High insurance costs or more FUD...

[gtmotor]

This article popped up on my phone:

Tesla's affordable Model 3 is expensive to insure

The average insurance cost for a Model 3 is $2814/year or $234.50/month?! I don't even pay that much for all four of our cars!

My Model 3 is currently the cheapest car I own to insure... only $65/month for full coverage. Our other cars are a 2017 JCW MINI (most expensive), 2013 Toyota Land Cruiser (close second behind the MINI), and a 2007 Lotus Exige (I keep collectors insurance on this, so not really comparable).

I'm 35, married, clean driving record.

So... is the article misleading or do I just have it really good?

 

[wbhokie]

No way... total FUD. Neither our Model S or Model X are anywhere close to that.

 

[Snow Drift]

It doesn’t really matter how much we pay, since everyone’s policy, discounts and record is different. It’s more important how it compares to other cars for the same person.

The point is that the Model 3 does NOT have excessive rates.

State Farm quoted my Model 3 LRD only $88/year more than my XV Crosstrek Hybrid, which was only $30k new.

 

[Wubbles]

Definitely FUD. I have a 2007 Eclipse with 145K+ miles on it and I pay $1200 per year for insurance. My AWD Model 3? $1351 per year. And that's with a minor traffic violation on my record from last year.

 

[gambit48]

For 6 months, it's within $3 or so of a 2018 BMW I bought about a month later that has a MSRP that's nearly identical (I can't remember which one is higher). Both are about $30 more, over 6 months, than a 6 yr old minivan I have. If you split it monthly, it's not even $50/mo for each car. I believe it's $250/500k with a $500/$1000 deductible so not like bare minimum either. And I'm in freaking expensive as hell California. It's through Costco.

 

[MacGreiner]

Let's not give Niedermeyer, the author, any greater forum by pushing hits to his articles - total FUD.

 

[bigroccrek]

I just got a quote from AAA in SoCal and the insurance will be $2000/year. More than double my 2014 Jeep Wrangler Unlimited (652/yr), 2007 GMC Sierra Diesel Truck (588/yr), and wife's 2013 Hyundai Santa Fe (623/yr). Same coverage on all cars. Need to look for a new insurance company!

 

[trm2]

This report is probably true and has the prices correct. That said, they sampled 150 of the 42,000 or so zip codes in the US, so not really relevant to most people.

 

[McFlurri]

Ya.. BS.

I pay the same as i did for my 2012 Ford Fusion (and i have way better coverage now too)

 

[mspohr]

I just got a quote from AAA in SoCal and the insurance will be $2000/year. More than double my 2014 Jeep Wrangler Unlimited (652/yr), 2007 GMC Sierra Diesel Truck (588/yr), and wife's 2013 Hyundai Santa Fe (623/yr). Same coverage on all cars. Need to look for a new insurance company!

AAA is very expensive. I went from AAA at $3000+/yr (two cars) to about half that.
It pays to shop around.

 

[bigroccrek]

AAA is very expensive. I went from AAA at $3000+/yr (two cars) to about half that.
It pays to shop around.

What company did you switch to?

 

[KenF]

On my USAA account with three cars and a homeowners insurance discount, replacing my oldest car (a Civic) with the Model 3 AWD cost an extra $200 (a total of ~$560) per 6 months.

This is with near max coverage ($2M injury liability, a $250 deductible on collisions, a $100 deductible on other than collisions, and car replacement assistance of + 20%).

 

[Raechris]

Fake news - my 17 MS75D with 250/500k across the board and gap insurance is 920/yr in MA with clean record. Only 125 more than my three year old Volt (adjusted for gap premium)

 

[gilscales]

Ours is about the same we were paying for a 2014 535d and cost of the Bmw was about 3k more than the model 3 so right in line with other 55 to 60k cars

 

[nvx1977]

$349.23 for 6 months. ~$700/yr. State Farm

 

[Tex EV]

Amica gave me a quote of +$2537.76/year to replace my Roadster with a Model 3 Performance. Roadster is currently $750/year....
But for what it's worth, they didn't have the Model 3 Performance in their database and I don't have a VIN yet. They mentioned the number would change once I had a VIN. We shall see.

 

[KenF]

Amica gave me a quote of +$2537.76/year to replace my Roadster with a Model 3 Performance. Roadster is currently $750/year....
But for what it's worth, they didn't have the Model 3 Performance in their database and I don't have a VIN yet. They mentioned the number would change once I had a VIN. We shall see.

Looks like it is time to change insurance companies. That is insane.

 

[ℬête Noire]

So... is the article misleading or do I just have it really good?

It sure smells like FUD to me. I'm at just over $100/month (about $630 every 6 months) for an LR AWD with $100K/$300K coverage.

What appears to be true, though, is the importance in shoping around because you'll see more variance between underwriters than you do with other vehicles.

EDIT: Reading a little further down the article:

Insurance costs vary from area to area. The Model 3's costs ranged from $1,958 to $3,644 per year. For comparison, in the same 150 ZIP codes the average annual cost was $2,102 to insure a Chevrolet Volt Premier and $2,068 for a Honda Civic LX.

Setting aside the question of whatever they are doing with the numbers to get averages >$2K on those other cars, and that they're choosing to express the Model 3 as a range but then averages for those others (and which 150 zip codes, chosen how?):

So the $49K+ Model 3 insurance is somewhat in the ballpark of those two vehicle? So where does this Porsche comparison earlier in the article come in?

Yeah, it's not adding up here.

 

[barjohn]

I'm just over $100/mo ($645 every 6 months) and that is for $500k/$1,000,000 with a $250 deductible with USAA for my LR model 3. Less than I paid for my Mercedes C class @ $879 for 6 months.

 

[eSpiritIV]

Its complete FUD. Neidermeyer wrote that article and if you read it he says some people pay as much as a porsche 911. Ya probably people with a ton of tickets.