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Just one word - Insurance

Discussion in 'Model 3' started by Garlan Garner, Apr 2, 2016.

  1. Garlan Garner

    Garlan Garner Active Member

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    Quick and to the point.

    I could afford a Model S. However my insurance payment would have almost equaled my car payment. Geico wanted $721 a month to cover just me for a model S.

    Should we lobby Insurance companies to keep the Model 3's insurance rates reasonable?

    Who knows of a reasonable EV vehicle insurance company.
     
    • Like x 1
  2. RidgeRacerJM

    RidgeRacerJM Member

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    Which version of the Model S was that? P90D id imagine
     
  3. erthquake

    erthquake Member

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    I'm concerned about this as well.

    Can you tell us a bit more about how much liability and collision coverage was in that quote as well as the deductible?
     
    • Informative x 1
  4. eloder

    eloder Member

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    With every car you should shop around, never trust your own insurance company to be giving you the best rate.

    For my smart car, my rates varied from $30 a month to $180 a month for quotes on identical coverage. The same thing happened with my Leaf, with quotes ranging from $40 a month to $250+.
     
    • Like x 1
  5. S'toon

    S'toon Knows where his towel is

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    That's a bit on the outrageous side. Do a site search on insurance, there are a few threads.

    I know when I looked it up, the insurance on an S was the same as my current car with my insurance company.
     
    • Like x 1
  6. Garlan Garner

    Garlan Garner Active Member

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    P85D
     
    • Informative x 1
    • Funny x 1
  7. Garlan Garner

    Garlan Garner Active Member

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    Thanks. I'll do that.
     
  8. jcobb

    jcobb Member

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    Insurance is also based partly on the value of the car. Model S P90D is a little more expensive than the projected model 3 price so insurance quotes should reflect that difference.
     
    • Informative x 1
  9. Peter_M

    Peter_M Member

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    Shop around - I'm paying $960/yr and that's Canadian $.
     
  10. Sudre

    Sudre Member

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    721 a month!! WOW! That's 6 months cost for my Model S 60 and my wifes car... full coverage with Geico.
    You should definitely shop around, It might simply be because it's a sport car rate vehicle as a P85D.

    Good luck.

    I anticipate the Model ≡ will run a pretty reasonable rate unless one options out to a P model.

    I am curious how that is going to work in the future. People buying a larger battery and dual wheel drive might only want the solid traction and range yet that option will give them a fast car. It really sucks to get punished for buying a car to be safer but since it CAN go fast the insurance company will jest bill you for it.
     
  11. NigelM

    NigelM Recovering Member

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    I pay $992 per year for my Model S....that's with StateFarm. Search around the many insurance threads in the Model S section.
     
  12. JoRey

    JoRey Current Volt Owner, Aspiring Model III Owner

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    I wouldn't be to concerned. How can any company charge more for a product, that will not crash? Lets not forget Mr Elon Musk is promising full autonomous features.
     
  13. Az_Rael

    Az_Rael Active Member

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    Tesla does need to be careful with this issue. Because of their limited Tesla-approved body shop policy, Model S's are getting reputations as very, very expensive to repair after collisions. Tesla often just approves one or two shops in a given area, essentially handing that shop a local monopoly that they can exploit.

    If that trend doesn't improve, eventually insurance companies will notice the high costs and will raise rates on Teslas.
     
  14. StraightDave

    StraightDave Member

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    Poll: Give a Model 3 deposit? Will you buy one?

    Interesting poll numbers. A lot of younger people (and a lot of younger people were in line to reserve a car) see the $35k price tag plus the tax credit and see an affordable car. However, that $35k is more like $45k with minimal options. Factor in higher insurance costs and the vehicle is no longer as affordable as first thought.

    Wait times will not be as long as anticipated for serious buyers.
     
  15. JoRey

    JoRey Current Volt Owner, Aspiring Model III Owner

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    Tesla is charging less and less for the basic shells needed to repair the Model S. Plus the Model III is going to built out of good old steel, and any body should should be able to fix that.
     
  16. preilly44

    preilly44 Member

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    Insurance for my P85D is $650 with full coverage for 6 months in MD. I'm 37 with no points. Progressive is my company...they were by far the cheapest (by about $400).
     
  17. nd4spd569

    nd4spd569 Member

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    I quoted a 70D and it was only 1400 a year. I assume it's bing the P version and the much higher cost.
     
  18. loganss

    loganss Spaceman

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    Do you have a source? I thought i read in a news article it would be a mix of aluminum and steel. I hope it's steel to keep repair costs down.
     
  19. sleepyhead

    sleepyhead Active Member

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    I paid $50/month for a P85...
     
  20. pdxrajiv

    pdxrajiv Member

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    What was quoted to you per month is higher than ours for 6 months.

    Are you sure that the quote was per month and not for 6 months?
    And that you have a good driving record?
     

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