[ktoran]

I am with USAA. I traded in a 2015 Nissan Altima for my 2019 Standard Model 3. My insurance went up $3.00! I guess because of the safety features. That's for 6 months. I am concerned about the repair costs and time to repair but it may be on par with other cars in this price range.

 

[jebinc]

So Geico raised my insurance by $600 / year. I have insured with them for about 15 years now. Their justification for the increase was:

"the price change has to do with the symbol rating for your 2018 Tesla. The symbol is what we use for setting the price for your Comprehensive and Collision coverages. We look at things like the cost of replacing the vehicle, cost to repair, likelihood it will be in an accident, and how easily it’s damaged. This new information has been factored into your overall premium."

Has anyone else's rates increased?

I'm located in San Jose, CA fwiw and am in my 40s. No accidents or tickets.

Two experiences to share - First, I was Geico customer for many years, then they pulled this stunt on me many years ago when I added a different car. I dropped them like a bad habit and have been with Allstate for 15 years since. When I replaced my 2006 MX5 with a M3 LR AWD w/FSD my rate when up less than $100/year. Make sense as repairs and parts (as well as replacement value) are more for the M3 than my old Miata!

 

[motocheme]

My rates went up just over 700 dollars per year when we got our model s. Vehicle was double the value of our 3 series BMW it replaced so it seemed to make sense. When my policy renewed Liberty Mutual increased our rates another 10 percent. Our homeowners renewal came and they increased that over 10 percent as well! I called and threatened to shop around and they did not care. We have a perfect record and no claims. So it is time to start the painful process of shopping again.

 

[remlemasi]

It appears you're not seeing the crazy increase because you've been paying it the whole time

I went from 831/6mo for a late model Subaru and my Model 3 both with $1000 collision deductible and $500 comprehensive deductible to $931 for the same, then $968 when I changed my comprehensive to $50. Now they want $1,443/6mo with no coverage changes and no claim history. Total rubbish.

Yeah, but I have three vehicles on the policy. If I change all three to $1000 collision and $50 comprehensive to match yours, I get $1473/6mo. Remove the BMW and it goes down to $1259/6mo.

Sounds like I was indeed higher than you were, but still less than you're being quoted now.

What is your general liability coverage? I have $300k/$300k BI, $100k PD, $300k/300k UM. Genuinely curious as I want to make sure I'm not getting completely flogged!

On a related note, you prompted me to re-look at my comprehensive coverage and I changed the comprehensive deductible on the Tesla to $250 for a mere $8/6mo (was $1000). With the outrageous cost of windshield and glass roof replacements and higher incidences of break-ins, I figure it's well worth it. Going to $50 deductible is another $20/6mo on top of that. At $40/year, I figure I have 5 years to try to escape fate and break even... lol

 

[Eno Deb]

So Geico raised my insurance by $600 / year. I have insured with them for about 15 years now.
[...]
I'm located in San Jose, CA fwiw and am in my 40s. No accidents or tickets.

Very similar situation here, also in San Jose. I haven't received my renewal notice yet (due next month), but I did request a few quotes from other companies recently just in case. The one from Progressive roughly matched what I'm currently paying at Geico, so that's what I'll switch to if Geico raises the insurance rate.

 

[Kleenerth3]

We have Mercury Ins. and I dropped a '03 Silverado LT 1500 and added the LR AWD 3. Everything remained the same and premium went up $400/ 6 mos.
I might raise the deductible but was surprised that it wasn't more given the horror stories we've been told.
Going from a commercial vehicle that's 18 yrs old and 175K to a new "luxury car" for $800 a year actually wasn't too harsh.
After reading your experiences, I will sharpen my pencil and probably up the deductible. Thanks for the great info guys.