Insurance Cost

[Big Earl]

$200/mo for two Model 3s on the highest level of coverage available from my provider. It’s important to compare coverage levels when comparing rates.

The Model 3s are less expensive to insure than any of our previous vehicles, including a 2014 Cadillac ELR and a 2012 VW Passat diesel.

 

[Shelburne]

We pay $91 a month to insure our 2020 M3LR and our 2007 Volvo XC70. We don't have collision on our XC70 - it's just too old to be worth the cost. But we have the max available insurance on the Tesla, with a $500 deductible. Keep in mind that neither my wife nor I have had an accident or moving violation in nearly 15 years. Also, we live in a rural area with a low crime rate and we are both in our early 70's. All these factors help keep our rate fairly low.

 

[SumOne]

When I first picked up my car I still had Geico and it was outrageously expensive. Like $300+ a month and I have a clean record and I'm in my 30's.

I actually ended up going through PolicyGenius to find a better rate. Switched both the cars and the house to nationwide. Car is like $90 a month now. When I called Geico to tell them I was cancelling they suddenly found more discounts I could have applied for.

Hopefully I'm not on some promotional price or I'll have to do this whole thing over next year.

 

[eglove]

I pay $1877 Canadian ($156.47/mo) for my Model 3, 38 years old, zero tickets. 1 accident in 2016 which should clear next and bring the cost down a little bit more

 

[Zorch]

Model 3 is surprisingly cheap (in my case) to insure compared to other cars, considering its price and horsepower.

Relative Costs(Progressive - Upstate NY so lowish premiums due to relatively low crime and lower accident risk on uncrowded roadways, both of us are late 30's with clean driving records):
(Old Car): 2012 Hyundai Sonata: $556/yr - $47/mo.
(Wife's Car): 2021 Corolla Hybrid: $668/yr - $56/mo.
(My Car): 2022 Model 3: $637/yr - $53/mo.

The interesting thing here is the breakdown:
-The Sonata has much higher liability charges because it's an older car and doesn't have safety features on par with newer vehicles. This is made up for the fact that it's not worth much, so the portion of the insurance covering the actual vehicle is pretty minimal
-The Model 3 is *much* less expensive than the corolla (>$100 difference) for liability/injury - it's better than most cars at both avoiding accidents, as well as protecting you when you're in one.
-Collision is much higher on the Model 3 than the corolla because you're talking about a $50k car versus a $25k car.

 

[charlieaf92]

Insurance is significantly more for Tesla vs. other makes/models. It is 3x as much as my previous car (Porsche 911) and almost double what we pay for my wife's Range Rover. It sucks. I talked to my agent and he said it comes down to replacement costs and batteries. Not sure how true that is - but I have checked with 4 different companies and seen the same rates almost to the $1.

 

[Jane4]

Insurance is not one person fits all. Factors such as employment, credit rating, driving record, age, gender, location, AND type of car make a difference, to name a few. I would bet that you know this, because most of us have learned it the hard way. So, you need to do your own research because no one knows your information/background/history better than yourself. Since forum members know nothing about you, its not reasonable to expect anyone to match their profile without knowing your profile to you so they could say, for instance, "hey, you are just like me, call these people".. Asking here is not going to help.

Yes-- yo are correct. I am just fishing in general, but do see that some are experiencing expensive insurance like us. I HATE calling--but I guess I will do so. Thanks.

 

[Jane4]

Right now I pay $79/month with Wawanesa, but that’s paired with my wife’s insurance on her Pacifica. I checked it against Tesla insurance and a comparable plan came out to $97/month.

Thank you. That is very helpful.

 

[jjrandorin]

Insurance is significantly more for Tesla vs. other makes/models. It is 3x as much as my previous car (Porsche 911) and almost double what we pay for my wife's Range Rover. It sucks. I talked to my agent and he said it comes down to replacement costs and batteries. Not sure how true that is - but I have checked with 4 different companies and seen the same rates almost to the $1.

This boils down to whether your current insurance company wants to cover them or not. There seems to be a MUCH MUCH MUCH MUCH larger spread between companies on pricing of Teslas than you would see on other cars.

I am not talking about comparing (for example) me and you, because those comparisons always pop up online but are fairly meaningless other than generalities, as far as insurance rates go.

I mean, (for example) me, in my current location, getting a quote on my current vehicles, with my current payment history, driving history etc, from "insurance company A, Company B, Company C, and Company D.

I was a AAA member (and had their auto and home insurance) for years, double digit years, insured multiple BMWs etc. Their price on Teslas was high, but I kept them because I liked all my insurance together. Then they "re did the map" and my home coverage went up so I shopped around.

I ended up with Met life, which had a better total package of car and home than I found in a few other places (and was quite a bit cheaper than AAA for my model 3 and my wifes X3 M40. They got bought by Farmers. I pay yearly so I had not seen what that was going to do with my rates.... till we bought my wife a Model Y and sold her X3.

Farmers wanted 1k more to insure my wifes Model Y vs the X3 (as in my policy was paid in full for the year, and they wanted 1k from me to drop the X3 and add the Model Y.) I shopped around, and found people here talking about costco connect. Called them, and got a policy with more coverage (250k 500/k lower deductibles), for so much less than Farmers that the multi policy discount did not even come into play.

Like 1/2 the price, between the two. For that difference, I am willing to roll the dice a bit on processing if there is a claim /e knock on wood, no claims in 20 years).

 

[Jane4]

OK well thanks for your warm welcome, I am aware that insurance is not one person fits all, so I do find your answer quite patronising, it was a genuine question if anyone knew anywhere that specialised in Tesla insurance, but you seem like you took great pleasure in leaping on someone who was asking a generic question.
I am in the UK, not sure where you are but certainly this will be my last post on here if people are like you.
Whats your handle? A' lo ha? I thought that was a kind of friendly greeting.
Well you win, ill join another forum

Thanks., I thought the response was a little harsh, too. Generally, I find this forum to be very helpful. So, please don't give up on the forum!

 

[Jane4]

Thats the plan to get a few more quotes. This is primarily an American forum, so I'll look for something more 'local'.
But thanks for your answer old chap.

Thanks, everyone.