INSURANCE - the Gecko was right

[FlyF4]

I'm confused. Do you have something against the word? It sounds like they were shocked that the company they had been with for over two decades was quoting them such ridiculous numbers. I was shocked when I was first getting tesla insurance quotes as well. I was shocked by how much my Travelers wanted for my Tesla compared to my BMW 550i I had at the time. I was also shocked how much I saved by switching to USAA.

Edit: Saved you some trouble:
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The wife literally says, you will literally be literally disappointed and literally upset the first time you literally have an accident if you get USAA, Geico, or Progressive to literally pay you. There is a reason they area cheaper. They aren't going to pay up later.

 

[sorka]

I pay $1200 / year with AAA for a P85D. Liability limits are $1,000,000. I got quotes from all of the insurance companies mentioned in this thread and not were anywhere near as low as AAA.

 

[oktane]

Also dumped Allstate after 20 years. Ridiculous premium on Tesla.

 

[cookpwr]

Aren't we comparing discount insurance companies (geico/progressive) with a full service agent driven company like all state? The agent needs to get paid too in the Allstate model while the computers or call centre employees are much cheaper at the discount providers.
Could have a lot to do with the difference (as well as all state being expensive as it pertains to the model S). Of course you get modest service and support levels with discount providers too. Cheap insurance isn't so cheap if your coverage and service levels suffer when you need them.

You can trade stocks for $6 online or pay 1%/year for discretionary portfolio and wealth management. Both options do well because some people are happy to pay for the service and advice while others just want the cheapest option possible.

That's what I was worried about too but I've had amazing service while talking to GEICO humans. Their expertise, efficiency, and quality of communications puts all my previous Allstate agents to shame.

 

[cookpwr]

Allstate direct agent quote when I cancelled with them officially today... "I don't blame you. We've been getting this a lot with Tesla's. We simply aren't competitive and many of us are encouraging our clients to get a better rate from another firm".

Wow. It appears Allstate HQ has made the decision they don't want very many future Tesla's in their portfolios.

Interestingly, the Geico agent did ask about an "add on" only offered to new car purchases which protected against any sort of mechanical/warranty breakdowns. I was pretty certain the coverage was not needed due to Tesla's good Warranty but I asked for the details and the add'l premium anyway. This is the message I received back.

 

[sakimano]

When an insurance company cranks the rating on a risk on its books it could be because

A) they've already got too much exposure and don't want anymore
B) they know the risk is not a good one to take full stop

Perhaps they see the future of autopilot and batteries and don't like it. Or perhaps they recognize the weaknesses in teslas service/repair infrastructure and don't want to get caught in a backlog when the company grows and the current complaints exacerbate themselves. Most cars in a front ender are back on the road in two weeks for $10,000. Teslas cost more (and potentially a ton more) and can take months to fix (resulting in massive cost overruns.

Hopefully it's just A)

 

[dkoi3d]

I just got quoted on my 2015 85D - 590 from esurance and 445 from progressive (500/500 25k) - pretty insane. Geico which I did have was about 900 and Liberty Mutual who I work for was 1300....luck of the draw

 

[sorka]

I just got quoted on my 2015 85D - 590 from esurance and 445 from progressive (500/500 25k) - pretty insane. Geico which I did have was about 900 and Liberty Mutual who I work for was 1300....luck of the draw

$590 and $445 per year????????

 

[Jashev]

Aren't we comparing discount insurance companies (geico/progressive) with a full service agent driven company like all state?

I found similar price reductions with Liberty Mutual which is a full service company. However, I think you will find that the difference in services provided are minimal. Most people have very little contact with their agents after the sale these days since almost anything you need to get done is online. Geico and Progressive provide the same services as what you would call full service companies. The only difference, is you pay less in most cases ;-)

 

[dkoi3d]

$590 and $445 per year????????

6 months

 

[Muzzman1]

Wow. My wife and I have perfect records. We pay $3900/yr for my S85D and her X90D, maxed out limits with a $1M umbrella (that is ($260)
Each year at time of renewal I shop them all, Geico, Esurance etc. None can do better. WTF.
It makes me sick how much we are paying.

 

[sorka]

Wow. My wife and I have perfect records. We pay $3900/yr for my S85D and her X90D, maxed out limits with a $1M umbrella (that is ($260)
Each year at time of renewal I shop them all, Geico, Esurance etc. None can do better. WTF.
It makes me sick how much we are paying.

AAA is $1200 a year for me with $500K limits although it's only like another $20 per year to up it to $1 million which I'm going to do at renewal.....unless of course they raise my rates 30%

 

[Mickie]

I found similar price reductions with Liberty Mutual which is a full service company. However, I think you will find that the difference in services provided are minimal. Most people have very little contact with their agents after the sale these days since almost anything you need to get done is online. Geico and Progressive provide the same services as what you would call full service companies. The only difference, is you pay less in most cases ;-)

Too true. The only time I "deal" with my agent at State Farm is when they're trying to solicit life insurance for the umpteenth time after repeatedly telling them I'm covered well elsewhere. My old agent who retired didn't harass me at all. Or when I want to add or drop coverage. But it can all be handled with their toll free customer service. The local agent thing is pretty antiquated and I think I've visited the office in the last 15 years as many times as I have fingers on one hand.

 

[NikeWings]

Wow. My wife and I have perfect records. We pay $3900/yr for my S85D and her X90D, maxed out limits with a $1M umbrella (that is ($260)
Each year at time of renewal I shop them all, Geico, Esurance etc. None can do better. WTF.
It makes me sick how much we are paying.

That's crazy. Check out progressive again. I'm also in LA, west side. The 2 Teslas are with Progressive at 780 per 6 months. The houses and umbrella are with Chubb. Chubb didn't want the Teslas but also didn't penalize us when we dropped the former cars from the policy for Teslas. The premium dropped $120 this year, as I had a violation roll off. Cell phone at a red light with traffic school, and insurance still dinged me.

 

[BLKMDL3]

That's crazy. Check out progressive again. I'm also in LA, west side. The 2 Teslas are with Progressive at 780 per 6 months. The houses and umbrella are with Chubb. Chubb didn't want the Teslas but also didn't penalize us when we dropped the former cars from the policy for Teslas. The premium dropped $120 this year, as I had a violation roll off. Cell phone at a red light with traffic school, and insurance still dinged me.

On the westside too, in westwood. We have State Farm. Good so far. Why traffic school for phone at red light. You should've just had to pay the fine and a point or something.

 

[drklain]

The wife literally says, you will literally be literally disappointed and literally upset the first time you literally have an accident if you get USAA, Geico, or Progressive to literally pay you. There is a reason they area cheaper. They aren't going to pay up later.

Not sure I'd agree with this statement with respect to USAA. Geico and Progressive are discount insurers. USAA provides low prices because it is a private association with membership restrictions. As such, their premiums are lower because their loss rate is lower. I've been with them for almost 30 years and NEVER had a problem with any service or a claim. Prompt payment and assistance in getting things back to normal. This includes a flooded basement (sump pump failure) where I had to pay to replace the sump pump (not covered by my homeowner's policy) but the $22,000 is repairs to the finished basement were fully covered without any impact on my premiums.

Whenever I get a call from someone trying to get me to shift to their insurance, I tell them "I'm with USAA" and they say "I can't match them and end the call...."

 

[sakimano]

maybe canada's different but we pay $150/month or $1800/year for an Audi A4 an Audi RS4 and a 2015 Model S

 

[DurandalAI]

Not sure I'd agree with this statement with respect to USAA. Geico and Progressive are discount insurers. USAA provides low prices because it is a private association with membership restrictions. As such, their premiums are lower because their loss rate is lower. I've been with them for almost 30 years and NEVER had a problem with any service or a claim. Prompt payment and assistance in getting things back to normal. This includes a flooded basement (sump pump failure) where I had to pay to replace the sump pump (not covered by my homeowner's policy) but the $22,000 is repairs to the finished basement were fully covered without any impact on my premiums.

Whenever I get a call from someone trying to get me to shift to their insurance, I tell them "I'm with USAA" and they say "I can't match them and end the call...."

I also have USAA, and I've been using them for my homeowners insurance, but I've found them to be expensive in comparison to others, so I likely will move to another insurer if I can find one that doesn't want automotive insurance bundled with it. (Allstate for instance wanted me to bundle my automotive insurance as a requirement for the mortgage insurance, I told them nope. USAA has treated me well for my automotive insurance.)

 

[Maximus-MX]

I'm using State Farm and my premium (X 75D) is just shy $500 per six months. It includes uninsured vehicle coverage. Without that the six months premium would have been a little less than $400. But I have a house and another car (Jeep Commander) with them. The six months premium for the Jeep is about $280.

We have been with them for about 12 years. No tickets and no claims.

 

[Dan60D]

I'm confused. Do you have something against the word? It sounds like they were shocked that the company they had been with for over two decades was quoting them such ridiculous numbers. I was shocked when I was first getting tesla insurance quotes as well. I was shocked by how much my Travelers wanted for my Tesla compared to my BMW 550i I had at the time. I was also shocked how much I saved by switching to USAA.

Edit: Saved you some trouble:
View attachment 222200

I am 30 years old male with clean driving record and living in San Francisco with full coverage and I pay $124 per month for my 2016 Model S 75D. It seems like there are many USAA members here.