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Insurance premiums for the Model 3
- Thread starter Santana155
- Start date
I am the kind of guy who buys new cars and then drives them for as long as I can. I'll be saying goodbye to my 2006 Acura TL with 150K miles. Needless to say insurance will go up quite a lot since the replacement value of a brand new M3 is > $40K and value of my old Acura is < $5K. It's not really a fair comparison. Sorry not very helpful...
devilmountain
Member
I just had my 2nd renewal with two model 3s. My rates went up 8 dollars a month with AAA. Overall our rates are lower than when we had an Explorer and a Fusion.
Just another data point for anyone shopping around:
Southern California, 2019 LR AWD no FSD, Tesla driven 25K miles a year. Wife and I are both in our 40's, both with completely clean driving records.
Tesla premium is $2050/year with $1000 deductibles. We have 3 other cars on our policy as well, for a total of $3900/year in premiums. Also have homeowners insurance with the same company so we get multi-policy discounts as well.
This is the best I could get after shopping around for 2 months. Tesla insurance was cheaper, but only by about $150, then I'd still need to insure my other cars through another company, which was just dumb.
Definitely NOT CHEAP to insure in SoCal, especially with a long commute each day.
I'm really hoping with them becoming so popular (I think they're now the #2 bestselling car in CA) that the repair prices will finally go down enough to bring the insurance cost back to a reasonable level.
BTW: I asked around while shopping, and if you buy FSD or performance boost AFTER you buy the car, you must claim them as "add-on equipment" and pay a premium if you want them covered in the event of a total loss. I was quoted $150/year for $9000 worth of add-on equipment.
Southern California, 2019 LR AWD no FSD, Tesla driven 25K miles a year. Wife and I are both in our 40's, both with completely clean driving records.
Tesla premium is $2050/year with $1000 deductibles. We have 3 other cars on our policy as well, for a total of $3900/year in premiums. Also have homeowners insurance with the same company so we get multi-policy discounts as well.
This is the best I could get after shopping around for 2 months. Tesla insurance was cheaper, but only by about $150, then I'd still need to insure my other cars through another company, which was just dumb.
Definitely NOT CHEAP to insure in SoCal, especially with a long commute each day.
I'm really hoping with them becoming so popular (I think they're now the #2 bestselling car in CA) that the repair prices will finally go down enough to bring the insurance cost back to a reasonable level.
BTW: I asked around while shopping, and if you buy FSD or performance boost AFTER you buy the car, you must claim them as "add-on equipment" and pay a premium if you want them covered in the event of a total loss. I was quoted $150/year for $9000 worth of add-on equipment.
In my experience different insurance companies really vary how they regard the Model 3.
Do they focus on it being the safest car on the road OR do they focus it on the high repair costs should something happen?
Mine increased my policy by a huge amount ; so I switched to another insurance company and am now paying less than I was prior to owning the Model 3.
Shop it around if you get a big increase.
Do they focus on it being the safest car on the road OR do they focus it on the high repair costs should something happen?
Mine increased my policy by a huge amount ; so I switched to another insurance company and am now paying less than I was prior to owning the Model 3.
Shop it around if you get a big increase.
If the insurance company thinks the car is safer your liability premiums will be lower, if they think the car is expensive to repair your collision premiums will be higher.
Great point, shop around!
Yikes! Those seem crazy high to me.
Our 2019 Model 3 LR AWD is $835.98 in premiums for the year. The 2018 Buick Enclave is $827.24, for a total of $1,663.22 per year on both vehicles. We're in our 40s, clean driving records, same as you - homeowners and umbrella policies also with the same carrier (State Farm).
We have a $500 collision and $100 comprehensive deductible, with the highest limits they offer ($250k injury per person/$500k per incident/$100k property damage). The umbrella policy covers anything beyond that up to $2m.
jrweiss98020
Tessa's Tesla
I find it hard to believe you get Collision & Comprehensive for $100 - unless you have very high deductibles...
My 2010 Lexus and 2019 M3 LR-AWD cost about the same with USAA - about $370/6 months total coverage. Coll & Comp only went from $141 to $181.
I do have max deductibles of 1000, I wish they allowed higher for owned (not financed) vehicles. Seems like a way for USAA to artificially keep premiums high. Example, Geico allows up to 2500.
Question why carry collision on a 2010 Lexus?
If you have enough assets to warrant an umbrella and you are safe drivers why have deductibles so low? Not a criticism just a question.
Because at rates this low, what am I going to save, $20/year?
For example - we just had a deer hit on the Buick. $100 comp claim.
If I had a $1000 deductible, it’d take me 45 years to get back to even.
So that’s why ... the minimal savings aren’t worth the additional risk.
Jedi2155
Model 3 has Arrived.
They automatically charge your card. I've had Tesla Insurance since September. My insurance premium went from $210/month with Geico to $145 with Tesla with better coverage (100/300 to 250/500) and similar deductibles.
Makes sense on the low comp if you live in a high risk area with lots of animal. Thx
Thanks for understanding! We do indeed - there's a fairly amazing amount of wildlife here. We're less than 100 yards from protected wetlands here, and so we see everything from deer on the lawn to bears to turkeys to fox to ... well, you get the picture. Lots of wildlife to be concerned with... and that's before we get to the homo sapiens variety.
Yes, ours is State Farm as well. The Tesla replaced a 2017 Cadillac XT5, and the yearly premium is within dollars of each other. Very satisfied - it probably also helps that we've been using the same agent for 20+ years now.
