Insurance premium increased by 25% without reason

Tesla Insurance Forum
1

My auto insurance for 2024 is up for renewal, and the premium jumped by 25%. There haven’t been any claims, changes in drivers, or moves to a new location. It’s frustrating because my auto insurance is now double the cost of my homeowners insurance, even though my car is a year older.

This, combined with Tesla’s price cuts affecting depreciation, rising electricity rates, and now this insurance hike, makes me regret the decision to get a Tesla. Just needed to vent since there isn’t much I can do about it. Anyone else dealing with similar issues?

2

Same here. I switched to a different insurer recently and saved a lot. I’d recommend shopping around—you might find a better deal.

3

Blaine said:
Same here. I switched to a different insurer recently and saved a lot. I’d recommend shopping around—you might find a better deal.

What insurer did you switch to? I’m curious because I’m dealing with the same issue.

4

@Zaden
I switched from Allstate to Progressive. I’d been with Allstate for six years but had to move on when the rates got too high.

5

Blaine said:
@Zaden
I switched from Allstate to Progressive. I’d been with Allstate for six years but had to move on when the rates got too high.

Just be aware that some insurers offer low introductory rates for the first six months to reel you in. It’s worth monitoring closely.

6

@Gale
I’m fine with that. If the rates go up, I’ll just switch again. It’s not that difficult to shop around.

7

@Zaden
You might also want to consider Tesla Insurance, but be prepared for some quirks like the safety score system.

8

Insurance rates are rising across the board. Insurers are dealing with higher repair costs, inflation, and increased claims frequency. Unfortunately, it’s all being passed down to customers like us.

9

Eli said:
Insurance rates are rising across the board. Insurers are dealing with higher repair costs, inflation, and increased claims frequency. Unfortunately, it’s all being passed down to customers like us.

That’s what they say, but I’d love to see actual proof of these ‘record losses.’ Seems more like companies taking advantage of inflation to boost profits.

10

My premium also increased by 28%. No accidents or claims, just the way things are right now.

11

Mine jumped by 50%. Instead of paying more, I decided to sell the car.

12

Taryn said:
Mine jumped by 50%. Instead of paying more, I decided to sell the car.

I’m considering doing the same. The rising costs of ownership are getting ridiculous.

13

Have you looked into Tesla Insurance? They might have better rates if they’re available in your state.

14

Haru said:
Have you looked into Tesla Insurance? They might have better rates if they’re available in your state.

Unfortunately, Tesla Insurance isn’t offered in my state.

15

Melissasaivant said:

Haru said:
Have you looked into Tesla Insurance? They might have better rates if they’re available in your state.

Unfortunately, Tesla Insurance isn’t offered in my state.

You could try Costco’s Connect Insurance. I pay $500 for six months, and it comes with great benefits.

16

Geico increased my premium by 40%, and I don’t even have a Tesla. It’s worth getting quotes from other companies.

17

Teslas are expensive to repair, and that’s driving insurance costs up. Sadly, this trend might continue.

18

FWIW, my insurance went up 25% before I even got my Tesla. It’s not always about the car—it’s an industry-wide issue.

19

As someone in the insurance industry, I can confirm rates are going up across the board due to rising repair costs, inflation, and increased claims. Average increases are around 20-25%, and this will likely continue for another year or two.