75% Insurance Increase

That's worrisome. We are with Geico and just reached one year of ownership. I wonder if we're all going to see a rate hike due to exorbitant body repair costs and the frequency with which damaged cars are declared to be totaled.


----a few minutes later----

Wife handles car insurance. I just checked and our coverage renewed a few weeks ago with no rate increase.

"New car discount"?????? Has anyone ever heard of that from an insurance company before?

Mr. 75%er: how many vehicles are on your policy, and is that 75% number for all or just for the Model S?

this is not surprising given the price gouging at the certified repair shops and tesla's refusal to sell parts to non-certified shops. i've been saying for a long time that if this [price gouging/refusal to sell parts] continues, nobody is going to buy a Tesla because the insurance rates will be unaffordable. this was only a matter of time.

I also had a Geico increase. I don't have the numbers in front of me, but it was more like 15%- 20%. Still stunk though. I thought insurance was supposed to go down as the value of the car depreciates!

Instead of just saying the price went up, I'd be interested in hearing about the actual portion(s) of the premium that went up...Is it across the board or particular pieces?

Tesla needs to get a handle of the price gouging by their certified body shops. If not no one will buy these cars used due to the high cost of insurance which will cause the vehicles to depreciate very quickly not helping Tesla or their customers. It should not cost more to fix than a comparable Mercedes.

Geico went up from $525 (six month) to $602. That is for a P85 and sienna. No accidents/tickets. As others have stated this is due to expiration of 'new car' discount and regional claims

Hold on folks... Tesla insurance should be dropping.

Tesla has awesome safety and there are hardly any serious injuries to treat. Medical care is far more expensive than car repair, and consequently Tesla cars ought to be costing insurance companies a lot less than other brands.

I agree. Maybe it takes more time for them to realize that. But somehow I don't expect my premium ever to be lower in the future.

hmm. my 2 year date is Dec 1st. haven't seen anything about a price change for Geico. $509 for the P85 & $445 for a 2011 535

NADA may have a hand in this 2.

I'm with Geico for 6-7 years.. Claim free

Added MS 2 weeks back

My premium for MS + Acadia Denali = $643 with high liability limits

I just got a quote for my on-order 85D. I was pleasantly surprised that the premium is pretty much a wash with what I'm paying now for my 15 year old A6, with similar coverages. (Yes I know, the A6 was overinsured.)

@zextraterrestrial Is your premium for six months? If so you are paying roughly twice as much in CA and @taurusking in TX only half of what I am paying in MD

MartinAustin said:

Hold on folks... Tesla insurance should be dropping.

Tesla has awesome safety and there are hardly any serious injuries to treat. Medical care is far more expensive than car repair, and consequently Tesla cars ought to be costing insurance companies a lot less than other brands.

Click to expand...

Car insurance is always itemized. I know comparing coverage on my Jeep to my 911, you can make some judgements:

On the Jeep, the most expensive thing is Bodily Injury Liability (to others) at 27% of the cost of the policy. Collision (cost of repair of MY vehicle) is 15% of the cost. Medical and PIP combined are 16%.

On my Porsche, the Bodily Injury Liability (to others) is slightly more expensive than on the Jeep, however the other line items are much higher. BI Liability (to others) is 20% of the total cost. Collision (cost of repair of MY vehicle) is 33%. The Medical and PIP are $2 per year cheaper than on the Jeep (safer car), but the total cost was low in the first place.

Obviously the cost of repairing a crashed Porsche is much higher than a Jeep. Based on what others are saying here about repair costs because of authorized body shops, repair cost may be even higher on a Tesla.

Also keep in mind for property damage liability ... a 4800 LB Tesla has potential to do a heck of a lot more damage than a luxury ICE car that weighs 500 lbs less.

Something doesn't sound right...

I have Encompass w/ agreed value, which is a policy for high end cars. $500 deductible, 250/500 coverage w/ glass and I pay $1,098 per year. And if the car gets totaled, I am reimbursed the agreed value (purchase price), not the depreciated value. I guess I must be getting quite the deal, eh?

AmpedRealtor said:

Something doesn't sound right...

I have Encompass w/ agreed value, which is a policy for high end cars. $500 deductible, 250/500 coverage w/ glass and I pay $1,098 per year. And if the car gets totaled, I am reimbursed the agreed value (purchase price), not the depreciated value. I guess I must be getting quite the deal, eh?

Click to expand...

You are right... I called Encompass and they don't provide agreed value in the State of Texas...I did find Safeco and other relatively low profile insurance companies and they provide agreed value for $1500 per year which is $300-400 more than what Geico is costing me and the catch is they do agreed value for only 1-2 yrs the max.

MartinAustin said:

Hold on folks... Tesla insurance should be dropping.

Tesla has awesome safety and there are hardly any serious injuries to treat. Medical care is far more expensive than car repair, and consequently Tesla cars ought to be costing insurance companies a lot less than other brands.

Click to expand...

Yes but the price gouging and exorbitant repair rates by Tesla shops seem to more than make up for the fewer injuries. I've read a bunch of stories on the forum and hope our Tesla is never damaged in an accident in any way as it seems the few Tesla certified shops know they have a monopoly and jack up their prices. If this continues it is only a matter of time until the insurance rates go up.

Does Tesla still only sell parts to Tesla authorized body shops? This is part of the problem.