Geico Is Ready To Insure Your Tesla Model 3

Tesla Model 3

JUL 20 2017 BY STEVEN LOVEDAY 43

Tesla Model 3

Tesla Model 3 Number 1 to CEO Elon Musk

Soon-to-be Tesla Model 3 owners don’t have to sweat or lose sleep anymore over what they’re going to do about auto insurance because Geico has already put the upcoming car in its online system.

Insurance for Tesla vehicles is one of many popular conversations surrounding the Silicon Valley electric automaker. Being that it’s not a “traditional” automaker in any sense of the word, insurance can be an issue. We recently reported that AAA has raised auto insurance rates for Tesla’s lineup, other companies will likely follow suit, and some insurers don’t even include Tesla as an option.

Tesla

Tesla currently offers inclusive insurance policies for Tesla Model S and X owners in Asia.

We reported back in March that Tesla stated as part of its “keeping everything in-house” matter of doing things, the automaker is working to provide inclusive insurance as an option at the time of vehicle purchase. Tesla already offers this in Asia for the Tesla Model S and X. Jeff Evanson, Tesla’s VP of Global Investor Relations, shared (via Teslarati):

“We’ve been doing it quietly, but in Asia in particular where we started this, now the majority of Tesla cars are sold with an insurance product that is customized to Tesla, that takes into account not only the Autopilot safety features but also the maintenance costs of the car. It’s our vision in the future that we’ll be able to offer a single price for the car, maintenance and insurance in a really compelling offering for the consumer. And we’re currently doing that today.” 

Elon Musk confirmed during the Q4 call:

“This is not to the exclusion of insurance providers if we find that insurance providers are not matching the insurance proportionate to the risk of the car. If we need to we’ll in-source it, but I think we’ll find that our insurance partners do adjust rates proportionate to the risk of a Tesla.”

The Tesla Show recently Tweeted that GEICO is now one of the first auto insurance agencies to add the Model 3 to its list of insurable vehicles. According to Teslarati, GEICO has already confirmed that upcoming Model 3 owners can begin the preliminary steps now, even before their new vehicle is delivered.

Even better news is that those who have commented on Twitter thus far have shown that the rates are really reasonable. One comment mentions around $600 for six months, and another shares that the Model 3 quote came in 20 percent less than current rates for the BMW i3.

GEICO is surely not the only agency that is moving forward, and as time goes on, it’s likely that many will follow. Teslarati pointed out that USAA may be an alternative option, which was mentioned in another Twitter reply.

Source: Teslarati

Categories: Tesla

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43 Comments on "Geico Is Ready To Insure Your Tesla Model 3"

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Yes, but is buying insurance from a gecko really the best policy? 🙂

Seriously, it’s nice to see that not all insurance companies are adopting the strange anti-Tesla policy which AAA is using. I still wonder what the motive is for that.

AAA’s motive is probably the same as when it lobbied against the 1990 Clean Air Act, and dozens of other green initiatives. They have a long history of being anti-bike, opposing any pollution regulations, opposed environmental impact studies, lobbied in support of Keystone XL, opposed the moratorium on deep water drilling after the Gulf Deepwater Horizon disaster, etc

http://www.transalt.org/sites/default/files/news/media/2001/010101amicus.html

http://www.alternet.org/story/88361/did_you_know_aaa_is_bad_for_the_environment_but_you_can_get_green_roadside_assistance

Basically they lobby for like an extension of the oil industry.

Yikes. I wasn’t aware of that… gotta reconsider my membership now.

Glad amI let my membership go.

Wow.

Wow. When you answer a question, you don’t mess around, do you Nix?

This subject was discussed before in an InsideEVs comment thread, and I don’t recall most of that being mentioned. It certainly puts a different light on AAA, doesn’t it?

Yes it does!

Why does the government mandate car insurance? I want no government mandated car insurance lol I will not crash ever LOL

I agree! Why should I have to buy car insurance and support all those pre-existing bad drivers? Worse, how about the ones who intentionally get diesel and then expect ME to cover their losses. If they didn’t smoke, they wouldn’t get diesel. Geez.

NICELY DONE LOL…pre-existing drunk drivers need to be included and gas guzzlers that spew toxic fumes LOL

New Hampshire (motto: Live Free or Die!)doesn’t require auto insurance and S.C. and VA allow an alternative if you qualify financially…If you do not plan on driving on public roads you don’t need insurance in the majority of the states…

Push it might be the best policy if the insurer does not mind paying for crop dusters flying around with huge banners in the sky.

AAA might not like the idea of people sleeping and using AutoPilot along their merry way.

Imagine that.

Much better than sleeping while driving and NOT using autopilot.

SURE SURE SURE

$600 for 6 months seems really high to me.

+1

As a 25 year old male in the DC area, $600 / month for my Chevy Volt was about the lowest I could get through State Farm. $600 / month for a $35,000 (?) Tesla with unknown reliability data seems reasonable to me

$600/month? Not /year?

Sorry, $600 for 6 months so $100 / month

You must be driving an old cheap car. My full coverage on my 2013 Lexus ES 300h is insured throufpgh Farmers at $750 for six months, perfect record and everything. So 600 is in line with where a 40k car should cost to insure.

A major factor in determining premiums is location.

The voice of reason.

People seem oblivious to this everytime an insurance discussion comes up.

I’m driving a 2013 Volt which was over $40K MSRP when I purchased new.

My insurance is about $360 for 6 months.

I cannot imagine your policy coverage for that figure. Can not be that great.

Coverages

Bodily Injury & Property Damage Liability:
$100,000 each person
$300,000 each accident
$100,000 each accident
Uninsured/Underinsured Motorist: $100,000 each person
$300,000 each accident
Personal Protection Insurance: Excess Medical w/$500 deductible
Excess Work Loss
Limited Property Damage: $1,000 each accident
Property Protection Insurance: $1,000,000 each accident
Comprehensive: $250 deductible
Collision: $1,000 deductible

$114+ a month for my 2010 Kia Soul, Canadian $, so it is a bit higher, after exchange!

That’s about what risk insurance costs around here.

“$600 for 6 months seems really high to me.”

Seems very strange to me to cite a flat rate. Car insurance rates vary by where you live and how far you drive per year, and of course your driving record, among other things.

It should also vary by how expensive the car is. I’d think a base trim level Model S60 could be insured for appreciably less than a top of the line Model S P100D(Ludicrous)!

Because Warren Buffett does not have enough money.

So many annoying commercials on the TV.

Insurance the main driver of the Berkshire Hathaway growth over the years, as Warren takes the insurance premiums, and buys other companies.

I currently have Geico insuring my 2015 Optima hybrid.

6 month policy with identical coverage:
Optima = $362
Model 3 = $447
Bolt EV = $364.50

I’m happy to see only a $2.50 increase for the Bolt.

Ya but does it cost more to insure than a base Camry or not?

Answer. The Model 3 is 25% more expensive to insure!

Model 3 – $717 with generic info and Camry $573 with the same generic info.

Who woulda thunk!

Let’s see what Model 3 Insurance compares to the BMW 325 or 340i?

Base Camry is $23,070 in the US.

Congratulations, you’ve uncovered the reality that a cheaper car costs less to insure. Shocking expose. News at 9.

And yet we’re supposed to believe some study by some genius financial analyst that claims the Model 3 costs more to insure than a base Camry when it comes to his cost analysis.

That’s the point, not sure how you missed that.

Can anyone imagine the cost of car insurance if only habitually bad drivers and drunk drivers were required to buy car insurance?

Lol…our politicians don’t see any correlation…I’m shocked!

But I’ll never use my car insurance, why do I need to buy car insurance…

Ooops, I just got into an accident texting and driving. Who could have known I could get in an accident? This insurance thing is more complicated than many people know.

Yep.

Dunning–Kruger effect.

I have Geico for Model S 60 base model for a bit over $587/6 mos in Southern California (although it jumped to $646 in April). You’d think they could do better for Model 3. They were the lowest priced policy amongst insurers I looked at in 2015. Many insurers did not list Model S online so I had to call and I guess they used a generic car profile.

For those expecting cheaper prices, you might have policies on older cars with lower blue book or you might have minimal coverage that won’t pay for a totaled car. You can adjust many factors that will change the price including: Bodily Injury Liability (ie $100k limit per person, $300k total occupants), Property Damage Liability (ie $100k limit), Medical Payments ($0 to $5k), and Uninsured/Underinsured motorist.

When I got my i-MiEV, Progressive wanted to charge me something like triple what I’d been paying for my Prius, for the same level of coverage. No explanation. (I didn’t even have comprehensive, and the cars had cost me the same — each $10K, used.) So I dumped them for Allstate, who gave me a rate close to my old one.

I HATE INDIVIDUAL MANDATE ON CAR INSURANCE LOL

The policy deductible, your history/usage, and your location have the highest impact on your premium. Multi-policy and other discounts help, but not much.