I had no idea insurance was so much!

[WATT TF]

Walk away from the Insurance Company not the M3

Not sure you read my post considering I pay $1,000/yr for my Model 3 through State Farm and paid $1,050/yr through the same agent for my 2011 Volkswagen CC Sport with 125k miles. I live in Chicago, drive 15-20k miles per year and probably have some of the highest rates among those in this forum considering my location and the fact that my policy only has 1 home and 1 car.

I was simply trying to provide some advice from my experience of attaining a $1,000/yr rate from the same agent that quoted thousands more. Simple miscommunication resulted in a lot of anxiety on my part.

If you have a cheaper route I'm all ears, but in the meantime I'm satisfied with my agent and rate.

 

[Joshan]

I have basically same experience. Paying $950 per year to StateFarm for me Model 3 in Chicago. I had a 2016 Acura ILX before this and the rate did not change. It was exactly the same.

 

[mark273]

that's what geico quoted me, I don't know where everyone is getting these quotes from. geico is the AAA

i also think being from SoCal we just pay more in general. Los Angeles, San Diego, and San Fran are ****ed in terms of pricing. My brother in New York even gets his plates in Jersey because the insurance is DRASTICALLY different. It's ridiculous. some of the people on here are paying a quarter of what i pay and i have no accident, no faults, nothing. just a nice car in a congested city.

 

[UnderCharged]

i also think being from SoCal we just pay more in general. Los Angeles, San Diego, and San Fran are ****ed in terms of pricing. My brother in New York even gets his plates in Jersey because the insurance is DRASTICALLY different. It's ridiculous. some of the people on here are paying a quarter of what i pay and i have no accident, no faults, nothing. just a nice car in a congested city.

my quote was $4600 every six months for the lowest coverage in maryland. I'm 35 with no points or at fault accidents, no claims and I'm in a good area. the quote was for a 2015 model s 85d. I did contact progressive and they quoted me $2,200 with a policy maxed out on a p85d, lesson here.. screw Geico and that damn gecko

 

[355rockit]

my quote was $4600 every six months for the lowest coverage in maryland. I'm 35 with no points or at fault accidents, no claims and I'm in a good area. the quote was for a 2015 model s 85d. I did contact progressive and they quoted me $2,200 with a policy maxed out on a p85d, lesson here.. screw Geico and that damn gecko

I pay more for insurance on my 2018 Model 3 MR than my 2015 Jag F-Type R when new. Geico was lowest for me at $1380 yr in San Diego.

 

[zhu-]

Some of these rates are insane. I have about average coverage, 100k/300k $1k collision deductible, $200 comprehensive, minimum medical and was quoted $500-$600 per 6mo by Geico, Liberty Mutual and Progressive. In my late 20s, no accidents, tickets, with one $17k not at fault claim.

 

[Braindrainer]

If you have a plain 3D make sure that is clear with your insurer. My insurance company had to readjust my rates by 25% because I was not interested in paying for performance and their system was unable to differentiated the two 3 models. My premiums are inline with similar AWD but cheaper cars in my stable: Legacy, Mazdaspeed6...

 

[mark273]

I pay more for insurance on my 2018 Model 3 MR than my 2015 Jag F-Type R when new. Geico was lowest for me at $1380 yr in San Diego.

for the year that's actually pretty good. got a geico contact person? i was thinking of metromile, but if i can get good coverage with geico im in

 

[WATT TF]

A lot of people underestimate the value of a local insurance agent.

While shopping I found that almost every other insurance company failed to acknowledge the fact that the cost of insurance for a non-Performance car cost about half that of a Performance car. That's why it's important for us to be specific when posting in this thread.

Elon is changing configurations faster than the insurance industry can keep up with. Insurance rates will ultimately reflect the different trims - someone with sub 4 second 0-60 times will pay a lot more than someone driving a MR vehicle that is no where near as fast. It's important that we understand what is being quoted - was the price provided for your car with your configuration, or was it a general selection made within the insurance provider's software (ie "All Model 3's")?

My agent was able to have a civilized discussion with me and understand what I was trying to explain which resulted in the price I was expecting. Those of you who are impatient will end up with the highest rate available because your provider is playing it safe and does not fully understand your situation.

 

[Magnets!]

$60 less per year than my 3 year old Audi S4. Ameriprise/Costco

 

[355rockit]

for the year that's actually pretty good. got a geico contact person? i was thinking of metromile, but if i can get good coverage with geico im in

I just did their on-line quote and then called their toll-free number to talk to an agent to finalize with the quote number.

Update; I called and confirmed that they based my rate off the MR model. They said they work off VIN and should be for MR.

 

[Lifeinabox]

Another SoCal data point - $980/6 months for our P3D through Mercury. 1 house and 2 other cars. My wife recently got into a fender bender so that jacked up our rates. I will shop around starting with Geico. Been with Mercury forever and although happy with their service I always felt we could get cheaper coverage elsewhere.

 

[zhu-]

A lot of people underestimate the value of a local insurance agent.

While shopping I found that almost every other insurance company failed to acknowledge the fact that the cost of insurance for a non-Performance car cost about half that of a Performance car. That's why it's important for us to be specific when posting in this thread.

Elon is changing configurations faster than the insurance industry can keep up with. Insurance rates will ultimately reflect the different trims - someone with sub 4 second 0-60 times will pay a lot more than someone driving a MR vehicle that is no where near as fast. It's important that we understand what is being quoted - was the price provided for your car with your configuration, or was it a general selection made within the insurance provider's software (ie "All Model 3's")?

My agent was able to have a civilized discussion with me and understand what I was trying to explain which resulted in the price I was expecting. Those of you who are impatient will end up with the highest rate available because your provider is playing it safe and does not fully understand your situation.

Based on my experiences, I haven't seen actual performance be much of an indicator to insurance rate. I think higher performance cars are usually more expensive so the car price is correlated with the premium. My dual motor M3 with 4.5s 0-60 is quicker than my 2016 Merc C300 with 5.5s 0-60 but insurance with Geico on the M3 was $120 less per 6 months with lower deductibles too.

 

[WATT TF]

Based on my experiences, I haven't seen actual performance be much of an indicator to insurance rate. I think higher performance cars are usually more expensive so the car price is correlated with the premium. My dual motor M3 with 4.5s 0-60 is quicker than my 2016 Merc C300 with 5.5s 0-60 but insurance with Geico on the M3 was $120 less per 6 months with lower deductibles too.

I politely disagree with your post. There are a lot of other variables besides performance that factor into cost - primarily SAFETY.

The Model 3 is the safest car on the road making it less expensive than comparable sports cars like your Mercedes C300. On the other hand, if you compare 2 identical cars that literally only differ in their acceleration, the one that is 1.5-2x faster will be A LOT more expensive. You also failed to mention if the Mercedes is AWD like your Tesla as that factors into the overall safety of your driving experience.

For the above reasons I'd expect insurance for a M3 Performance to be 1.5-2x that of a LR RWD and potentially LR AWD.

 

[zhu-]

I politely disagree with your post. There are a lot of other variables besides performance that factor into cost - primarily SAFETY.

The Model 3 is the safest car on the road making it less expensive than comparable sports cars like your Mercedes C300. On the other hand, if you compare 2 identical cars that literally only differ in their acceleration, the one that is 1.5-2x faster will be A LOT more expensive. You also failed to mention if the Mercedes is AWD like your Tesla as that factors into the overall safety of your driving experience.

For the above reasons I'd expect insurance for a M3 Performance to be 1.5-2x that of a LR RWD and potentially LR AWD.

My C300 was AWD but I've also had a C63 which is basically a C class with performance parts, RWD with ~450hp and the insurance was around $900 for 6 month or almost 50% more. It might be due to performance, or just the fact the car itself was significantly more expensive. I've seen similar cars around this price range that aren't performance oriented and their insurance rate is usually in the same ballpark. How much safer an AWD system is over RWD or FWD is debatable with modern traction and stability systems.

 

[Spalding]

I guess I should have done my research then instead of now although it would not have detoured me from buying the m3 long-range, auto pilot.

48yr old male no accidents or tickets with AAA $2300 per yr. More than 2x higher than my accord and 2x higher than my wifes 15' tahoe.

I did the online quote from costco/ameriprise insurance co and with progressive. Costco was $1700 and progressive $1300 ish but Im wondering if these are 1 yr enticement quotes and then they will really rise the following year.

What is everyone paying?

 

[Spalding]

I guess I should have done my research then instead of now although it would not have detoured me from buying the m3 long-range, auto pilot.

48yr old male no accidents or tickets with AAA $2300 per yr. More than 2x higher than my accord and 2x higher than my wifes 15' tahoe.

I did the online quote from costco/ameriprise insurance co and with progressive. Costco was $1700 and progressive $1300 ish but Im wondering if these are 1 yr enticement quotes and then they will really rise the following year.

What is everyone paying?

I've had AAA for decades, but their rate for large coverage policy in Southern California ($250,000/$500,000), combined with my wife's barely driven, 28 year old Mazda, is over $3,800 year. Without wife, rate would still be about $3,300. Mercury is roughly $1,000 less, and my broker has given me some quotes from insurers I've never heard of (a red flag, admittedly) that were even lower. Definitely shop around.

 

[Nocturnal]

My insurance went down from my Highlander.

 

[flynryan]

Just signed up with Geico today. $1360 per yr $100/300 $50k personal injury. This is in So Cal, no accidents or tickets

 

[PORSCHEMAN]

I also switched my Tesla 3 to Geico today $1544 /yr $100/300 $50k personal injury. Also in So Cal and no accidents or tickets.