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How is this Possible for Insurance!

So I have been reading and hearing that a lot of Tesla owners paying out the roof for Insurance. I don't get it because I'm not playing anywhere near what Some of you guys are paying. I go through progressive and pay twice a year, 35 with clean record.

Maine

2012 Prius full coverage : $306 / 6months
2016 Tesla Model X (60d) : $282 /6months.

Meanwhile I see from the forum of up to 1k or more, Whats going on?
 
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What Does a Tesla Really Cost? - NerdWallet

forgot to insert some info.

** I am aware that I live in Maine and my rate is different then other state, but 2x or 3x more is hard to understand.

insurance.png
 
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So I have been reading and hearing that a lot of Tesla owners paying out the roof for Insurance. I don't get it because I'm not playing anywhere near what Some of you guys are paying. I go through progressive and pay twice a year, 35 with clean record.

Maine

2012 Prius full coverage : $306 / 6months
2016 Tesla Model X (60d) : $282 /6months.

Meanwhile I see from the forum of up to 1k or more, Whats going on?

Just for curiosity, i did get a quote from Progressive, it's much cheaper than my safco. Never used Progressive before, not sure it's bait and switch or not.
 

MorrisonHiker

Well-Known Member
Moderator
Mar 8, 2015
10,765
11,080
Colorado
What Does a Tesla Really Cost? - NerdWallet

forgot to insert some info.

** I am aware that I live in Maine and my rate is different then other state, but 2x or 3x more is hard to understand.
Insurance rates vary greatly from state to state (and even within a state). When I moved to the Denver area many years ago, my rates tripled from what I was paying previously. Maine doesn't have a huge population or a huge metropolis so the rates there are most likely going to be cheaper overall than NY, CA, IL, etc.

Just for curiosity, i did get a quote from Progressive, it's much cheaper than my safco. Never used Progressive before, not sure it's bait and switch or not.

I had Safeco for years but found that they didn't differentiate between the P and non-P versions of the S. They wanted over over $1600 a year to insure an S90D. I switched to Traveler's and the rate is closer to $800 per year.
 

Az_Rael

Well-Known Member
Supporting Member
Jan 26, 2016
5,682
8,990
Palmdale, CA
I would guess it's all because you live in Maine. A much less populous and smaller state than California. Here in California we have a relatively large population of uninsured drivers, which cost the insurance companies more money which they pass on to all of us. We also have millions of cars on our roads making the individual odds of being involved in an accident higher.

My rates in Texas were also high. Same math there: big state, lots of cars and lots of uninsured drivers.

I have a clean driving record, but my high rates are also determined by the fact that I drive 80 miles round trip daily for work.

So there are lots of variables.
 
It appears that some of you don't get all the factors that go into insuring their cars.
beyond repair costs there are many factors that make comparing cost difficult.

some of those factors are the age of the driver, how the car is used, business or pleasure, how many miles is it driven, the driving history of the insured, tickets, accidents, claims, the location of the vehicle, the location of employment, and other localized issues.
lastly some insurance companies charge higher rates than others.
 
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Bet TSLA

Active Member
Dec 8, 2014
3,367
15,203
Cupertino, CA
Here in California we have a relatively large population of uninsured drivers, which cost the insurance companies more money which they pass on to all of us. We also have millions of cars on our roads making the individual odds of being involved in an accident higher.

I'm in California, insured with Geico. I'm paying $429/6mo on my 2014 P85. This compares with $456/6mo on my 2008 Toyota Highlander. I don't understand the numbers, but I like them. I think there must be some degree of arbitrariness in how they allocate my premium to the three cars and four drivers I have insured.
 
I'm paying less for my '13 P85+ than my '09 Subaru STI in California through Wawanesa, 6mo premium is $570 vs $660. Progressive and Geico both quoted me about $200 more. Definitely shop around, someone once told me it pays to compare quotes every year or so, as your clean driving record lengthens, and insurance companies usually don't re-evaluate or lower your rates without you 'motivating' them to do so.
 

Az_Rael

Well-Known Member
Supporting Member
Jan 26, 2016
5,682
8,990
Palmdale, CA
I'm in California, insured with Geico. I'm paying $429/6mo on my 2014 P85. This compares with $456/6mo on my 2008 Toyota Highlander. I don't understand the numbers, but I like them. I think there must be some degree of arbitrariness in how they allocate my premium to the three cars and four drivers I have insured.

How many miles do you drive? Both my husband and I put well over 25k on each of our vehicles. That is what makes for expensive insurance. My truck is super cheap to insure because it gets less than 10k miles per year.

I never quoted Geico so its possible they are cheaper for me. We had them once years ago and filing a claim was an awful experience, so they are no longer on our list.
 

Bet TSLA

Active Member
Dec 8, 2014
3,367
15,203
Cupertino, CA
How many miles do you drive?

Around 20,000/yr on the Tesla. Less than 5000/yr on the Highlander. As I said, it makes no sense so I assume is sort of arbitrary how the money is divided. But the number is pretty good even if you assume it's mostly for the Tesla. One of the drivers is a teenager, which bumped up the cost a couple of hundred dollars when she was added.

I recently got a quote from Ameriprise through Costco just for the hell of it. It was more than triple my current premium. None of it makes much sense.
 
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Snerruc

Unqualified Doofus
Apr 16, 2016
1,255
3,095
Palm Bay
Are you comparing apples and apples or not. The price of insurance differs greatly in cost depending on coverage.
Are they all the same deductable? Include uninsured and underinsured motorist coverage? Same collision, etc?
Low ball quotes often don't include everything. However, with max allowable coverage in this state, including a $2,000,000 umbrella, my Tesla is about $850 per year with $1,000 deductable. Also State Farm here charges the same for all S cars.
 
2012 Prius full coverage : $306 / 6months

I don't have a Tesla yet but I am paying exactly double what you are for a 2016 Prius. Particulars:

- rural area of California
- mature male driver with clean record
- Progressive Insurance
- full coverage for lease
- uninsured motorists protection
- $500 deductible
- short commute

It would be nice to see folks who reply to this thread include the particulars. This is a very helpful thread.
 
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I don't have a Tesla yet but I am paying exactly double what you are for a 2016 Prius. Particulars:

- rural area of California
- mature male driver with clean record
- full coverage for lease
- uninsured motorists protection
- $500 deductible
- short commute

It would be nice to see folks who reply to this thread include the particulars. This is a very helpful thread.
exactly what part of the info I posted triggered your dislike?
 

Snerruc

Unqualified Doofus
Apr 16, 2016
1,255
3,095
Palm Bay
I don't have a Tesla yet but I am paying exactly double what you are for a 2016 Prius. Particulars:

- rural area of California
- mature male driver with clean record
- full coverage for lease
- uninsured motorists protection
- $500 deductible
- short commute

It would be nice to see folks who reply to this thread include the particulars. This is a very helpful thread.
Perhaps the $500 deductable and the lease coverage. Also, at 77 I'm not sure where that figures vs you. Semi rural area 30 yrs no tickets 22 years no wrecks, 40 years with State Farm, and multiple discounts for multi car, home, etc.
 
Perhaps the $500 deductable and the lease coverage. Also, at 77 I'm not sure where that figures vs you. Semi rural area 30 yrs no tickets 22 years no wrecks, 40 years with State Farm, and multiple discounts for multi car, home, etc.

I don't think you mentioned your deductible (for comparison).

Lease should make no difference because I did not tell Progressive when they quoted me. Just full coverage.

Do you have the uninsured motorist rider?

As has been pointed out, it's had to make apple to apple comparisons, but we can try. I am interested in seeing what others report.

thanx
 

Snerruc

Unqualified Doofus
Apr 16, 2016
1,255
3,095
Palm Bay
I don't think you mentioned your deductible (for comparison).

Lease should make no difference because I did not tell Progressive when they quoted me. Just full coverage.

Do you have the uninsured motorist rider?

As has been pointed out, it's had to make apple to apple comparisons, but we can try. I am interested in seeing what others report.

thanx
$1000 deductable, uninsured motorist, underinsured motorist, $500,000 collision,
 

Az_Rael

Well-Known Member
Supporting Member
Jan 26, 2016
5,682
8,990
Palmdale, CA
I don't have a Tesla yet but I am paying exactly double what you are for a 2016 Prius. Particulars:

- rural area of California
- mature male driver with clean record
- Progressive Insurance
- full coverage for lease
- uninsured motorists protection
- $500 deductible
- short commute

It would be nice to see folks who reply to this thread include the particulars. This is a very helpful thread.

Sure, more info is good:
2013 P85
Long commute, LA County
3 cars, home and earthquake all with AAA
Clean driving records, middle age (no teens on policy)
$500 deductible comp and collision
100/300 plus uninsured motorist
Premium for just the Tesla: $2547/year :eek:
2014 Audi S4 with same commute is $1399/year for comparison
 
Just a little additional tip: if you have insurance (applies to car and homeowner's) for a couple of years, you are likely to see your rates go up (independent of accidents, tickets, etc.) This is because insurance companies understand the concept of "momentum," in that people tend to stick with a given company for a while when they have chosen it. What this means is that every 2 - 3 years (even if you are happy with your insurance company), it pays to shop your policies again, because of this - and also, other things being equal, your rates should actually go down over time (not up) due to the depreciation of your vehicles (which almost always exceeds the rate of inflation).
 

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