High insurance costs or more FUD...

[jddssc121]

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

Don't say that too loud, you might jink yourself like I did . For the last two annual policies, I've enjoyed a ~$100/month premium from Liberty Mutual for my Model S for full coverage (250/500). I sang their praises to any and all Tesla owners I could find.

I just got my renewal documents and the premium doubled (actually a few bucks more than doubled). No accidents, no tickets, and the other vehicles on the same policy did not increase. I called and asked "WTF" and was told it is due to astronomical repair costs. I have an Audi that is the same model year as my Tesla, and within $4K of the MSRP..... and its annual insurance premium (with identical coverage) is now less that half of what LM is charging for the Tesla.

 

[jimmyz80]

Same coverage limits?

100% Identical.

 

[Ivan.R]

Insurance cost is one of the big reasons I was forced to give up on getting a model 3. Geico was quoting me an annual premium of $4k+ (this is with high limit coverage on all options to meet required primary insurance coverage to remain eligible for my umbrella policy so $250/500K on all options). Yes I live in a high claim metropolitan area but it was not reasonable to think about spending 7%+ of the MSRP of the vehicle on insurance annually

 

[nvx1977]

2018 Model 3 LR RWD: $349.23 (6mo)
2014 Model S85: $654.42 (6mo)

Interesting how the 4-year-old Model S costs almost double the brand new Model 3, even though the residual value of both cars are almost identical. This would indicate that Model 3 is a lot cheaper to repair than Model S. Coverage on both cars are identical.

If there's a story on Tesla around insurance costs, it's that they made Model 3 much cheaper to insure than S or X.

 

[Az_Rael]

Interesting how the 4-year-old Model S costs almost double the brand new Model 3, even though the residual value of both cars are almost identical. This would indicate that Model 3 is a lot cheaper to repair than Model S. Coverage on both cars are identical.

Do you think it is actually less expensive or they just don't have good data yet? It took a few years for the Model S rates to go up as much as they did.

 

[Big Earl]

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?

I've posted this elsewhere, but I'll contribute to this thread, as well. That article is total FUD and only sampled a very small range of people.

Our Model 3 LR AWD is $62/month for full coverage. Our other vehicles are a 2014 Cadillac ELR ($79/month) and a 2013 Fiat 500e ($57/month). The Fiat's current blue book value is only $6,500 (time to drop it off of full coverage).

I'm 36, married, clean driving record.

 

[Big Dog]

M3 is a few dollars cheaper than the Audi A3 (USAA)

 

[Gavyne]

When I first got a quote from my existing insurance company, it was through the roof. I panicked and thought my dream of owning a Model 3 was dead. Then I shopped around and voila, found one with the same coverage for just $200 more a year than what I was paying for with my old Civic.

To those that get shocked by high premium quotes, shop around, you'll be surprised. Don't develop insurance loyalty, they don't care about you as much as you think they do.

 

[nvx1977]

Do you think it is actually less expensive or they just don't have good data yet? It took a few years for the Model S rates to go up as much as they did.

My assumption (could be wrong) is that Tesla worked closely with insurance companies this time around with Model 3, something they didn't really do when they released Model S. That explains the insurance companies' learning curve for the S as they adjusted rates upward due to high cost of repairs. I recall reading an article where Tesla shared with insurance companies that goes into the Model 3 and why those changes in design will result in cheaper repair costs. That gave insurance companies a better idea of how to assign a premium for the 3. I would think the higher use of steel panels over aluminum is a big part of it.

 

[Electroman]

This would indicate that Model 3 is a lot cheaper to repair than Model S

That indicates that the insurance companies don't have any repair cost data as yet on M3..

 

[Big Earl]

@copyhacker what part of my insurance rates do you disagree with?

 

[nvx1977]

That indicates that the insurance companies don't have any repair cost data as yet on M3..

assuming this is true, wouldn't it suggest the OP's article is FUD? As would the informal poll, which currently shows 93% of respondents reporting a premium less than what that article suggested was average.

 

[Nocturnal]

Mine was about the same as my 2015 Highlander for most companies, and with Geico the 3 is slightly cheaper.

 

[copyhacker]

@copyhacker what part of my insurance rates do you disagree with?

Uhh... no part. I was on phone and evidently fatfingered the disagree button unawares. Rescinded.

 

[AceSkywalker]

Mid 20s. Southern California. Clean driving record since I got my license on my 16th birthday.

Insurance companies seem more than happy to rob my bank account. The cheapest I've seen for a Model 3 is north of $350/month. Gross - negates any potential savings by cutting out gasoline from my expenses. I thought about getting a Model 3 as the first car I'll actually buy with my own money (as opposed to my current hand me down from parents). Probably the smarter choice to put that dream on hold until insurance rates go down with older age.

I already pay 180/month for insurance on my 2009 Honda Civic, and that's with tricks like the car being registered under my folks.

 

[SageBrush]

Mid 20s. Southern California. Clean driving record since I got my license on my 16th birthday.

I've read before that 26 years old is the magic number. It may be worth calling around.

 

[bd7349]

Mid 20s. Southern California. Clean driving record since I got my license on my 16th birthday.

Insurance companies seem more than happy to rob my bank account. The cheapest I've seen for a Model 3 is north of $350/month. Gross - negates any potential savings by cutting out gasoline from my expenses. I thought about getting a Model 3 as the first car I'll actually buy with my own money (as opposed to my current hand me down from parents). Probably the smarter choice to put that dream on hold until insurance rates go down with older age.

I already pay 180/month for insurance on my 2009 Honda Civic, and that's with tricks like the car being registered under my folks.

Jeez, they're absolutely robbing you out there man. I'm 23 in Masschusetts and just priced out a quote through Costco Ameriprise for my LR AWD Model 3 at $110/month ($1331 for 1 year policy). Check them out, not sure if they're in California but it's worth a shot.

 

[oldpueblo]

I'm about to switch to Root Insurance, they actually have a discount for Tesla autopilot as well. They only insure good drivers who have proven it via a phone app, so that drives the costs down. Below is a referral link, use it or just go on your own to their website. My insurance costs for great coverage are going DOWN by $240 a month (two drivers, four cars, including Model 3). I'm not necessarily going to choose the coverage shown below in the pictures, just wanted to give an example of what I've been quoted after getting an 8/10 on the driving test. I'm also about to add another driver (17 year old son), and since they claim the most important factor is how they drive, I expect to get the best rates for his demographic. Now that I think about it, it makes me mad that for decades I've been paying for bad drivers coverage while making/needing no claims because I'm a good driver.

Root Car Insurance

 

[Raechris]

Don't say that too loud, you might jink yourself like I did . For the last two annual policies, I've enjoyed a ~$100/month premium from Liberty Mutual for my Model S for full coverage (250/500). I sang their praises to any and all Tesla owners I could find.

I just got my renewal documents and the premium doubled (actually a few bucks more than doubled). No accidents, no tickets, and the other vehicles on the same policy did not increase. I called and asked "WTF" and was told it is due to astronomical repair costs. I have an Audi that is the same model year as my Tesla, and within $4K of the MSRP..... and its annual insurance premium (with identical coverage) is now less that half of what LM is charging for the Tesla.

LM is one of the highest cost insurers in the country. Find a good independent agent who will shop for you. Each agency can have different companies so shop around. Raise collision deductible to 1k. My policy at 250/500 with gap is 900/yr.

 

[cwerdna]

Well, something is wrong with my insurance then, because it doubled when I added the Model 3. My Leaf is $440 per 6 months and my Ram 1500 is $420 for 6 months. My Tesla is $821.

However, my problem might be the multi-car discount only applies to 2 cars, so that might have been my issue. I'll find out in December when I go to renew, because I'll be back down to 2 cars.

It can also get wonky when one adds a car instead of replacing. I'm on Safeco and every 6 months, I'm being charged a LOT on my Leaf (more than your Tesla) as it's my primary car. My Prius is a lot less (but also over 12 years old) but it's not designated as my primary car and I'm being charged more than your Leaf.

I've talked to my agent before. If I were to reverse the designation, the Prius would get charged at on and my Leaf a lot less, but the overall total comes out to be the same.

Nor Cal rates are high but not usually as bad a So Cal. I'm male and past 40 but single. Married drivers I'd imagine get a better deal.