One thing people never talk about when it comes to how much money EVs save you over time is the cost of insurance. The cost of insurance pretty much negates all the savings you get from no needing fuel and maintenance. Ive always purchased my vehicles out right so I never had to pay for comprehensive coverage. Since my current Y is the first vehicle I purchased new, I decided to give full coverage a try. It was a total shock to me how much these things cost to insure. I optioned out my plan with the highest deductibles and declined glass coverage. The total is still 4x the price annually compared to the liability coverage I had on my previous 2016 lexus nx. Im paying for comprehensive right now, since I figured I had to learn all the quirks of driving an EV. Im thinking about dropping my coverage to only liability after 6 months. Are there any other Y owners out there with only liability coverage? What are your thoughts?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Do any Y owners only have liability insurance?
- Thread starter chucktaylur
- Start date
If you live in NYC, that helps explain the high cost. You have insurance to protect yourself from financial ruin. If you experience a total loss are you prepared to just eat the expense? If so, great. If an uninsured person hits you, can you afford it?
If you can financially afford to not insure it, you will save on insurance and there is nothing wrong with only having liability.
but to answer the question, no, I don’t have just liability. Everyone’s situation is different.
If you can financially afford to not insure it, you will save on insurance and there is nothing wrong with only having liability.
but to answer the question, no, I don’t have just liability. Everyone’s situation is different.
My coverage is pretty much maxed (included rental reimbursement!) and low deductibles ($500) and I pay $401 every six months.
I was recently involved in a "minor" accident where a lady pulled out in front of me (60-70 feet or less) and while I could slow down to about 20 mph, I couldn't beat physics. My air bag did not go off from the force of the impact, but it's still estimated (just based on photos, so it could go up) to be $15,300 in damage on a Model Y Performance I got in August.
Other lady had state minimums ($10k) so right off the bat I would have been out of pocket for a rental (estimated 3-4 weeks to repair and took 2 weeks already to get to the collision shop, so 5 to 6 weeks total of a rental, at least), out of pocket for at least $5,300, and potentially more if they find more damage.
If you want to save a few hundred bucks a year, go for it. Just know there are a lot of people out there that are uninsured entirely, or carry state minimums (I think NY is $5k!) so drive at your own risk, Tesla's are expensive to repair (though I kind of think all cars are expensive now).
I was recently involved in a "minor" accident where a lady pulled out in front of me (60-70 feet or less) and while I could slow down to about 20 mph, I couldn't beat physics. My air bag did not go off from the force of the impact, but it's still estimated (just based on photos, so it could go up) to be $15,300 in damage on a Model Y Performance I got in August.
Other lady had state minimums ($10k) so right off the bat I would have been out of pocket for a rental (estimated 3-4 weeks to repair and took 2 weeks already to get to the collision shop, so 5 to 6 weeks total of a rental, at least), out of pocket for at least $5,300, and potentially more if they find more damage.
If you want to save a few hundred bucks a year, go for it. Just know there are a lot of people out there that are uninsured entirely, or carry state minimums (I think NY is $5k!) so drive at your own risk, Tesla's are expensive to repair (though I kind of think all cars are expensive now).
Why risk a $50k+ car to save a couple hundred bucks? Just think of it as money that you would've spent on gas. Replacing the windshield once could negate any of your savings, let alone if you total it or against an uninsured. The main thing for Tesla, for some reason, is to shop around.
Geico had no problems with my Bolt or MME, but wanted an extra 100/month for the MY. So now I'm with Progressive for the same amount that I was paying before.
Geico had no problems with my Bolt or MME, but wanted an extra 100/month for the MY. So now I'm with Progressive for the same amount that I was paying before.
Its crazy how few options there are for insuring a tesla in NYC. Geico was by far the cheapest when it came to gas vehicles for me. I figured it would be the same for EVs. However, after reading some reddit posts. Many users have pointed out how expensive Geico was when it came to EVs. The threads led me to some other insurance companies that others said would be cheaper in NYC. However, none of them panned out so far.
Esurance - no longer insures nyc. Redirects me to allstate
Allstate - wont provide a online quote for teslas. Must contact agent. I emailed and waiting for reply.
State farm - wont provide a online quote for teslas. Must contact agent. I emailed and waiting for reply.
Progressive - doesnt insure teslas in nyc
Costco auto insurance - 6k a year for the same coverage im getting with geico
Travelers - wont provide a online quote for teslas. Must contact agent. I emailed and waiting for reply.
Anyone out there in NYC able to get a lower rate than geico?
Esurance - no longer insures nyc. Redirects me to allstate
Allstate - wont provide a online quote for teslas. Must contact agent. I emailed and waiting for reply.
State farm - wont provide a online quote for teslas. Must contact agent. I emailed and waiting for reply.
Progressive - doesnt insure teslas in nyc
Costco auto insurance - 6k a year for the same coverage im getting with geico
Travelers - wont provide a online quote for teslas. Must contact agent. I emailed and waiting for reply.
Anyone out there in NYC able to get a lower rate than geico?
You assume "a few hundred bucks per year" but in reality, there are people paying $400 per month. If you live in California, NY, NJ, PA, CT, MA... or down south in Florida... rates are really high.
We have super clean driving records and no claims against insurance yet getting a new quote for Tesla Y and 3... it would be around $200 per month in PA.
Personally, I think it is silly to not have full coverage on a brand new vehicle unless you have millions in the bank...If you would just write off the vehicle... sure, skip coverage... but on the flipside, it is nuts to pay almost the same for insurance for say 3 to 5 years than what the car would cost you to replace. lol.
Yep... its where you live.
First, shop around, rate vary dramatically.
And you aren't seeing a higher rate because it is an EV or even a Tesla, in your case, it's because you probably paid 2-3 times the amount for the car than you had your previous cars.
Live without liability? Don't even think about it.
A couple of possibly hard to accept points....
If the cost of insuring your Tesla is too much, then you probably shouldn't have one.
If you are considering going without liability, then you definitely can't afford it. Are you ready to throw $50,000 away because of an accident?
Well, to be fair, insuring a Tesla is more expensive than other vehicles at the same time. It's a simple thing... it costs quite a bit more to repair a tesla than another vehicle, especially with the close eco-system Tesla has on parts.
Shopping for insurance, more expensive EVs such as the Ioniq 6, Mercedes EQB, Volvo C40 and gas cars were all meaningfully less expensive to insure than a $40,000 Tesla Model 3. By about $50 per month. The Model Y was a little cheaper than the Model 3 to insure on average. And this is for someone with a clean driving record, over 40 years old, no claims history, garage kept. lol.
No, that's not fair. There are other vehicles that are in the same situation with repair costs. I had a niece get a Cadilac SUV and they learned the hard way that repair costs were just stupid for them, even the dealer repair shop said so.
Our insurance didn't change dramatically between a Leaf and a Tesla, even though the Tesla was more expensive.
And the "close eco-system" on parts isn't that big of a deal. Any new model vehicle tends to go through the same thing, especially those on new platforms. When the market warrants it, third parties pick up the slack. And you can start to see that occurring now
From an insurance company’s perspective, there are two things we look at regarding accidents. Frequency and Severity. If you drive a car that doesn’t get into many accidents (low frequency) and doesn’t cost a fortune to remedy (low severity, including physical damage, bodily injury, etc.) it will cost less to insure then a high frequency, high severity vehicle.
Each insurance company has their own experience with each vehicle, but they do tend to move in the same direction for all companies. (I.e. replacing a Nissan Versa is cheaper than replacing just the battery on a Tesla)
Each insurance company has their own experience with each vehicle, but they do tend to move in the same direction for all companies. (I.e. replacing a Nissan Versa is cheaper than replacing just the battery on a Tesla)
Insurance companies like to say that Teslas are expensive to repair. They leave out the statistic that Teslas are involved in accidents at 1/3 the rate of the national average. I think they are using the BMW service model. If you can afford the car, you can afford to pay us more.
The at fault driver should have to make their victim whole, through insurance or cash, or the State should pull their drivers license. Irresponsibility should not be rewarded.
The at fault driver should have to make their victim whole, through insurance or cash, or the State should pull their drivers license. Irresponsibility should not be rewarded.
Hi -
As many members above mentioned, you can do liability only if you can afford and risk the damages or loss. It is the personal choice based on your own situations.
I’m in the city as well and probably will take MYLR in a few weeks if no more “new” model rumors. The estimated quote I got from Geico is about $1,700 for 6-months. I have excellent records. Everyone has the different risk factors to insurers, so it is really hard to put my case to yours. And I heard someone living in the city got way below my quote, of course, others got higher.
The quote I have is based on $500 deductible, $50K proper damage, $100K body injuries, $300K accident. The pretty standard one.
This isn’t the highest premium I had ever paid in my life, and isn’t the lowest either. One of my X5 in the past had much more, from Allstate.
I still have time to shop around, so hopefully this won’t be my final number. It’s what it is, and I’ll do the full insurance to my MYLR.
Man! I must be in a cheap insurance state! (WA)
I’ve never been any where near these numbers, my Performance Y is ~$460/6 month and my coverage is WAY above those numbers.
That's the wonderful number. I lived in Seattle for a short period of time in the past, but didn't stay long enough to swap my plate to WA. Love environment there, but Winter is too harsh for me. LOL.
Anyway, just the quick update, my insurance for LR is around $1.2K/6-months, better than I thought. The 21" on bumpy roads with stop-n-go traffic are too much for me, otherwise, P is definitely the option.
