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Insurance rate increased. Anyone else?
- Thread starter Racer-TM3
- Start date
In general you can drop them any time, they'll (usually) refund you the prorated amount.
Sir Guacamolaf
The good kind of fat
I owned a Model S for many years. Initially, it was difficult to get an insurance for Tesla. Eventually some insurance companies started offering the insurance, but the prices could be all over the map. For the same insurance you could get $300 or $1600 (for my age group/driving record) .. for 6 months. Over the years, I've seen a bit of a normalization, Geico used to be the cheaper of the lot.
Bit by bit, companies are realizing the cost of repairs and replacement of these cars, and generally the insurance trends are on the up tick.
They had to wisen up sooner or later. If a small damage to your fender costs $9000, the money has to come from somewhere.
When I sold my S, my premium had been creeping up .. started at 300ish, ended at 400ish. I wasn't happy with the increases, but I knew it could be a lot worse. My friend who I sold the car to, has a very similar record as mine, and his quote was $850ish. My quote for a new S was $800ish. I asked "How come the very same car has 2x the insurance rate" - and the geico rep told me exactly the same answer as the OP quoted.
Anyway, the two insurance companies that still offer relatively decent prices of Teslas are Progressive and USAA. But give them time, they'll wisen up too. The silver lining is, Model 3's rates won't be crazy since the cost of replacement isn't that high, especially once you factor in depreciation 2 years down the road.
Bit by bit, companies are realizing the cost of repairs and replacement of these cars, and generally the insurance trends are on the up tick.
They had to wisen up sooner or later. If a small damage to your fender costs $9000, the money has to come from somewhere.
When I sold my S, my premium had been creeping up .. started at 300ish, ended at 400ish. I wasn't happy with the increases, but I knew it could be a lot worse. My friend who I sold the car to, has a very similar record as mine, and his quote was $850ish. My quote for a new S was $800ish. I asked "How come the very same car has 2x the insurance rate" - and the geico rep told me exactly the same answer as the OP quoted.
Anyway, the two insurance companies that still offer relatively decent prices of Teslas are Progressive and USAA. But give them time, they'll wisen up too. The silver lining is, Model 3's rates won't be crazy since the cost of replacement isn't that high, especially once you factor in depreciation 2 years down the road.
oh i haven't bought a tesla yet, I have more important obligations to handle this year. I was just shopping around to see how ugly it could potentially be. but now that tesla chopped the prices again it make the car more appealing
Same. Never going to argue a rate decrease!
Ditto here as well, also State Farm. Just dropped slightly to $843/6mos total for both vehicles here in NJ.
High limits, low deductibles ($100 comp, $500 collision). Very happy. Always have been with SF.
WilliamG
Hinge Fanatic
I just quit State Farm because their rates were over double what I got quoted with Progressive. I have a P3D+, with Progressive, - this is with both my wife and I on the policy, in Seattle.
$459 per 6 months.
JasonR67
Member
Been with Nationwide as long as I can remember.Replacing a 2012 Kia with the Tesla. North Carolina.
- Their website didn't list Tesla. Had to call my agent.
- Agent found Tesla, but couldn't find the Model 3..
- As she was typing.. "Are those the battery operated cars that blow up?" It amused me.
- Rate increase of $1,100/yr. (from 550 -> 1650 iirc).
Check Geico. $800/yr total. I haven't checked to see if moving the other cars will also save me.
- Their website didn't list Tesla. Had to call my agent.
- Agent found Tesla, but couldn't find the Model 3..
- As she was typing.. "Are those the battery operated cars that blow up?" It amused me.
- Rate increase of $1,100/yr. (from 550 -> 1650 iirc).
Check Geico. $800/yr total. I haven't checked to see if moving the other cars will also save me.
Aviatorguy
Member
Mine has remained lowed 559.00 per year. StateFarm was considerably more so I switched to another company.
thats bull *sugar*.......my rates with USAA went down by $100......i dropped my 2007 Lexus ES350.......according to USAA, the safety rating and all electric vehicle were cause to drop rates.......i worked at Coherent in Santa Clara for 10 years and my rates never changed even though I kept my address at my main house in Irvine......they knew I commuted......i would look for another insurance company.......they are lying to you
sorry.....i need to say this also........if you are working and have company medical, you should think about dropping it from your car policy.....reason is that you primary insurance for medical is your company insurance.....the car medical insurance only kicks in after to reach the policy limits with is probably a million dollars.....i did this on my policy and i pay $365 every six months with USAA
h
if you were in the military, check out USAA....cant be beat...been with them for 44 years
hahahaha.....there are some really frustrated insurance agents out there...huh
if you were in the military, check out USAA....cant be beat...been with them for 44 years
been with USAA over 44 yrs....you can't beat them......fair and honest and quick to handle any issues.......
Insurance Corporation of British Columbia. Our only insurance company is a state-owned enterprise and it is expensive as heck.
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