Any good MA Insurance experience with Model 3

[mreynolds767]

Just got my car insurance bill for replacing my 2015 SUV with my 2019 Model 3 and the cost was much higher than I thought. More than $100 per month extra. Looks like the difference is all in the collision coverage cost.
Roughly now $3800 per year instead of $2500 so a 33% jump.
Not so happy about that and not sure if I should shop around for 2020 calendar year as my policy renews end of the year.
I heard some companies are more kind to Telsa than others?

Massachusetts, 2 car household, 2 adult drivers, no accidents, no credit issues.

 

[3antar]

Hey, just ordered a new model 3 here. I called my insurance company a few days ago and they quoted me 10$ cheaper per year compared to my previous 2012 Kia Optima HYB. I was impressed. This is in California with Travelers Insurance.

 

[Joe85sti]

I haven't received my model 3 yet, but I called progressive to get a quote, and it was about 30% less than I was paying for my 2012 Audi S4.

 

[Sprite]

I just got mine about a month ago and was surprised how low it was. I asked the agent why it was so cheap to insure a Tesla 3 Long Range and he told it has more to do with your age and credit score than the car. At least that is how the agent at State Farm explained it to me. Mine is running $856 a year.

 

[mreynolds767]

I haven't received my model 3 yet, but I called progressive to get a quote, and it was about 30% less than I was paying for my 2012 Audi S4.

Have you been happy with Progressive?
Noticed you were also in MA. Do you have full collision coverage for the Telsa?

I think MA is one of the worst states for insurance rates, I know NJ is bad too.

Age and credit scores are all excellent as far as insurability.
I use an agent currently but not wedded to them, not sure if they carry Progressive, State Farm, Travelers but going to have them re-quote at end of Dec and may need to look at other agents or direct if they have nothing better.

 

[3antar]

I just got mine about a month ago and was surprised how low it was. I asked the agent why it was so cheap to insure a Tesla 3 Long Range and he told it has more to do with your age and credit score than the car. At least that is how the agent at State Farm explained it to me. Mine is running $856 a year.

I had no clue that your credit score alters your payment? By any chance do you think they meant your driving record or did they say credit score specifically?

 

[Sprite]

I had no clue that your credit score alters your payment? By any chance do you think they meant your driving record or did they say credit score specifically?

I questioned him on that and he affirmed it. i was surprised as well. I did not ask any specifics about what ages or credit scores though. It would be interesting to know where the cut offs were.

 

[mreynolds767]

I had no clue that your credit score alters your payment? By any chance do you think they meant your driving record or did they say credit score specifically?

They definitely run a credit score. I believe there is an insurance specific credit score / number so it may value stability and longevity of accounts over other factors used by banks. Not sure the exact difference between what insurance number based on credit is compared to FICO score.

And of course driving record matters as well, but I think usually seen as deductions for a good record more so than increased cost for a bad one.

 

[Joe85sti]

Have you been happy with Progressive?
Noticed you were also in MA. Do you have full collision coverage for the Telsa?

I think MA is one of the worst states for insurance rates, I know NJ is bad too.

Age and credit scores are all excellent as far as insurability.
I use an agent currently but not wedded to them, not sure if they carry Progressive, State Farm, Travelers but going to have them re-quote at end of Dec and may need to look at other agents or direct if they have nothing better.

I have been very happy with them. The one accident I had (hit a deer) with my last car, they were awesome. I was leaving on a business trip for two weeks, so schedule the car to go into the body shop then. They handled everything, and when I got back, they had an agent at the body shop to inspect the repairs with me.

Yes, I had full coverage on the Audi, and will on the model 3, whenever Tesla gets it to me.

 

[Sherlo]

I just got mine about a month ago and was surprised how low it was. I asked the agent why it was so cheap to insure a Tesla 3 Long Range and he told it has more to do with your age and credit score than the car. At least that is how the agent at State Farm explained it to me. Mine is running $856 a year.

You are correct, my brother in law is a Farmer's agent:

Does Your Credit Score Affect Your Car Insurance Rate? | Edmunds