MASTER THREAD: Tesla Insurance Services in California

[hridge2020]

I've always had a very poor understanding of UMPD, and in what cases it's important. My understanding is that collision coverage covers the damage to your vehicle in the event of being hit by an uninsured motorist or in a hit-and-run, but they make it sound like if you don't get UMPD you're completely screwed if you have a run-in with an uninsured motorist. So they cover the same thing, but there must be a reason for its existence. Progressive also has a very puny UMPD. Maybe it's a compliance product? I know it's required in some states.

Isn't law that all vehicles register have insurance ? (Calif is) why pay $$$ for that ?? hmmm

 

[woodisgood]

In California collision insurance is required to cover property damage caused by an uninsured (or underinsured) motorists or hit and run. I'm not sure what the purpose of UMPD insurance is if you already have collision insurance (I don't have it). Maybe it covers the deductible?

I don’t think it serves any purpose, but they still sell it to you and make you sign a waiver if you don’t want it. Most people say “oh gosh, if I have to sign a waiver to get out of it I probably shouldn’t be getting out of it!”

 

[Dan_LA]

As a Tesla insurance customer I can tell you that all numbers can be adjusted. You just need to call them and ask them to make the changes you want. I called after I started my policy and added Loan payoff to my policy for $3.00 more a month.

I want to also point out that my progressive policy (which cost 2 times as much) had zero coverage for property damage.

I did make some changes to my coverage but if I had kept UM bodily injury at the same as Progressive, my rate would still be less than half of Progressive. I live around 20 mins north of the Fremont Factory. Hope that helps.


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Checking yours looks like I have a great deal with Farmers? I have $500k/$500k coverage... again not sure what does that mean since I am clueless... I just wanted the most coverage as I didn't want any hassle, this considering 12,000 miles, 19-23 driviing and the discounts applied.

I had do that all as requirement for Umbrella Policy $1M Liability, cost me $50/month more for both cars. The other car is a 2015 Highlander, I mean $155 per month for a model P3D+ seems cheap now? Should I try Tesla? I don't like the idea of my insurance company having my driving habits access.

Also, am I over protecting? To me is simple math, why would I want a $100k or $250k coverage to save $20 per month? Not to say, in LA we drive all the time on Freeway, any glance and a big accident can happen and affect many cars and people... meaning huge liabilities not?

Appreciate some insights from someone more knowledgeable about car insurance.

 

[Dan_LA]

tried Tesla, saved me $18 per month... not worth the hassle but maybe because I have many discounts on Farmers.. but mainly is it worht the risk of not getting insured because Tesla knows this and that and they are not going go pay you because you were 5 MPH above limit?

 

[ibGeek]

tried Tesla, saved me $18 per month... not worth the hassle but maybe because I have many discounts on Farmers.. but mainly is it worth the risk of not getting insured because Tesla knows this and that and they are not going go pay you because you were 5 MPH above limit?

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Wow, 500K, that seems excessive to me. Bodily injury is usually 100/300k Remember that most people also have health insurance.
And property damage is typically 100K unless you are planning to run your car in to a millionaire's home with Gas cans strapped to the sides of your car.

 

[MrMassTransit]

Wow, 500K, that seems excessive to me. Bodily injury is usually 100/300k Remember that most people also have health insurance.

It doesn't matter whether someone has health insurance or any other form of insurance. if you injure someone and they make a health insurance claim, their health insurer can sue you to recover their cost (known as subrogation). As a non-auto example, I previously lived in a condo where a renter lit the building on fire with an improperly disposed of cigarette. My insurance was out $15k in temporary housing costs for me while waiting for the building to reopen (thankfully my unit wasn't damaged). My insurance company retained a law firm and attempted to go after any assets the renter had to recover their costs (she did not have renters insurance).

Some people carry umbrella policies that cover into the millions of dollars of liability in the event of a catastrophic situation. In any situation where there is serious personal injury, $100k is nothing. I had a coworker who pulled out in front of a motorcycle rider (he claimed the rider was speeding and he came up too quick to see him). I believe he had $100k of liability. Medical expenses for weeks of hospitalization and months of physical therapy, lost wages, etc, absolutely dwarfed $100k.

One factor of many used in determining how much coverage to carry is your net worth (i.e. how much in terms of assets that you'd have at risk in the event of a suit/claim). Since my coworker didn't have much in terms of assets, I imagine the claim was just settled for the limits of his policy (I left that company before everything was resolved). However, if he had a home, retirement accounts, savings, etc, the motorcycle rider's attorney (or his insurer's attorneys) would have absolutely tried to go after those to recoup their costs.

 

[Eno Deb]

I did make some changes to my coverage but if I had kept UM bodily injury at the same as Progressive, my rate would still be less than half of Progressive. I live around 20 mins north of the Fremont Factory. Hope that helps.

Uninsured Motorist Bodily Injury coverage is very important, because in case you get into an accident with an UM at fault that renders you unable to perform your job, it will usually cover the wage losses. This is one of those things that are ideal for insurance, since it happens rarely (== relatively low premiums) but can financially ruin you if it does. I'd choose the highest limit available.

 

[Eno Deb]

One factor of many used in determining how much coverage to carry is your net worth (i.e. how much in terms of assets that you'd have at risk in the event of a suit/claim). Since my coworker didn't have much in terms of assets, I imagine the claim was just settled for the limits of his policy (I left that company before everything was resolved). However, if he had a home, retirement accounts, savings, etc, the motorcycle rider's attorney (or his insurer's attorneys) would have absolutely tried to go after those to recoup their costs.

This is a bit of a flawed assumption, since the other party can also garnish future wages. I would never skimp on bodily injury liability. Choose as high a limit as you can afford. It usually doesn't make a large difference for the premium.

 

[Eno Deb]

Big Brother is coming. Sounds like a nightmare to me. For now the California state laws strictly limit this kind of thing (which is why companies like Progressive don't offer their driver monitoring systems here), but who knows how long that will last ...

https://electrek.co/2019/09/05/teslas-insurance-program-data-growth-exec/

Currently, the program doesn’t use individual data from drivers and instead, it uses “anonymized, aggregated data” from the fleet to create its prices.

Edmonds said that they plan to eventually use more direct individual data:

“The data is there, it’s all there, cameras in and all around your car, all of the data points are there. It really comes down to case law, and how much of the data we can utilize. It would have to be a state-by-state proposition,”

 

[hridge2020]

also big brother is going thru your driving habits from your car... So if its super high... are you racing around alot... zoom take offs... etc...lol

 

[ibGeek]

Thanks for the insurance education. I'll likely make some changes as a result.

 

[dethman]

75-80% more than my policy with ameriprise on my 2 cars. thanks.

 

[r1200gs4ok]

Wow, 500K, that seems excessive to me. Bodily injury is usually 100/300k Remember that most people also have health insurance.
And property damage is typically 100K unless you are planning to run your car in to a millionaire's home with Gas cans strapped to the sides of your car.

also if you are working you really dont need medical because you cant use it until your work insurance runs out

 

[jelly]

Finally was able to check the rates after they updated their algorithm. It was a no brainer to switch after quotes came up less than half what we're paying through AAA with 5x better coverage from Tesla. Keep in mind you need to call them to add 2nd Tesla as well as second driver but they haven't fixed that ability yet (2nd driver) so give them a few more days.

Is there a discount for second Tesla?

 

[tivoboy]

Isn't law that all vehicles register have insurance ? (Calif is) why pay $$$ for that ?? hmmm

Yes, it's the law, but there are a lot who don't do it - that's why we have insurance for "uninsured motorists".

It's also why in CA for example, people without residency (legal residency in the USA) can still GET insurance and DL.. much to the chagrin of many, but the objective people that they are in the insurance premium collective, so rates for all drivers are lower.

 

[forkee]

Is there a discount for second Tesla?

yes but you need to add 2nd car through calling them after insuring the first. doing it separate, you will not get the discount and you can only do one online anyways. you can get individual quotes for each but once you insure one, the option somehow becomes unavailable on the 2nd because it thinks you are already insured and redirects you to your policy for the first.

 

[jelly]

yes but you need to add 2nd car through calling them after insuring the first. doing it separate, you will not get the discount and you can only do one online anyways. you can get individual quotes for each but once you insure one, the option somehow becomes unavailable on the 2nd because it thinks you are already insured and redirects you to your policy for the first.

Oh interesting. So there's no way to know what the two cars together will be without getting one first and then quoting the second off of it?

 

[ibGeek]

Oh interesting. So there's no way to know what the two cars together will be without getting one first and then quoting the second off of it?

You can call them and get the quote directly from them before you purchase anything. When you call, select that you already have insurance and then you can get to a human. They have a few phone system/ website wrinkles to work out, but once you get to an agent, they are very helpful.

 

[forkee]

Oh interesting. So there's no way to know what the two cars together will be without getting one first and then quoting the second off of it?

correct

You can call them and get the quote directly from them before you purchase anything. When you call, select that you already have insurance and then you can get to a human. They have a few phone system/ website wrinkles to work out, but once you get to an agent, they are very helpful.

yep!

 

[spiderion]

Has anyone added a driver to their policy and did you rate go up when you added additional drivers? (Spouse in my case).

Yes. I just tried to add my wife to the policy and premium went up by around $60/month. Mercury is now cheaper for me with two cars (other one is not Tesla). I am switching.