create. communicate. share.

BoudahXL
Community Guru
November 14, 2021, 7:56 pm
0

Geico no longer insure karma cars

So I got this email from Geico, I called them and they explained I'd have to find a local insurance company as the Karma Revero, Revero GT and the GS-6 are on the restricted list.

Called Allstate and Progressive, same issue there.

This is the first car in having issues with finding an insurance, and I mean I have owned and insured many cars at Geico.

What is going on here?

 

UPDATE - Karma called the underwriter and are looking at ways to resolve this in the state of Washington. As of the 29th of November there is nothing you can do, either pay the high premium on the few companies that would insure the car or wait. No exceptions from major companies as of right now.

This post was edited 11/29/2021 17:03:28

20 replies / 340 views
pmichaelmd
Community Legend

November 14, 2021, 9:53 pm

That is crazy, I have never heard of such. Did they give you a better reason as to what places the Karma vehicles on this restricted list? Do they insure other exotics, like Aston Martin or Bentley?

I would be furious and am glad USAA hasn't (yet) pulled this c**p. Sorry to hear that Geico did. Fingers crossed again for you. 

This reply was edited 11/14/2021 22:01:17

BoudahXL
Community Guru

November 15, 2021, 1:21 pm

Yes my 2017 911 and 2019 Vantage are insured with Geico.

This reply was edited 11/15/2021 13:22:25

pmichaelmd
Community Legend

November 15, 2021, 6:30 pm

BoudahXL  That makes little sense, especially with your Vantage. Did you move insurers or did you get an exemption? Do you have your Karma back yet?

BoudahXL
Community Guru

November 16, 2021, 4:37 pm

pmichaelmd  No exemptions, Karma has agreed to replace the car, it's official. But the problem now is to find an insurance, I can't believe I'm facing insurance headaches now.

Basically it boils down to the value of the car vs the repairs, this is where all the insurance problems are coming from.

On top of that the insurance premium is so high on this car compared to other similarly priced car, it's crazy.

Hachisma1
Community Advocate

November 14, 2021, 9:59 pm

I had my original Fisker and now my Karma insured with Cincinnati Mutual. Been with them 10+ years. Never had a problem. Fingers crossed!

BoudahXL
Community Guru

November 29, 2021, 1:15 pm

Yes, like I said the original Fisker Karma and the Karma Revero can be insured by most, but the Karma Revero GT and Karma GS-6 are not the same accroding to insurance companies.

BoudahXL
Community Guru

November 15, 2021, 11:35 am

They said something about 100k+ washington state, I have other more expensive cars insured with Geico and it is not a problem.

I googled and found some people having the same issue, some reported that they were able to get an exception because they had multiple cars, that is probably why I was able to insure the Revero GT in the first place.

BoudahXL
Community Guru

November 16, 2021, 1:01 pm

Some updates, keep in mind I live in Washington State.

What is odd is that the "Fisker Karma" and the "Karma Revero" both are no issue to insure but the Karma Revero GT/GTS and GS-6 are.

Geico - Restricted list (DENIED)

Progressive - Restricted list (DENIED)

Haggerty - Do not support electric cars yet (DENIED)

Allstate - Restricted list, but if you call local agency and you add more cars they are willing to insure the Revero GT or the GS-6, they charge 3,500.00$/yr with a clean record as driver and no accidents at fault. which is more than twice of what I pay for a 200k$ car at Geico.

State Farm - Restricted list, but if you call local agency and you add more cars they are willing to insure the Revero GT or the GS-6, they charge 2,300.00$/yr with a clean record as driver and no accidents at fault. which is more than twice of what I pay for a 200k$ car at Geico.

PEMCO - Could insure for 3,100$/yr

 

This reply was edited 11/16/2021 19:01:41

mpar21
Community Advocate

November 21, 2021, 9:44 am

I see a lot has happened. I very glad to hear you reached a solution with Karma. The insurance issue is very surprising. I might suggest AAA insurance as well if they have a presence in your region. As far as the models that are getting this restriction, it might also be sales volume related. Units sales for those models is very low and might be part of the insurance company's decision. Best of luck!

This reply was edited 11/21/2021 09:46:56

BoudahXL
Community Guru

November 24, 2021, 1:59 pm

Last week I visited the dealership to check on the car status, the backseat was removed because they had charging issues with the car, something about the auxiliary battery drained out.

I couldn't find an insurance company that would offer less than 2,400.00$/yr that's twice what I pay for my new Vantage. Not only that, it would mean to split my car insurance and lose multi car discount on my main one. Not worth it!

My patience ran out, buy and owning a car shouldn't be this difficult or bad. I requested a buyback instead of replacement.

pmichaelmd
Community Legend

November 24, 2021, 4:02 pm

BoudahXL  I can't blame you and that is a shame, both the time your car has been in the shop and the insurance issue.  I hope they do the right thing and give you your money back.  Then off to the next adventure!

This reply was edited 11/25/2021 16:56:13

BoudahXL
Community Guru

November 29, 2021, 1:14 pm

pmichaelmd  Customer Experience support has gone silent since my request for the buyback, they acknowledge on the phone on the 23rd, but call back since, even though I left voicemail and SMS...

I'll keep the forum updated, they still haven't cleaned up the spam yet.

pmichaelmd
Community Legend

November 29, 2021, 4:43 pm

BoudahXL  Customer Experience...what an interesting title. I get the feeling that this will be quite a long, drawn out process for you, unfortunately. I have never had to pursue a lemon law claim personally, but it sounds like that is your recourse. Best of luck to you!

BoudahXL
Community Guru

November 29, 2021, 5:00 pm

pmichaelmd  We (me and Karma) came to an agreement today.

All I can say is they are 100% behind their product, too bad the company is running lean, COVID-19 hit in the worst time possible for Karma.

That said the culture is there, those guys at Karma want the best for their company.

pmichaelmd
Community Legend

November 30, 2021, 10:32 am

BoudahXL  That is excellent news on all fronts. Perhaps they will regain the staffing required to have an active presence in this forum again and to keep we, the owners, abreast of updates, etc.

BoudahXL
Community Guru

December 3, 2021, 4:45 pm

pmichaelmd  Still waiting on resolution, keep in mind this all started in September.

BoudahXL
Community Guru

December 12, 2021, 2:38 pm

pmichaelmd  Last Thursday we agreed on numbers for the buyback. Now it's a matter of signing off the paperwork and getting the check.

pmichaelmd
Community Legend

December 12, 2021, 3:17 pm

BoudahXL  I hope the end result is a fair buyback number, but you will certainly feel better once you have the check in hand. 3 months later...

BoudahXL
Community Guru

December 18, 2021, 4:47 pm

pmichaelmd  The journey has reached its conclusion. Check in hand car returned. I'm going to wait on the sidelines for the GT or SC-2

pmichaelmd
Community Legend

December 18, 2021, 8:46 pm

BoudahXL  Hate that it happened that way, but congrats on a successful resolution. After this my next will be full electric. ⚡️ 




Sign in to post a reply

Communities

Public community
Revero community
2012 community
Karma

Activity

There are currently 10299 members registered, 363 posts and 619 replies

My profile

Register

Karma Automotive™ 2022