Geico Is Ready To Insure Your Tesla Model 3
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.
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.
Model 3 is now in Geico’s system. You can get an insurance policy for it now. pic.twitter.com/Y8bTpjQNg1
— The Tesla Show (@TheTeslaShow) July 19, 2017
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.