Insurance On Model S?

[Big Virgil]

I am paying $740 per year (not six months) with Ameriprise through Costco for my S85. 33 year old male with zero accidents/tickets and 300/500k coverage. There was a $20 discount doing an annual policy vs six months that was pitched to me when I first obtained the insurance.

I'm going to have to check this out. 50 yrs old, no tickets, $780 for 6 months with State Farm.

 

[Sharkbait]

I am contemplating the purchase of a Model S instead of a Model 3, for which I currently have a reservation deposit. Like many, I'm concerned about the cost of insurance, even with a good driving record and no claims in well over 15 years. I'm currently with Amica (out of Rhode Island). They quote one year policies unlike many companies that only quote six months. I have good coverages and currently cover a 2006 Lexus LS430 (full coverage), 2013 Prius (full coverage) and a beater 1997 Camry (liability only). Paying $2,700 annually. Wonder how this would all change with an S 60D or S 90D?

Going down to the Tesla store tomorrow AM for my first ride in a MS. Tesla is trying to move me off my M3 reservation to buy a MS60. Not sure if I want a car as big as the MS but we'll see after tomorrow. Will certainly be talking to Amica about Tesla coverage costs before my renewal in two weeks.

 

[SoCal Jimmy]

We have a '15 MS and '16 MX through Geico and pay $156 a month

 

[Sharkbait]

It seems many here are covered with Geico and they have really low rates or at least competitive rates. However, I wonder how well they work when you have a claim and if they really jack up your rates for a minor accident or citation.

 

[No2DinosaurFuel]

It seems many here are covered with Geico and they have really low rates or at least competitive rates. However, I wonder how well they work when you have a claim and if they really jack up your rates for a minor accident or citation.

I think part of being with Gieco is they are easy. Everything is online and you can get custom quotes easily. All other places requires you to call someone and hassle through the options over the phone. So antiquated. I think this is why Gieco has a lot of tesla customers. We just like easy and painless.

As for jacking up rates I have seen them do that before to me. Not by a lot and it was really my fault because I was going way over the miles I said I was going that year. I also have other co workers who swear by Gieco and how fast they get things resolved... But then again it wasn't their fault. So yeah take what you can from my experience and make your own conclusions. Overall I think they are pretty decent.

 

[Sharkbait]

We have a '15 MS and '16 MX through Geico and pay $156 a month

Do they write six month or one year policies? Do they insure homes? It's not critical but I would like to use the same insurance company for both autos and homes.

 

[SoCal Jimmy]

Do they write six month or one year policies? Do they insure homes? It's not critical but I would like to use the same insurance company for both autos and homes.

6 month auto policy and they do offer home but in California at least, there's no multi policy discount and their home policy was more than I was paying, so I left that with Mercury.

 

[No2DinosaurFuel]

In

Do they write six month or one year policies? Do they insure homes? It's not critical but I would like to use the same insurance company for both autos and homes.

In California they do have home together. No discount though bundling. If you have Umbrella with them then your auto is discounted a bit.

 

[Sharkbait]

I've been thinking about umbrella, as there are many in this state that seem to be sue-crazy. Ya, companies that only offer six month auto policies want to either dump you quickly or jack your rates. That's why Ilike Amica, albeit maybe a little more costly. I only have to go through this renewal thing once a year.

 

[Grossie]

I had to dump Farmers after they increased my rate dramatically for my S60 (250% increase in cost for a 30% increase in combined prices of 2 cars). Progressive and Geico were competitive. In the end I went with Amica based on price, reputation, and customer service. I think Geico would have been very slightly cheaper, but Amica did it all for me- auto, home, umbrella at competitive pricing. I spent quite a bit of time on the phone (how old fashioned!) with a CSR who knew what he was doing and was very efficient at making the whole thing work. I hope I never have to make a claim, but from what I read they're pretty good on that end too. 1 year policies on everything.​

 

[MacOnWheels]

Like they say, "your mileage may vary". Auto insurance companies use so many different variables when calculating rates: location, driving record, age, credit rating, etc.. My specific policy information would be of little value to this discussion, but the insurance company comparison information should give you some ideas on which companies you might want to get a quote from. I had been with Travelers for my home and my two Prius cars for more than 10 years and was pleased whenever I did comparison checks. I thought $1,600/yr for my MS 60D was OK, but I decided to do some comparisons. GIECO came in at $2,100/yr and State Farm came in at $1,600/yr, but Liberty Mutual came in at $1,100/yr. So I switched my home and umbrella to Liberty when I insured my MS and saved a little on those policies too. Liberty Mutual has a 90 day monitoring program that gets you 5% off for just signing up and up to 30% depending on how you drive. The lesson here is that there may be a lower rate out there, you just have to look.

 

[hmmm]

It's a classic case of "it depends". A couple of things come to mind:

- Group as many policies as you can with the same company for better rates (Cars, home etc)
- Many insurers have no clues about Teslas. I am with AAA and their systems only know of 2 types of S: Performance or "Regular"....no concept of battery size/level of performance. It didn't matter in my case since I am a P90D, but that's something to triple check whenever you're getting quotes.
- Shop around. Shop around. Shop around.

 

[brucet999]

Hey Guys,

Just placed my order yesterday for a 60s, having trouble finding the best insurance to work with. Quotes I'm getting are 300-400/month. I know insurance rates vary, but is anyone in a similar boat able to get their rates down?

Age: 27
Gender: Male
Single
San Francisco
Clean driving record.

I'm older (reverse your numbers) and married, but have found State Farm rates to be the same for Model S 70 as for our Lexus with same coverages. We live in Orange County and have our homeowners coverage with State Farm as well.

 

[liuj2001]

Just add 75D to my Ameriprise through Costco insurance, it costs $433 per 6 mo, with $250 comprehensive and $500 collision deductibles.

 

[EinSV]

A couple decades older than you and a bit south (on the Peninsula). Progressive was about half the price quoted by my former insurer -- about $120/mo for a P90D with $1000 deductibles.

As others have said, there are huge disparities in prices so definitely recommend getting at least 4-5 quotes.

 

[AZ Desert Driver]

My USAA insurance went up $316 ( from no second car to a second car, plus we have Home and million dollar umbrella which requires hefty coverage.) I replaced a 4-runner that cost $290/6 mo for the hefty coverage. Went from a $40,000 car to twice the for a mere $26/6 mo. Plus - I TRUST USAA. They have always been there when I needed them. That trust factor is worth ...more than dollars.

 

[DÆrik]

After reading all these I just got a quote from Costco/Ameriprise....

Currently I pay $935 / 6 months with Progressive.
Costco/Ameriprise is $991 / 6 months.

Currently I have a $50 glass coverage deductible. The deductible for Costco/Ameriprise is $250 if you need a new windshield (the comprehensive deductible).

I guess I will just stick with Progressive for now.

Thanks Erik

 

[Sharkbait]

This thread about potential insurance costs for a Tesla started making me nervous, even though my wife and I have fairly clean records and no claims on either homeowners and auto with our current insurer - AMICA.

Contemplating a Model S acquisition in November or December (I'm still playing around with Design Studio), I don't need to cover the car now but really need to know what it might cost. I have yet to contact AMICA but I was able to get an online quote using GEICO's web site. So for covering three cars for six months, here's what I got:

Bodily Injury Liability - $500,000/$500,000 - $275
Property Damage Liability - $100,000 - $196
Uninsured/Underinsured Motorist - $500,000/$500,000 - $132

Comprehensive - 2016 Tesla S 60 - $200 deductible - $163
Comprehensive - 2006 Lexus LS 430 - $50 deductible - $87
Comprehensive - 2013 Toyota Prius - $50 deductible - $66

Collision - 2016 Tesla S 60 - $1,000 deductible - $256
Collision - 2006 Lexus LS 430 - $1,000 deductible - $105
Collision - 2013 Toyota Prius - $1,000 deductible - $108

$1,388 every six months total. I ran the quote declining everything else, including medical as my wife and I have pretty good medical insurance. We don't need towing as we have AAA Premier coverage. We don't need rental coverage as we would have three cars and no children as drivers in the household.

I know nothing about how good GEICO is when you need them, so that would be a concern. Then again, I've never had to use AMICA in the 10+ years I've been with them, so I can't say they're good or bad either. Will call AMICA on Monday to see what they say.

 

[Sharkbait]

I should also mention that GEICO has a drop-down box to insert the model of your TESLA. I suspect they know which ones, the faster and more expensive ones, are more risk.

 

[Snerruc]

Insurance companies are all over the map depending. On your state. I only pay $100.00 more a year than the $35,000 BMW it replaced. The same company in another state might be completely different . Your credit score as well as driving record influence your rate also. 800 plus is big.