Hello everyone, just a quick question about having my used model 3 insured. Why are all of the company’s giving us such high quotes? What are any tips for this, why is it so expensive with decent driving records? Tesla insurance is not available in my state as im in Missouri. I’d really appreciate some help and advice or maybe at least get an idea what you guys are having to pay for insurance. I bought a used 2018 model 3 and what they want me to pay is 341 a month, compared to 181 for a Toyota rav 4. Any tips or help on why? Or what to do? I can afford to pay more for insurance that’s higher than my car payment. Thanks in advance
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Insurance
- Thread starter Maxh
- Start date
I reserved M3 in 2016 during unveil, when delivery got close in 2018 folks in CA stated Allstate insurance was charging crazy amount. I went online, Allstate do not have Tesla on it's website and talked to my agent who has no clue. When I got M3 delivered I have to abandon Allstate and switched to Amica.
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EVRider-FL
Active Member
I use Amica too, and I don’t find that they charge more for Teslas than other cars of comparable value.
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TigerNinety
Member
Most insurers I'm aware of tend to charge more for Teslas, in part because they are more expensive to repair than other vehicles (particularly ICE cars). My research (when I was shopping) indicated that (for example) Progressive had a smaller delta between Tesla and ICE cars. However, someone observed that, if you get into an accident, you want a "not cheap" insurer (such as USAA, which I went with) rather than a cheap one (like Progressive); USAA's lawyers are likely to fight harder on your behalf and perform better. Just my $.02.
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Shelburne
Member
I have a 2020 M3. Currently I am paying $117 a month to insure it and a 2008 Volvo XC70. I don't have collision on the Volvo but I have full coverage on the Tesla. My insurance is thru a company called MAPFRE. The coverage is great. Someone backed into it in 2021 and the repairs were fully covered with no arguments from the insurance company over the $9200 repair bill. Check them out if they offer service in your state. I've used them here in MA for many years with no regrets. But, I do live in a very rural area so rates are lower than in more densely populated areas. My rates actually went down a few dollars a month when I turned in another leased Volvo and bought the Tesla.
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Knightshade
Well-Known Member
Call around to all the companies.
There was a recent news thing about this where the big FUD headline was "TESLA COSTS AVERAGE OF OVER $3000 TO INSURE"
But when you read the actual details, they checked with 12 companies.
2 of them were nearly 5k, throwing the average WAY off... most of them were nearer 2k, and a couple in the 1500-1800 range.
So HUGE variance- even though they were all quoting the same car, with the same driver, same address, same # of miles driven, etc.
USAA was cheapest IIRC (and what I use) but not everyone will be eligible there- I believe Nationwide was next cheapest... though of course this might also vary by state.
There was a recent news thing about this where the big FUD headline was "TESLA COSTS AVERAGE OF OVER $3000 TO INSURE"
But when you read the actual details, they checked with 12 companies.
2 of them were nearly 5k, throwing the average WAY off... most of them were nearer 2k, and a couple in the 1500-1800 range.
So HUGE variance- even though they were all quoting the same car, with the same driver, same address, same # of miles driven, etc.
USAA was cheapest IIRC (and what I use) but not everyone will be eligible there- I believe Nationwide was next cheapest... though of course this might also vary by state.
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rpiotro
Active Member
I'm with American Family via Costco. From my 2014 Infiniti Q50 hybrid to my 2021 Tesla model 3 SR+ my insurance went up about 15%. Not out of line considering a seven-year newer car. I'm 72 years old with a clean driving record going back 45 years so there's that.
Total premium for two cars. My Tesla and the wife's 2012 Mercedes SLK 350. $1,262 annually. High liability, collision, comp towing, rental car etc.
Total premium for two cars. My Tesla and the wife's 2012 Mercedes SLK 350. $1,262 annually. High liability, collision, comp towing, rental car etc.
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Unfortunately it's part of the ownership experience. The insurance for my wifes 22 M3P cost more than my Hellcat, Viper and Corvette COMBINED, all with the same coverage minus the Viper being labeled as a pleasure only vehicle. It's because of the repair cost and how easily they are totaled out compared to most other cars. I recently went through a repair process from someone hitting my wifes car at a red light. Very light and only needed a new bumper cover and paint. Total bill was $2700. I went to several quality body shops and none of them would touch the car so I had to either go through the insurance companies (we'll call it a bargain/cheap) shop or Tesla. I chose Tesla.
PSA - I'll add, the quality of the repair from Tesla was by far the worst experience I've ever had with a body shop. My wifes car now has a poor fitting bumper that doesn't match the paint of the rest of the car. They managed to damage the front bumper too so now it also has an unmatched front bumper too. 3 repaints and all three are way darker than the rest of the car....
PSA - I'll add, the quality of the repair from Tesla was by far the worst experience I've ever had with a body shop. My wifes car now has a poor fitting bumper that doesn't match the paint of the rest of the car. They managed to damage the front bumper too so now it also has an unmatched front bumper too. 3 repaints and all three are way darker than the rest of the car....
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Amen. I just bought a 24 Audi S5. Fully decked out and it is $400 a year less expensive then my wifes 22 M3P :-(
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rotarypower101
Member
Other than Guess and Check , are there any good tools to know about to help select the best value based coverage on geographical or state by state location?
Maybe a tool to recommend which suppliers based on usage profile?
Doubt something like this would exist, but maybe even a user aggregated average policy price for Model 3 VS Insurer?
You never know unless you ask, it's surprising some of the helpful data people are able to consolidate.
Maybe a tool to recommend which suppliers based on usage profile?
Doubt something like this would exist, but maybe even a user aggregated average policy price for Model 3 VS Insurer?
You never know unless you ask, it's surprising some of the helpful data people are able to consolidate.
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So much depends upon your age, how much you drive, in addition to the car being covered, and coverage levels, deductibles, etc. Obviously a Rav4 is a less expensive vehicle than a Tesla.
For me, I'm 61 and have been insured with LibertyMutual for 45yrs. I pay the same for my Tesla as my old car a BMW 330xi.
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Ted'sla
2024 MYLR in MSM
Liberty Mutual quoted me about $4,500 for a year on my new 2024 MYLR, FOUR TIMES what I paid The Hartford through AARP on my 2023 Bolt EUV Premier, despite a squeaky-clean last 5 years. The cheapest I found was GEICO, paying upfront $865 for 6 months. So, I went with Tesla Insurance for about $150 per month for the first 2 months. I renew tomorrow for my second month, but Tesla emailed me yesterday with my THIRD month rate (beginning in 1 month and 1 day)...$85.63.
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Make sure when you are getting insurance that you know the coverage amounts. Most states require very little minimum insurance. You should have at least $150,000 in damage liability coverage, most basic insurance gives you $20,000 which will barely cover a minor accident today. Don't risk losing everything by skimping on insurance.
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