M3 Auto Insurance - what are you paying?

[follow.johnny]

Coverage/Pricing:
• 50K/100K
• 1K deductible
• $792/6 month ($132 per month)
• Geico Insurer

Overview:
• Located in Southern California (known for high insurance premiums)
• 30 years old
• Clean driving record
• 20 miles round trip for daily commute

 

[Garlan Garner]

Hey, All,

I've been shopping around for insurance (Model 3) and there's been some crazy quotes. But there's this one (State Farm) - it's middle range. Can you give me your opinion?

Bodily Injury: 100K / 300K total
Property Damage: 100K
Comprehensive: 1K deductible
Collision: 1 k deductible
Age: Wife and I in late 40s. Live in NY

Quote: $248 / month $2,968 annually

Seems a little high but I've had much worse presented to me.

What are you paying?

I'm not sure that the cost of an insurance plan is the most important factor.

GAP insurance is vital due to the immediate depreciation of the car after you drive it away - IF YOU FINANCED your car.

GAP insurance will cover the difference between the blue-book replacement cost and how much you owe your finance company.


For instance:

1. You are in an accident
2. You currently owe $50k on your car
3. The insurance company will give you the $40k blue book price for your car.
4. You will still owe $10k to the bank and will still have to buy another car.

Gap insurance not only covers the $40k blue-book price but also the $10k difference leaving you with no debt.


Just my $0.02

BTW...Gieco does not offer gap insurance. I had them for the past 7 years and just left. No problems with the company at all....just moved to a company with GAP insurance with no changes in my rate.

Lastly, my new company also covers "the receipt" - which includes FSD and everything else - which the blue-book knows nothing about.

 

[Silver Ghost]

I'm not sure that the cost of an insurance plan is the most important factor.

GAP insurance is vital due to the immediate depreciation of the car after you drive it away - IF YOU FINANCED your car.

GAP insurance will cover the difference between the blue-book replacement cost and how much you owe your finance company.


For instance:

1. You are in an accident
2. You currently owe $50k on your car
3. The insurance company will give you the $40k blue book price for your car.
4. You will still owe $10k to the bank and will still have to buy another car.

Gap insurance not only covers the $40k blue-book price but also the $10k difference leaving you with no debt.


Just my $0.02

BTW...Gieco does not offer gap insurance. I had them for the past 7 years and just left. No problems with the company at all....just moved to a company with GAP insurance with no changes in my rate.

Lastly, my new company also covers "the receipt" - which includes FSD and everything else - which the blue-book knows nothing about.

Who is the “my new company?”

 

[Garlan Garner]

Who is the “my new company?”

Allstate

 

[molder101]

Thanks for chiming in. I'm not worried about PIP. I have health insurance. I have PIP only to cover any other passengers. And $35,000 is the most I can even pick with Progressive (at least on their online tool). I don't need it at all for myself, in any case.

Also, I have $100,000 property already, not $50,000.

I could increase to $250,000, $500,000, $100,000 for around $40 a year, but I'm just not that concerned, to be honest. You can always have more insurance - at some point it just gets silly.

You are correct regarding "you can always have more." Ultimately however, the purpose of insurance is to cover an amount that you could not cover yourself. So many folks drive around with minimum limits or close to it. I understand that is partially marketing, partially their desire to pay as little as possible, and partially [perhaps] someone on the other side of the phone/internet/desk that doesn't make clear the ramifications. End of the day, it's a personal choice, but very large claims are regularly paid out by insurance companies and it's better them than you.

The great thing is: we both have an awesome car regardless of the insurance we carry!

 

[Garlan Garner]

You are correct regarding "you can always have more." Ultimately however, the purpose of insurance is to cover an amount that you could not cover yourself.

Unfortunately....many Insurance companies don't cover the amount that you could not cover yourself.

If you needed to replace a FSD model 3...would your insurance company replace the FSD?

A terrible time to find out is "after" an accident.

Everyone - Ask your insurance company NOW.

 

[SoccerMan94043]

Amica Insurance

A. LIABILITY - 500,000.00 each accident
B. Medical Payments - 5,000.00 each person
C. Uninsured Motorists - 75,000.00 each accident
D. Damage to Auto - Collision and Other than Collision - ACV minus deductible of 500.00
E. Optional Transportation Expense - 50.00 a day, 1,500.00 max

1764.00 / year

I also keep a separate 1M umbrella policy that is pretty cheap.

 

[TMK26]

I just received my renewal notice from Allstate. I'm currently paying $600 for six months. The cost jumped to $900 for the next six months. 50% increase!

 

[Garlan Garner]

I just received my renewal notice from Allstate. I'm currently paying $600 for six months. The cost jumped to $900 for the next six months. 50% increase!

What changed?

Did your kid become of insurance age or something?

 

[TMK26]

What changed?

I had a comprehensive claim (tire retread came flying through the air and hit my fender). My agent is looking into why the cost jumped so much and will get back to me. I thought comp claims won't incease your rates? Maybe I'm wrong... but 50% increase!

 

[mediaboy]

Progressive
-----------------
Bodily Injury & Property Damage
$250,000 each person / $500,000 each accident / $100,00 accident
Medical Payment
$1,000
Collision / Comprehensive $500 deductible
Uninsured / Under insured.
$100,000 / $300,000
Uninsured Property Damage $100 deductible
$50,000 each accident

Rate is $246 / 6 months

Overview:
• Located in North Carolina
• 45 years old
• Clean driving record
• less than 20 miles round trip for daily commute

I am currently insured with Allstate for a long time with safe driver, and bunch of other discounts. Allstate quoted me $1205.21 / 6 months for a very similar policy.

 

[NHK X]

2018 3D
USAA
Married, mid-30s

Bodily Injury
$1M / $1M
Property Damage
$300,000
Uninsured Motorist Bodily Injury
$1M / $1M
Uninsured Motorist Property Damage
$100,000
Medical Coverage
$100,000
Deductible
$1,000
Car Replacement Assistance
120% of actual cash value
Accident Forgiveness
Declined
Transportation Expenses
Declined
Towing & Labor
Declined
Mileage
30,000 per year (need to adjust that up a bit)

$425.08 per six months

For the sake of comparison, there are three other vehicles on this policy. This is just the Tesla's component, which includes various discounts. The whole policy is just under $1,300 per six months.

And for what it's worth the Tesla's component is $45 less than our 2014 Cadillac ELR.

I have USAA which had the best price, recently moved and it was much higher than the competition. Nearly double. Recently switched to progressive since the discrepancy was so large.

Discussed with USAA, the rates are highly variable on where you live, the rate and size of claims in that area as well as your personal states.

 

[David L]

Has anyone with glass insurance asked there insurance agent if the roof glass is covered under glass insurance or not

I asked Amica and they stated that the glass roof is not covered. Their glass policy specifically lists windshield and windows.

 

[Garlan Garner]

I have USAA which had the best price, recently moved and it was much higher than the competition. Nearly double. Recently switched to progressive since the discrepancy was so large.

Discussed with USAA, the rates are highly variable on where you live, the rate and size of claims in that area as well as your personal states.

Interesting.

Many people quote prices of auto insurance, however quotes might depend on where people live.

 

[TMK26]

What changed?

It turns out that Allstate went to run my credit prior to renewal. They couldn't access the data since I have "freezes" on the 3 credit unions (due to Equifax breach). Now I have to unfreeze so they can run my credit data. Hopefully this is the reason why the rate shot up 50%, and it will drop to closer to what my last policy is.

 

[mediaboy]

It turns out that Allstate went to run my credit prior to renewal. They couldn't access the data since I have "freezes" on the 3 credit unions (due to Equifax breach). Now I have to unfreeze so they can run my credit data. Hopefully this is the reason why the rate shot up 50%, and it will drop to closer to what my last policy is.

I have Allstate and no such thing was required for them to generate a quote. They explained away the outrageous quote was due to the fact that their system has no data on the car (in terms of its risk , safety etc). They generate the quote based solely on MSRP of vehicle. The agent did say it can very when they submit it to generate the policy documents but it would not change as dramatically as the prices i got from Progressive.

I am beginning to think Allstates risk models are just not up to date for Tesla. Agent claims to write policies for Tesla's. If that is true not sure who is willing paying the ridiculous amounts they are asking

 

[Garlan Garner]

I have Allstate and no such thing was required for them to generate a quote. They explained away the outrageous quote was due to the fact that their system has no data on the car (in terms of its risk , safety etc). They generate the quote based solely on MSRP of vehicle. The agent did say it can very when they submit it to generate the policy documents but it would not change as dramatically as the prices i got from Progressive.

I am beginning to think Allstates risk models are just not up to date for Tesla. Agent claims to write policies for Tesla's. If that is true not sure who is willing paying the ridiculous amounts they are asking

Not true for me at all. Allstate had all necessary data. My policy is about a month old.

 

[lampcord]

Progressive
-----------------
Bodily Injury & Property Damage
$250,000 each person / $500,000 each accident / $100,00 accident
Medical Payment
$1,000
Collision / Comprehensive $500 deductible
Uninsured / Under insured.
$100,000 / $300,000
Uninsured Property Damage $100 deductible
$50,000 each accident

Rate is $246 / 6 months

Overview:
• Located in North Carolina
• 45 years old
• Clean driving record
• less than 20 miles round trip for daily commute

I am currently insured with Allstate for a long time with safe driver, and bunch of other discounts. Allstate quoted me $1205.21 / 6 months for a very similar policy.

Wow! That sounds so much like me. I was with Allstate and was quoted > $1000 for 6 months. Switched to Progressive and now paying $305 for 6 months.

Similar coverage.
Minneapolis
Slightly older than 45 (we'll leave it at that)
No accidents or tickets for at least 10 years.
Daily commute 21 miles each way.

One question: Do you have $0 glass? I didn't by default and had to have them add it. Added $12 / month to my coverage.

 

[Garlan Garner]

Wow! That sounds so much like me. I was with Allstate and was quoted > $1000 for 6 months. Switched to Progressive and now paying $305 for 6 months.

Similar coverage.
Minneapolis
Slightly older than 45 (we'll leave it at that)
No accidents or tickets for at least 10 years.
Daily commute 21 miles each way.

One question: Do you have $0 glass? I didn't by default and had to have them add it. Added $12 / month to my coverage.

$305? for Six months?

What are you insuring? A bicycle?

 

[lampcord]

$305? for Six months?

What are you insuring? A bicycle?

Sorry, my bad. Actually $304:

Vehicles and Coverages
Policy Fees
2019 Tesla Model 3
VIN 5YJ3E1EB1KFXXXXXX

Primary location
MN, XXXXX
Primary use
Commute

Ridesharing
No

Lienholder
XXXXXXXXXXXXXXXXXXXXX

Coverage and Types Amount

Comprehensive
$1,000 deductible with $0 Glass deductible $29.00

Collision
$1,000 deductible $98.00

Custom Parts and/or Equipment value
No Coverage $0.00

Coverage for people

Coverage and Types Amount
Bodily Injury & Property Damage Liability
$250,000 each person
$500,000 each accident
$100,000 each accident $92.00

Uninsured/Underinsured Motorist
$250,000 each person
$500,000 each accident $21.00

Personal Injury Protection
$20k Medical expenses with $100 deductible
$20k Economic limits with $200 deductible $48.00

Coverage for peace of mind

Coverage and Types Amount
Rental Reimbursement
$40 each day
maximum 30 days $10.00

Roadside Assistance
No Coverage $0.00

Loan/Lease Payoff
Selected $6.00

Vehicle Premium: $304.00