Insurance costs?

[tkline]

I haven't ordered my Model 3 yet, but I was curious .. someone I was chatting with says that Teslas and other EVs have higher insurance rates. The liability is cheaper with all of the safety features, but due to all the expensive tech and sensors everywhere, the costs to repair are way higher than a gas car, and that makes the insurance rates go up a lot. Is this true? When you switched to your Tesla the first time, did you notice a significant increase? Just curious

 

[Jffurlan]

I was worried about this and got a couple quotes before ordering. In my case my insurance went down slightly but there was no option to lower the deductible for comp or collision. So deductible went up, monthly rate went down.

I’d reach out to a couple places and ask for quotes. No one had any inssues proving them to me without a VIN. Pleasantly, when I did get a VIN the final cost was lower than the quote.

 

[RubberToe]

Better hope you don't have any "at fault" accidents on your record that you filed a claim for. You could end up around $4k per year.

RT

 

[smartypnz]

No way to compare with others, but our Model S was always cheaper than expected. ( previously BMW owners).
The M3 insurance was cheaper (as was the car) - but we got one of the first - so insurance rates were guesses. Now after a year the insurance seems to have settled and the rate is very reasonable. I guess if you want a comparison the M3 is about 20% less than our previous BMW 5 series for the same coverage. Of course this is a 2 yrs ago BMW. Since the M3 we have replaced the MS (which cost more than double) and insurance is 30% higher than the M3.

Basically, we were never shocked by the Tesla insurance.
Hope this helps.

 

[destructure00]

Safeco quoted me $200/year more than my current 2016 BMW 340i for a new Model 3, all same coverages. I didn't think that was too bad. Don't have a VIN yet for the 3 so that's an estimate for now .

 

[ZERO260]

My 2016 Model S only cost me about $800 a year with Erie. I have $1000 deductible that declines by $100 dollars for every year w no accident down to $500. I have 3 cars on my policy and have my home owners coverage with Erie also. I'm sure age, location, intended used ( daily driver, pleasure , etc.), driving record, marital status, and credit score all play a role in your pricing. Its worth getting multiple quotes. A few months back Allstate quoted me almost double.

 

[devilmountain]

My 3 is cheaper then a leased Ford Fusion I just got rid of yesterday. Cost always depends on many factors but I feel my rates are decent.

 

[insaneoctane]

All my other vehicles have low ($100) deductibles. My company would not offer a deductible below $1k for my Model 3. Don't like this because they don't offer "glass coverage" . Otherwise it was reasonable.

 

[Frunky Groove]

I took delivery of my M3 this past Thursday, and had received 15 different quotes in the 2 weeks prior. The quotes (for the same coverage) were all dramatically different, with the most expensive at $3600/yr and the cheapest at $1300/yr. I settled on Travelers Insurance for $1440/yr.

100/300/50 (bodily injury & property damage), 15/30 (uninsured motorist bodily injury), collision, comprehensive & glass.

 

[tkline]

I have a perfect driving record and no accidents or anything, so I think my rates are pretty good. Currently I'm slightly over $1000 per year for my 2015 Jeep Renegade, but I kind of went for the lowest options I could find (Progressive). I'd like to have some better coverage for my M3 so I'll just get a bunch of quotes and see what I can find. I still have yet to do a test drive, but will soon. A little worried I won't like it as much because I've driven SUVs for 20 years and don't usually like sedans that are so low to the ground, but if it's comfortable and as awesome to be in as I hope, I'm sure I can get re-used to a lower car I'd love an X, but I would need to sell both kidneys to afford one, and too impatient to wait for the Y Also want to get it this year, since the tax bonus next year will be much lower. Model 3 is my only option, and I don't really like any of the other EV's from other companies currently available. Pretty excited even though I haven't even driven one yet.

 

[Mxbzz]

I have a perfect driving record and no accidents or anything, so I think my rates are pretty good. Currently I'm slightly over $1000 per year for my 2015 Jeep Renegade, but I kind of went for the lowest options I could find (Progressive). I'd like to have some better coverage for my M3 so I'll just get a bunch of quotes and see what I can find. I still have yet to do a test drive, but will soon. A little worried I won't like it as much because I've driven SUVs for 20 years and don't usually like sedans that are so low to the ground, but if it's comfortable and as awesome to be in as I hope, I'm sure I can get re-used to a lower car I'd love an X, but I would need to sell both kidneys to afford one, and too impatient to wait for the Y Also want to get it this year, since the tax bonus next year will be much lower. Model 3 is my only option, and I don't really like any of the other EV's from other companies currently available. Pretty excited even though I haven't even driven one yet.

When I was shopping around, Geico and Ameriprise (via Costco) had the lowest rates. They didn't seem to add an EV surcharge that so many other insurance companies are doing. USAA and AAA also had competitive rates.

Ameriprise recently raised their rates ~18% across the board, so it might be time for me to do some shopping again. In either case, Geico/Ameriprise were within dollars of my ICE insurance, at about $1400/yr (or $700 / 6 mo).

 

[mrcndc]

My M3 was delivered late Sep. 2018. Too much going on to shop for insurance then. I would like to now.
Location DC, excellent driving record. No insurance claims made.
Carrier: State Farm Insurance.
Previous $500 deductible collision (2006 Lexus hybrid): $366/yr.
Current $500 deductible collision (Model 3): $1250/yr.
This bundled with a home owner's policy.
Would appreciate any M3 owners in DC sharing insurance information.

 

[Magnets!]

$60/year cheaper than a 3 year old Audi S4.

 

[Pkmmte]

I came from a 2003 Toyota Corolla. My rates went up $20 per month. Not bad at all!

(Granted, I was already paying high rates due to my age)

 

[Snow Drift]

Only $88/year more than the 2015 Subaru Crosstrek Hybrid that the M3 replaced.

 

[devilmountain]

I pay 1047 a year with AAA. 100/300/100 (or 50 can't remember) it is with 250 deductible. Never been in an accident in my life and one speeding ticket 28 years ago.

 

[Big-T]

Hey folks, is there a Generic VIN I can plug in for an SR+.....I tried without the VIN and the geico price went up insanely high, like an extra $800 per 6 months, it was just crazy. I'd like to shop around the rates but I think a VIN would be most helpful.

 

[woodisgood]

Better hope you don't have any "at fault" accidents on your record that you filed a claim for. You could end up around $4k per year.

RT

This.

 

[Neo101]

Hey folks, is there a Generic VIN I can plug in for an SR+.....I tried without the VIN and the geico price went up insanely high, like an extra $800 per 6 months, it was just crazy. I'd like to shop around the rates but I think a VIN would be most helpful.

I got the exact same shock :-( Sadly, using a VIN made no difference. Don't know why GEICO is quoting such a high collision for M3.... 500+. you can try this VIN 5YJ3E1A8KF297666

AmFam is about 300 cheaper for me over 6 months

 

[Luudcrs]

My 3 replaced a '15 Audi S4. My Geico 2-car policy went down almost 20%, a pleasant surprise.