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MASTER THREAD: Tesla Insurance Services in California

Discussion in 'California' started by BobAbooey, Aug 28, 2019.

  1. jordanair45

    jordanair45 2019 Model 3 SR+ w/ FSD

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    N.Cal
    According to Elon, yes!
     
  2. ElectricLee

    ElectricLee Member

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    This not like a Disney+ signup frenzy, these prices are average at best.
     
  3. KenC

    KenC Active Member

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    Elon said Tesla's quotes would be based upon more information, so if using more information results in higher quotes, then I think you should be happy with your existing insurance! ;)
     
  4. KenC

    KenC Active Member

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    Elon knows you track your car at Laguna Seca, no insurance for you!
     
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  5. Uncle Don

    Uncle Don Member

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    I got my quote. Much higher than Geico. I also don't want my insurance company to have the customer service that Tesla has once you've bought your car. Pitiful!
     
    • Like x 4
  6. jerseygirl18

    jerseygirl18 jersey girl

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    have you ever made a claim with Geico?
     
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  7. Stirfelt

    Stirfelt Member

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    I'm very disappointed.
    Insurance cost has kept me on the sidelines. I had held-off buying ... in hopes that Tesla insurance would be affordable.
    I greatly admire the M3; I'm willing to put-up with the paint issues, road noise and etc.

    But I'm not willing to pay the insurance company an outrageous price to own a M3.
     
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  8. Pkmmte

    Pkmmte Le meow

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    Yes, more times than I would've liked. I have multiple threads about some of my claims, too.

    Even then, it's hard to justify going from $140 /mo for my Model 3 alone (other drivers and cars excluded) to Tesla's quote of $490 per month for less coverage.
     
    • Like x 1
  9. SD_Engnr

    SD_Engnr Active Member

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    Interesting idea. I'll have to see if any other track friends have the same issue.
     
  10. focher

    focher Member

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    That was my experience too. Not just a little more, like 2x more.
     
  11. JZtheHW

    JZtheHW Member

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    Location:
    Yorba Linda, CA
    I check my tesla insurance quote, about 50% more than I pay through Farmers, I only have a very minor fender bender accident few years ago, 20+ years good driving record. My wife drives even more conservative than me, her case, 80% increase in premium.

    I am scratching my head now, what is wrong?
     
  12. Eno Deb

    Eno Deb Active Member

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    #32 Eno Deb, Aug 28, 2019
    Last edited: Aug 28, 2019
    Blog entry:

    Introducing Tesla Insurance

    Edit: Here's a support FAQ:
    Tesla Insurance

    They claim up to 30% lower rates (compared to what?). The actual insurance page is down right now.

    Personally I'd be very hesitant to use an insurance company that has complete online access to detailed logs of the car that I can't even see myself ...
     
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  13. Fernand

    Fernand Member

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    People complain when Musk doesn't deliver, and
    they complain when he does. Don't like your quote?
    don't use it. Pretty simple. For some people it will be
    better than for others.
     
    • Like x 3
    • Disagree x 1
  14. Magnets!

    Magnets! Member

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    California
    $300 more per year than Costco for me.
     
    • Informative x 1
  15. OCR1

    OCR1 Active Member

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    Southern California
    Who is the actual underwriter for these policies? What is their insurance rating? Who is in charge of servicing claims? How can you just sign up for insurance without knowing these basics? Or is it posted somewhere that I can’t find?
     
    • Like x 3
  16. bayx

    bayx Member

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    San Francisco
    Has anyone been able to see what Tesla's insurance rates are because the website just says Algorithm update in progress!

    Tesla Insurance | Tesla
     
  17. Uncle Don

    Uncle Don Member

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    Location:
    California
    Reading through the thread it doesn't seem that people are signing up. I only count 3 who state they have received lower price quotes and signed up.
     
  18. NoSoup4U!

    NoSoup4U! Member

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    Los Angeles
    I priced it out for my X. About $600 more per 6 months with same coverage. I am with Ameriprise.
     
  19. Economite

    Economite Member

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    Dec 19, 2016
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    Los Angeles
    Folks...

    This is California. The insurance market here is extremely regulated-- thanks to a ballot measures. Tesla can't just pull their secret records of your driving behavior, throw it into a black box algorithm, and come up with some custom insurance rate. Their rate table (ie the formula by which they calculate rates) has to be filed with the Insurance Commissioner, and there are fairly strict limits as to what kind of factors they can use to calculate the rate. This is why a lot of the more exotic features offered by companies in other states (accident forgiveness, gizmos that plug into the car's CAN bus) aren't available here.

    If Tesla is going to use its secret records here, it will be to try and deny claims and or cancel insurance by using their records to show that you have made a misstatement of material fact in a claim or an application.

    Insurance companies are professional debtors. You pay them up front, and then they promise that if something happens in the future they will make a payment to you. Tesla has a long track record of making promises (or things that look like promises) and then not timely performing or trying to weasel out of the promises. Think of how they have reinterpreted the meaning of EAP and FSD and of how they redefined the rules on unlimited free supercharging. Think also of how they have handled crash parts and warranty issues. Why would anyone want to trade real money to them in exchange for a future promise to pay?

    Also, note that insurance companies are highly restrained in their actions by the terms of their insurance contracts and their tariffs. With insurance, it really doesn't matter what random things are said by Musk. All that matters is what's in the official documents, and whether you can get them to even do what those documents say without hiring a lawyer.
     
    • Love x 1
  20. AYCE

    AYCE Member

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    Mar 7, 2019
    Messages:
    155
    Location:
    California
    Had to see what Elon & Co. would charge me. Surprisingly, the quote is close to my current Farmers rate, except the Tesla policy provides less coverage and with higher deductibles. If I match my current policy coverage then Tesla is still 10% higher overall. Not worth changing insurance carriers, especially when we don't know what the customer service/claim side of the equation will be like yet.
     

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