Yea I realize that, I am with Geico right now and might stick with them, need to run the numbers when I get a chance again. A bit of sarcasm in my previous post because, putting my lawyer hat on, if they give em the option, technically the most correct is Model S, not Model S 85/P85 ha
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Insurance On Model S?
- Thread starter veritas415
- Start date
Yea I realize that, I am with Geico right now and might stick with them, need to run the numbers when I get a chance again. A bit of sarcasm in my previous post because, putting my lawyer hat on, if they give em the option, technically the most correct is Model S, not Model S 85/P85 ha
joebiker25
Member
dgpcolorado
high altitude member
I've had my insurance with Electric Insurance for many years; cars (now just one car, the Model S), house and umbrella. They were formerly an in-house insurance company for General Electric but opened up to everyone long ago. Like some other companies, they have an electric car discount. I shopped my insurance last spring but other companies couldn't beat it. So, I throw it out there as another company to try for those shopping around:
Electric Insurance
Electric Insurance
Reekdog
Member
Surprisingly, my 90D VIN comes up as a 70D and the best quotes so far are $2,200.00 per year from Progressive and $1,770.00 per year from Ameriprise.
Archduke
Member
I'm waiting for a pretty much loaded Model S P100D to arrive at the end of the month or the beginning of next month, so I called my State Farm agent to see what it is going to cost to transition out of my Fisker Karma and into the Model S.
I carry high limits--250/500/100. I have no accidents on my record. My last ticket was 3 years ago so it's off my record for other companies but my State Farm agent told me they count tickets for 6 years?!?! I live in Los Angeles in the Hollywood Hills. I am unencumbered by a job, so we listed my commute as 2 miles (which is the distance to the gym).
The Fisker currently costs me $131 per month.
State Farm gave me a quote of $350 per month for the Model S P100D. Ouch. Or so I thought. So I decided I would look around at other companies.
GEICO made State Farm look like a bargain by giving me a quote of $628.10 PER MONTH!!!!
Progressive wouldn't insure the car because it is over $150,000. They referred me to a local agent.
The local agent took my info and told me he'd call me tomorrow. Fingers and toes crossed.
I carry high limits--250/500/100. I have no accidents on my record. My last ticket was 3 years ago so it's off my record for other companies but my State Farm agent told me they count tickets for 6 years?!?! I live in Los Angeles in the Hollywood Hills. I am unencumbered by a job, so we listed my commute as 2 miles (which is the distance to the gym).
The Fisker currently costs me $131 per month.
State Farm gave me a quote of $350 per month for the Model S P100D. Ouch. Or so I thought. So I decided I would look around at other companies.
GEICO made State Farm look like a bargain by giving me a quote of $628.10 PER MONTH!!!!
Progressive wouldn't insure the car because it is over $150,000. They referred me to a local agent.
The local agent took my info and told me he'd call me tomorrow. Fingers and toes crossed.
⚡️ELECTROMAN⚡️
Village Idiot
You're independently wealthy living in the Hollywood Hills buying a $150,000 car and stressing out about monthly insurance costs. WTF?
Archduke
Member
I'm not sure I'd use the term "independently wealthy". I still have a mortgage after all. But, yes, I have a bit of a cushion, some nice assets, and live in a good part of town.
But 'doubleohwhat' gets where I'm coming from: I don't want to have to pay any more for insurance than necessary. And if I'd known the insurance for this car was going to run me what I've been quoted, I probably would have opted for the P90D instead.
joebiker25
Member
Didn't know that Progressive has coverage limits...My MS was cheaper to insure through Progressive than my 2015 MBZ SUV and way cheaper than my supercharged mustang
Xenoilphobe
Well-Known Member
My 2016 90D is cheaper to insure than my 2014 P85+ with USAA... 90D is $700 for six months and P85+ is $760 for six months, same profiles, except I am the primary on the + and wife is primary on D
I'm in Pasadena, and am bundling with AMICA (auto, home and umbrella). My new 75D purchased last week, is $1700/year. With a 500 deductible. This car is in addition to my Audi A6 Quattro 2003 which is also insured by AMICA ($750/yr). I do not drive a lot of miles since I have a very short commute. AMICA is not the cheapest, but I can definitely tell you that they have fantastic service is you ever have to submit a claim.
Fortunately, I never had to submit a claim in over 10 years with AMICA. I agree they are very highly rated. I cannot speak to the service I might have received. I currently have four cars and will most likely be down to two within the next few months, when I hope my equivalent, annual bill is something close to what you pay. Going with AMICA was going to be around $4k this year, so I switched. If I get down to four cars by March, I'll look at getting another quote with them. I wouldn't have switched to save a couple hundred dollars but it was more like $800 and probably worth it. I will also add that I have no commute. My wife and I are retired.
For the young Tesla drivers out there, I would recommend starting with a quote from Allied. Every other insurance company out there seems to charge an arm and a leg if you're a young Tesla driver, regardless of how clean your driving record is. Allied seems to put less weight on age, and more so on driving record. Age, it seems, is a significantly larger risk factor for other insurance companies in determining an annual premium.
Case in point: Ameriprise wanted $3500/yr from me. AAA wanted $4900/yr. Liberty Mutual wanted over $5k/yr. Other quotes I received from Progressive, Esurance, etc. were all in the $2400+ range.
Allied only wanted $1700/yr from me when I was shopping for rates last year, pretty much half the price of other insurance companies, so I went with them.
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On a related note: 28 seems to be a magic number for Wawanesa. Last year when I was 27 they wanted $2400/yr to insure my 70D. I opted to go with Allied at $1700/yr at the time.
Allied bumped up my rate to $1800/yr for renewal this year, so I decided to shop around again. Wawanesa now quoted me $1600/yr. Clean driving record, and licensed for 10 years in the US, so I'm making an educated guess that at age 28 is when Wawanesa decides to lower rates.
Case in point: Ameriprise wanted $3500/yr from me. AAA wanted $4900/yr. Liberty Mutual wanted over $5k/yr. Other quotes I received from Progressive, Esurance, etc. were all in the $2400+ range.
Allied only wanted $1700/yr from me when I was shopping for rates last year, pretty much half the price of other insurance companies, so I went with them.
--
On a related note: 28 seems to be a magic number for Wawanesa. Last year when I was 27 they wanted $2400/yr to insure my 70D. I opted to go with Allied at $1700/yr at the time.
Allied bumped up my rate to $1800/yr for renewal this year, so I decided to shop around again. Wawanesa now quoted me $1600/yr. Clean driving record, and licensed for 10 years in the US, so I'm making an educated guess that at age 28 is when Wawanesa decides to lower rates.
Quite a few factors determine your rate. Believe it not, some insurance companies give you a better rate if you have a college degree and other factors you would have never guessed. The Tesla is a fairly uncommon car for insurance to cover. One will find insurance rates all over the board. I found some insurance companies want to know what sub-model of Tesla you have, like a S60 or P100DL, while others are happy to know it's just a Model S.
My understanding of it is that there's more to the process of setting a premium than just the advertised discounts, so for that, I feel like it's not a very transparent process (or at least, can be a frustrating process for young Tesla drivers trying to find a reasonable premium).
For instance, at one company I would qualify for only the standard good driving, multi-policy, and occupational discounts and be quoted a very low rate. However, at other companies, I would qualify for the same/similar discounts in addition to a few more, yet be quoted a premium nearly 3 times more expensive.
That is why I have my theory that many insurance companies (especially AAA and Ameriprise) do not like young Tesla owners largely in part because they put a large weight on "age of driver + type of vehicle driving". Allied, for instance, puts less weight on that, and more weight on "are you a good driver". How about Wawanesa quoting me a premium $800/yr lower when I turned 28 versus when I was 27? I can think of nothing else that would explain such a big change in quoted premium besides the fact that I turned 28 and went from 9 to 10 years of being a licensed driver in the US.
Perhaps when I reach the average age of a Tesla owner companies like Ameriprise will start beating out everyone else, but for now, they clearly don't want the risk associated with a young Tesla owner.
The bean-counters in the back room of insurance companies are all statisticians. Fair or not, negative statistics also have a large part to do with rates. Younger drivers, maybe drivers under 28, have a higher probability of being involved in an accident. There is also zip code profiling, where insurance companies collect claim information and other statistics based on the zip codes. Do you garage your car or leave it on the street overnight? Many factors. When I moved to GEICO, they only wanted to know what model; Roadster, Model S, or Model X I had. It seems a Model S P100DL carries the same weight as my 75. Go figure.
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