State Farm increasing premiums on Model 3

[jim0266]

State Farm in Ohio. LR RWD $558 / 6 mos. Clean records, 50's. In comparison our 2019 Bolt Premiere $335 / 6 mos.

 

[ammulder]

$576 / 6 months for my M3 Performance, and I have the gold package and higher coverage limits. 37, married, clean record. Coverage summary:

$250k/$500K/$100K
$1k Collision, $500 Comp Deductibles
Rental Coverage
New Car Value Umbrella - Full replacement value at MSRP for 3 years in the event of total loss
Accident Forgiveness

It's the same price as my wife's Volvo and actually a touch cheaper than my previous 2016 Cadillac ATS-V

I can tell you’re not in NJ/PA! I have $100 comprehensive which is basically the Deer Tax. Fortunately, changing comprehensive deductible was really cheap compared to collision.

 

[dmurphy]

State Farm in NJ - $522.34/ 6 months.
Model 3 LR AWD

 

[RedModel3]

State Farm 6 Month Policy
$411.91 (Sept 2018)
$480.54 (March 2019)

That would be a 17% increase with no changes, tickets or claims.

Wow, that's cheap!!

 

[TomT]

Just renewed my policy with State Farm and my Tesla rate went down, not up...

 

[VT_EE]

Don’t

I'm doing that right now. Problem is even with rental coverage...it has a cap around 30 days. The parts wait I've heard for Model 3 is 3-4 months.

Don’t believe everything you read. My rear end collision fix is not taking anywhere near 3 months. Parts took 14 business days and the shop is taking 2-3 weeks to perform the work.

 

[VT_EE]

Insurance premiums are one thing, paying claims is another.



I have State Farm and got into a fender bender(clearly not drivable) Scary part was that Tesla Body Shop in Walnut clearly said they are backed up 30 days from when they can even take a look at the car estimate wise.

So let’s add another 40 days for parts and repairs.

So I can possibly reach out to Tesla Body Support for a Tesla Loaner for anything past 30 days?

Also what about insurance limits on parts versus what Tesla will charge? Insurance made it very clear that I’ll be on the hook for the difference. Not sure how I can address this.

My body shop told me that Tesla parts are fairly reasonable cost wise. It sounds like they are in line with other manufacturers on average.

 

[Trips]

I searched but how do you get State Farm to insure the FSD and Boost upgrades? I got the $2k FSD deal so I'm guessing they won't pay the current $7k/$8k.

Here is what they said "If the switch of the computer is a permanently installed switch then you should be covered at claims time for the extra cost. There aren't any special provisions at this time that allow for the upgrade to be considered part of the policy. You would need to retain all receipts from the upgrades to show to claims if something were to happen that affected the new computer."

 

[XLR82XS]

I have State Farm, as they had the best rate, and I haven't been contacted about a rate increase yet either

State Farm here as well. Best rate around for me and treat me well.

 

[dmurphy]

I searched but how do you get State Farm to insure the FSD and Boost upgrades? I got the $2k FSD deal so I'm guessing they won't pay the current $7k/$8k.

Here is what they said "If the switch of the computer is a permanently installed switch then you should be covered at claims time for the extra cost. There aren't any special provisions at this time that allow for the upgrade to be considered part of the policy. You would need to retain all receipts from the upgrades to show to claims if something were to happen that affected the new computer."

Then there ya go. In event of total loss, you just send them the receipts from the upgrades and they calculate it into the vehicle's total value.

I can pretty much guarantee you wouldn't be happy with the total loss valuation, but truly everyone feels their vehicle is worth more than the payout.

 

[banned-66611]

The thing that will really screw you over with a Tesla is that they will value the cost of upgrades like FSD on the assumption that you had X years use out of it. In reality you are still waiting for the unspecified date when it will be enabled.

So the value to you is what you paid for it, the value to them is like any depreciating asset and you aren't going to get what you paid for it.

 

[Garlan Garner]

It would be to the advantage of everyone to compare coverages as well as premiums.

If a company's 6 month premium is $200, but only covers simple liability - no rental - no perks......and another companies insurance premium is $800 and they cover everything including unlimited rental and gap coverage.....then $800 might be worth it.

Too many people base an insurance company on premium alone - while not having an accident. Premiums are often evaluated too late ( after and accident ) when you aren't covered for things like "gap" ( for those financing new cars ) and you are out of $15k to $25k to replace your car along with whatever the insurance company gives you for a totaled out accident.

 

[dmurphy]

It would be to the advantage of everyone to compare coverages as well as premiums.

This is solid advice.

Coverage can vary wildly, including limits, deductibles and even what’s covered.

For us, we have high limits, low deductibles and also carry a $2m umbrella policy over all of it. Cheap way to protect ourselves. The peace of mind alone is worth it for us.

Great point ... all insurance policies are NOT created equal!

 

[Atari2600]

Then there ya go. In event of total loss, you just send them the receipts from the upgrades and they calculate it into the vehicle's total value.

I can pretty much guarantee you wouldn't be happy with the total loss valuation, but truly everyone feels their vehicle is worth more than the payout.

I had a total loss with State Farm and they gave me more than the KBB private sell value. However it was a Honda and not a Tesla. I thought it was fair at the time.

 

[TT97]

Has anyone's policy renewed in the past month? Are premiums going down with no one driving? My company went to WFH on March 13th and I have driven 77 miles since that day.

 

[K5TRX]

Any of the other insurers doing the same thing?

This thread started in 2019 but the answer is even more profound with COVID-19 in 2020.
State Farm announced a $2B refund for the reduce claims they are getting.

State Farm did not increase the rate on the Model 3 since introduction as far as I know.
Our M3P rate has gone down under $400 for six months.
Rates are based claims. Your individual rate is set by your driving history, location, credit, discounts, etc.

What kind of score are you getting on your Drive Safe and Save app?
That is really key to getting the best rate especially if you are now driving less.

 

[TomT]

The State Farm policy for my 3 renewed on Friday and it went down (excluding the additional one-time Covid-19 rebate)... I also use their Drive Safe and Safe program - typically at about 98% - and it saves me an additional $75 every six months.

 

[K5TRX]

Has anyone's policy renewed in the past month? Are premiums going down with no one driving? My company went to WFH on March 13th and I have driven 77 miles since that day.

Your Drive Safe and Save app will automatically see the lower miles and apply your discount at your next renewal.
If your agent won't tell you about Drive Safe and Save, make them give it you.
It's up to 30% in some states and 50% in others.
That is in addition to the State Farm $2B Refund.

 

[TT97]

Your Drive Safe and Save app will automatically see the lower miles and apply your discount at your next renewal.
If your agent won't tell you about Drive Safe and Save, make them give it you.
It's up to 30% in some states and 50% in others.
That is in addition to the State Farm $2B Refund.

Drive and Save is illegal in California. (California does not allow insurance companies to track people's driving). In California, they now go off of 3rd party reporting (dealers, mechanics, etc). I guess I will have to wait until my next oil change .

Nice to know about the refund - was not aware. As State Farm is a mutual company, the theory is any profits are reinvested and returned to the customers. When I first got a State Farm policy 20 years ago, that first year I received a refund check and have never seen another check since.

 

[dmurphy]

Your Drive Safe and Save app will automatically see the lower miles and apply your discount at your next renewal.
If your agent won't tell you about Drive Safe and Save, make them give it you.
It's up to 30% in some states and 50% in others.
That is in addition to the State Farm $2B Refund.

For those with a crazy premium, I understand it. For me, I don’t want to give them my driving data.

SF says it’s anywhere from 5-30% off the premium. Our annual premium is about $880/annually, so that’d be anywhere from $44-$264 annually. For that, I’ll keep the tracker off.

Again, higher premium or different financial situations, totally different. But that’s just my $0.02, which is worth exactly what you paid for it (ie nothing!)