Insurance rate increased. Anyone else?

[dmurphy]

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

Be very careful with that option .... there are pitfalls to such an approach. Deductibles and coinsurance are your responsibility - even in a 100% not-at-fault accident, and - depending on how your health plan is structured (is it ERISA qualified?) - in the event of a lawsuit or settlement, the carrier may be able to attach itself to your settlement for reimbursement.

Everyone’s situation is different, of course, but this option in particular needs very close examination.

 

[tvguy710]

Had a lease on a Q50 and my insurance actually went down a couple of hundred dollars. I was surprised about that but very happy. Same exact coverage and I'm using Liberty Mutual.

 

[scubastevo80]

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.

Progressive just raised our 6 mo premium by $150 (for a Model 3 and Model 3). I called to complain and they basically said a new customer discount expired and that there had been an increase in accidents/claims in my area over past periods.

 

[ebmcs03]

Progressive just raised our 6 mo premium by $150 (for a Model 3 and Model 3). I called to complain and they basically said a new customer discount expired and that there had been an increase in accidents/claims in my area over past periods.

$150! Lucky. I got $600 increase from $1000 to $1600 too.

 

[asmite]

Geico customer in Cali here. I live a small town away from LA and SF so insurance rate has always been low. My first renewal for model 3 was $412 for 6 months last December. The June renewal went up to $1073. That's a 260% increase.

When I called to inquired about the rate increase, the rep attributed it to mostly the increase cost to repair Tesla and the ever-rising minimal wage in California. I'm just got a quote from Progressive and it is $850 for the exact same coverage. That's still a 200% increase from $412, but it's still better than $1073.

 

[Gretta]

I have a clean record, and my last car was more expensive than my Tesla 3, yet Amica doubled my insurance. I am madly shopping around for new insurance now. I’ll have to read through this thread carefully to get some possible prospects.

 

[ebmcs03]

I have a clean record, and my last car was more expensive than my Tesla 3, yet Amica doubled my insurance. I am madly shopping around for new insurance now. I’ll have to read through this thread carefully to get some possible prospects.

I guess I’m not buying another Tesla. Ever!

 

[Eno Deb]

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.

Just to follow up on this, I just received my renewal notice from Geico and they are drastically increasing my rate too (by over 60%). Switching now.

 

[cucubits]

I wanted to get a quote from State Farm before getting a Model 3 and they didn't even have Tesla in their software. This is a small office I've been going to with my previous cars but it baffles me how they don't have a centralized proper piece of software for this. (what they were using was so old, it looked like a DOS program). She just told me to go back when I have the VIN but this may be a sign that I also need to shop around for insurance before getting the 3.

 

[Nocturnal]

No change since I got the car last august with Geico.

I wanted to get a quote from State Farm before getting a Model 3 and they didn't even have Tesla in their software. This is a small office I've been going to with my previous cars but it baffles me how they don't have a centralized proper piece of software for this. (what they were using was so old, it looked like a DOS program). She just told me to go back when I have the VIN but this may be a sign that I also need to shop around for insurance before getting the 3.

State Farm was very high when they quoted me this past summer. Which was weird because they were cheap on my old car.

 

[Stirfelt]

Insurance has become the greatest deterrent to owning a Tesla ......
surpassing paint nibs, fit and finish and other QC issues.

 

[cucubits]

Insurance has become the greatest deterrent to owning a Tesla ......
surpassing paint nibs, fit and finish and other QC issues.

Nah, just maybe need to shop around a little. I've heard from lots of ppl they're getting good prices, similar to other car makes.

 

[MountainJedi]

I wanted to get a quote from State Farm before getting a Model 3 and they didn't even have Tesla in their software. This is a small office I've been going to with my previous cars but it baffles me how they don't have a centralized proper piece of software for this. (what they were using was so old, it looked like a DOS program). She just told me to go back when I have the VIN but this may be a sign that I also need to shop around for insurance before getting the 3.

That's weird, I was able to get a quote from my State Farm agent without a VIN. Once I had a VIN, rate matched the quote. Cost about $.50/month cheaper than my 2013 F150 costs with the same coverage on both.

 

[cucubits]

Probably means that they're running franchise like offices with very different setups. Strange indeed learning this about one of the bigger insurance companies. I'll shop around and get some quotes when I order car. We'll see.

 

[run-the-joules]

Nah, just maybe need to shop around a little. I've heard from lots of ppl they're getting good prices, similar to other car makes.

I tried:


AAA
Geico
State Farm
Progressive
Liberty Mutual
Amica
Travelers
Farmer's

All of them are playing moderately serious games of financial sodomy as long as the Tesla is part of the quote. Clean record.

 

[cucubits]

Maybe it's location dependent then. I will start shopping around soon and I'll report back what I get.

 

[vancitybc2010]

I wrote this in another thread, but as I just saw this I'll summarize: Long time Geico customer, in LA, 0 accidents, 0 violations. Just got notice my premium is going up 50%. On the breakdown, the increase is all to the Collision coverage. I called Geico and was told the same spiel as others (costs in CA have gone up). I got quotes from 6 other insurers but none of them are less than Geico even with this price hike.

 

[TjckTock]

I wanted to get a quote from State Farm before getting a Model 3 and they didn't even have Tesla in their software. This is a small office I've been going to with my previous cars but it baffles me how they don't have a centralized proper piece of software for this. (what they were using was so old, it looked like a DOS program). She just told me to go back when I have the VIN but this may be a sign that I also need to shop around for insurance before getting the 3.

Lol! I have state farm and my rate barely moved when I switched from a Nissan Leaf to a Tesla. HOWEVER, they are comically out-of-date. I was rear-ended a couple months ago. TeslaCam came through for me but State Farm had no easy way to get the video. The other guys insurance (Geico) had a nice web app and I was able to upload it super easy. State Farm claims department couldn't even click the attachment of an email or a YouTube link. I was told to burn the video to a CD and mail it in! This floored me. I offered to send it on VHS but they declined.
(Actually a couple months later - another agent contacted me who did have the capacity to click an attachment so I guess there is some hope for them but I had to share this experience because it was so surreal)

 

[HappyValley]

I wrote this in another thread, but as I just saw this I'll summarize: Long time Geico customer, in LA, 0 accidents, 0 violations. Just got notice my premium is going up 50%. On the breakdown, the increase is all to the Collision coverage. I called Geico and was told the same spiel as others (costs in CA have gone up). I got quotes from 6 other insurers but none of them are less than Geico even with this price hike.

I have yet to purchase a Model 3. I live in Central Pennsylvania and also have Geico for vehicle and home insurance. I have a 2018 Honda Clarity purchased for about $35,000 and been on this policy for 18 months. The other vehicle is a 2018 Kia Stinger. With a $1,000 deductible for Comprehensive and Collision, the monthly cost is $75. This is super cheap...I used to live in LA and had one vehicle that I barely drove and paid well over $100/month. My monthly cost would increase by $37/month (50% Increase!!) to add the Model 3 and remove the Clarity. This is really frustrating and hard to understand. The entirety of the increase, as you mentioned, is within the Collision.

Any time frame on the Tesla insurance rollout? At a vehicle cost that is in the same price range as the Clarity, it makes no logical sense to pay almost $500 more per year for insurance.

 

[Eno Deb]

[...]The entirety of the increase, as you mentioned, is within the Collision.

Any time frame on the Tesla insurance rollout? At a vehicle cost that is in the same price range as the Clarity, it makes no logical sense to pay almost $500 more per year for insurance.

It does make sense if the repair cost for collision damages is higher on average (which isn't hard to believe given all the issues Tesla has with replacement part logistics, bodyshops and long repair times) ...