Same liability coverage, you’re good there.
Also I took another look, my collision deductible was 500. I changed to 1000 recently.
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Insurance rate increased. Anyone else?
- Thread starter Racer-TM3
- Start date
Same liability coverage, you’re good there.
Also I took another look, my collision deductible was 500. I changed to 1000 recently.
Rates vary greatly by state/county as well, so it's tough to compare apples to oranges.
Having said that I have switched auto insurance companies twice in the last 6 years. I was with the Hartford for over 15 years but they kept jacking up my rates for no reason. I said goodbye, went to Geico.
When I got my model S Geico wanted to double my rates for a car that was 20% more money than my prior car. Said goodbye to them too.
Amica now. Just changed to a model 3. Got a slight increase, but that makes sense because it's a new car.
Auto insurance companies are just like that, gotta walk once in a while, shop it around.
My only caveat/warning to others- about 1 month after I shopped around auto insurance I was a victim of identity theft- the whole shabang- new credit cards in my name, an ID with his picture and my name, even a bank account. I'm pretty sure my data got floated from someone I had to give it to to get insurance quotes, but I don't know where the leak was.
Having said that I have switched auto insurance companies twice in the last 6 years. I was with the Hartford for over 15 years but they kept jacking up my rates for no reason. I said goodbye, went to Geico.
When I got my model S Geico wanted to double my rates for a car that was 20% more money than my prior car. Said goodbye to them too.
Amica now. Just changed to a model 3. Got a slight increase, but that makes sense because it's a new car.
Auto insurance companies are just like that, gotta walk once in a while, shop it around.
My only caveat/warning to others- about 1 month after I shopped around auto insurance I was a victim of identity theft- the whole shabang- new credit cards in my name, an ID with his picture and my name, even a bank account. I'm pretty sure my data got floated from someone I had to give it to to get insurance quotes, but I don't know where the leak was.
Kleenerth3
Member
I think the price increase has to do with how long they have to pay out to car rental companies while the cars get fixed.
Not to mention the notorious labor prices. Body shops are gouging insurance companies money left and right on Tesla’s just because they feel special they’re “Tesla certified”I think the price increase has to do with how long they have to pay out to car rental companies while the cars get fixed.
SanDiegoM3
Member
It’s because you live in San Jose, a crime ridden area where thieves prey on cars.
Just got my bill from Allstate for the 3. Rates went up 42% to $146/month. (250/500K, $0 deductible comprehensive and $500 deductible for collision, for the performance model (if that makes a difference.)) Called them up and they said it was due to higher actual costs for repairs, than their initial estimates.
Got a quote from State Farm and they were $142 for almost the same coverage.
Both quotes with Homeowner's and personal umbrella multi policy discount.
Got a quote from State Farm and they were $142 for almost the same coverage.
Both quotes with Homeowner's and personal umbrella multi policy discount.
Geico quoted me $9500 a year for a model 3 performance on state minimums. I’m 35 with a clean record, no claims and I live in a single family house in a good neighborhood. When I called to question the quote I was told “it’s a Tesla not a civic, these cars get wrecked a lot”. Needless to say I’m dropping them the first of the year, I believe I looked at progressive and the quote was substantially cheaper with triple the coverage. Some companies just don’t like Tesla and will try to deter you from buying the car, crazy how an insurance company can manipulate you into buying something you don’t want.
Insurance (auto) is an interesting game. The profits are high (especially on certain drivers). Insurance companies are probably the only ones that advertise more than auto companies. There is Flo, the silly Farmer ad guy, cavemen, a lizard - it is amazing.
They also tend to raise rates when they can get away with it. I am sure they have algorithms that look at locale and car buying history and determine when to make changes.
Something like - he went from a Civic to a Tesla and he lives in San Jose. Probably got a new high paying job and really isn't being budget conscious. Wait 6 months after purchase and change rates. Our experience has shown that only 30% switch in this exact scenario so we get more money.
They have large actuarial departments and statistical analysis is their forte.
We went from a Leaf to a Model 3 and there was a decrease in liability and an increase on comprehensive. The increase on comprehensive looked like a value drive increase and was slightly more than the liability decrease. The overall effect was something like $5 a month. I believe they use this algorithm because my 2015 model S goes down on the comprehensive a small amount every year. It looks like 50% of the comprehensive is fixed and 50% decreases by the value of the car. So a 10% decrease in value gives me a 5% decrease in comprehensive. Using this math - all our cars were the same - only value matters for that 50%.
This is USAA. I have looked at jumping ship because I needed specialty Homeowner's - and the new company was close enough to be a rounding error.
I do believe this is a CA/NY/NJ game more than other areas. I can still quote my liability rate only in LA - $1350 per year. The year was 1991. $2500 is today's inflation adjustment - and we know that health care has way outpaced inflation. I would imagine $4000 is more like it.
The lesson (or point) - don't be a chump. Show zero loyalty to a company using a computer to decide when you won't complain about rate increases.
They also tend to raise rates when they can get away with it. I am sure they have algorithms that look at locale and car buying history and determine when to make changes.
Something like - he went from a Civic to a Tesla and he lives in San Jose. Probably got a new high paying job and really isn't being budget conscious. Wait 6 months after purchase and change rates. Our experience has shown that only 30% switch in this exact scenario so we get more money.
They have large actuarial departments and statistical analysis is their forte.
We went from a Leaf to a Model 3 and there was a decrease in liability and an increase on comprehensive. The increase on comprehensive looked like a value drive increase and was slightly more than the liability decrease. The overall effect was something like $5 a month. I believe they use this algorithm because my 2015 model S goes down on the comprehensive a small amount every year. It looks like 50% of the comprehensive is fixed and 50% decreases by the value of the car. So a 10% decrease in value gives me a 5% decrease in comprehensive. Using this math - all our cars were the same - only value matters for that 50%.
This is USAA. I have looked at jumping ship because I needed specialty Homeowner's - and the new company was close enough to be a rounding error.
I do believe this is a CA/NY/NJ game more than other areas. I can still quote my liability rate only in LA - $1350 per year. The year was 1991. $2500 is today's inflation adjustment - and we know that health care has way outpaced inflation. I would imagine $4000 is more like it.
The lesson (or point) - don't be a chump. Show zero loyalty to a company using a computer to decide when you won't complain about rate increases.
I'm using Metromile and my rate is always $1000 lower than Geico or Amica. That's for 2 drivers with coverage on a Leaf and a M3 with 1k deductible and $500k liability.
The cost per mile for the M3 is 7 cents vs 10 cents on the Leaf, which is interesting data. They're one of those who requires a dongle and charge by the mile. If you drive less than 20k a year it's definitely worth looking into.
The cost per mile for the M3 is 7 cents vs 10 cents on the Leaf, which is interesting data. They're one of those who requires a dongle and charge by the mile. If you drive less than 20k a year it's definitely worth looking into.
This is nuts and makes no sense! Is this just for the P3D? Do you have like $50 collision deductible and $1mm/$1mm liability coverage or something???
And I agree with the above poster. If it really is $4750 for 6 months, don't wait until 2020. Just change now. You'll get a prorated refund and save $4000 in the process.
jebinc
Well-Known Member
It really doesn't make any sense, my coverage was for the bare minimums for the state of Maryland. After getting that quote i was wondering how the hell do people afford these cars, definitely discouraging and i'm sure this has happened to a lot of other people. I have been with Geico for over 7 years so maybe that's why I'm getting the shaft
Lol, Nope there seems to be a straggler. I figure i'll snag one the first of the year, would be nice to have smart air suspension but we all know that's a no go
jebinc
Well-Known Member
Silicon Desert
Well-Known Member
That's what the wife says and she has been dealing with insurance agencies for 25+ years.
As a side note, our insurance on the X has steadily dropped 3 years I a row. We don't have Geico.
woodisgood
Optimustic Pessimist
I want Tesla to disrupt this industry so badly. But I’m expecting their insurance product to fall short of any such thing.
Why does nearly everything related to cars have to be so frickin shady and often crooked?
Why does nearly everything related to cars have to be so frickin shady and often crooked?
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