Another Tesla Insurance Rate Increase! Seriously Tesla?

[tdroesch]

Looking for advice from anyone using Tesla insurance.

I have a new 24' MSP and my current company (Mercury) has me at $2,576 for six months, which is a 132% increase in premium with the same coverage from my previous vehicle, a 21' X5M Comp. I am in CA with 37 years driving, 15+ years with Mercury, good driver, no tickets or accidents, never late on payments. Coverages for that policy are shown in the attached pic and I am just sick about the pricing.

Because of this, I have been shopping around and the pricing (sadly) seems to be similar elsewhere, except for Tesla, which is offering a substantially lower premium for higher coverage. Coverages for that estimate are shown in the attached two screenshots and the total premium for six months is $1,173. Having read some negative posts regarding Tesla insurance here on this forum, I was hoping anyone with experience as a current or previous Tesla insurance customer can lend me some advice or guidance as to whether or not they recommend the service.

Thanks in advance for any feedback.

One additional strange side-note that I experienced with Mercury: the original quote they gave me on my 24' MSP included a ridiculous 31,500 miles annually (their estimate) and I had to get an underwriter review just to request a reduction in their estimated mileage. My 24' MSP lease is for 12,000 miles annually, the last three cars I leased & insured with Mercury have verifiable mileage of less than 11,000 miles annually, and still the lowest they would offer me was 13,501 miles when calculating the premium.

 

[cbdream99]

Looking for advice from anyone using Tesla insurance.

I have a new 24' MSP and my current company (Mercury) has me at $2,576 for six months, which is a 132% increase in premium with the same coverage from my previous vehicle, a 21' X5M Comp. I am in CA with 37 years driving, 15+ years with Mercury, good driver, no tickets or accidents, never late on payments. Coverages for that policy are shown in the attached pic and I am just sick about the pricing.

Because of this, I have been shopping around and the pricing (sadly) seems to be similar elsewhere, except for Tesla, which is offering a substantially lower premium for higher coverage. Coverages for that estimate are shown in the attached two screenshots and the total premium for six months is $1,173. Having read some negative posts regarding Tesla insurance here on this forum, I was hoping anyone with experience as a current or previous Tesla insurance customer can lend me some advice or guidance as to whether or not they recommend the service.

Thanks in advance for any feedback.

One additional strange side-note that I experienced with Mercury: the original quote they gave me on my 24' MSP included a ridiculous 31,500 miles annually (their estimate) and I had to get an underwriter review just to request a reduction in their estimated mileage. My 24' MSP lease is for 12,000 miles annually, the last three cars I leased & insured with Mercury have verifiable mileage of less than 11,000 miles annually, and still the lowest they would offer me was 13,501 miles when calculating the premium.

I am in Texas and have been using Tesla insurance for more than 2 years, it is substantially cheaper than others and higher coverage. They even lowered mine slightly since I drove less. I have one claim with them and has been super, everything has been handled in the app and text, with TCC and I actually got 50% off on body parts, all questions are answered promptly, I cannot confirm any significance increase in premium after the claim since it is less then 15%, not sure if it is period ends or due to claim. The downside is I am tied to the safety score but I think CA is excluded from it.

 

[RubberToe]

I am in Texas and have been using Tesla insurance for more than 2 years, it is substantially cheaper than others and higher coverage. They even lowered mine slightly since I drove less. I have one claim with them and has been super, everything has been handled in the app and text, with TCC and I actually got 50% off on body parts, all questions are answered promptly, I cannot confirm any significance increase in premium after the claim since it is less then 15%, not sure if it is period ends or due to claim. The downside is I am tied to the safety score but I think CA is excluded from it.

I concur with this. I had my Model Y windshield replaced and got the 50% off and no issues with Tesla Insurance. My 21 MY rates are about $200 per month so if you can insure a 24 MYP for that I would say that sounds pretty good.

RT

 

[Resist]

I have a new 24' MSP and my current company (Mercury) has me at $2,576 for six months

That's just insanity! The insurance industry is screwing over consumers not just in auto insurance but also in homeowners insurance. Were are the Feds? Oh wait, they are too busy helping illegals coming into our country!

 

[brkaus]

Capitalism. Everyone chasing the $. Non stop mergers & venture capitalists.

 

[cbdream99]

Realistically, there aren't lots of choices of insurance companies. Statefarm has a net loss of 12 billions last year and 6 billions previous year, others may not fair well also. If the state regular rejects the rate hikes then they can pull out, in the end only hurting the customers with fewer choice and higher rates. My homeowner insurance increased 50% last year and 60% the previous year, but it is still cheaper than writing a new policy elsewhere. I tried a quote in July and October last year, 33% increases with less coverage same company and it is 40% more expensive than mine - crazy!

Some stats show auto insurance increased 25-30% on average last year and Tesla usually much higher than others ... I got a quote of brand new Lucid and any new vehicle other than Tesla actually cheaper than my 17 Tesla MS (except when going through Tesla insurance) that worth much less ... go figure.

 

[ucmndd]

That's just insanity! The insurance industry is screwing over consumers not just in auto insurance but also in homeowners insurance. Were are the Feds? Oh wait, they are too busy helping illegals coming into our country!

 

[Resist]

My homeowner insurance increased 50% last year and 60% the previous year, but it is still cheaper than writing a new policy elsewhere.

Only 50%? I just received a rate increase that went up $1,000 so mine doubled!

 

[cbdream99]

Only 50%? I just received a rate increase that went up $1,000 so mine doubled!

LOL, you win.

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www.guinnessworldrecords.com

 

[Vines]

Looking for advice from anyone using Tesla insurance.

I have a new 24' MSP and my current company (Mercury) has me at $2,576 for six months, which is a 132% increase in premium with the same coverage from my previous vehicle, a 21' X5M Comp. I am in CA with 37 years driving, 15+ years with Mercury, good driver, no tickets or accidents, never late on payments. Coverages for that policy are shown in the attached pic and I am just sick about the pricing.

Because of this, I have been shopping around and the pricing (sadly) seems to be similar elsewhere, except for Tesla, which is offering a substantially lower premium for higher coverage. Coverages for that estimate are shown in the attached two screenshots and the total premium for six months is $1,173. Having read some negative posts regarding Tesla insurance here on this forum, I was hoping anyone with experience as a current or previous Tesla insurance customer can lend me some advice or guidance as to whether or not they recommend the service.

Thanks in advance for any feedback.

One additional strange side-note that I experienced with Mercury: the original quote they gave me on my 24' MSP included a ridiculous 31,500 miles annually (their estimate) and I had to get an underwriter review just to request a reduction in their estimated mileage. My 24' MSP lease is for 12,000 miles annually, the last three cars I leased & insured with Mercury have verifiable mileage of less than 11,000 miles annually, and still the lowest they would offer me was 13,501 miles when calculating the premium.

I have had 2 claims with Tesla Insurance and both went pretty well.

The only hiccup was after I went through buyback of my car after it was totaled. It took a while to get them to release the salvage title.

 

[kclifton]

I sold my 2020 MY and "upgraded" to a 2024 MY, and the loss of sensors has made Tesla Insurance unusable. The FCWs are crazy and get triggered by the gate to my community. Insurance on my 2020 was ~150/month; on my 2024, it's trending towards $330/month.

 

[Vines]

I sold my 2020 MY and "upgraded" to a 2024 MY, and the loss of sensors has made Tesla Insurance unusable. The FCWs are crazy and get triggered by the gate to my community. Insurance on my 2020 was ~150/month; on my 2024, it's trending towards $330/month.

I am pretty sure that in California, they aren't allowed to adjust rates based on any software reporting from your car. I could be wrong.

I am not sure why your rates increased so significantly.

 

[cbdream99]

I sold my 2020 MY and "upgraded" to a 2024 MY, and the loss of sensors has made Tesla Insurance unusable. The FCWs are crazy and get triggered by the gate to my community. Insurance on my 2020 was ~150/month; on my 2024, it's trending towards $330/month.

FCW sucks, but you may try to contact service or calibrate the camera to see if it makes any differences, also I expect newer car will be more expensive but the differences are huge.

 

[kclifton]

I am pretty sure that in California, they aren't allowed to adjust rates based on any software reporting from your car. I could be wrong.

I am not sure why your rates increased so significantly.

I need to update my profile; I moved to Nevada, which does allow real-time data.

FCW sucks, but you may try to contact service or calibrate the camera to see if it makes any differences, also I expect newer car will be more expensive but the differences are huge.

I might need to do that. I got dinged over the last couple of days with FCW's on parked cars in a lot.

 

[Arctic_Fox]

@everyone... FYI: https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html . Edit (article paywalled): Automakers Are Sharing Consumers' Driving Behavior With Insurance Companies - Slashdot

 

[kpanda17]

Last year Tesla insurance raised the premium for my 2018 LR Model 3 saying that many people incorrectly received a Tesla employee discount. That really upset me at the time because it seems impossible that they wouldn't know we got the incorrect discount, and it wasn't on any of my insurance documents. Now I received an email showing yet another premium increase saying that a verified mileage enrollment discount was removed. WTF?! I don't even know what that means. My 4 year old car barely has over 22,000 miles on it, so it isn't driven all that much. Clearly Tesla insurance isn't saving me much anymore and I'm going to have to talk to my previous auto insurance company. At least in my State Tesla can't attach the Safety Score to my rates, which would almost certainly increase it even more because the algorithm isn't geared towards realistic driving conditions. Between this and Tesla stock dropping like a rock thanks to Elon and his Twitter crap, I'm so frustrated!

lets see some numbers, how much are MY and M3 costing per year with Tesla insurance?

I cannot get Tesla insurance in NY metro yet, therefore I have insurance with another carrier
I have 3x Ts and five drivers, some accident/claim history, paying $2600 to $3500 per T per year depending on low end to high end models.
Feels crazy but when I called around it was the same or worse.
I do not have the big brother monitors on our phones for the discount. Are the insurance companies forcing us to use them in order to lower our premiums? meaning jack our costs so the monitor becomes the new normal

 

[Resist]

lets see some numbers, how much are MY and M3 costing per year with Tesla insurance?

I cannot get Tesla insurance in NY metro yet, therefore I have insurance with another carrier
I have 3x Ts and five drivers, some accident/claim history, paying $2600 to $3500 per T per year depending on low end to high end models.
Feels crazy but when I called around it was the same or worse.
I do not have the big brother monitors on our phones for the discount. Are the insurance companies forcing us to use them in order to lower our premiums? meaning jack our costs so the monitor becomes the new normal

I was paying $79 a month on a 2018 Model 3 with Tesla insurance, then when I bought a new 2023 Model Y Performance it increased to $91 a month. Now it's at $92, not a big increase but it's trending up. But then again the entire auto insurance industry has increased premiums, and homeowners policies have gone into outer space, at least in California. I'm just glad the Tesla can't use their safety score here or I'd get dinged for aggressive acceleration and driving in the wee hours of the night and probably be paying over $100 a month.

 

[kpanda17]

I was paying $79 a month on a 2018 Model 3 with Tesla insurance, then when I bought a new 2023 Model Y Performance it increased to $91 a month. Now it's at $92, not a big increase but it's trending up. But then again the entire auto insurance industry has increased premiums, and homeowners policies have gone into outer space, at least in California. I'm just glad the Tesla can't use their safety score here or I'd get dinged for aggressive acceleration and driving in the wee hours of the night and probably be paying over $100 a month.

nice rate can't wait until I can get a quote in my state

i did hear claim processing is a nightmare, any experience by you or anyone? does Tesla insurance pay or drag feet?

 

[Resist]

i did hear claim processing is a nightmare, any experience by you or anyone? does Tesla insurance pay or drag feet?

I haven't had to make a claim yet, but I also heard about the processing nightmare. Hope it's resolved before I need it. I do know trying to talk to someone at Tesla insurance takes forever. I called them today and was on hold for half an hour and finally got someone who works from home. I sure hope it's much faster if I get into an accident. Oh, they did make it easier to change your coverages via the app now and see what your premium will be.

 

[cbdream99]

nice rate can't wait until I can get a quote in my state

i did hear claim processing is a nightmare, any experience by you or anyone? does Tesla insurance pay or drag feet?

I claimed before, it is very professional end to end, everything is answered promptly. I also use Tesla collision center which is also exceptional. Everything is handled via the app or text messages with the adjuster.