Any Texans opened a new Tesla Insurance policy yet?

[thinktwice]

I kind of just fell into this as I noticed an "Insurance" option after logging into my Tesla account today, but lo and behold when clicking to manage my M3 there it was. I always assumed Tesla Insurance was only available to CA residents, but after some quick research realize its now offered to TX residents with a new feature: Real-time Driving Behavior

An Electrek article providing more detail:

Tesla officially launches its insurance using 'real-time driving behavior,' starting in Texas

Tesla has now officially launched its insurance product using “real-time driving behavior.” The product is only available in Texas for...

electrek.co

I opened a new policy today switching from Geico because it's about $250 cheaper over a 6-month period ($730 vs $485), however, based on the way this works my monthly payment will either go up or down based on my Safety Score accessible via my Tesla app. Because of this there's no option to purchase the policy in full like I usually do. I rarely drive since I work from home, so hoping that contributes to a lower premium as well.

Interested to know everyone else's experience with this product, how quickly your Safety Score changes, and how your premiums are affected by the changes. I know this just launched, so as I drive more I'll post my own experiences.

 

[oreobbq]

No more launches huh? Sounds more advanced than the typical plug in safety device from other insurance companies. You have to drive like a grandma on valium for those. Hopefully Tesla is more intelligent and can account for other cars on the road, etc.

 

[thinktwice]

So I drove about 40 miles today. My Safety Score went up to 100 and it wasn't too difficult to accomplish. Based on the 5 scoring factors used (Forward Collision Warnings, Hard Braking, Aggressive Turning, Unsafe Following, and Forced Autopilot Disengagements) I averaged 0% on all except Unsafe Following, which I averaged 1.6%. Not even sure when that happened because I typically stay 5-6 car lengths behind the car in front of me at highway speeds and don't get within that unless I'm accelerating from a stop or slowing down (highway traffic lights).

The app shows what next month's premium will be if I were to stay at 100. At 90, which everyone starts with, my monthly premium was $79/mo, if I stayed at 100 my monthly premium would decrease to $48/mo (I'm rounding up to the next dollar). That would put me at $288 for a 6-month policy, which is crazy for a M3 with full coverage ($500 deductible collision, $500 deductible comprehensive). If you're not an aggressive driver, this is a very reasonable insurance policy as long as you continue to drive "safe".

I'm thinking its only a matter of time before Tesla Insurance is available in more states.

 

[Boourns]

Just noticed this today on my Tesla account page. Tesla quoted me $117 a month for my M3P. I pay about $109 prorated out with Allstate now for higher limits all around than Tesla offered.

 

[rameshratan]

I kind of just fell into this as I noticed an "Insurance" option after logging into my Tesla account today, but lo and behold when clicking to manage my M3 there it was. I always assumed Tesla Insurance was only available to CA residents, but after some quick research realize its now offered to TX residents with a new feature: Real-time Driving Behavior

An Electrek article providing more detail:

Tesla officially launches its insurance using 'real-time driving behavior,' starting in Texas

Tesla has now officially launched its insurance product using “real-time driving behavior.” The product is only available in Texas for...

electrek.co

I opened a new policy today switching from Geico because it's about $250 cheaper over a 6-month period ($730 vs $485), however, based on the way this works my monthly payment will either go up or down based on my Safety Score accessible via my Tesla app. Because of this there's no option to purchase the policy in full like I usually do. I rarely drive since I work from home, so hoping that contributes to a lower premium as well.

Interested to know everyone else's experience with this product, how quickly your Safety Score changes, and how your premiums are affected by the changes. I know this just launched, so as I drive more I'll post my own experiences.

I just checked the Tesla Insurance and in my case, I find that Allstate has higher coverage for a lower price.

 

[GhostRider636]

We signed up my 2021 m3lr and wife 2021 ylr AND our sons ford explorer. It came out to $270 per month which is a steal since my son is a teenager. Left progressive and as long as we drive safely we going to save over 3k a year

 

[thinktwice]

Constantly being careful to drive "safely" to keep your Safety Score high definitely changes the way I drive now, although I've always considered myself a safe driver. I've been able to maintain a score of 99 since I opened the policy and my projected monthly payment if I can keep this score is $50.88/mo (full coverage w/ $500 ded). The Tesla app now has a beta Safety Score Simulator that allows you to plug in different metrics to see how your score is affected and what your new monthly premium would be. I kind of assumed based on what I've read before that everyone has a clean slate and the only thing this policy cares about is how you currently drive based on your Safety Score. That your age and driving history isn't taken into account from what I understood, but now I'm just not sure what other criteria is used to calculate someone's premium. It's still cheaper than anything else I can find so long as I maintain a high Safety Score, but probably not the best option for those who enjoy some spirited driving (although driving speed doesn't count against your score).

 

[GhostRider636]

Constantly being careful to drive "safely" to keep your Safety Score high definitely changes the way I drive now, although I've always considered myself a safe driver. I've been able to maintain a score of 99 since I opened the policy and my projected monthly payment if I can keep this score is $50.88/mo (full coverage w/ $500 ded). The Tesla app now has a beta Safety Score Simulator that allows you to plug in different metrics to see how your score is affected and what your new monthly premium would be. I kind of assumed based on what I've read before that everyone has a clean slate and the only thing this policy cares about is how you currently drive based on your Safety Score. That your age and driving history isn't taken into account from what I understood, but now I'm just not sure what other criteria is used to calculate someone's premium. It's still cheaper than anything else I can find so long as I maintain a high Safety Score, but probably not the best option for those who enjoy some spirited driving (although driving speed doesn't count against your score).

Have you had to file any claim with them yet? My concern is the customer service and communication. $50 per month is crazy awesome.

 

[thinktwice]

Have you had to file any claim with them yet? My concern is the customer service and communication. $50 per month is crazy awesome.

No I haven't, haven't even tried to contact their customer service team at this point either. There's a phone number on the ID card to report a claim, but hopefully I'll never need to use it .

 

[Deep Purple]

State Farm is cheaper for me if I bundle homeowners. I'll let others experience it for a while before I decide to jump.

 

[EVer Hopeful]

I looked at it, but Progressive was cheaper with better coverage. For instance Tesla defaults to $25,000 uninsured motorist, which you might not see unless you specifically look for it. Seems pretty pointless for a $50,00 plus vehicle

 

[SuzyQ4]

Good to hear everyone's thoughts on this. I don't have delivery of my MYP yet, but our insurance company has quoted an increase of our premium by $87/mon. I was expecting it to be much higher from some of the early estimates and having a teen driver and 20 y/o on our policy already. We have bundled policies with Germania. $50 seems unreal, but I'd take it.

 

[SilverString]

Tesla Insurance price in Texas is based on your safety score. So far it is the cheapest I have found for my MS.

 

[Twiglett]

If you already have a good record with you insurance then it seems that Tesla insurance may be more expensive.
But for younger folks or with limited insurance history then it "should" be cheaper.

 

[EVer Hopeful]

So when you sign up for Tesla Insurance, does it take four months to start coverage?

 

[SilverString]

If you already have a good record with you insurance then it seems that Tesla insurance may be more expensive.
But for younger folks or with limited insurance history then it "should" be cheaper.

No, at least not in my situation with a Model S, and I had no insurance rating, and got the senior discount. Still Tesla insurance started out at less than half price. Because of my latest safety score it has now dropped to 30% of what I was paying from Progressive. To be fair, Progressive could have been cheaper if I had allowed my driving to be monitored as is required by Tesla.

I have a Farmers policy that covers two homes, three other cars and an umbrella policy and even with bundled pricing, my MS was going to be well over twice the Tesla price, and this is as of yesterday.

 

[Twiglett]

No, at least not in my situation with a Model S, and I had no insurance rating, and got the senior discount. Still Tesla insurance started out at less than half price. Because of my latest safety score it has now dropped to 30% of what I was paying from Progressive. To be fair, Progressive could have been cheaper if I had allowed my driving to be monitored as is required by Tesla.

I have a Farmers policy that covers two homes, three other cars and an umbrella policy and even with bundled pricing, my MS was going to be well over twice the Tesla price, and this is as of yesterday.

I guess it depends on your insurance. I'm with Connect, used to be part of American Express and paying less for my Model 3 and CRV than Tesla wanted for just the Model 3.

 

[SilverString]

I guess it depends on your insurance. I'm with Connect, used to be part of American Express and paying less for my Model 3 and CRV than Tesla wanted for just the Model 3.

Yes it is a quagmire. Insurance here in Austin is sky high - Texas in general I think. My buddy in downstate Illinois with a new Model S get rates cheaper than mine with almost any carrier.

 

[GhostRider636]

So when you sign up for Tesla Insurance, does it take four months to start coverage?

Lol

 

[JenkinsEar]

We have a 2017 Model X, with no FSD Beta. Recently signed up for Tesla insurance (now available in Texas). Tesla insurance rates are driven by (among other things) our Safety Score. The score influences a monthly reassessment of the billing rate.

We recently received a notification of our current rate and the score upon which it's based. It would be nice if we could monitor our score throughout the month. However, since we are not FSD owners, the score is not visible through the Android mobile Tesla app.

Is there some way we can access the score periodically?