Why are Geiko and Progressive's comprehensive coverage so low compared to others?

[fidke]

I was just shopping around for insurance for the wife's 2019 MR we bought back in March. Here's the quotes I got (all with $500 deductible):

Geiko:
Comprehensive: $37 for 6 months
Collision: $647 for 6 months

Progressive:
Comprehensive: $32 for 6 months
Collision: $493 for 6 months

AAA:
Comprehensive: $332 for 12 months ($166 for 6 months)
Collision: $1782 for 12 months ($891 for 6 months)

Mercury:
Comprehensive: $400 for 12 months ($200 for 6 months)
Collision: $600 for 12 months ($300 for 6 months)


What am I missing here? Are the quotes from Geiko and Progressive introductory rates that'll go up after 6 months? It just doesn't make sense to me why they're so much cheaper. Anyone insuring your Model 3 with Geiko or Progressive?

 

[Tam]

...why...

Additional data to compare:

Geico just raised my insurance Insurance

 

[jbcarioca]

Progressive seems to be often cheaper and always has superb customer service (in my experience anyway), plus they reward long term customers quite well.
Geico appears to be quite variable depending on driver history and location but also have excellent customer service.
For Tesla specifically and "exotics" generally both Progressive and Geico tend to be among the better choices.
I have long experience with both of them, but have insured both of my Tesla with Progressive for the last five years.
As always YMMV. That said, rest assured that Progressive is not giving you some trick promo rate, nor is Geico.

The foregoing are my opinions, so they are not advice. Obviously you need to check the terms yourself.

 

[DrDabbles]

FYI - Progressive auto insurance is currently underwritten by Liberty Mutual. So if you get a good rate with one, shop the other against it.

Geico will make you regret working with them inf you ever have a claim.

 

[Rockster]

Run screaming from Geico. Their horrible customer service isn’t worth the savings. I couldn’t get rid of them fast enough.

 

[acarney]

Progressive might bounce up a little on the first renewal because I think they roll on an “online quote” discount on the initial six months. However, when mine bounced up it less like $35 for the 6 month period or something, wasn’t too bad.

 

[ngogas]

Try traveler ins.

 

[ngogas]

I had progressive and after 1 year it increased.

 

[trm2]

FYI - Progressive auto insurance is currently underwritten by Liberty Mutual.

That is 100% false. Progressive and Liberty underwrite their own, with little possible interaction.

There is very little interaction between companies except for where one company won’t write the risk, they will farm it out to another company that will.

 

[fidke]

Cool! Thanks for the info guys. I guess I'll give Progressive a try and see how much it goes up after 6 months.

 

[Garlan Garner]

I was just shopping around for insurance for the wife's 2019 MR we bought back in March. Here's the quotes I got (all with $500 deductible):

Geiko:
Comprehensive: $37 for 6 months
Collision: $647 for 6 months

Progressive:
Comprehensive: $32 for 6 months
Collision: $493 for 6 months

AAA:
Comprehensive: $332 for 12 months ($166 for 6 months)
Collision: $1782 for 12 months ($891 for 6 months)

Mercury:
Comprehensive: $400 for 12 months ($200 for 6 months)
Collision: $600 for 12 months ($300 for 6 months)


What am I missing here? Are the quotes from Geiko and Progressive introductory rates that'll go up after 6 months? It just doesn't make sense to me why they're so much cheaper. Anyone insuring your Model 3 with Geiko or Progressive?

I just left Geico..

Reason? Geico does not cover nearly as much as other insurance companies. There is really no way to find out about this until you are in an accident and try to get Geico to do something.

If you are with Geico...I implore you to ask them what they will do if your car is totaled. I was in that boat initially with my Model 3 that was in an accident.

1. I have the performance model 3 w/FSD and w/EAP and w/upgraded interior w/unlimited charging. Due to the initial cost of the damage.....My car was going to be totaled. Geico WOULD NOT cover the cost of ANY features. Absolutely - my Geico premium was cheap.

I was hit from behind and thankfully the insurance company of the person who hit me covered the cost of ALL of my features which moved my car from being totaled to repairable. Her insurance company is Bristol West. Absolutely - my Geico premium was cheap.

2. Immediately after the accident I implored both Bristol West ( the insurance company of the person who hit me ) and Geico ( my insurance company at the time) to both come out and evaluate the car for their recommendations. Bristol West came out and initially recommended totaling the car as well as Geico. Then I gave both insurance companies my original bill of sale from Tesla that included all of my options. That made Bristol west change their mind because the value of the car increased. Geico didn't change their assessment at all. They were totally the car no matter what. Absolutely - my Geico premium was cheap.

3. Lastly.... and more importantly. If I would have gone with Geico and let them total my car...they would only cover me for the Blue Book value of the car. I owed about $28k more than the Blue Book value on my load ( stupid depreciation ). I would have lost over $28k. My new insurance company - Alstate covers EVERYTHING - including the Gap between Blue Book value of the car and what I owe. In other words they would cover my Entire Loan if it exceeds the Blue Book value. Absolutely - my Geico premium was cheap.

Absolutely - my Geico premium was cheap.

 

[TomT]

I had Progressive for my BMW motorcycle insurance. They were great UNTIL I had a claim for a not-at-fault accident. Then they did everything possible to delay the claim, deny coverage for items that WERE covered, low-ball everything, and just basically make it a miserable experience! Never again!

 

[mc2002tii]

I don't have Geico, but my wife and I have been hit twice by people with Geico insurance. They are horrible to deal with.

There could be national news coverage of one of their drivers hitting your car and admitting it on camera, and Geico would still claim it was your fault and deny payment.

 

[tvad]

LOL, the lowest 6 month quote in your list is from Mercury...not Geico or Progressive.

In fact, what your quotes tell me is AAA is totally out of line with the others.

 

[Eno Deb]

3. Lastly.... and more importantly. If I would have gone with Geico and let them total my car...they would only cover me for the Blue Book value of the car. I owed about $28k more than the Blue Book value on my load ( stupid depreciation ). I would have lost over $28k. My new insurance company - Alstate covers EVERYTHING - including the Gap between Blue Book value of the car and what I owe. In other words they would cover my Entire Loan if it exceeds the Blue Book value. Absolutely - my Geico premium was cheap.

This is a little unfair. Geico has chosen not to offer GAP insurance, just like a number of other insurance companies. On the other hand, some companies with similarly low premiums (e.g. Progressive) do offer GAP insurance, so this has little to do with being "cheap". Also, not everyone needs GAP (e.g. if you paid cash or GAP insurance is provided by the lender).

When I recently shopped around, Allstate's offer was almost twice of what I now pay at Progressive (and previously at Geico) ...

BTW, GAP insurance has nothing to do with filling a gap, but stands for "Guaranteed Asset Protection". Be sure to read the small print, since there are often strings attached.

 

[Garlan Garner]

This is a little unfair. Geico has chosen not to offer GAP insurance, just like a number of other insurance companies. On the other hand, some companies with similarly low premiums (e.g. Progressive) do offer GAP insurance, so this has little to do with being "cheap". Also, not everyone needs GAP (e.g. if you paid cash or GAP insurance is provided by the lender).

When I recently shopped around, Allstate's offer was almost twice of what I now pay at Progressive (and previously at Geico) ...

BTW, GAP insurance has nothing to do with filling a gap, but stands for "Guaranteed Asset Protection". Be sure to read the small print, since there are often strings attached.

Its not unfair at all.

Geico is not offering GAP insurance. Correct. They aren't offering GAP insurance at the same price as other insurances that DO cover the GAP.
Most people aren't fortunate enough to be able to buy a car "cash". Especially a Tesla.

Everyone....do what you want, but you have heard testimony after testimony about Geico.... in this thread and others. Go ahead and go with the cheaper rates if you want.

Remember - the quality of your insurance only matters when you need it. If you will never need to utilize your insurance....then go with Geico.

 

[Eno Deb]

Everyone....do what you want, but you have heard testimony after testimony about Geico.... in this thread and others. Go ahead and go with the cheaper rates if you want.

Or you could check actual customer satisfaction ratings (such as the ones from Consumer Reports or JD Power) instead of relying on random anecdotes on Internet forums.

 

[Garlan Garner]

Or you could check actual customer satisfaction ratings (such as the ones from Consumer Reports or JD Power) instead of relying on random anecdotes on Internet forums.

Random internet forums are often the most reliable source of unbiased ( normal people ) information.

I'm sick of groups like JD Power being biased due to behind the scenes donations and such. I wonder what Consumer Reports did with all of the large donations from Sears department stores? Kenmore ALWAYS got excellent ratings.....I wonder why? hmmmm

I don't need JD Powers opinion on Geico....because I WAS a customer. No additional information is needed to know what they cover or not. I didn't have special Geico coverage. I had the coverage they offered to EVERYONE.

I'm a basic person with basic facts.

 

[Eno Deb]

I didn't have special Geico coverage. I had the coverage they offered to EVERYONE.

If you wanted GAP coverage and selected Geico (which doesn't offer GAP coverage) you have nobody to blame but yourself. It's like complaining about McDonald's because you didn't get a Whopper.

 

[Garlan Garner]

If you wanted GAP coverage and selected Geico (which doesn't offer GAP coverage) you have nobody to blame but yourself. It's like complaining about McDonald's because you didn't get a Whopper.

Come on.... are you serious? McDonalds doesn't sell Whoppers?

I may not know anything about burgers but at least I know about Gap Insurance.




Seriously though. I had Geico when I received my Tesla.

I'm not looking for anyone to blame for anything.

As soon as I don't need GAP....I will probably move. I just wanted to enlighten "regular" people like me in this forum who may not have considered GAP insurance - or didn't know what it meant - or didn't know it existed.

We have to help each other these days. Even if I help just one person avoid the loss due to not having GAP insurance ( when they need it ) then the conversation is worth it.