Just bought a Model S and have insurance problems....

[Monsoon]

Allstate came in at 1600. Now Geico gave me a quote for 800 for a 6 month policy no problem.
Guess I am going back to Geico.

Geico has a TERRIBLE history of NOT paying repair claims in full on Teslas. I know of three other Model S owners who have had significant issues with them here in AZ. I currently have a case pending with the Arizona Department of Insurance. The issue is, they will only pay, "prevailing wage" on labor. But a Telsa certified body shop usually charges much more (double) the rates for a "regular" body shop It's a BAD situation to be in.

Geico is no bargain if you have a claim. And isn't that the whole point of insurance?

 

[Aphysician]

I have statefarm... Will be switching to Encompass. PM me and I can connect you with the agent in MI.

 

[bigmaple1]

Have Geico. Paid a little less than $600 for 6 months. After having the policy for a year, they raised my rates by 15%. I guess the insurance companies are seeing the very high repair costs for the car, and all those pesky diminished value lawsuits. Insurance is just as much about the companys experience with the car as it is about you, the driver.

 

[AmpedRealtor]

I find it amusing that we spend so much money on a car, look for the cheapest insurance rates possible, and then we profess shock and indignation when our chosen insurance carrier throws us under the bus. Well, you get what you pay for. I want to be treated like royalty after an unfortunate accident or other incident with my car, not like a 2nd class citizen. This is why I paid for world class insurance through Encompass, including an agreed value policy. This is also why I purchased the extended warranty (ESA). Peace of mind is priceless.

 

[smsprague]

I agree on the insurance - I have found Amica to be very good but you pay for it. On extended warranty I have always figured if a car needs one then I should not buy the car.

 

[markb1]

Geico has a TERRIBLE history of NOT paying repair claims in full on Teslas. I know of three other Model S owners who have had significant issues with them here in AZ. I currently have a case pending with the Arizona Department of Insurance. The issue is, they will only pay, "prevailing wage" on labor. But a Telsa certified body shop usually charges much more (double) the rates for a "regular" body shop It's a BAD situation to be in.

Geico is no bargain if you have a claim. And isn't that the whole point of insurance?

I have Geico. Great rate, and they were great about paying a claim on my Model S. ($17k, quarter panel and door damage. Other driver was at fault and only had $10k of insurance.)

I highly recommend Geico.

 

[SummerlinModelS]

If you are 50+ get a quote from The Hartford using the AARP discount. It's the only reason I joined AARP as I'm far from retired, but the discount made it very worth it -- about half the price of Farmers.

 

[Chris TX]

Haven't heard of it, maybe others have. USAA on our Model S' since 2012.

Same here. I dropped Allstate 7 years ago and never looked back. However, I was surprised the other day to learn that they bought one of my life insurance policy providers. They're back in my life now

USAA if you can get it!

 

[Adventure S]

Yikes, I just added my used 2013 Model S to my Geico policy. They are charging $1335 for 6 months!! I have two other cars with them including a similarly priced brand new mercedes, both under $500/6 months - the Model S is 3x more!! Two minor accidents in the past five years were other people's fault, but those affect the other two vehicle policies just as much, so I don't get it. I guess I'll try to find some other quotes... ideas? I am in Colorado.

 

[jeffro01]

I have Geico and I pay $507 per 6 months for my Model S which seems to be pretty freaking good. Keep in mind though that I opted for the $1K deductible but am doing 100/300 for body and uninsured. Funny enough my Volt costs me $150 more per 6 months than the Tesla but the deductible there is only $500 and my wife is the primary driver of that one which she had an accident a year or so ago (hit a pole in a parking garage) while driving the Silverado that the Model S replaced.

Insurance rates are a funny business...

Jeff

 

[demundus]

I was an Allstate customer for 30 years. I asked GEICO for a quote on the Tesla and it was 60% lower than the Allstate quote. I could still get Allstate insurance and my agent called me up. He tried to get a competitive quote but couldn't, so I switched. I am in NorCal.

Thanks for replies. I also have no tix,accidents or claims over ten years and 800+ credit scores. Just shaking my head. In 09 I left Geico for allstate due to a $3200 quote for an 09 S class. Allstate came in at 1600. Now Geico gave me a quote for 800 for a 6 month policy no problem.
Guess I am going back to Geico.

Interesting to the OP, that the car is on the banned list. I have a similar experience as those quoted above, where my Allstate agent of nearly 10 years quoted me an absurd amount of money for my Model S, I switched to Geico for SERIOUSLY less money. Strange how it all works out.

 

[mferris]

I'm with Erie with a reasonable rate (in NC, and with all my drivers and cars/house on the same plan). One unrealized benefit of *not* shopping around is after 15 years with one provider (at least Erie), you receive the promise of no-surcharges for any at-fault accidents. Granted, it doesn't mean they will cover Teslas at reasonable rates, or at all - but I'm happy so far.

 

[Shaggy]

Don't forget the to ask for the 8% discount with Geico if you are a Birkshire Hathaway shareholder.

wait... seriously???? Do they have to be A shares, or are B ok?

 

[markb1]

wait... seriously???? Do they have to be A shares, or are B ok?

B shares are sufficient. But as I recall, this discount does not combine with certain other discounts, like professional group discounts.

 

[Adventure S]

After Geico added my Tesla to my policy for $220/mo (other cars are 50-70/mo) I switched to Progressive and now pay just under $100/mo. This is in the mountains of Colorado. FYI

 

[dgpcolorado]

After Geico added my Tesla to my policy for $220/mo (other cars are 50-70/mo) I switched to Progressive and now pay just under $100/mo. This is in the mountains of Colorado. FYI

Just got a quote today from my insurance company, Electric Insurance (yes, really), and it will add a little over $500/year for my 2014 CPO S60 purchase ($1000 deductible, high limits on everything else). They offer a discount for electric cars and I have house and umbrella policies with them. I presume that a newer and more expensive S would have somewhat higher premiums; A new 70D was about $700/year additional IIRC. I'm also in the mountains (Ouray County).

 

[Quantum`]

Sounds like all you ladies have comp and collision.

 

[hsglia]

I had a pleasant surprise

Sounds like all you ladies have comp and collision.

I am actually paying about $8/month more for a 2014 CPO S85 compared to a Chevy Volt with Liberty Mutual. Even the agent was surprised how low the insurance was in VA.

 

[FloridaGary]

I pay $600/year with 250/500k coverage. I use to have 100/300 but after speaking to several attorneys they all recommend to buy as much liability as you can. It was only an additional $100 year to increase to 250/500 for me and my wife's vehicle.

 

[Navyguy]

I pay $600/year with 250/500k coverage. I use to have 100/300 but after speaking to several attorneys they all recommend to buy as much liability as you can. It was only an additional $100 year to increase to 250/500 for me and my wife's vehicle.

LOL Of course they do, as My Father is an Attorney, I can tell you that they would get a larger amount, most attorneys get a percentage of insurance claim payouts. and the most any pay out will normally be is the max the insurance was for. so DUH they say to get more. you sheep. You just need to get what the average is for your area, unless you kill someone the state mins, or slightly over are more than enough.

Keep in mind I was rear ended by someone and the most I got was her state min. But I still realize why