Insurance confusion

[AZjohnInCA]

Just notified my current car insurance company. MetLife, that we received one of our new SR+ this past Thursday and needed it covered on our current policy. Got the quote for the new premium and it's 2.5X of what I was paying for my Leaf.

We are in our early 60's with perfect driving record and quoted $1,466/year. Was paying $588/year for Leaf. Agent said that Tesla's are the highest priced to cover. I suggested they got the model wrong, that it's the lower end M3 and not a Model X or S. They said they knew, they just entered the VIN and that is the $ number that came back.

Got a new quote from Farmers and Tesla and they are the same or higher. Is everyone with a M3 RWD paying over #100/month? This is crazy for supposedly one of the safest cars on the road and just kind of confused because I never saw this coming

 

[Mr. Big]

Have you tried Tesla insurance?

 

[DrtyJrze]

No. USAA, 2 cars, TM3 is $948/yr.

My $100k BMW was 1,500/yr, for reference.

 

[srs5694]

I recommend you compare more insurers. There are Web sites that will help you do this (I don't have a URL handy, but do a search on "car insurance quotes" or something and I'm sure you'll find them); or you can talk to an agent who deals with multiple insurers; or you can simply call or visit the Web sites of several insurers.

FWIW, I insured the Chevy Volt that I drove prior to my Model 3 through Geico. When I got my Model 3, I was quoted something significantly higher. I don't recall the exact figure, but it wasn't quite as bad as the 2.5x you're citing -- perhaps about 1.5x, IIRC. I did some checking around and found that Geico was among the most expensive insurers for me -- it was the second highest of about 6 or 8, IIRC, with big jumps between the #1, #2, and #3 most expensive insurers; the rest clustered at much lower levels. I ended up switching to Progressive, which actually lowered my rate compared to what I'd been paying for my Volt. I've seen several other reports on this forum of Progressive doing well, rate-wise. Geico seems hit-or-miss; some people do well with them, but others don't, and some people say their rates start out OK but then jump up a ridiculous amount after 6 or 12 months. I don't recall hearing anything specific about your insurer, MetLife.

Comparing your rate in dollars to what others pay is pointless. There are simply too many variables -- your location, your age, your driving record, the details of what sort of coverage you want, etc. Instead, get quotes for you from multiple insurers. Since you're in California, you may want to check out Tesla's insurance, too. Some people say they're saving a little money that way, but that's not universal. Note, however, that Tesla shares your driving data with their insurance division; you might or might not be comfortable with that Big Brother aspect of it.

 

[Big Dog]

Pretty pricey, John. Similar age, driving record in SoCal, and we pay ~$850/car/yr. (have two model 3's)

Suggest you check GEICO or Amica for a quote. Or, try Tesla Insurance service?

 

[AZjohnInCA]

Thanks for the replies everyone.

I tried to explain I already checked Tesla which was $1,400 and something per year.
Just did Progressive online and came out 1,800 year.

Yes, I live in the Bay Area which is expensive as is but, the weather is great (lol). I mean no snow/ice.
As I also tried to explain, both my wife and I are getting a M3 each, so this is kind of adding up.

Well, I'm currently covered but have to do more research as this still doesn't seem right.

Cheers,
John

 

[jonquiljo]

Pretty pricey, John. Similar age, driving record in SoCal, and we pay ~$850/car/yr. (have two model 3's)

Suggest you check GEICO or Amica for a quote. Or, try Tesla Insurance service?

Agreed. I had a quote when I lined up insurance for the car I wasn't able to pick up in October. It was around $450/6 months, which is similar to what Big Dog reported.

I am later 60's - clear record, have 2 cars, house, earthquake and umbrella with same company.

One thing that seems to matter for California customers is that the insurance companies tend to default to assuming you drive 15,000 miles per year, even when you are swapping cars on a policy. I drive less than half that as I don't need to commute. If you drive less than 15,000 miles, let them know. It can make a big difference. Multiple policies of all things with an insurer will also make a big difference.

 

[AZjohnInCA]

Agreed. I had a quote when I lined up insurance for the car I wasn't able to pick up in October. It was around $450/6 months, which is similar to what Big Dog reported.

I am later 60's - clear record, have 2 cars, house, earthquake and umbrella with same company.

One thing that seems to matter for California customers is that the insurance companies tend to default to assuming you drive 15,000 miles per year, even when you are swapping cars on a policy. I drive less than half that as I don't need to commute. If you drive less than 15,000 miles, let them know. It can make a big difference. Multiple policies of all things with an insurer will also make a big difference.

Hi jonquiljo,
Yes, just like you, I have our two cars (well it's 3 now until we trade her SUV in for her M3 and turn in my Leaf lease) plus home/earthquake/umbrella with bundle discount. I sometimes hate the idea that I'm betting against myself for something really bad to happen....

I appreciate all of you sharing $ numbers with me because it helps me feel like I'm not going crazy. I usually do all my homework before pulling the trigger and this just wasn't on my radar. Hope this thread will help someone else investigate before they get their car.

Think I'll wait until after Thanksgiving to do more queries. If everyone else is like me, not going to take work so serious tomorrow before Thanksgiving

 

[OCR1]

Isn’t a Nissan Leaf worth around $5K-$10K once they are a few years old? That should be a lot less than a brand new Tesla. We pay about $1,200/year for each Model 3. I’ve never heard of anyone paying $600/year for a Tesla. We have the maximum coverage required for our umbrella policy so that probably has a big impact on our overall rates.

 

[jonquiljo]

Hi jonquiljo,
Yes, just like you, I have our two cars (well it's 3 now until we trade her SUV in for her M3 and turn in my Leaf lease) plus home/earthquake/umbrella with bundle discount. I sometimes hate the idea that I'm betting against myself for something really bad to happen....

I appreciate all of you sharing $ numbers with me because it helps me feel like I'm not going crazy. I usually do all my homework before pulling the trigger and this just wasn't on my radar. Hope this thread will help someone else investigate before they get their car.

Think I'll wait until after Thanksgiving to do more queries. If everyone else is like me, not going to take work so serious tomorrow before Thanksgiving

You're not going crazy, the rest of the world is. Yeah, it's best to wait until after Thanksgiving. Given it's hailing right now outside here as I write this bodes for the next few days!

If you have all those things with the same company, then they are playing games with you. Over 60 - your rates hit the floor!

Be careful about driven miles per year. I gather it's some new California thing and it can really lower your rates if you don't do a fully 15,000 mi. per year. Good luck.

 

[AZjohnInCA]

Hi OCR1,
I think the payoff after the 3 year lease for the leaf is around $10K so you may be correct. I just never heard of paying $1.4K/year per vehicle costing $40K. Maybe Tesla has no OEM's parts and everything has to be replaced with Tesla parts for Tesla prices??

 

[OCR1]

Hi OCR1,
I think the payoff after the 3 year lease for the leaf is around $10K so you may be correct. I just never heard of paying $1.4K/year per vehicle costing $40K. Maybe Tesla has no OEM's parts and everything has to be replaced with Tesla parts for Tesla prices??

Yes, no doubt a Tesla cost more to fix than a Nissan since there are no third party parts. One thing to be cautious with is your rental coverage. Most companies offer a maximum rental reimbursement of 20 days or $600. If your Tesla gets in an accident it could be several months before you get it back. $600 won’t cover your costs. For around $90 I was able to bump up the coverage to $5,000. It was worth the peace of mind to me.

 

[jkoya]

I have AAA in the Sacramento area and all 3 of our cars are over $1000 a year. We have the multi policy, good driver and senior discounts applied. Our collision and comprehensive are set at $100 deductible and we have the $0 deductible for all glass and pay extra for all OEM parts (mainly for our Acura). I know AAA is generally more, but I've been happy with their customer service and the office is about a mile from me. I also got a quote from Tesla and it would have saved less than $30 a year.

1997 Acura NSX - $1200 a year
2016 Chevrolet Volt Premier - $1100 a year
2018 Tesla Model 3 Performance - $1300 a year

 

[ValXp]

Hey John,

I have State Farm and was quoted $1,000/mo for my M3 performance.
What I do is go to an insurance broker and tell them what coverage I want.
They are partnered with a ton of different insurance companies and can get you the cheapest quote for the same coverage.
They do all the research for you.
In my case they couldn't find another insurance that could beat State Farm.
That doesn't mean that State Farm is better than the others, it just meant that for my situation that insurance company was the best, price-wise.
I highly recommend trying a broker, you don't have anything to loose and you might just save money

 

[dandrewk]

As more Model 3s hit the road, insurance companies can better gauge available statistics and adjust actuarial tables accordingly.

So far, the stats look good. Model 3s have fewer accidents, by far, compared to all cars, especially when using autopilot. These are Tesla's numbers so they are more current than what insurance companies use.

 

[patrick40363]

Hey John,

I have State Farm and was quoted $1,000/mo for my M3 performance.
What I do is go to an insurance broker and tell them what coverage I want.
They are partnered with a ton of different insurance companies and can get you the cheapest quote for the same coverage.
They do all the research for you.
In my case they couldn't find another insurance that could beat State Farm.
That doesn't mean that State Farm is better than the others, it just meant that for my situation that insurance company was the best, price-wise.
I highly recommend trying a broker, you don't have anything to loose and you might just save money

Did you mean $1000 per year?

 

[AZjohnInCA]

Hey John,

I highly recommend trying a broker, you don't have anything to loose and you might just save money

I have to agree with you ValXp.
I maybe not seeing the forest through the trees.
I need a full package like I do now. Home, earthquake, umbrella, and cars.
I might be freaking out about the Tesla insurance but might be getting a good price with discounts combining everything together.
Makes sense to have a broker look at everything and look at mutable insurance companies. I need to try and look at total $ instead of just this one line item.
Thank you,
John

 

[ValXp]

Did you mean $1000 per year?

Yes