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M3 Auto Insurance - what are you paying?
- Thread starter AndrewH
- Start date
pdx_m3s
Active Member
Sir Guacamolaf
The good kind of fat
Geico ..
My last Model S (sold) with $2500 deductibles - $389/6 months
New quote on S same coverage - $792
New quote on 3 - same coverage - $390
With Tesla, gas savings are largely offset by insurance.
My last Model S (sold) with $2500 deductibles - $389/6 months
New quote on S same coverage - $792
New quote on 3 - same coverage - $390
With Tesla, gas savings are largely offset by insurance.
For me it's under comprehensive and it was a sub option, I think otherwise the standard deductible for comprehensive applies to glass
I, too, got a quote for a Model S and it was substantially higher than the Model 3.
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WilliamG
Hinge Fanatic
Thanks for the info. I may call Progressive and see about changing it and how much it would raise my premiums. I feel like it's only a matter of time with these cars being so much glass.
garth_angst
Member
Long Island, LR AWD, I pay $591 for 6 months through Allstate.
250/500 coverage
500 deductable
lots of discounts (multi car, combined with homeowners, accident prevention, etc.)
I am with Geico and collision deductible $1000.
I have been owning my Model 3 just past a year.
Just the collision premium, it was $188 per 6 months for the first year.
They just sent me the new statement for the next 6 month, the collision premium changes to $380 per 6 months.
Not sure why there is a more than 100% growth in the collision premium, all others are about the same as before.n (no accident, no violation etc)
BTW, I am in San Jose CA. Any one with Geico sees the same change?
I have been owning my Model 3 just past a year.
Just the collision premium, it was $188 per 6 months for the first year.
They just sent me the new statement for the next 6 month, the collision premium changes to $380 per 6 months.
Not sure why there is a more than 100% growth in the collision premium, all others are about the same as before.n (no accident, no violation etc)
BTW, I am in San Jose CA. Any one with Geico sees the same change?
Eno Deb
Active Member
Yes, that seems to be very common. See these threads:
Insurance rate increased. Anyone else?
Geico Ramps Up Model 3 Collision Premium
I was also affected and just switched to Progressive (where I now pay roughly the same as I paid at Geico before the increase).
Feels like a solid deal for the coverages I have.
Only one vehicle - so no multi-car discount - it was a couple hundred less for the Tesla when I had another car on the policy.
Good deals available with a clean license/history.
37/Male/'18 M3 LR RWD in NJ
Only one vehicle - so no multi-car discount - it was a couple hundred less for the Tesla when I had another car on the policy.
Good deals available with a clean license/history.
37/Male/'18 M3 LR RWD in NJ
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Premium is good, but your coverage is low. Only $35k for medical injuries [Personal Injury Protection PIP] and only $100,000 per person /$300,000 per accident for liability and $50,000 for property damage. Since your rates are so low, it might be good to increase your limits to more adequately protect you in the event of an accident (beyond that which is typical).
Generally limits of $250,000 per person, $500,000 per accident, $100,000 for property damage, and $250,000 for PIP are solid especially when you put a $1MM or more personal umbrella over top of those limits. I would suspect it's not much more than a few hundred extra annually based on your current premiums.
It's important to remember, the lowest rates are usually a result of lesser coverage. Choose the best coverage first and then have folks compete on that.
Hope it's somewhat helpful to you.
Not sure what state you are in, but your Personal Injury Protection (PIP) is way low - $15k is generally the minimum you can purchase.
If you are in an accident - in your vehicle, another vehicle, or as a pedestrian, your carrier Travelers will only pay the first $15k in medical bills (minus your deductible) and then you are cut off, potentially leaving you with a large sum to pay (figure 15k covers about a day in the hospital +/- one day). Sometimes, if you have health insurance, it can cover over and above, but you want to see if that is the case before an accident. Also, even if it might, you would still be subject to your health insurance deductible/copay/etc, which could be substantial depending on what plan you have.
Since PIP is a reasonably expensive coverage, it's often the first place companies/agents look to lower coverage because it can make a decent premium reduction. Just might be worth considering if that coverage is what you really want. Carrier is good, that PIP limit is probably severely low.
I'm an agent in NJ and work in the surrounding states. If you are interested, PM me, I'd be happy to review with you and see what's available (we represent many carriers). No promises, but happy to help out a fellow Tesla owner.
I posted my NJ coverage (high insurance state), but my rate is very competitive.
WilliamG
Hinge Fanatic
Thanks for chiming in. I'm not worried about PIP. I have health insurance. I have PIP only to cover any other passengers. And $35,000 is the most I can even pick with Progressive (at least on their online tool). I don't need it at all for myself, in any case.
Also, I have $100,000 property already, not $50,000.
I could increase to $250,000, $500,000, $100,000 for around $40 a year, but I'm just not that concerned, to be honest. You can always have more insurance - at some point it just gets silly.
Thanks. I just got a quote from Progressive, the rate is about the same of my Geico new rate (Collision is also about the same), so I guess Progressive is also increasing the Model 3 collision premium too.
Eno Deb
Active Member
Yeah, that's possible. My guess is that the insurance companies looked at the average repair cost of the Model 3 and it was higher than they initially expected, so they had to increase the price of collision coverage. At the end of the day only Tesla can solve this issue by improving their service operations and body shops. Oh well, at least I have my rate locked in for the next 6 months.
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