Insurance for Model 3 more than Model Y

[Protect1989]

Progressive sent me a quote for $830/6 months on my 2021 Model 3, Long Range, Dual Motor (No FSD). This is over $300 more than my insurance on my 2020 Model Y, Long Range, Dual Motor (No FSD).

Even though the Model Y is a more expensive vehicle, the Model 3 is more expensive to insure.

What makes it even crazier, I used to own a 2019 Model 3 which was identical in rate to the Model Y.

These insurance companies are just making up the rates as they go!

 

[ucmndd]

These insurance companies are just making up the rates as they go!

Quite the opposite. I’m not surprised in the least that Model 3 claim history and driver demographics supports a higher premium than the Y.

 

[jjrandorin]

Quite the opposite. I’m not surprised in the least that Model 3 claim history and driver demographics supports a higher premium than the Y.

Model Y = family vehicle, model 3 = sports sedan, in general. As you state, the demographic is different, and it is not surprising in the slightest that the model Y is cheaper.

My wifes X3 M40 is also cheaper to insure than my model 3P, and was also cheaper than the 435 with M performance package that the model 3P replaced.

This is not completely expected (and also might be different for someone other than this OP). Comparing insurance between various users online an exercise in futility.

(Not directed at you in the slightest @ucmndd i am well aware you know all this already.. just piggybacking off your quote above).

 

[Sam1]

Model Y = family vehicle, model 3 = sports sedan, in general. As you state, the demographic is different, and it is not surprising in the slightest that the model Y is cheaper.

My wifes X3 M40 is also cheaper to insure than my model 3P, and was also cheaper than the 435 with M performance package that the model 3P replaced.

This is not completely expected (and also might be different for someone other than this OP). Comparing insurance between various users online an exercise in futility.

(Not directed at you in the slightest @ucmndd i am well aware you know all this already.. just piggybacking off your quote above).

+1 these insurance companies don't make up anything as they go along. Every metric is researched and data collected to an extensive level... Cars more prone to be in accidents or with reported claims ALWAYS have higher rates. As more people get the MY, and more claims come in, those rates will go up too.

 

[Automobilist]

As others have said, I imagine this largely has to do with driver demographics and likelyhood of risky behavior. Most people going for the "sportiest" Tesla will go for the 3 between the 3 and Y.... unless they need the extra space, which implies that they are going to be moving family around, which implies that they are (likely) going to be lower risk/more careful.

 

[timeshifter]

Do they distinguish between a Model 3 Performance and a Model 3 Standard Range Plus? Might be a difference because the Performance model cost more.