Forums

geico increased my insurance by 40% despite no accident and many years of being their customer

geico increased my insurance by 40% despite no accident and many years of being their customer

Goddamn it. This is the second increase at renewal time. These two increases more than doubled my premium.

Tesla needs to provide its own cheaper insurance for Tesla owners. These insurance companies's behavior certainly tries to discourage people buying Tesla.

Tuning In | 2 mei 2019

Yes sir, many of us have seen the same spike in premiums come renewal time.

Kary993 | 2 mei 2019

How much was it? I have no accidents or tickets and got insurance through the Travelers (house, auto and umbrella) and the annual premium for the M3P was $1010.

JustSaying | 2 mei 2019

Amica dropped my rate vs the A5.

Joshan | 2 mei 2019

State Farm lowered my rates compares to my Acura ILX also (got rid of that to get the M3).

I can sum up your response to Geico in one word "CANCEL"

Jtwo | 2 mei 2019

I had GEICO as my insurance carrier and when I bought my M3, my rates were going to rise by 40%. I previously had an '01 Acura CL-S and an '09 Vette. When I heard the quote I said; I'm only going to insure one car. They said that was the rate. I said; see ya.

Tuning In | 2 mei 2019

Actually, we have our policy with State Farm along with our home. We got our cars in Q2 of 2018 and the rates jumped up at renewal time for 2019. I asked them to triple check VIN's, models, etc. All were correct. They said that it is what it is. When I cross shopped AAA, it was about the same rate. Cut rate carriers have a much better price, but I'd pay the difference for the piece of mind.

Teslanene | 2 mei 2019

My geico renewal started this month and they lower my premium a couple of bucks. It’s around $60 bucks a month now with $250 deductible.

davez69 | 2 mei 2019

Compared to my '16 Range Rover Evoque, State Farm increased my insurance by $43.10/6 months for my MR RWD M3. Only a little more than $7/month so not a big deal. We shall see if this changes down the road...

Passion2Fly | 2 mei 2019

Same for me. +10 years with Geico, no accidents. Premium up by 37% for 2019. I asked why, answer: well... it’s a Tesla... you can afford it...

jjt2122 | 2 mei 2019

I have geico too, I have 2 cars(M3 and Corolla) and with $250 deductibles, it’s $99 a month with high coverages just to be safe.
No increase yet and I have had geico for 4 years now.

ssalas928 | 2 mei 2019

I went from a leaf to a tesla. my monthly rate went from 100 to almost 400. called them and canceled as soon as I found a better alternative.

Magic 8 Ball | 2 mei 2019

Tell that little Gecko to stick it!

elecfan2 | 2 mei 2019

Hehe, was about to say, that Gecko probably asked for a raise and you're paying for it. There is no loyalty with companies like this, just move to another one.

jjt2122 | 2 mei 2019

There is no loyalty with any company anymore

Jtwo | 2 mei 2019

^^True dat^^

Electric_Sheeple | 2 mei 2019

Never stay put with an insurance company... find yourself an insurance broker and change companies ever other year. You'll save a ton.... Staying long-term with any insurance company is a good way to ensure your rates go up year-over-year.

ebmcs03 | 2 mei 2019

Is your car AWD?

elecfan2 | 2 mei 2019

I'm curious to see what Tesla insurance comes up with, I'm currently with Esurance and pay $442 for 6 months on a Tesla Model 3 performance with full coverage. When and if they start to gouge me, I'll move to someone else.

TeslaTap.com | 2 mei 2019

I expect the increase has nothing to do with owning a Tesla, and everything to do with how to best scam you for the most money. Perhaps the first year is a deal where they have no intention of keeping that "teaser" rate beyond the first year. As others point out - shop around. Any increase over 5% or so sounds like a ripoff, especially considering as the car ages, it's worth a lot less (and they pay less if totaled).

rdclark53 | 2 mei 2019

Farmers(my then-insurance co.) wanted so much, I shopped around. Progressive and Allstate were 1/3 the cost of Farmers and a couple others.

Quinten | 2 mei 2019

Geico in 15 minutes we can jack up your premium rate : ). I have the Costco Ameriprise and so far it about the same. My with Model 3 with my wife's Honda Odyssey Van is about $650 per siz months here in Kern Country area near L.A. Not too bad as befoe it was like $490.

jackcolo | 2 mei 2019

I just shopped about a dozen insurance companies. I conclude that some just plain don't like Teslas and some do. The lowest price I got (I have both an X and a Model 3) was from "Say" insurance, which is apparently an online unit of Sentry. However, I chose State Farm as they were next up in price, but offered a deal for including my homeowner's coverage too. "Say" offers no homeowner's insurance.
I conclude that insurance is a commodity - lowest price is best - as long as it is from a reputable company.

007bond | 2 mei 2019

@ ffrr AWD LR?

Hassancook24 | 2 mei 2019

Hey everyone,

I work for a credit union that has an insurance dept. They can run your info thru multiple carriers to find the best rate for you. It's completely no-obligation. If you live in CA, CO, OR, TX, WA, or NV I may be able to help! If interested, just send me an email at hassan.cook@kinecta.org. Thanks!

We also have great loan rates and open membership to anyone in the mainland US; no hoops to jump through!

marketa_o | 17 juli 2019

I can't find my previous post so I will write a new one. My Geico premium increased by 25% in February and another 50% for my upcoming renewal. I had a lengthy discussion with Geico today and was told that someone decided that it is more expensive to repair Tesla M3 than it is to repair BMW M2 ($200 cheaper 6 month premium to be specific) or a similar car. M3 was reclassified as a performance car, probably one of the most expensive on Geico's list at this point. I would say it is time for Tesla to launch their own insurance company or to give the insurance market more comfort in terms of the price of repairs of M3.

billlake2000 | 17 juli 2019

Hey, that gecko costs a fortune in terms of acting lessons

Mike83 | 17 juli 2019

Costco Insurance for two Teslas dropped for us the in the last premium . It was probably about 1/3 the cost of Geico over a year ago.

charles.a.braun | 17 juli 2019

USAA went down for our S and 3. Based on what I had read here and elsewhere I was expecting an increase. I was pleasantly surprised on Friday when I opened up the new policy and found a small ($15 over 6 months) decrease.

Yes, $2.50/month is not even noticeable but when you are expecting a 10-25% increase, it is good news.

efuseakay | 17 juli 2019

I can see Tesla insurance denying claims for using auto pilot on local roads. For speeding. Not signaling. Etc. they’ll have access to all the car’s logs.

charles.a.braun | 17 juli 2019

Tesla is cool with AP use on local roads.

Don't speed

USE YOUR FLIPPING TURN SIGNALS!!!!!

Janice.ribeiro | 17 juli 2019

AAA didn’t even wasn’t to insure my Tesla. After arguing with them, they agreed to insure my car but at a higher premium. Come November we are shopping around for new insurance.

Passion2Fly | 17 juli 2019

My 2018 six months premium was $400 for a M3 LR RWD. In February 2019, it went up to $550 and in August it will be $750! Same coverage, no accidents... Geico California. My recent XLT F150 truck costs me $200 per six months...

Passion2Fly | 17 juli 2019

I need Tesla Insurance ASAP!

garretn | 17 juli 2019

Allstate raised mine 40% this next six months still no tickets or accidents. That's ridiculous.

TickTock | 17 juli 2019

State Farm was reasonable when we added ours but I am about to cancel with them just for being so out of date. I got rear-ended a couple months ago and got great video thanks to Tesla Cam. The other guy's insurance (Geico) made it super easy to upload the video to their claim. State Farm had no clue. Could not even click a YouTube link. They actually told me I needed to burn it to a CD and snail mail it to them for them to see the video. :-O Really. Not a thumb drive. CD. I offered to send a VHS tape but they declined and said the CD would do. I don't think they got the joke.

lbowroom | 17 juli 2019

So you'll pay a higher premium to be able to upload a video?

terminator9 | 17 juli 2019

I am with Gieco. The last renewal in May did not go from from what it was in August 2018. The next one is in November, we will see!

terminator9 | 17 juli 2019

>I can see Tesla insurance denying claims for using auto pilot on local roads. For speeding. Not signaling. Etc. they’ll have access to all the car’s logs.

Tesla's history tells us that word-of-mouth is how they grow. If they do this, it will spread pretty quick in the social media world that we live in and people won't get their insurance. Could happen but not a behavior from Tesla I have seen so far.

ODWms | 18 juli 2019

Any car company you’ve been with for awhile will home your rates, looking for and finding any reason to do so. It is a reason why it’s always better to shop around on a regular basis. Better rates go to new customers. They all do it.

40milecommuter | 18 juli 2019

Same thing happened to me. I dumped them.

billstanton | 18 juli 2019

My first year AAA the Tesla was comparable to our 3 year old Corolla. This year the Tesla went up about 40% (last month or so). I just checked Costco/Ameriprise and it is the same for the same coverage.

kenmikel | 19 juli 2019

I had similar experience in March. A 40% increase over the Lexus GS (more expensive) than my M3. I went Progressive & got a significant decrease.

jjt2122 | 30 juli 2019

Yep, geico increased my premium from $99 a month to $150 a month, no accidents or tickets. I contacted ameriprise and got it down to $105 a month with BETTER COVERAGE!!

Someone was just telling me about ByteRyte, anyone hear of it?

chrisjiiji | 30 juli 2019

When I was assigned to a Germany company during the late 80s, our car insurance was based on the driver and their driving record NOT on the type or age of car your were driving. I’m not sure if that is still the system but I thought we should copy the practice in this country.

n.dunkel | 30 juli 2019

Have you tried this comparison site? https://www.electrade.app. Worked wonders for me, though it'll obviously vary by location/driving history/ etc.

akabillygoat | 30 juli 2019

My Costco Ameriprise policy seems like a pretty good deal. 3 cars insured, including M3, 2 drivers in mid 40s: $599.61 for 6 months. This is a renewal as the M3 was added in the prior 6-month policy. See it, dissect it:

https://www.dropbox.com/s/kvl1sjd8nbnrqx7/Auto%20Policy.pdf?dl=0

billlake2000 | 30 juli 2019

I'm tellin youse guys, them Geico commercials need to be paid for, and that gecko demands movie star prices. How can they NOT raise them rates?????

rxlawdude | 30 juli 2019

@aka, you may get hit with the jump for the M3 in the next renewal cycle. We had a 20% hit on our renewal for a '15MS and a '17M3.

The M3 being the big increase.

Hal Fisher | 30 juli 2019

State Farm is the worst. They won’t let you take your car to who ever you want, they have to be state farm approve which means the cheapest shop. Ask any shop, nobody like state farm because they make up rates for repair. I windup having to pay $400 more with gieco but at least i know it will get repaired right. My rates are about $1700 a year apposed to about 1300 with sf.

h2ev | 31 juli 2019

My second renewal with Geico is due soon. My Model 3 went *down* from $410/6mos to $350/6mos, the overall policy went down $100 for the 6mos term. Nothing at all changed in our 3 car policy. I have $50/$500 comprehensive/collision deductible on the Model 3.

Pages