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Insurance premiums for the Model 3

Bears249

Member
Sep 14, 2019
85
34
Atlantic City
I’ve always had USAA and have had a few cars on there at times. My 12 month premium for my 19 P3D- is 12xx. To put it in perspective my wife’s 03 Mercedes CLK is 8xx. So not bad in comparison. My premiums have ALWAYS dropped year to year.
 

OCJoe

Member
Apr 18, 2019
48
38
Huntington Beach, CA
@OCJoe , can I ask you if the quotes for Model 3 insurance that you're getting from Mercury are similar to what you're paying now, or are the quotes significantly higher?

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...
 

GarZ

Member
Nov 25, 2019
55
40
San Diego
I've had Tesla insurance for almost a month now. How do you pay for your monthly bill? do they email you or automatically charge your card on file on your Tesla account?
 

vickh

Active Member
Dec 16, 2018
3,096
479
az
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...

I wonder if insurance co.s have the M3 trim/options figured into replacement value (wide range from 36K to ....)
 

DaveRZ

Member
Nov 19, 2019
163
219
Murrieta, CA
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.
 
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RSCrawford

Member
Nov 20, 2019
13
15
Chino
For what it's worth when I got quoted insurance I just typed in "model 3". After I bought car and provided vin they gave me a higher price because it was the performance model.
 

TMBURNSY

Member
Apr 19, 2019
11
2
Scottsdale
Another data point...

USAA, collision and comp numbers only, 6 month premium:

2019 M3 SR - $700
2017 Honda CRV - $100

So Tesla costing me $1200 more per year, and it cost about the same as my Touring CRV.
 

mreynolds767

Member
Jul 11, 2019
728
392
Boston
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.
 
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TMBURNSY

Member
Apr 19, 2019
11
2
Scottsdale
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.

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!
 
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dmurphy

Woof.
Dec 7, 2018
3,473
4,682
New Jersey - Morris County
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.

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
Jan 9, 2020
422
297
Edmonds, WA
Another data point...

USAA, collision and comp numbers only, 6 month premium:

2019 M3 SR - $700
2017 Honda CRV - $100

So Tesla costing me $1200 more per year, and it cost about the same as my Touring CRV.
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.
 

TMBURNSY

Member
Apr 19, 2019
11
2
Scottsdale
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?
 

TMBURNSY

Member
Apr 19, 2019
11
2
Scottsdale
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.

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.
 

dmurphy

Woof.
Dec 7, 2018
3,473
4,682
New Jersey - Morris County
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.
 
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Jedi2155

Model 3 has Arrived.
Jul 6, 2018
1,674
1,397
Upland, CA
I've had Tesla insurance for almost a month now. How do you pay for your monthly bill? do they email you or automatically charge your card on file on your Tesla account?

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.
 
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TMBURNSY

Member
Apr 19, 2019
11
2
Scottsdale
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.

Makes sense on the low comp if you live in a high risk area with lots of animal. Thx
 

Kenz

Member
Oct 10, 2017
326
255
Hebron, Indiana
I have State Farm bundled multi car and home.
The rate for my Tesla is comparable to my other vehicle and very fairly priced.
Drivers age, multi car discount, home and auto policies bundled, no accidents, no tickets, $1000 deductible, all make a difference.
 
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dmurphy

Woof.
Dec 7, 2018
3,473
4,682
New Jersey - Morris County
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.

I have State Farm bundled multi car and home.
The rate for my Tesla is comparable to my other vehicle and very fairly priced.
Drivers age, multi car discount, home and auto policies bundled, no accidents, no tickets, $1000 deductible, all make a difference.

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.
 

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