Model 3

Geico Ramps up Premium for Tesla

edited November -1 in Model 3
hi fellow model 3 owners, the upcoming premium from Geico on my model 3 is outrageous. I own 3 cars, a 2014 BMW 3, a 2018 Honda Odyssey and a 2019 Model 3. The collision w/ $500 Deductible for Tesla is $548, compared with $216 for BMW and $170 for Honda. Please see the pic yourself.

Background: 12 years with Geico, no accidents for 12 years.

Any recommendations for Tesla friendly insurance? Thanks!
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Comments

  • edited November -1
    I have a similar problem.
  • edited June 2019
    I use Root insurance, but to be honest, I'm 29 with no accidents or tickets with advanced defensive driving (15% discount), and I couldn't find a single insurance quote for less than like $550 (for 6 months). Root and Progressive were the only reasonable carriers for me personally. All others were $900+

    They make your rate based on a lot of different things... your best bet is to just apply to every insurance company that interests you. No one can really tell you what will be the best and cheapest for you.
  • edited June 2019
    @EVTomorrow,

    Hi, I was from AllStates to Costco Ameriprise Auto Insurance. I have exec member so their was more discount. My new insurance premium for six month with my iwfe 2015 Honda Oddessey Van and my 2018 Model 3 AWD LR w/FSD package was $597. I live in the Kern County, CA. So not bad. Give them a call to see what your rate will be.
  • edited June 2019
    In this case, the value of the Tesla 3 is roughly 3-4 times that of the BMW 3. Wouldn't that be a big factor?
  • edited June 2019
    Is that quote monthly? $578 is my 6 month with progressive
  • edited June 2019
    I pay $1010 annually for model 3 with no tickets or accidents in the last 6 years. It was through a broker with Travelers. This premium was lower than before because of multi car discount and house insurance/umbrella bundled.
  • edited June 2019
    I just paid 977 for 6 months with Root. I'm in my 30s, no accidents or tickets. I've only had my driver's license for 2 years (because I'm from Europe). Not sure how much of it is for Tesla, as there's an old Volvo on the policy as well. Just liability for the Volvo was 256.
  • edited June 2019
    My Allstate insurance jumped from $590 for six months to $775 for six months. No tickets, claims or anything. In fact (knock on wood), I've not had a ticket or accident in 31 years.

    Allstate claimed that the Texas Insurance Regulatory group bumped Tesla to a new "class" of coverage, based on claims, thefts and cost of repairs.
  • edited June 2019
    I got new quote from Geico this month and it is the same as before.
  • edited November -1
    Get rid of the 3rd vehicle
  • edited June 2019
    I added Model 3 to Progressive policy with 2015 Subaru Legacy. They raised my premium $200 a year. Seemed reasonable. Model 3 over twice as much in cost ($52k vs. $25k) and expensive to repair with long waits for parts, all adding to insurer’s costs.
  • edited June 2019
    Your zip code is a big part of it.
  • edited November -1
    When I went from Mercury to Costco/Ameriprise, my 6 month premium went from $1500 to just under $600. In my 50s with no tix or accidents. Have one other car on the policy but it is 2000 miles per year, 2005 camry, liability only.
  • edited November -1
    Thank you all so much for the kind and helpful replies!!!
  • edited June 2019
    EVTomorrow,

    You welcome : )
  • edited June 2019
    Liberty Mutual, $188/month for our two cars: Tesla 3 and a 2019 Toyota 86
  • edited June 2019
    South east Michigan here. $2600 6 month premium for 2019 model 3, 2016 Kia forte and my house. I would love to be in yalls shoes.
  • edited June 2019
    Has anyone heard anything more regarding Tesla providing car insurance? I too am looking to dump Geico after my rate increased some $300 for no apparent reason.
  • edited June 2019
    Another happy Costco Ameriprise customer here. Been with them something like 13 years. I'm insuring a 2017 Model X & 2018 Model 3 Performance for ~$600 every 6 months (includes new car replacement). No accidents ever and no tickets since 2009.
  • edited June 2019
    @EVTomorrow, so I have a good friend who is a State Farm insurance agent. I was with Geico for 15 years and was skeptical about changing because I always thought Geico gave the best rates (at least they did when I checked around initially). My friend at State Farm totally destroyed what Geico was charging and we immediately switched over with way more coverage and at a lower price. I was dumbfounded and asked how he got such a good rate? He said it had nothing to do with any kind of "friends and family" kind of discount (as much as he would've wanted to make it out to be), it was simply because I was a long time Geico customer. Apparently in the auto insurance industry your deepest discount will be if you're a long-time customer about to switch companies. Makes sense since most companies don't want those types that move around every year or so, and want the business of the types that are most likely to stay long-term for a decade or whatever. So if you've been with Geico that long I'd say definitely check into other companies (State Farm at least!), you may be surprised!
  • edited November -1
    State farm is a complete rip off at least in areas like san diego where sf won’t pay the going rates. You’ll windup fitting some of the bill. And thats was with cheaper cars than a tesla to repair. I was trying to find a repair place and all of them laughed at sf, they said any other ins is better. So realize with that cheap rate you get hosed. Warned.
  • edited June 2019
    I also saw my 6 month insurance premium go from around $642 for my 17 Honda Accord V6 to close to $1100 when I changed it to my 19 M3 LR AWD. I have since switched to Progressive and my 6 month premium for the Model 3 is $696 and like $1650 total for all cars . I have a 17 Pacifica and a 02 Cavalier(PLPD). Drivers in my family are myself (46) my wife (44) and my oldest son (17). I am in Michigan. I had been with Geico for 9 years with no Accidents, Claims or Tickets. I am sure my 17 year old contributes to my rates. But Progressive seems to be much better on the Model 3 for me.
  • edited June 2019
    I'm at 1100/6 months on Geico for two cars (Pacifica and Model 3). I think it went up by like 250 or so when I got the car.
  • edited June 2019
    I just got my renewal from Farmers and it jumped by about $200 for six months. No change to my driving record.
  • edited June 2019
    Allstate gave me roughly $400/6mo for each of my cars, Honda Civic, Subaru Crosstrek, Subaru Outback and Tesla Model 3.
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