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2024 Insurance Costs
- Thread starter yessuz
- Start date
Pagemakers
Active Member
If you got your Admiral quote, do what I did go online and refuse it because it’s too expensive. They come up with a cheaper price, refuse that and they come up with a final price. I saved almost £300. Took 10 minutes and no haggling with humans.
Had a quote back from Novo as well. Initially it was £1074 (less than the £1400 odd they wanted last year, the reason I moved to LV=). Managed to get them down to £890 after they had missed something on the original quote (apparently having access to other cars to drive makes a difference).
Will probably go with them as the perks are better (Tesla accredited repairers only, fully comp on other cars, EU cover for 13 weeks, etc)
Will probably go with them as the perks are better (Tesla accredited repairers only, fully comp on other cars, EU cover for 13 weeks, etc)
Alll that happens when I try that is a box pops up saying to phone them. Chances I'd get it much lower are low given they're quoting 1k+ to new customers with my details.
Pagemakers
Active Member
Anyone looked at amending the valuation of the car? I valued mine at £35k but when I ran the numbers through a comparison site it valued the car at £22k and gave a quote of £850.
When I adjusted the value up to £35k my quote came back at £1,200 (although from a different insurance provider)
Obvious really but not something I had considered in detail. Maybe my ‘over valuation’ of my car was inflating the insurance.
For ref my M3LR has 25k miles and is 2.5 years old
When I adjusted the value up to £35k my quote came back at £1,200 (although from a different insurance provider)
Obvious really but not something I had considered in detail. Maybe my ‘over valuation’ of my car was inflating the insurance.
For ref my M3LR has 25k miles and is 2.5 years old
I can also recommend Admiral, my insurance has remained the same this year as last. They are particularly good if you have more than one car and if you choose to get home insurance with them. For each car/home added, a discount is applied to your policy - so we have 2 cars + home and I think we get 10% discount on each for a total of 20%.
Pink Duck
Active Member
The valuation in Admiral’s case doesn’t impact the premium all that much, by a few pounds.
Industry quick valuation estimates for my 6 year old S presumed 88,000 mi on the odometer (lease cars bias) on same page as recent MOT readings!
It’s worth increasing it so that in event of battery pack damage your vehicle isn’t written off with a repair cost of 50–70% value - though insurers are free to ignore what you tell them. Also helps in event of non-recovered theft. A total of 29 Teslas were stolen last year in the UK.
Industry quick valuation estimates for my 6 year old S presumed 88,000 mi on the odometer (lease cars bias) on same page as recent MOT readings!
It’s worth increasing it so that in event of battery pack damage your vehicle isn’t written off with a repair cost of 50–70% value - though insurers are free to ignore what you tell them. Also helps in event of non-recovered theft. A total of 29 Teslas were stolen last year in the UK.
Pink Duck
Active Member
I suspect like most things it’s just there to catch the insured out so insurer can claim fraud if they would prefer not to pay out.
Pagemakers
Active Member
In the case of a claim your car is valued against the industry standard. If you over-price your car you will be charged more and paid out the same. A con really!
That is my understanding. At one time I had a car that justified (in my mind) paying for an agreed value policy. I don't feel it is worth it for either of our Tesla.
Actually we still have the other car but it's in storage and insured differently now.
Pagemakers
Active Member
It’s the same as your house. A £600k house is not valued for that for re-build purposes. More like £260k
Exactly this, as I also noted a few days ago on this thread.
Leave the insurers valuation alone when you are getting a quote.
The time to go to war on this is if the worst happens and you are not happy with what the insurance co. offers for your car - reject the offer and build a case for a higher value based on similar cars for sale at the time.
Ignore all of the above if you want to guarantee the value of your car and go for a specialist 'Agreed Value' policy.
Direct Line, despite being the historical Tesla Insurance Partner, has been quoting ridiculous quotes for new customers for years now.
These doubling rates for renewing customers would suggest they want to quickly offload the majority of Teslas in their fleet now... New partner incoming?...
That surely won't help their record losses...
These doubling rates for renewing customers would suggest they want to quickly offload the majority of Teslas in their fleet now... New partner incoming?...
That surely won't help their record losses...
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