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InsureMyTesla

Discussion in 'Tesla, Inc.' started by avoigt, Oct 13, 2017.

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  1. avoigt

    avoigt Active Member

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    Thats what I call " to own the value chain".

    It looks like a small item but owning a Tesla means more and more to be in a fully serviced Tesla Eco - System. The implications are Apple-like where to own the value chain means you own all aspects of the customers experience and you can combine them in a way others are unable to. A unique USP with high implications on customer loyalty and experience that will result in a competitive edge, higher revenue und margin....

    Tesla is expanding its insurance program to the US and Canada

    P.S. its likely that the same will be initiated in Europe.
     
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  2. gjunky

    gjunky Trifecta: Solar and both cars are EVs

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    Replacement value (according to the article) only for the first year.
    I wonder how the rates are going to be.
     
  3. boaterva

    boaterva Supporting Member

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    Rates for me worse than my current policy with AMICA.... Added in the rental coverage, the deductible, etc., I guess we're supposed to choose OEM parts since that's part of the 'advantage'? Cost me a lot more (almost 100%).

    Looks like it's just a link to Liberty Mutual, and perhaps they have some discount, but I'm not seeing it... like to hear how others compare to current coverage.

    Edit: you can click on the link and do a quote step-by-step in about a minute.
     
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  4. _TTT_

    _TTT_ Member

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    2016 P90DL

    Current coverage with Progressive - $50.16/mo
    InsureMyTesla - $323/mo

    Tough call but I think I'm gonna pass :)
     
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  5. ElectricKiwi

    ElectricKiwi Member

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    Compared to my current coverage and the quote I got from Geico previously, it's cheaper. Looks like a good deal
     
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  6. boaterva

    boaterva Supporting Member

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    Yeah, there's something wrong with this, very wrong.....
     
  7. comanchepilot

    comanchepilot Member

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    State require a captive domestic insurer qualified to do business in the State. Same as the idiot dealer laws.

    If you don't see Elon controlling the Eco system as grounds to increase insurance costs as part of the closing- you're not paying attention.

    Plus, if you have the wealth to own and drive one of these cars, you're gonna need excess insurance. Which means you're gonna need 300/500 limits since most excess policy require fairly steep primary coverages.

    So, @_TTT_ can you tell us limits for the car please? And deductibles . . . I'm pretty certain that $600 annually doesn't cover comprehensive and collision on a $100k vehicle driven back and forth to work.
     
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  8. boaterva

    boaterva Supporting Member

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    $250K/500K is the usual base for umbrella liability coverage (from my experience and policies). And I have 500/1000 Collision and Comp. Trying to compare apples to apples, and getting awful expensive apples...
     
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  9. BerTX

    BerTX Supporting Member

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    It's going to vary wildly depending on your location.

    Mine was 15% higher than Geico for the same coverage. Not bad.
     
  10. _TTT_

    _TTT_ Member

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    250/500k liability
    250/500k uninsured motorist
    25k PIP
    2k deductible for both liability and comprehensive
    No rental reimbursement or roadside assistance
    Primary Use: Commute

    The InsureMyTesla quote for me is a joke. Someone else just posted on Electrek their quote was $331/mo so it isn't just me.
     
  11. _TTT_

    _TTT_ Member

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    To be completely fair, the InsureMyTesla quote I did only had options for $1k deductible vs my $2k. And I also didn't bundle my home on the quote. But those two things certainly wouldn't drop the price by 85%.
     
  12. TaoJones

    TaoJones Beyond Driven

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    This could have been awesome. Guaranteeing a Tesla in case of an accident (in sync with the recent promise to provide only Tesla loaners from SvCs) would have been nice. There was some scuttlebutt about Tesla loaners now being promised and then not, and then promised again - can't remember the current state. But evidently it's not part of the insurance program. Perhaps the implication is they'll fulfill their previous promise and all loaners/rentals will magically be Teslas.

    In any case, Liberty Mutual wasn't close to competitive before and they aren't today. I recently renewed my policy at half the rate quoted by Liberty Mutual. Now, granted, I don't get all of the perks listed, but really the differentiator would be providing a Tesla while it takes (up to) months to get yours back. I do get 2 things Liberty Mutual fails to provide - CSL coverage (google it) and gap insurance for as long as it makes sense to have it.

    I rarely accept a loaner from an SvC but have always flat out refused a non-Tesla. I wish more people did, which might compel Tesla to deliver their promise of Tesla loaners, which might then lead to Tesla rentals (long term loaners during the repair processes).

    My top 3 cost leaders for insurance are:
    Wawanesa
    Progressive
    Geico

    The 3 worst are:
    AAA
    Allstate
    Liberty Mutual

    Although Allstate and Chubb offer good stated value/replacement value policies, if you don't mind paying $3K-$4.5K/year.

    None of this matters for you in terms of rate comparison unless you also regrettably domicile yer chariot in Los Angeles County but do have a clean driving record and pretty much every discount known to man. Friends in Idaho and Arizona just point and laugh, really. They pay half to a third.
     
  13. comanchepilot

    comanchepilot Member

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    seems like an excellent quote - what part of the country? someplace with low insurance fraud.
     
  14. _TTT_

    _TTT_ Member

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    #14 _TTT_, Oct 13, 2017
    Last edited: Oct 13, 2017
    I'm in the Pacific NW. Also, someone else just posted they were quoted $500 for 6 months with a $500 deductible on an X100D - Insurance Cost in SoCal. for MX.

    Now that more people are posting InsureMyTesla quotes on Electrek, it seems pretty bad.

    1) $331/mo
    2) $332/mo
    3) $469/mo
    4) $325/mo
    5) $536/mo

    I did a lot of shopping around for insurance and these are some of the worst numbers I have encountered. Did Tesla even check with Liberty Mutual on how competitive they are before rolling this out???

    I dunno...it's still early - maybe some parts of the country will come out ahead. Waiting to see what others post....
     
  15. JHWJR

    JHWJR Member

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    "Only for the first year"? Most policies NEVER pay replacement value for a car. They pay for what it's worth a moment before you total it. Buying a NEW one is a benefit, but that will cost more and it should.
     
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  16. Nosken

    Nosken Member

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    Is it a Mutual Insurance company, where the first year premium is higher, and then any leftover, excess revenue is refunded to the ratepayers/members/owners?
     
  17. fasteddie7

    fasteddie7 Member

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    I read this article and I am a current liberty mutual customer, my 75d is half that with a $500 deductible. I was looking forward to getting home to check what would happen if I updated my policy... This doesn't seem right... Double cost, less coverage...hmmm. I'm afraid to call and ask about it now
     
  18. spentan

    spentan Active Member

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    I'm in SoCal, I am paying about $350 a month for 2 Tesla X 90Ds and a Fiat 500e. (State Farm, 100/300, with $1k deductibles).

    The InsureMyTesla Quote came out to about 453 a month,

    I then got a call from someone who was an insurance agent for LibMu, and after confirming a few things, they couldn't match the State farm price i'm paying.

    I'm quite happy with State Farm so far, so not too worried about it.
     
  19. gjunky

    gjunky Trifecta: Solar and both cars are EVs

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    3x the amount I am paying now
     
  20. gjunky

    gjunky Trifecta: Solar and both cars are EVs

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    I have two years replacement now and seen 3 year replacement policies.
     

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