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@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...
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.
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.
I find it hard to believe you get Collision & Comprehensive for $100 - unless you have very high deductibles...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.
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.
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?
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
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.