Tesla vs. GEICO - Agency Height (2024)

Tesla Insurance and GEICO are two popular insurers in the car insurance market. If you are wondering which one of these companies is the better choice for you and your car, we have compiled all the information you need to make the decision.

From coverage options, discounts offered to customer satisfaction and claims processing, we have compared each and every aspect of both Tesla Insurance and GEICO so that you know which company better matches your needs and requirements.

Tesla Insurance

Tesla Insurance is an insurance program designed specifically for Tesla vehicles. Launched in August 2019 in California, this program has since expanded to multiple states in the U.S. and aims to provide affordable coverage tailored to your needs. Tesla plans to expand this service globally along with its products and services.

GEICO

GEICO was founded in 1936 by Leo Goodwin Sr. and his wife, Lillian Goodwin. It started as an insurance provider for government employees and military personnel. However, the company has since opened its doors to the public and is known today as one of the country’s largest and most respected insurance providers. Moreover, GEICO’s direct-to-consumer model allows customers to purchase policies without agents, making the process quick and hassle-free.

Background and Ratings

Tesla and GEICO are well-respected and innovative insurance providers that have earned customers’ trust.

Let’s look at the background and ratings of both insurance companies.

Insurance Options

GEICO and Tesla Insurance are pretty different in terms of the policies they offer. Tesla is specifically designed for Tesla cars. Hence, they understand their vehicles, technology, safety, and repair costs very well. Plus, the insurance reflects Tesla’s state-of-the-art safety and driving assistance features that come standard on all new Tesla vehicles. Tesla Insurance is only focused on protecting Tesla cars and owners, so they don’t provide any other policies like homeowners, renters, motorcycle and so on.

GEICO is a more holistic provider. While it might not be the best choice for Tesla cars, for other electric vehicles and coverage, the insurance company has a wide range of options. From boat insurance, condo insurance to mobile home and life insurance, there is a lot that GEICO can offer.

Car Insurance Overview

Here’s an overview of car insurance offered by Tesla and GEICO:

• Coverage Options: Tesla and GEICO offer most of the standard driver coverage. GEICO does offer mechanical breakdown insurance as an additional add-on, but this coverage is not provided by Tesla. Glass coverage, Vehicle Automation Package, and Gap insurance are the add-ons that Tesla offers, but GEICO does not.
• Discounts: Tesla offers a 12% discount if you insure more than one vehicle on your policy. And if you own a Tesla with a solid autonomous driving capacity, you could also qualify for a discount on your insurance rates. GEICO, on the other hand, offers a broader range of discounts. Some significant discounts they offer include – good driver discounts, student discounts, multi-policy discounts, federal employee discounts, membership and affiliation discounts, anti-theft device discounts, defensive driving discounts, emergency deployment discounts, vehicle equipment discounts, etc.
• Customer Service: GEICO has a fantastic customer service reputation, with accessible and responsive support through phone, online chat, and their mobile app. They even have 24/7 availability! Plus, their technology and online tools, like the mobile app, offer policy management, claims filing, and roadside assistance for quick and easy access to information. Of course, everyone has different expectations and experiences so customer service can vary for each person. But overall, GEICO strives to provide excellent customer support. Tesla Insurance, on the other hand, does not have a good reputation when it comes to customer service. Across several review platforms, customers have expressed dissatisfaction over unfriendly staff, long waiting hours, inability to process work quickly, last-minute notices, and carelessness, among other reasons.

Roadside Assistance

Roadside assistance is a service that helps drivers who experience unexpected car issues while driving. Here’s how the roadside assistance benefits provided by Tesla and GEICO compare:

Telematics Comparison

Tesla Insurance and GEICO have their usage-based insurance (UBI) programs, Tesla Insurance Telematics and DriveEasy, which track driving behavior and offer personalized auto insurance rates.

Car Insurance Discounts

Here are the car insurance discounts that Tesla Insurance and GEICO offer:

Information on Claims

Want to report a claim with Tesla Insurance? Call the number on your Tesla Insurance card or check your Tesla account online. You’ll be connected with a claims specialist who will guide you. Plus, you can track the progress of your claim by calling the same number. And if you’re near a Tesla Body Repair Center, you’re in luck – they can handle your repairs!

GEICO has strived to make its claims processing as hassle-free as possible. They vouch that customers’ claims can be settled within 48 hours. The company also provides 24/7 services, with their representatives always ready to help you. To file your claim, you can call them at (800) 841-3000 to file your claim online.

Customer Satisfaction

GEICO customers seem mostly satisfied with the insurance agency. Most customers praise the company’s knowledgeable agents, who make filing claims a breeze. Plus, billing and policy changes are a piece of cake. Though most reviews are positive, there are some downsides. For instance, the hold times when contacting customer service can be lengthy. Additionally, communication can be an issue regarding damages between the adjuster, body shop, and customer.

Tesla Insurance, however, doesn’t have a good reputation when it comes to customer satisfaction. Across several review platforms, customers have expressed dissatisfaction over unfriendly staff, long waiting hours, inability to process work quickly, last-minute notices, and carelessness.

Tesla Vs GEICO: Which Company is the Best for You?

If you are a Tesla owner and are wondering which company is better for your car, you should know that both options have their own perks and perils.

Tesla vouches that Tesla owners can save around 20% by getting their coverage through the in-house manufacturer. And while non-Tesla vehicles can be added to Tesla insurance, there isn’t much information about this. This insurance program is a better choice for Tesla cars. Tesla insurance has an in-depth understanding of the technology and features that define a Tesla. They also have all the data that enables them to evaluate associated risks more accurately and provide personalized coverage.

GEICO is one of the country’s largest insurance providers, with various discounts and coverage options for electric and gas vehicles. It also provides coverage in 50 states, compared to only 12 states of Tesla. Compared to Tesla, GEICO has higher customer satisfaction scores. While Tesla insurance covers more Tesla-specific features like Autopilot, GEICO offers standard coverage options and standard insurance rates. If you want to bundle any other insurance policy with the insurance on your Tesla, GEICO might be a better option as you can enjoy many discounts through combined policies with this provider.

Tesla Insurance and GEICO are good options if you want car insurance. As a Tesla owner and a responsible driver, Tesla Insurance offers lower rates than the rest. On the other hand, GEICO has a wider variety of discounts and policies available to fit your requirements. But remember, take your time shopping around and comparing quotes. Take the time to research and find the right fit for you. Get help from an insurance agent if you need clarification.

Frequently Asked Questions

• Is insuring a Tesla more expensive?

  If you’re considering a Tesla, you must know that the insurance rates can be higher than other cars. This is because of pricey repairs, which can increase the cost of collision coverage. Remember that your rate is impacted by the Tesla model and trim, your location and driving record, and the coverage you select. Stay informed to ensure you’re getting the best coverage for your budget

• How much is insurance on a Tesla every month?

  According to Value Penguin, the average cost of insuring a Tesla can be $329 per month or $3947 per year.

• How much does a Tesla cost in 2023?

  In 2023, Tesla’s electric cars will range in price from $42,990 to $119,990, depending on the specific model you choose.

Highlights

• Tesla Insurance
• Tesla Pros and Cons
• GEICO
• GEICO Pros and Cons
• Background and Ratings
• Insurance Options
• Car Insurance Overview
• Roadside Assistance
• Telematics Comparison
• Car Insurance Discounts
• Information on Claims
• Customer Satisfaction
• Tesla Vs GEICO: Which Company is the Best for You?
• Frequently Asked Questions

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