Another Tesla Insurance Rate Increase! Seriously Tesla?

[italian bread]

This might also be why insurance for Tesla vehicles is getting more expensive.

Teslas are so expensive to repair, insurers are writing them off​

Tesla electric vehicles are expensive to repair — so much so that the automaker and insurers are addressing the issue in sharply different ways.

Chief Executive Elon Musk says Tesla is making design and software changes to its vehicles to lower repair costs and insurance premiums.

Insurance carriers, meanwhile, are writing off low-mileage Tesla Model Ys that have been in crashes, and sending them to salvage auctions after deeming many too expensive to repair.

 

[Rehath Kalon]

I switched to another provider and now feel so free - I can turn, stop, and follow whatever I want without any doubts. Highly recommend!

Hi which insurance company is that?

 

[innos]

Hi which insurance company is that?

Progressive, $750 for 6 months premium, 300k/100k, 500 deductible

 

[brkaus]

This might also be why insurance for Tesla vehicles is getting more expensive.

Teslas are so expensive to repair, insurers are writing them off​

Tesla electric vehicles are expensive to repair — so much so that the automaker and insurers are addressing the issue in sharply different ways.

Chief Executive Elon Musk says Tesla is making design and software changes to its vehicles to lower repair costs and insurance premiums.

Insurance carriers, meanwhile, are writing off low-mileage Tesla Model Ys that have been in crashes, and sending them to salvage auctions after deeming many too expensive to repair.

They know the auctions return high values, so it’s easier for them to total the car.

 

[Arctic_Fox]

Progressive, $750 for 6 months premium, 300k/100k, 500 deductible

$1849 for a six-month policy on a vintage '14 Model S, but I haven't owned a car in years; therefore, high premiums for about six months until it's lower.

 

[Resist]

If your safety score increases then your premium should decrease, and vice versa. The higher the safety score the lower the premium.

You are correct and I knew that, I typed it in wrong.

 

[Resist]

Well Tesla did a 30% premium increase, for California drivers. WTH Tesla?!

 

[cbdream99]

The premium increase is guaranteed in each renewal from my experience, for me it's around 10% in each renewal, and my safety score remains 99-100 each month doesn't help. Recently, I also maxed out the coverage instead of the typical 100/300 coverage, unfortunately when I compared it with other mainstream insurance companies with or without any nanny monitoring, Tesla is still at least 3-4 times cheaper, which makes switching a non-starter.

 

[bro1999]

Well Tesla did a 30% premium increase, for California drivers. WTH Tesla?!

That's what Tesla did to MD drivers this past January! That's also why I bailed and switched to insurance via Costco. Slightly higher premium, but no big brother Elon watching my driving habits to worry about to ding my score.

 

[fuzzthatwuz]

New MYP owner here in So. cal. Also, time of day will effect the rates/score. I believe driving from 10 pm to 4 am will cause the score to increase as well as the premium.

 

[Resist]

New MYP owner here in So. cal. Also, time of day will effect the rates/score. I believe driving from 10 pm to 4 am will cause the score to increase as well as the premium.

Just not in California....yet.

 

[Penguin]

5-month Model S LR owner here. In California. Tesla just jacked my rate from $144 per month to $198. No explanation given. Two drivers, 0 points, Elite driver discounts, etc. So - ”nothing personal” I figure. Just another huge increase tossed out for a CA insurance renewal.

 

[Resist]

Just another huge increase tossed out for a CA insurance renewal.

It really is getting ridiculous. Tesla pops off about inexpensive their auto insurance is compared the rest, yet they keep raising their price just like the others. And that safety score just makes things worse, in States that use it.

 

[cbdream99]

Tesla's main goal is to sell more cars, the insurance is just a way to attract more buyers. They are now ditching the other underwriters and writing their own policies, probably trying to cut more costs and minimize the loss by increasing the premiums. I doubted the insurance unit will contribute to big profit margins any time soon if it even happens. Warren Buffet had cautioned about auto manufacturers trying to get into the insurance business is a mistake, but telematics and usage-based schemes are becoming the trends now, only time can tell how they transform the industries and whether Tesla insurance can be part of their business model in the future.

 

[Resist]

Yes Tesla writes their own policies now but that didn't lower premiums at all. In fact, premiums have kept going up!

 

[fuzzthatwuz]

I just cancelled my Tesla insurance. Went with Farmers - $2520.00 annually, 10 bucks cheaper than Tesla with more coverage.

 

[Resist]

I just cancelled my Tesla insurance. Went with Farmers - $2520.00 annually, 10 bucks cheaper than Tesla with more coverage.

$2520 per year? Ouch! And here I am compiling that I pay almost $1,000 a year for my 2018 Model 3 with no claims.

 

[fuzzthatwuz]

$2520 per year? Ouch! And here I am compiling that I pay almost $1,000 a year for my 2018 Model 3 with no claims.

Who's you provider?

 

[Resist]

Who's you provider?

Tesla Insurance. I used to have Farmers but they couldn't beat Tesla's price.

 

[maksimfa]

Yes Tesla writes their own policies now but that didn't lower premiums at all. In fact, premiums have kept going up!

LOL. Obviously you are new to insurance. Premiums across the board have been going up and up and pretty much every company in the past few years, except one, raised rates. Our Geico bill just went up 45%... with no accidents... just straight up increases across the board. The one company that lowered rates was Amica... and they were very high to begin with.

You have to shop for insurance every year.

and yes of course... Tesla premiums are insane... cars are super expensive to fix, combined with chip shortages, very high used car market and of course quite a few bad seasons for claims throughout the country, floods, hail, etc.