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Insurance Tripled after adding Tesla
- Thread starter Mrbattery123
- Start date
holy sh!t ... Mine is only $200/month and that's with $1mil coverage on the M3, Heck, it's been a few years, but my old dodge viper was less than $300/month and I was still in my 20's when owning that. good grief at $500/month lol.
You mentioned you are in your "mid 20s". You may or may not be aware of some facts about car insurance.
1. You are likely aware that, before age 25, almost all insurance companies charge through the nose because statistically, under 25 year olds are more risk, and 25 year old males (handle Mrbattery) are the most likely to get into accidents.
2. Area matters, credit score matters, how far you drive matters, and how many losses (and what they cost) a specific insurance company has with a specific car matters. When one company is way out of line with others, they are telling you that they basically dont want to insure that car, because their loss models have shown they need to charge XXX to be profitable with it.
Thats going to be different per company, especially with a "new" car company like tesla, where the costs to repair are fairly high because tesla only has few authorized body shops etc.
3. Because of point 2, it is virtually pointless for people to start comparing rates online, because what one person is charged has nothing to do with what another person will be charged, as it relates to insurance. a Lot of people try to start threads on car forums with a subject like "so, whats everyone paying for insurance on XXX model car??" and that information is completely useless because it has zero to do with what that specific person is going to be quoted, for their address, zip code, age, number of tickets, credit score, etc etc.
So, TL ; DR, ignore any of these prices you are seeing others quoted who are not "20 something males in Los angeles, driving the amount of miles you told the insurance company you drive, with a credit score similar to yours" (or, since you dont know any of that about them, basically ignore the pricing you see from everyone else).
SageBrush
REJECT Fascism
OP has gone from $220 a month in his old car to $300 a month with Progressive in the Tesla. Unpleasant, but no where near triple.
OP, you may wish to to break the premium down into its parts to see where the differences are and whether you are comparing apples to apples. Also, mention any accidents or moving violations in the past 24 months
OP, you may wish to to break the premium down into its parts to see where the differences are and whether you are comparing apples to apples. Also, mention any accidents or moving violations in the past 24 months
Akikiki
A'-Lo-HA ! y'all
Insurance has more to do with the owner/driver than the car. Things like, driving record, accident record, credit rating, age, marital status, education level, just to name a few.
Spacep0d
Active Member
You're in L.A. like me, definitely try Tesla Insurance! My Tesla Model 3 P3D- costs less to insurance through Tesla than my 2018 LEAF S cost to insure through State Farm.
Spacep0d
Active Member
Eventually all 50 states will stop using marital status as a factor for determining cost/risk. Marital status discrimination is illegal in Massachusetts and the European Union in this area. I still find it CRAZY that any insurance company gets away with this, though I understand they must be doing what they're legally allowed to do under the law.
Of course, it would be false for anyone to claim marriage has an 'effect' on drivers with the divorce rate in the U.S. being over 50%. The reality is that unmarried persons skew heavily young (highest risk), very old widows/widowers (high risk), and outliers who find themselves unmarried for any reason or simply don't want to marry, not to mention in our recent history when some people couldn't get married even if they wanted to but for their sexual orientation.
Marital status discrimination of this type needs to be abolished. It'll happen given that fewer people are marrying and also marrying later, but right now it's absurd when insurance companies ask about my marital status and then want to charge me more because I've chosen never to marry. None of their business. It's like trying to charge me more for not having kids or not going to church.
/rant
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to be clear they’re not discriminating against a marital status but the have (supposedly) shown a significant enough correlation between these attributes and lower risk.
Spacep0d
Active Member
That is literally marital status discrimination. If they want to assess risk by age, that's covered by knowing the driver's age. Driving record figures heavily here, as should location and amount of miles driven per year.
Obviously, unmarried people will skew younger (highest risk) and very old (higher risk). There are outliers who have simply made a lifestyle choice never to marry and some may want to be married but aren't for any reason.
The marriage distinction is a dishonest use of statistics because there's a natural group selection that selects for the highest risk people based on this metric. But, this discrimation is wildly unfair to median-age drivers with clean records who are otherwise low-risk—getting dinged solely for a lifestyle choice that should be unthinkable from a car insurance company.
If I'm 52 with zero accidents or tickets, why should I be dinged for not being married?
One could also make the argument that people with or without kids have fewer/more accidents, but it would be illegal to penalize people who have kids or are child-free. It's exactly the same type of thing.
Or, people who are religious could get in to fewer/more accidents than people who don't. It would also be illegal (as it should be) to charge people more or less but for their religious practices or lack thereof.
How is the choice to be married/unmarried (which isn't always in one's control) a fair point of discrimination for anyone when it comes to car insurance? When things change and marriage isn't so popular, these unfair practices will see more challenges.
There's a reason that it's illegal in Massachusetts and the European Union, and it's not because it's just another way to assess risk. It's an invasion of privacy and also a lifestyle choice penalty/perk, akin to dinging someone for having kids/not having kids or being religious or not.
I don't mean to derail the thread here but man am I tired of being asked about my marital status by vehicle insurance companies. It's none of their business, and they should not be allowed to charge me more because I have made the choice not to marry.
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You just left one of the best insurance companies besides USAA. You get what you pay for believe me particularly in CA. Low price alternates are that way for a reason.
I would gladly pay the higher premium if I did not have to hear it from my GF every week.
I know how good AAA is, which is why I was with them for so long.... but when I have no tickets or accidents, a credit score in the 840s, and they are charging me 1 thousand dollars a year more for insurance on our two cars than other MAJOR insurance companies like Met life and Travelers, and calling them and them saying "yep nothing we can do".. as well as increasing my home insurance because they moved their map lines around and now considered my home in a fire zone... well it was time to go.
When I was a assigned mistakenly assigned a VIN I quickly ran a quote with my current USAA Policy. I am replacing my Hellcat with a M3P. Insurance for the MP3 on my policy jumped $230 over 6 months . All of the additional cost came from Collison coverage.
Asking any question by it’s nature means that it factors into the risk model. Age. Gender. Name. Income. Address. Educational level. Age is also a privacy data element. All of these things reveal something about you, your background...statistically speaking, anyway. Sure, you could be an outlier. But there is no getting around that fact. Just asking a question does not mean it’s discriminatory.
Marriage/partnership should also be a factor. I am MUCH more likely to allow my partner to drive my car / swap cars with them than a random person who is not part of my household / mutual financial “pool”... and that, they deserve to know.
I think my rate went up only $100/yr going from a 2015 Cx-5 to a 2020 Model 3... totally agree there. Love AAA.
SageBrush
REJECT Fascism
Why is that not age discrimination by your reasoning ?
And when they bump up rates in an area riddled by crime, why is that not geographic discrimination ?
Uncle Paul
Well-Known Member
Seems like every community has their own insurance rate policies. Only way to get the best deal is to shop around.
I had to switch from AAA (was a +25 year member) to another company to get a competitive rate for my Tesla. Ended up moving my House, Business, Boat and all other vehicles at the same time. AAA might want to take another look at how many loyal customers they are driving away with their Tesla pricing.
I had to switch from AAA (was a +25 year member) to another company to get a competitive rate for my Tesla. Ended up moving my House, Business, Boat and all other vehicles at the same time. AAA might want to take another look at how many loyal customers they are driving away with their Tesla pricing.
