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Insurance Tripled after adding Tesla

mahesh_fan

Member
Nov 25, 2020
7
0
Nashville
Instead of looking at a premium reduction, I think you might want to review both the uninsured motorist and medical expense coverage. Those limits seem very low to me - make sure you have adequate coverage there.

If someone were to hit & run and total your car -- is the $50k coverage enough to replace it?

Same with medical coverage - ensure your healthcare will cover you for any medical costs above and beyond the initial $250.

-Uninsured Motorist Coverage max is 50K only and i have selected loan lease payoff - Both should cover the value of the car.

I have good medical coverage from my employer so that should be take care off.
 

dmurphy

Woof.
Dec 7, 2018
3,529
4,726
New Jersey - Morris County
-Uninsured Motorist Coverage max is 50K only and i have selected loan lease payoff - Both should cover the value of the car.

I have good medical coverage from my employer so that should be take care off.

Great news! Just wanted to make sure you were covered on all accounts.

Every state is different and it's hard to directly compare. Since NJ is a "no fault" state - that means that no matters whose fault an accident is, YOUR OWN insurance company pays medical claims. Of course they still determine who's at fault and THAT part is responsible for their portion of the property damage... but the medical bills are paid by your own insurance.

Because of this, we carry "Personal Injury Protection" insurance at high limits. For example, ours is $250,000, and is included as part of our liability insurance.

Here's our coverage below for our Model 3... note these are 6-month premiums:


Screen Shot 2020-11-25 at 3.09.26 PM.png
 

mahesh_fan

Member
Nov 25, 2020
7
0
Nashville
Great news! Just wanted to make sure you were covered on all accounts.

Every state is different and it's hard to directly compare. Since NJ is a "no fault" state - that means that no matters whose fault an accident is, YOUR OWN insurance company pays medical claims. Of course they still determine who's at fault and THAT part is responsible for their portion of the property damage... but the medical bills are paid by your own insurance.

Because of this, we carry "Personal Injury Protection" insurance at high limits. For example, ours is $250,000, and is included as part of our liability insurance.

Here's our coverage below for our Model 3... note these are 6-month premiums:


View attachment 611808
Thank You so much for the details, i will take best coverage as possible.
 

adrianp89

Member
Oct 21, 2019
318
235
Pinellas Park, FL
Instead of looking at a premium reduction, I think you might want to review both the uninsured motorist and medical expense coverage. Those limits seem very low to me - make sure you have adequate coverage there.

If someone were to hit & run and total your car -- is the $50k coverage enough to replace it?

Same with medical coverage - ensure your healthcare will cover you for any medical costs above and beyond the initial $250.

Someone correct me if I’m wrong but That 50k uninsured is not for the car, it’s for other damages., like someone hitting you and you hit damage private property. I keep my medical insurance just high enough to cover my out of pocket maximum.
 

brucet999

Active Member
Mar 12, 2015
2,683
1,493
Huntington Beach, CA
Someone correct me if I’m wrong but That 50k uninsured is not for the car, it’s for other damages., like someone hitting you and you hit damage private property. I keep my medical insurance just high enough to cover my out of pocket maximum.
Uninsured motorist is to cover damages you suffer in a collision when struck by someone without insurance.
 
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sandohno7

Member
Nov 18, 2020
17
10
Orange County, California
I switched from AAA to Connect (Costco) a few months ago. I placed an order for Tesla M3P and got a quote from Connect. The premium for the M3P is cheaper than my 2017 BWM M3 Comp that I recently sold with exact same coverage and annual mileage.
 

Doggiedog

Member
Jul 1, 2020
49
35
Fort Lee, NJ
Glad I found this thread. Was quoted over double what I'm paying now for my '09 BMW 335i which I will be replacing with the M3P I'm picking up on Monday. Thought it would have been a normal increase considering my 335i is not worth much now. Went to check other rates after reading this thread and Progressive quoted just a little bit more than what I'm paying now for Geico even though I've upped my coverages and lowered my deductibles. Geico must have been overcharging me for years. I guess it pays to compare rates regularly.
 
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Electroman

Supporting Member
Aug 18, 2012
6,207
6,289
TX
Absolutely. I ditched Geico and went to State Farm and cut my rates in half - yes in half. I was with them for 15 years, including my home insurance. Home insurance premium did not change, but auto was cut by half

With State Farm when I recently switched from 3 to Y, the premium for Y came in a bit less than the 3.
 
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Huskyfan

Member
Nov 25, 2019
132
91
Seattle
I pay $102 a month ($611 every six months) for my 2020 Tesla Model 3 Performance, through USAA. Zero $ deductible comprehensive, 250 deductible for collision. Collision loan coverage and uninsured motorist coverage. Rental reimbursement, free towing up to 75 miles for any reason, Roadside coverage for flat tires, etc etc.

I pay $98/month ($586 every six months) for my wife’s 2020 Kia Niro EV EX; which cost roughly $30,000 less than the Model 3.

And I get a rebate check a couple of weeks before Christmas. They call it their “Subscriber Savings Account”. This year that check was over 600 dollars.

Been with USAA for over 35 years, no other insurance company ever. Retired army officer. No speeding tickets in the last 25 years, No at fault accidents ever. They even waived the 250 deductible on my BMW when i was rear ended ($6500 dollars, but still able to be driven) in downtown Seattle by a guy that had no insurance. They basically said, “we’re going to sue him for the repair costs on your BMW, we’ll also sue him for your deductible”.

USAA is an amazing company, IMO. I have life, home, auto insurance with them along with checking, credit cards etc with them. Have not shopped around for insurance anywhere since becoming a member in 1983. Maybe i could do better, but I’m loyal to them since they have taken such good care of me over the years.

Yes, i speed. I just do it wisely. :)
 
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StellarRat

Active Member
Jan 8, 2014
1,496
1,344
Pacific
I pay $102 a month ($611 every six months) for my 2020 Tesla Model 3 Performance, through USAA. Zero $ deductible comprehensive, 250 deductible for collision. Collision loan coverage and uninsured motorist coverage. Rental reimbursement, free towing up to 75 miles for any reason, Roadside coverage for flat tires, etc etc.

I pay $98/month ($586 every six months) for my wife’s 2020 Kia Niro EV EX; which cost roughly $30,000 less than the Model 3.

And I get a rebate check a couple of weeks before Christmas. They call it their “Subscriber Savings Account”. This year that check was over 600 dollars.

Been with USAA for over 35 years, no other insurance company ever. Retired army officer. No speeding tickets in the last 25 years, No at fault accidents ever. They even waived the 250 deductible on my BMW when i was rear ended ($6500 dollars, but still able to be driven) in downtown Seattle by a guy that had no insurance. They basically said, “we’re going to sue him for the repair costs on your BMW, we’ll also sue him for your deductible”.

USAA is an amazing company, IMO. I have life, home, auto insurance with them along with checking, credit cards etc with them. Have not shopped around for insurance anywhere since becoming a member in 1983. Maybe i could do better, but I’m loyal to them since they have taken such good care of me over the years.

Yes, i speed. I just do it wisely. :)
I know a couple other people that swear by USAA as well. I think they have topped the ratings as having the best customer service in the industry many times. They also offer online banking services including access to ANY ATM for zero fees (since they have no brick and mortar infrastructure.) My friend says they are the best bank she's ever had. I'd switch to them, but I've been with my current bank and insurance forever and they work for me. It's worth noting that you have to be a veteran or active service member or the spouse, son or daughter of an veteran to join USAA.
 

elptxjc

Member
Dec 15, 2019
765
148
El Paso, TX
I got a $6 refund going from a 2016 Kia Optima SXL to the M3 LR. Surprised it wasn't higher, but the Optima was high for what it was to begin with. I pay the same for a 2019 480HP V8 Bullitt, which made no sense vs the 4-dr Kia 2.0T. The M3 seems reasonable, although a 2-dr 'muscle' car costing the same should be more expensive to insure IMO... although since it's a manual, the M3 is actually quicker. Ha ha. Not faster, but quicker to 60 (4.2 vs 4.4 -without abusing it).
 

sandohno7

Member
Nov 18, 2020
17
10
Orange County, California
I switched from AAA to Connect (Costco) a few months ago. I placed an order for Tesla M3P and got a quote from Connect. The premium for the M3P is cheaper than my 2017 BWM M3 Comp that I recently sold with exact same coverage and annual mileage.

For those of you that have Costco membership, definitely ask Connect for a quote. For those of you that are not Costco members, it might be worth it to consider signing up for Costco Executive membership ($120 annual fee) and get Connect auto insurance. Below is my coverage and premium. The premium below has the following discounts: multi-car, multi-policy, full coverage, Costco

2021 M3P
Coverage $250K/$500K/$100K
Deductible $1K
annual miles 5K (currently low due to work from home)
6 month premium $210.87
 

Noodles

Member
Jul 22, 2020
292
184
Torrance, California
For those of you that have Costco membership, definitely ask Connect for a quote. For those of you that are not Costco members, it might be worth it to consider signing up for Costco Executive membership ($120 annual fee) and get Connect auto insurance. Below is my coverage and premium. The premium below has the following discounts: multi-car, multi-policy, full coverage, Costco

2021 M3P
Coverage $250K/$500K/$100K
Deductible $1K
annual miles 5K (currently low due to work from home)
6 month premium $210.87
god dam that's cheap

how many years have you been driving?
 

JayNJ

Member
Jul 13, 2018
242
119
New Jersey
UPDATE:

I called Tesla Auto Insurance. They use marital status as a factor, penalizing those who are unmarried for any reason. I thought they would be a leader in this regard. The rep explained that there is a risk difference, but again this is due to the natural age-filter that marital status creates and the rep agreed with this point. The very highest risk young people and the elderly will tend not to be married. The elderly lose their spouses (men usually dying earlier than women) or find themselves single for other reasons. The very young (especially in this day and age) are waiting longer to get married, if they get married at all....and this group seems to have the most affection for Teslas with the most buying years ahead.

Also, the Tesla rep mentioned that they can no longer discriminate by gender (sex) despite the risk factors being different between males and females. Men drive about 60% more than females, which is generally why we pay higher premiums. But, it's interesting that Tesla cannot discriminate by sex but can still discriminate by a lifestyle choice (marriage).

Anyway, this is why Constitutionally-protected classes with the full weight of law are needed, even for otherwise forward-thinking companies like Tesla.

Your age filter vs. marriage argument doesn't hold up. They are not looking at each in isolation. I am sure they have statistics of all the factors in combination. As a simple example, young unmarried vs. young married vs. middle age unmarried, etc.
 
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