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As of 02/18/2017 Hartford Auto Insurance not allowing Any Model Tesla be written as new business or

Discussion in 'Model S' started by Infoe, Mar 2, 2017.

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  1. Infoe

    Infoe Member

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    added to an existing policy in these states:

    CT, FL, KY, MD, ME, OH, TX, WV

    Any current policy with The Hartford that has a Tesla will not be affected, however if you want to add a new Tesla (any model) to your policy it will no longer be allowed as per The Hartford.

    My reaction to this is other insurance companies will follow, I do not mean ALL of them will follow but in my experience when one does something a few others follow suit. The Hartford imo is on the upper echelon of quality insurers, but still a for profit company at the end of the day and it's a shame to see this.

    Souce: I have an insurance agency in Florida and we received this reminder of a bulletin posted on their agent portal back in 02/18.
     
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  2. ecarfan

    ecarfan Well-Known Member

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    I do not understand why Hartford would do that. Why turn down business?
     
  3. MonseyGuy

    MonseyGuy Supporting Member

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    Here it goes!
    And another push for Tesla to start their own in-house insurance program -- hopefully better administered than their current level of service. ;)
     
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  4. lolachampcar

    lolachampcar Active Member

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    So Tesla will either offer insurance or learn that screwing customers by forcing totals for medium damage actually ends up screwing Tesla. We will see.
     
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  5. tstafford

    tstafford Supporting Member

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    It also seems that Tesla needs to somehow get parts supply prices and lead times down. My P85D insurance is nearly twice the cost of my GT3RS - that's ridiculous.
     
  6. kort677

    kort677 Active Member

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    could it be because of the high costs of repair of the car makes it unprofitable to insure? as long as tesla maintains it's strangle hold on replacement parts and requires certified shops to do the work costs will remain absurdly high. I think that you'll be seeing more issues like this in the future.
     
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  7. calisnow

    calisnow Active Member

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    War on Elon's integrated insurance model? Just speculating.
     
  8. calisnow

    calisnow Active Member

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    If that's the case why not just raise prices?
     
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  9. AudubonB

    AudubonB Mild-mannered Moderator Lord Vetinari*

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    To the OP:

    As an insurance agency owner, have you any insight as to why The Hartford stopped coverage in just those eight states but not in others?
     
  10. jaguar36

    jaguar36 Active Member

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    This doesn't make any sense, an Insurance companies job is to assess risk and then charge accordingly. If Tesla's are more accident prone or more expensive to repair, they should be more expensive to insure. Just refusing to insure them is very odd.
     
  11. AudubonB

    AudubonB Mild-mannered Moderator Lord Vetinari*

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    That oddity is why I am hoping understanding the selective state decision may provide more insight.
     
  12. bredi

    bredi Member

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    hmmm, i have Hartford Business insurance. Maybe I'll drop them too.
     
  13. tls

    tls Member

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    Unsurprising to me. Tesla is going to have to put the screws to ther authorized body shops to stop inflating claims, and stop offloading what should be simple mechanical work handled by the SvC itself to those same problematic body shops, or this will just get worse.

    Look at the recent thread where a simple replacement of a ball joint and control arm that the SvC clearly could and should have of-thousands-of-dollars job at a body shop and see where we're headed. Insurers don't want the ridculous variance in their expected payout that's caused by this nonsense; when the variance gets too high, they can't effectively price the risk and will just exclude the vehicles. Welcome to the world of the Pontiac Fiero...
     
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  14. BestRadar

    BestRadar Member

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    I am sure the Hartford was probably losing money on insuring Tesla's or they would not stop insuring them. With the absurd prices of repairs either costs to insure Tesla's will go up or companies will refuse to insure them. When you see threads like this its very easy to understand their point of view and as a business owner if I am loosing money on a particular product it would only make smart business sense to stop selling it.

    Holy crap, repairs are insanely expensive, beware!!
     
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  15. shonline

    shonline Supporting Member

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    I had a Fiero! Loved it - second only to my Model S....
     
  16. DougH

    DougH Active Member

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  17. DougH

    DougH Active Member

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    I am surprised this is just now being brought up. I had the worst time trying to find insurance for my X. I had to pretty much beg Nationwide to insure mine and that was only after I told them it was under $100K. Because of the high cost of repairs a lot more companies are not insuring them. Progressive and Geico are the worst. Farmers and State Farmer will pretty equal in price.
     
  18. EinSV

    EinSV Active Member

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    There are many threads on TMC with posters having good luck getting deals on insurance by shopping around. Here is one:
    Insurance On Model S?

    For me, Progressive's rate on a P90 Model S was just slightly higher than the rate I was paying my old insurer on an Audi Q5 with 100,000 miles. I was pretty surprised.

    Have no idea what Hartford's issue is but interesting that it seems to be geographically limited.
     
  19. shonline

    shonline Supporting Member

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    I use GEICO. They've been great and reasonable.
     
  20. TexasEV

    TexasEV Well-Known Member

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    I thought the big payouts from car insurance were for personal injury rather than car repairs. If so, wouldn't the safety of the Model S and X offset the higher repair costs?
     
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