Insuring a Tesla in UK

[WannabeOwner]

slap a stupid premium on them just because they are a bit quick to 60mph

I expect acceleration-premium only applies to youngsters ...

... cost of repair for knocks,and time-to-repair (when a hire car is provided) probably more important for the rest? Tesla has a bad reputation for timely supply of parts.

My premium changing from Golf to P90D increased from £400 to £600 (same insurer, like-for-like), and the MS is what? 3x the price?

 

[ajackuk]

Would it matter / do insurers allow - you to say you will pay for your own hire car IF NEEDED - and thus bring down premium?

I would hope never to need it, but can get a (admittedly) low spec ICE car to hire for not much money, so if it ran into weeks or months waiting for parts it would not be an absurd amount of money, but might save huge on premium?

 

[GoodieGetter]

Still waiting for a real quote for my MX100D as not on Insurance systems yet!!! Tesla want me to take delivery before Xmas? Lets hope Tesla talk to the insurance companies ASAP to get these premiums back down to normal.
H&L £1950 (Model S P90D) full no claims and clean licence.

 

[Lowey007]

That's stupid money, my dealer told me when ordering (and I naively took his word) that cost would be very reasonable and only £100's. He did send me the following text that I hope is helpful, although as I don't take delivery till March I haven't done anything yet. Good luck and keep us up to date on your delivery info as well as insurance

Customer recommended Insurers as follows;-

1. Direct Line
2. NFU
3. Aon
4. LV
5. Home & Legacy Motor Insurance | Our Policies | Home & Legacy Tesla Motor Insurance

 

[WannabeOwner]

H&L £1950 (Model S P90D)

NFU is £600 for me for MS P90D. Other people have cheaper but we have a number of policies with NFU so choose them for convenience. Rural location, Old Fart drivers, so that may make a difference

 

[Lowey007]

Thanks Wannabe, read ur prior post and £400-£600 for diff in cars considering value as you say is very reasonable and what I expect/hope.. Hope they don't put acceleration premium on me though, even for a young old fart

 

[GoodieGetter]

NFU is £600 for me for MS P90D. Other people have cheaper but we have a number of policies with NFU so choose them for convenience. Rural location, Old Fart drivers, so that may make a difference

I got a quote from NFU September this year for my MX. They did not have it on the system so quoted me for a MS P90DL....£630 fully comp. I was quite relaxed before re quoting recently. Telsa are pushing for me to take my MX before end of year so plenty of time to shop around! I will try NFU again next week but understand from other forums that they are not quoting new business. I'll let you know how I get on . I hope this is just a blip and that Tesla are talking to the insurance companies re their concerns that are inflating recent quotes.

 

[JayBeeBee]

Customer recommended Insurers as follows;-

1. Direct Line
2. NFU
3. Aon
4. LV
5. Home & Legacy Motor Insurance | Our Policies | Home & Legacy Tesla Motor Insurance

I am mid-40s, clean licence and full NCD, wife the same. 3 cars in household and parked on driveway. Getting quotes to include business use as I will use it to drive to client meetings.

Of this list, I have had the following luck:

1. Direct Line - quoted £2,200 with a £1,350 excess. Asked lots of questions about previous performance car ownership, home CCTV etc.
2. NFU - not taking on new customers with Tesla
3. Aon - not tried them.
4. LV - not touching car as it is over £100k
5. Home & Legacy - Declined to quote due to value and the fact I may occasionally park it at LHR T5

I have ended up with Admiral, who quoted about £1,500 with a £510 excess. They were great and put some time into getting the underwriters to put the car into the system. When I get my delivery date confirmed, then I will be phoning them to take them up on it...

 

[DJP31]

[QUOTE
I have ended up with Admiral, who quoted about £1,500 with a £510 excess. They were great and put some time into getting the underwriters to put the car into the system. When I get my delivery date confirmed, then I will be phoning them to take them up on it...[/QUOTE]

I have read on other fora that Admiral do not cover the battery as they see it as a consumable (ICE mindset of course). My understanding is that in the event of an accident they would cover it, but not if there was accidental damage (as if an "accident" is on purpose!) e.g. metal debris on the road damaging the battery. Might be just worth checking the small print.

 

[Tanflado]

Oh Dear, that is much more expensive than I had imagined. No other option for you other than to bite the bullet if the car is literally in the post......I have a couple of months until mine arrives so fingers crossed more insurers come to the party and at least you will get to benefit on your renewal?

Interesting point regarding the battery pack, what a joke surely the battery must be viewed like an engine .....?? A battery on a Tesla is the equivalent to an engine on an ICE as it is the most expensive part of a car (other than chassis ) so whats the problem ?? Insurers constantly wanting to reduce risk/exposure I guess....??

 

[Lowey007]

I'm at my Tesla branch on Thursday and have fed this back to them, as they initially advised me of the cheapness of the insurance !!!!! will see what they say but this is bloody expensive stuff.

On the plus side, just got my vin no, better start saving.

 

[WannabeOwner]

its no consolation, but I think it is to be expected that at 1st renewal more will be known and prices will be much more competitive.

I wonder why NFU has stopped taking new business - maybe they are finding claims more expensive than they thought? or maybe its just that they have got a lot of business and no real-world actuarials as yet, so want to limit their exposure.

 

[Brain1000]

its no consolation, but I think it is to be expected that at 1st renewal more will be known and prices will be much more competitive.

I wonder why NFU has stopped taking new business - maybe they are finding claims more expensive than they thought? or maybe its just that they have got a lot of business and no real-world actuarials as yet, so want to limit their exposure.

I was told yesterday by my local NFU that they had stopped taking on new business because of the cost of repairs and the difficulty in getting parts.

 

[GoodieGetter]

I had heard that if you are already a client of NFU they will quote for a tesla. So why not take out house insurance or another insurance with them and then get a quote for the tesla?

 

[drboltz]

churchill have model X listed on their site but only for cars upto £74999, even then the website refused to quote me. Called them and she said we vary our offers and this car is currently not elegible for quotation.

odd.

 

[JayBeeBee]

Oh Dear, that is much more expensive than I had imagined. No other option for you other than to bite the bullet if the car is literally in the post......I have a couple of months until mine arrives so fingers crossed more insurers come to the party and at least you will get to benefit on your renewal?

Interesting point regarding the battery pack, what a joke surely the battery must be viewed like an engine .....?? A battery on a Tesla is the equivalent to an engine on an ICE as it is the most expensive part of a car (other than chassis ) so whats the problem ?? Insurers constantly wanting to reduce risk/exposure I guess....??

To be honest, paying £1,500 to insure a £145,000 car that gets to 60 in 2.8 secs is not too steep in my opinion, and kind of what I was expecting.

@DJP31 is the second person to say that to me about the battery pack thing with Admiral. I will confirm it when I phone up to confirm the insurance with them as to the exact details. I will also try Aon.

 

[Tanflado]

Oh Dear, that is much more expensive than I had imagined. No other option for you other than to bite the bullet if the car is literally in the post......I have a couple of months until mine arrives so fingers crossed more insurers come to the party and at least you will get to benefit on your renewal?

Interesting point regarding the battery pack, what a joke surely the battery must be viewed like an engine .....?? A battery on a Tesla is the equivalent to an engine on an ICE as it is the most expensive part of a car (other than chassis ) so whats the problem ?? Insurers constantly wanting to reduce risk/exposure I guess....??

To be honest, paying £1,500 to insure a £145,000 car that gets to 60 in 2.8 secs is not too steep in my opinion, and kind of what I was expecting.

@DJP31 is the second person to say that to me about the battery pack thing with Admiral. I will confirm it when I phone up to confirm the insurance with them as to the exact details. I will also try Aon.

To be honest, paying £1,500 to insure a £145,000 car that gets to 60 in 2.8 secs is not too steep in my opinion, and kind of what I was expecting.

@DJP31 is the second person to say that to me about the battery pack thing with Admiral. I will confirm it when I phone up to confirm the insurance with them as to the exact details. I will also try Aon.

 

[Tanflado]

Based on my Merc which is half the purchase cost of the MX I wouldn't expect my insurance to more than quadruple....I currently pay £350 per month............ so yes £1500 is expensive.............

 

[drboltz]

the merc though, its mainstream, these vehicles are just unknown quantities to insurers, especiallt the X, there seem to be multiple people posting that parts are hard to come by and leadtime sare long, this bumps up their costs and thus ours. Its a risk reward thing

i had a gle63amg and it was £600 a year with admiral, i'm expecting a jump maybe upto £1k, £1500 does seem a bit steep

 

[Tanflado]

I absolutely concur, the MX parts issue clearly reflects the insurance quotes . Definitely wasn't expecting it to be 4 digits but Hopefully Tesla may partner an insurer in the U.K. Which should help significantly , I read that Tesla have started to roll out this sort of arrangement in the States.........