Best insurance companies for Leaf owners (GEICO a RIPOFF)
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sittingbythedock
Member
m1key1111 said:
Wow...that's gotten my attention. Could you tell me a little more? For instance, is this your only car on the Geico policy? My understanding is that they will charge less depending on having another car and how much the other car is worth? This is a purchase not a lease?
I wouldn't be surprised if the cost is higher in California, but Geico quoted me more than 2x more than what you are paying and I have a clean driving record and have a Model S. I wonder if leasing instead of buying results in a higher insurance premium?
Anyone else willing to share what they are paying?
Thanks for all the information so far on this thread.
sittingbythedock
Member
KellyROlsen said:
Yes, this was more similar to my experience. Basically, adding the Leaf doubled my premiums when usually it is a small incremental increase when adding a 2nd car. I'm up to around $1,600-$1,700 which I believe is outrageous. Yes, Geico has good customer service, but there has to be other insurance options that aren't gouging consumers.
It seems, based on other comments on this thread, that Geico may be charging higher premium in certain parts of the country for EVs (e.g. California) while not doing so in other places (e.g. Georgia).
I'm definitely interested in shopping around. There has to be other options.
Pipcecil
Well-known member
when I insured my leaf under state farm two years ago, my premium raised less than 10 bucks per month, and that was replacing a signfiicantly older and easily repairable car. I would have expected it to increase more with a new car added. State farm is usually generally higher than most but their service has been impecible (including claims over the years for major accidents to fender benders).
sittingbythedock said:
I have 3 other cars on my policy and a boat with them, and neither my wife or I have had a ticket in the past 10 years. My leaf is a purchase not a lease. One thing I noticed in my policy section was that there were additional options added to the leaf when I added it (which had it at almost 300/6mo) like roadside assistance, and rental reimbursement, but since the new leaf comes with towing I removed those two options and it put it at $250/6mo. I know other factors are taken into account with car insurance like if you own a home versus rent (we own) and also what county/city you live in (I live in the suburbs of Atlanta).
Thanks,
Mike
TomT
Well-known member
The bottom line here is that there are so many variables involved, trying to compare insurance prices from one owner to another is virtually impossible...
madbrain
Well-known member
sittingbythedock said:
I am also in the bay area. I did an auto quote with GEICO recently that includes an 2011 Prius and a 2012 Leaf and actually it came to $600 less per year than our current insurance with Safeco for the same amount of coverage (full coverage). And that's for the auto policy by itself without any umbrella discount or multi-policy discount, which I have with Safeco.
Unfortunately, GEICO does not want to insure our house because it's over $900k in rebuilding cost.
If we moved just the auto policy to GEICO, our home insurance policy would go up more than $600 a year by losing multi-policy discount.
Safeco also probably wouldn't issue the umbrella at all and we would have to shop for umbrella again, possibly with GEICO.
So, no GEICO for us regardless of how cheap their auto insurance is. Sorry, Warren Buffett.
Klayfish
Well-known member
TomT said:
+1000
As an auto insurance claims person, I can absolutely tell you that Tom's post is spot on. Rating has so many variables that for one person to compare their rates with another is just about pointless. I can tell you what I pay and who I'm with, but it wouldn't mean anything for anyone else.
As for paying claims, every company I know, and I know a lot, pays what they owe. Especially for a first party claim (you make a claim against your own policy). That shouldn't be an issue. It's really about what level of service they provide, and frankly the individual adjuster you get assigned to. One person may say company X is horrible, but the next person says they're the best ever. The difference may be that the first person had a new adjuster or someone who didn't perform well (every company has people like that), and the second person has the company superstar.
It's not just Geico that's expensive. It seems that it's just expensive to insure the Leaf here in California.
Nissan says Farmers offer a 10% discount for Leaf owners. Still expensive.
In the end, I stayed with my existing carrier, Ameriprise. $415.90 for 6 months. Totally, ridiculously expensive. Their reasons:
1) Premiums are in part based on MSRP, not the heavily discounted/subsidized actual cost.
2) Repairs for electric vehicles can involve expensive, hard to get parts (e.g. PDM).
Meh, I bought a Leaf to save on gas only to get nailed on insurance. Here's the rub - my nice, big, fancy, V8 car insurance was only $280 for 6 months. Waaay less than the Leaf. Apparently, it's bigger, sturdier and CHEAPER to insure. The insurance company assumes it will suffer less damage in a similar collision.
Grrrr
Nissan says Farmers offer a 10% discount for Leaf owners. Still expensive.
In the end, I stayed with my existing carrier, Ameriprise. $415.90 for 6 months. Totally, ridiculously expensive. Their reasons:
1) Premiums are in part based on MSRP, not the heavily discounted/subsidized actual cost.
2) Repairs for electric vehicles can involve expensive, hard to get parts (e.g. PDM).
Meh, I bought a Leaf to save on gas only to get nailed on insurance. Here's the rub - my nice, big, fancy, V8 car insurance was only $280 for 6 months. Waaay less than the Leaf. Apparently, it's bigger, sturdier and CHEAPER to insure. The insurance company assumes it will suffer less damage in a similar collision.
Grrrr
iluvmacs
Well-known member
I switched to Geico earlier this year for Leaf + Prius. Cheapest place after getting at least a dozen quotes. Saved $1000/year over prior insurance with Allied!
kubel
Well-known member
$518.30 at Geico in Michigan.
Have my gas car insured with them too. They were the cheapest for me in my area, and I shopped around a lot. But with that said, insurance rates vary wildly. It's almost impossible to find a trend of low cost based on what others report. Insurance rates depend on, among many other things, your age, your credit score, your area (not just crime, but also the likelihood of weather damage), your driving record, other people in your household and their driving record and ages, other stuff you have insured, etc...
Have my gas car insured with them too. They were the cheapest for me in my area, and I shopped around a lot. But with that said, insurance rates vary wildly. It's almost impossible to find a trend of low cost based on what others report. Insurance rates depend on, among many other things, your age, your credit score, your area (not just crime, but also the likelihood of weather damage), your driving record, other people in your household and their driving record and ages, other stuff you have insured, etc...
Phatcat73
Well-known member
Ironically Geico was cheap when compared online. State Farm nearly doubled my rate when I purchased the Leaf. Eventually I bundled with Nationwide
It seems that EV's have a wider less consistent pricing range than gassers.
It seems that EV's have a wider less consistent pricing range than gassers.
jlsoaz
Well-known member
I participated in an insurance discussion some time ago on this board, but I am wondering now if anyone has any input on the question of whether insurance rates might have gone down a bit amongst some of the carriers in response to the drop in MSRP for the 2013 Leaf.
So, in my case, I am paying a lot (in my view) for insurance on a 2012 Leaf SL. I put this to the side last year because it didn't seem like there was much I could do about it, but if I come back to the matter now, perhaps looking into a couple of alternatives to Farmers, then part of the reason would be to figure out if some of the places adjusted in response to the MSRP drop. So, the replacement cost of a new vehicle would presumably be lower, and perhaps the residual value in that the MSRP drop made it kind of official that the vehicle's pricing curve would not hold up to the original levels?
So, in my case, I am paying a lot (in my view) for insurance on a 2012 Leaf SL. I put this to the side last year because it didn't seem like there was much I could do about it, but if I come back to the matter now, perhaps looking into a couple of alternatives to Farmers, then part of the reason would be to figure out if some of the places adjusted in response to the MSRP drop. So, the replacement cost of a new vehicle would presumably be lower, and perhaps the residual value in that the MSRP drop made it kind of official that the vehicle's pricing curve would not hold up to the original levels?
I also got online quotes from different insurance companies. I had Esurance but when I got my Leaf, the lady on the phone that I talked to said that they don't cover the vehicle and she recommended another insurance company. Anyways, the cheapest for me was 21st Century Insurance and it came with roadside assistance (for all the vehicles in the policy) so that was a bonus.
ERG4ALL
Well-known member
I pay attention to the advertising on TV. It seems that GEICO and Progressive and All State are having an advertising war. That money has to come from somewhere, it isn't free. Thus, I look for brands that have a more modest advertising budget. We're with Hartford.
Another thing that I noticed through experience is that about every three years you need to put out your insurance needs for bid. In past years I've been given a decent rate to get me to switch and then year after year we would see increases that evaporated their advantage. I was a CFO for a mid-sized manufacturing company during my career and I followed that process to keep our premiums as low as possible.
Another thing that I noticed through experience is that about every three years you need to put out your insurance needs for bid. In past years I've been given a decent rate to get me to switch and then year after year we would see increases that evaporated their advantage. I was a CFO for a mid-sized manufacturing company during my career and I followed that process to keep our premiums as low as possible.
SierraQ
Well-known member
GEICO was far less expensive for me. Of course I came from State Farm which wanted about 2x the money for the same insurance plan, and I am not in California, so I sure it is all relative.
Happy so far. Never yet had to file a claim, though.
Happy so far. Never yet had to file a claim, though.
LEAFfan
Well-known member
ERG4ALL said:
I would recommend checking every year before it comes up for renewal.
goaliepride
Well-known member
Geico was the cheapest for me, too. I was quoted $1200 per 6 months by progressive. I added onto my fiancee's insurance for $380 for the SAME COVERAGE. I have no idea why such a giant discrepancy.
bodily injury 100/00 Property Damage 50, Medical Payments 5, Uninsured 100/300 Comprehensive 500 ded, collision 500 ded. (Fiancee wanted to maintain high coverage, and for the price sticker I relented).
bodily injury 100/00 Property Damage 50, Medical Payments 5, Uninsured 100/300 Comprehensive 500 ded, collision 500 ded. (Fiancee wanted to maintain high coverage, and for the price sticker I relented).
RegGuheert
Well-known member
goaliepride said:
For your sake, let's hope these two women are actually one-in-the-same!goaliepride said:
Erie (some Eastern states only) was $249/year last year. We are about to get the new bill...
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