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He also thinks that a good track record matters to them, LOL.
Considering my X cost 3x more than my other vehicle and literally cost just a couple dollars more, insuring my My Model X is a bargain. Progressive.
Also be aware you might have to insure each car by itself to actually compare apples to apples what each car cost to insure. They will charge based on your most expensive car first and discount the other cars. You can’t be driving all 3 cars at once.
Both my cars are new and bought at the same time. Model X was $100k, Volt $31K and I pay about the same for each car. Strange may it be.
kkillebrew
Banned
I dumped Farmers. I had four cars and two homes insured with them and they were still over double the Progressive rate for the same coverage. My Farmers rep was candid about losing lots of Tesla owners. He was that there's still not enough solid 10 year data, and Farmers is a conservative organization... a redundant statement based on their name.
On the flip side I filed a claim to fix a dented door on my MS and the cost was over $10K at a certified Tesla Body shop here in Austin... Flo paid the bill which came in at double the adjuster's estimate without even blinking or complaining. They also said I had accident forgiveness and it won't raise my rates. That remains to be seen.
One thing is sure - if your Tesla needs repair, especially body work, you will be glad you have insurance, even the highest rates, when you are looking at paying the bill yourself. The aluminum body of the MS is insanely expensive to repair.
On the flip side I filed a claim to fix a dented door on my MS and the cost was over $10K at a certified Tesla Body shop here in Austin... Flo paid the bill which came in at double the adjuster's estimate without even blinking or complaining. They also said I had accident forgiveness and it won't raise my rates. That remains to be seen.
One thing is sure - if your Tesla needs repair, especially body work, you will be glad you have insurance, even the highest rates, when you are looking at paying the bill yourself. The aluminum body of the MS is insanely expensive to repair.
Garlan Garner
Banned
Reminder for those new to the thread:
Don't just look at cost when it comes to insurance.
Some insurances cost more than others, however they give you much more for your dollar.
Don't just look at cost when it comes to insurance.
Some insurances cost more than others, however they give you much more for your dollar.
DopeGhoti
Active Member
Indeed, there is a significant distinction to be drawn between discounted or good-rate insurance (like Progressive seems to generally offer Tesla owners) and cut-rate cheap-out insurance (which tends to be regional and only offer liability insurance which itself is very reluctant to actually offer the coverage paid for when the excrement impacts the air-circulation device). Caveat emptor.
wbhokie
Member
No, and my auto-pilot approach to insurance for the last bazillion years has left me fairly ignorant on the topic.
My hunch is that car value is not the leading cost metric. Perhaps 3rd or 4th, among driving record, location, and repair costs.
The cost to insure this Tesla definitely woke me up. Autopilot disengaged
Good advice for sure. But hard to use as a practical matter.
The soft value-add stuff can only be measured when you have a problem. I've not made a claim on any policy for something like 25 years.
One would also need to experience multiple insurer's performance to make an informed decision. Having a bunch of accidents and changing insurance companies all the time doesn't really feel like a good way to figure that out. It is essentially un-measurable.
For the hard benefits, which are stated in pages and pages of complex, boring stuff that sucks to read.... ughhh.
What advice do you have to actually know when you are getting much more for your dollar?
Garlan Garner
Banned
The only advice I know for sure is that when you owe more on your car than it's replacement value.....that its good to get GAP insurance coverage.
That costs more...but its worth it "Especially on an expensive Tesla ( if you are financing it )".
You don't want your insurance company to pay you blue book replacement costs of $35k on a Model 3 and you still owe $50k. You want your insurance to pay you the whole $50k if your car is Totaled. Gap insurance covers the $15k.
NOW.....when you owe less than what the car is worth....remove GAP insurance.
In other words....coverage needs change based on each situation.
Different insurance companies cater to different demographics as well. That's why they all vary so much in pricing. Its almost useless to suggest a company because what works for me probably wont for you. I'm currently with Mercury and as much as I hate how they raise the bill I can never find anyone cheaper to replace them so it seems they are following the market trend when they do it. I haven't had a claim since 2005 so I think they are making a decent return off my business. I even tried Wawaneesa as I easily meet their requirements and they wanted 400 more every 6 months. There's just a bunch of behind the scenes calculations that the consumer doesn't see to be able to figure it out.
One useful metric I've used is how other consumers, particularly those who have made claims, view their insurer. I found the JD Power rankings and auto insurance studies pretty helpful:
Insurance | J.D. POWER
FlatSix911
Porsche 918 Hybrid
Don't forget to factor in your annual dividend check from USAA... just received mine for 2019... $1,000 for 25 year member
Insurance companies commonly attract customers with lower rates and then they raise them every time they renew, because they figure people are too lazy to shop them and they’re right much of the time.
Eno Deb
Active Member
Well, that really depends on your situation. Losing $15k would certainly suck, but it's probably not the end of the world for most people who can afford a Tesla. On the other hand, if another party has a bodily injury liability claim against you and you have insufficient coverage, that can easily ruin you financially. So if I had to choose between GAP insurance and higher liability limits, I'd always take the latter.
Generally, insurance is like a casino: on average, the house always wins, i.e. the premiums are always calculated such that the insurance company comes out ahead on average. GAP insurance isn't super expensive because the probability of totaling your car is relatively small, so you have to weigh that against the cost of the premiums and the potential damage. For all types of insurance, it's usually best to focus on covering things that potentially have financially catastrophic consequences.
Garlan Garner
Banned
Not true at all. Are you kidding?
$15k means something to a TON of people and its relatively cheap to cover via insurance.
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