VIN 76 crushed by a distracted driver this morning

[Bet TSLA]

So long as claims are rare, it makes sense to put price ahead of coverage and claims experience. And while price is a very clear marker, claims experience is murky. You hear good and bad stories about the same company.

After I got insurance price quotes from Allstate that were way high, I shopped around. Geico had good rates and I didn't see much to scare me off so I went with them. That was last September. More recently I have seen Geico customers on Tesla forums complaining that (they theorize) due to huge repair bills their rates were skyrocketing. This worried me, but when my 6-month renewal recently came, my insurance cost the same. So I figure that stories are one thing, but what I'm actually paying is measurable data.

 

[ChadS]

It depends on where you live, but in my area there is a service called checkbook.org that does ratings of local services, including auto insurance. They did a nice chart evaluating about 20 insurance companies for Seattle-area shoppers. It includes data on how well customers like the insurance company in several areas, including simplicity, speed and adequacy of claims management. It also shows the complaint rate, and examines how auto body shops view the companies.

GEICO doesn't come off terribly well in that comparison. They are not at the bottom in any area, but below average in most areas. In their favor, it does look like claims are reasonably easy to file, and they are not terribly likely to raise rates or cancel you afterwards. But the adequacy of their payments is not good, and body shops don't like working with them.

As is often the case, there's no one clear winner that's good in every area, so you have to decide what is important to you. USAA, for example, is very highly rated in several areas, but it looks like once you have a claim you are far more likely than average to get canceled or a rate increase. I suppose if you are eligible to use them, you could use them until you have a claim, and then switch to GEICO. :smile:

 

[bhzmark]

Find an Atty that does policyholder representation and have them send a letter. Insurance cos improperly deny or reduce claims all the time and there are attys who seek to remedy those wrongs.

 

[Jaff]

So long as claims are rare, it makes sense to put price ahead of coverage and claims experience.

Right...then bitch about the amount of a total loss settlement later...yeah, that makes perfect sense...

Edit: my comment is not aimed at Curt's situation, but rather at those whom given the chance to purchase proper coverage, elect not to....see Models S Insurance threads.

 

[Canuck]

Still waiting for Geico to get their act together and make a realistic settlement offer.

Did they make an unrealistic offer? If so, how much was it? I reviewed the thread but didn't see it.

 

[NEWDL]

I am also interested to hear...

 

[Bet TSLA]

Right...then bitch about the amount of a total loss settlement later...yeah, that makes perfect sense...

Yes, it does. I'm not happy with the cost of insurance. I would not be happy if I made a legitimate claim and had that denied. But paying for insurance happens regularly and certainly. Claims are irregular (in my case I think twice in forty years of driving), and are not certain to happen at all. Dealing with annoyance occasionally and maybe never is clearly the superior approach for me.

But it's a psychological thing and people are different. I know what works for me.

 

[stevejust]

Right...then bitch about the amount of a total loss settlement later...yeah, that makes perfect sense...

Edit: my comment is not aimed at Curt's situation, but rather at those whom given the chance to purchase proper coverage, elect not to....see Models S Insurance threads.

Like Curt, my Sig Roadster is insured by Geico. I've had them for years and years, through the time I got doored on my motorcycle (lady on a cell phone -- her insurance company refused to pay and I took them to small claims court and won) to the time I got side swiped on the 405 (just a bad driver with apparently several incidents on their record. Felt so bad for her I didn't even pursue diminution in value).

My USAA quote is for $800 a year extra over the cost of my Geico insurance, and even after Curt's story, I still remain insured with Geico. Does anyone have Amica? Will they even insure Teslas? And it'd be nice to know from all the haters out there if they have any insurance companies to recommend.

 

[Curt]

Did they make an unrealistic offer? If so, how much was it? I reviewed the thread but didn't see it.

They did. It's low by about $30K.

- - - Updated - - -

Like Curt, my Sig Roadster is insured by Geico.

Just to be clear, my Sig 100 Roadster is insured by State Farm. Geico is the company covering the "at fault party".

If the investigation by the Maryland Insurance Administration doesn't wake them up, my next step will be to start all over by filing a claim through State Farm.

 

[stevezzzz]

Does anyone have Amica? Will they even insure Teslas? And it'd be nice to know from all the haters out there if they have any insurance companies to recommend.

Amica covers both of my Model S. I've been with them all my adult life, home and auto, and have nothing but good things to say about their customer service and claims support. Premiums are higher than some others, but since it's a mutual company I get a 'dividend' check every year to help defray the difference.

 

[ChadS]

CORRECTION to my above post #102 (which I can't edit now): USAA is NOT rated below average for canceling clients or raising rates after a claim; for some reason the table sort was reversed for those columns. USAA rates well above average on everything checkbook.org looked at. The main disadvantage is likely, as stevejust notes, price. Similarly, GEICO was below average in those areas as well, not above average; so I assume their advantage is price (and simple filing of claims).

The checkbook.org data I mentioned earlier was only done for the Seattle area and doesn't cover everything (including pricing, which is key!). But for what it's worth, it backs up stevezzz's experience - Amica is rated well above average in every category, almost as good as USAA.

 

[3PHASE]

A happy ending to this story, from my point of view. Curt acquired a dark green Signature Roadster (#55) recently. He's back promoting the benefits of EVs to our local community. Welcome back Curt!

 

[Curt]

Closing the loop...

Just letting everyone know that, after 4 1/2 months of fighting, GEICO cut me a check this morning, for only $3K less than I had requested in February.

In the end, they did the right thing, but only because one of their guys (manager number 3 from where I started) shot himself in the foot (figuratively), and he couldn't easily weasel his way out of it.

I got an Independent Appraisal which, no surprise, came in at very close to the value I had requested. GEICO didn't like this, and this manager contracted his own appraisal for GEICO's benefit. These guys aren't very bright (none of them have been), and he only read the bottom line before gleefully sending it to me. He probably wouldn't have noticed if it described a completely different vehicle.

At any rate, this second appraisal was amateurish and full of holes. I pointed out to the guy (and then HIS manager) that, once the omitted options from GEICO's appraisal were added, and the taxes and fees added to both their appraisal and the Independent one, that they differed by less than $3,000.

Unless you really believe deep down that you will never need to file a claim, and that you are only paying for insurance because it is legally required, GEICO should be avoided. The first three levels of GEICO employees I dealt with made no effort to settle the claim, and each one blatantly and repeatedly lied to me, usually in writing.

I've asked about buying the salvage title, but it appears I've hurt their feelings and they don't want to talk to me about that.

Now, to get on with my life. I feel the need to take the top off and drive a bit.

 

[eujinc]

Glad this all worked out for you, Curt. I have not seen your original roadster in person but your "new" green one is a beauty!

 

[MileHighMotoring]

Whew, so glad to read the positive resolution Curt. I dumped Geico a few months ago when I got my Tesla, for two reasons.

1) They were 50% higher on the Tesla premium. Yikes!

2) I had tried to do a claim on my previous car and they said they refuse to cut me a check for approved and covered damage - they would only pay a repair shop once the work started. Now, I've only done a few insurance claims in my life but every time they've been happy to give me the check and let me find a cheaper place, or not do the repair work at all frankly. This thing about only cutting checks to repair shops, I'm not sure if that's new industry standard or what, but I didn't like it and didn't get a good reason for it.

So, bye bye Geico.

 

[Andrew Wolfe]

I've had nothing but good experiences with Geico. A Geico owner hit one my cars and my daughter had 2 at-fault accidents. No issues with any of them.

 

[n2mb_racing]

Any recommendations on insurance companies in NC? I'm leaving Geico. I think they don't want to insure Roadsters anymore!

 

[m0rph]

2) I had tried to do a claim on my previous car and they said they refuse to cut me a check for approved and covered damage - they would only pay a repair shop once the work started. Now, I've only done a few insurance claims in my life but every time they've been happy to give me the check and let me find a cheaper place, or not do the repair work at all frankly. This thing about only cutting checks to repair shops, I'm not sure if that's new industry standard or what, but I didn't like it and didn't get a good reason for it.

That's common practice now here in Europe. In the past, you could get a check but then they didn't want to pay the VAT, which is 21% in my country...

 

[Curt]

Any recommendations on insurance companies in NC? I'm leaving Geico. I think they don't want to insure Roadsters anymore!

See posts further up this thread, and there are also some Insurance threads in the Model S forum.

State Farm has always been very good to me. My State Farm agent advised me to do the claim through GEICO (the "at fault party" insurance) due to recent changes in Maryland law. He came to my house multiple times to coach me through the process and to help me draft letters to the Maryland Insurance Administration, the DC Department of Insurance, Securities, and Banking, and to GEICO.

If you qualify for USAA, everyone I know with them has been happy. I also hear folks are happy with Amica.

Dealing with GEICO has been an absolute nightmare. But, to be fair, they are not my Insurance company. That might make a difference. They certainly won't ever have my business after this, though.

 

[MileHighMotoring]

In a case like this where you're not at fault and the other's party's insurance is processing a claim, I've heard that you can basically contact your insurance company and they will basically represent you and contact the other insurance company on your behalf to get you the best price.