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Insurance rates on the raise
- Thread starter Keith909man
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- Model S
Reciprocity
Active Member
somnambule
Member
I think you are jumping to conclusions with not enough data. Yes, there have been some accidents caused by AP but likely others that were avoided. We don't know AP led to a net increase in claims.
If I were a betting man, I'd bet the increased claim rate is mostly (if not entirely) a function of the high cost of Tesla repairs. Minor repairs that would be less than or just over the deductible and be paid out of pocket on other vehicles are likely translating to insurance claims on Teslas.
flankspeed8
Member
Which is exactly why I stated that it was my opinion. There are many factors. Remember when the X was first launched? There were several stories of people driving into their garages with the doors open as well as a report about a FWD getting wrecked in a weirdly angled parking garage. These were most certainly not cheap repairs and with a small sample base skews the data.
What other vehicles on the road really are Tesla's peers? Who should they be compared against? Is it even possible to do this statistically or are insurance companies reacting prematurely? What should Tesla be doing about this?
A complex car with new technology and the lack of repair infrastructure and repair parts most certainly contributed to this also. I would not be quick to minimize AP technology at this point though. The technology is still in its infancy and as they say, every failure leads to a success so it will get better in the future I am sure. This is not totally Tesla's fault as certainly some owners are using the tech for what it was not intended for at this point and in some instances are indeed to complacent. There are several examples in these forums.
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Reciprocity
Active Member
Great response from Electrek:
Tesla owners might have to pay higher insurance rates based on weird data
Tesla owners might have to pay higher insurance rates based on weird data
KidDoc
Member
My policy with Progressive actually went down for the first time ever. That may be more due to my son turning 18 though.
StoXto3toY
Member
Genuine question here...when you mention the relationship you have with your agent, could you explain what the benefit to that is? Do they help you at all during the claims process should you find yourself in one? Or are they merely helpful on the sales side?
Thanks!
they hit me with a big increase as well (before i even got the Tesla). I jumped over to Liberty Mutual and literally cut my premium in half.
They help me with anything I need.
I have home, auto, life, umbrella and some special property coverage (jewelry) with them. Anything I need, I just email them and they make sure it gets taken care of.
If I buy a new car, I just email them and they take care of adding it to my policy. If I get into an accident, there isn't any sitting on hold or anything like that, I just email them and the adjuster calls me and lets me know what I need to do. The last accident I had (someone rear-ended me) all I had to do was send them an email, the adjuster called me and got the details and then I took my car to the body shop and picked it up when it was ready.
If I need to change something on one of my other policies (like a beneficiary or something), I just email them and they send me the exact forms I need and even fill out whatever they can for me.
My wife accidentally flushed her engagement ring down the toilet in a hotel once. I emailed my agent, she had an adjuster call me and all we had to do was pick out the replacement stone and setting and they took care of the rest. Super easy.
I might find service like that with another insurance company, but I would have to start the relationship from scratch. I've been with my current agent for over a decade.
I moved my 4 vehicles and 2 motorcycles to AAA last year and when I added my Tesla half way through the first year, my premium literally doubled. My 2nd year renewal is coming up and I am seriously thinking about switching companies. I've had no accidents and no issues with the only change being the addition of the Tesla. So yes, the Tesla was definitely an eye-opener for me in terms of insurance cost.
Texas
Member
These sky-high Tesla premiums are not necessarily representative of the insurance market. I have USAA and its premium for my 2015 P85D Ludicrous is proportionally comparable to my wife's 2013 Prius.
Agreed, even with the increase to my rates this year I still only pay $723.51 / 6 months for my P100D with $250k / $500k coverage and a $1k deductible. Excess liability in excess of my coverage limits is covered by an umbrella policy.
FlyF4
Son of a MX
Since you haven't had any accidents, then you might re-evaluate the value of your relationship with your agent when you do have an accident. You won't be dealing with that person. You get passed off to a hard-nosed remote adjuster that you will only be able to talk to on the phone at ANY insurance company. To me, that relationship has no value
Since you haven't had any accidents, then you might re-evaluate the value of your relationship with your agent when you do have an accident. You won't be dealing with that person. You get passed off to a hard-nosed remote adjuster that you will only be able to talk to on the phone at ANY insurance company. To me, that relationship has no value
Over the 10 years I've been with State Farm I've dealt with 3 accidents, just haven't had any recently. Two times someone rear-ended me and State Farm handled everything then recovered from the other person's insurance. Super easy. The other time my Mom was in an accident that was her fault (she's on my policy) and they handled that one as well. My agent helped me on all of those, and the adjusters were great too although I barely spoke to them. I mainly dealt with my agent and the repair shop.
It may be that you get a higher level of service when you spend $1,000 / month on insurance between all my various policies.
FlyF4
Son of a MX
A strange coincidence is that I was at a Tesla approved body shop the day before this article came out and was chatting up one of the office workers while waiting for my rental.
I asked her what insurance companies were the best to deal with as a body shop. She told me that a couple had already dropped Tesla and would not insure them because they seem to get into more accidents and cost a lot more than other vehicles to repair.
I asked her what insurance companies were the best to deal with as a body shop. She told me that a couple had already dropped Tesla and would not insure them because they seem to get into more accidents and cost a lot more than other vehicles to repair.
I was shocked and happy to learn that my new 2017 Tesla Model X100D, which is fully loaded except for 22" wheels, has a $16 lower rate of insurance than my 2012 Audi S5 Cabriolet, including my > doubling expected driving kilometers per year. The rate is US$799 per year, or CDN$1,079. Again, new Tesla Model X is over double the MSRP of the 6 year old Audi S5 Cabriolet. It is the same insurace company, which is among the most respectable and dependable in Canada.
