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MASTER THREAD: Tesla Insurance Services in California

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

  1. forkee

    forkee Member

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    tried it yesterday before it went offline and it wouldn't let me select more than one car at a time. they should have a checkbox by each car to select all and put on same policy
     
  2. OCR1

    OCR1 Active Member

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    Does anyone know who is underwriting Tesla's insurance? One should have some basic information on the financial strength of an insurance company before signing up with them.
     
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  3. Economite

    Economite Member

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    That Q&A is gibberish. The question is asking whether you can use Tesla Insurance to insure other tesla products (presumably powerwalls and roofs). The answer to that question is "No", because the product line is a personal (ie non-commercial) auto insurance and thus it can't cover things that aren't cars.

    But then they add that, upon request, "Tesla Insurance Services" (presumably their captured, in-house insurance agency), will sell you a policy for your other cars (ie non-Teslas). The policy will be from a "relevant provider." My guess is that the "relevant provider" is actually the same provider as "Tesla Insurance" (ie, whoever underwrite Tesla Insurance). It wouldn't surprise me if it wouldn't go on the same policy as Tesla cars. I think they are just being coy with the "relevant provider" phrasing because they don't want to admit that what they are selling here isn't really special Tesla-only insurance, but is just another auto insurance policy. My bet is that their rate schedule filed with the state includes ratings for all sorts of vehicles (not just Teslas) and doesn't look much different from any other filing.

    I'm too busy to look it up now, but when I looked a few months ago on the state website, that was certainly the case. I don't know if the current insurance offering is that same filing.
     
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  4. Eno Deb

    Eno Deb Active Member

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    The Tesla insurance is backed by State National:

    Tesla Begins Rolling Out Its Auto Insurance in California

    It's assumed that State National will pass most of the risk to (unnamed) reinsurance companies though.
     
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  5. TheJDJ

    TheJDJ Member

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    Yesterday, after carefully matching the Tesla coverage to my current plan, the Tesla quote was $50 more for 6 months. Maybe I will try again later.
     
  6. Big Dog

    Big Dog Active Member

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    I'm still struggling to understand why folks thought that TSLA insurance would be cheaper than what is sold in their local state -- where insurance is heavily regulated, particularly in CA? What does Elon know that Warren Buffett and Flo do not? Sure, Elon knows the safety of his cars, but so do the others. They also know the long lag time to obtain parts -- requiring a long time for rental reimbursements, as well as teh high cost of parts since there is only one supplier.

    I'm a big fan of Elon but I guess I'm too dense to see the value add of insurance.
     
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  7. Eno Deb

    Eno Deb Active Member

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    I agree. ValuePenguin has an article looking into possible ways the Tesla insurance could be cheaper, but I don't really buy it. Particularly the claim that they plan to repair the cars in-house to lower repairs costs seems far-fetched, given how overloaded the service centers already are. The Autopilot discounts are interesting, but if Autopilot actually reduces claims, that would also show up in the statistics that other insurance companies have.
     
  8. djroberts

    djroberts Member

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    It was just released in California.
    Somethings I'd like to know:
    1. What was the difference in rate from your old coverage?
    2. (eventually) What was your claim experience like?
    3. Anything special, like they ask for Dashcam footage, discount for autopilot, etc.?

    I plan to get a quote as soon as it's back online and will share.

    I have a Model 3 SR without Autopilot
    I currently have Geico and pay $206 per month for
    300k/300k Liability, and Uninsured/Underinsured
    25k Medical
    100 Comprehensive
    500 Collision + Waiver for Uninsured
     
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  9. tvad

    tvad Member

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  10. DragonWatch

    DragonWatch Small FootPrint

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    I am right there with you. I would like to see and or compare the insurance costs ~ but, also the customer service associated with the rate.

    (if I got this correct) Did Tesla recently say that service centers would begin handling auto-body work?
     
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  11. djroberts

    djroberts Member

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  12. DragonWatch

    DragonWatch Small FootPrint

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    I gave up living in California back in '91 for lent ~ so, I'll have to wait and see.
     
  13. DragonWatch

    DragonWatch Small FootPrint

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    If I am reading Elon correctly, he may just be making a point and driving down the insurance on Tesla's because they are a much safer car:DHe has talked about Tesla cars being insured at a lower cost.
     
  14. chronopc

    chronopc Active Member

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    I got a quote for about $215 a month which is more than all other insurance companies I've gotten a quote from.
     
  15. VQTRVA

    VQTRVA Member

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    Knock on wood - but I have Progressive also & they are far away the cheapest insurance for Tesla.

    But from what I read they are one of the worse if you have to get a car repaired in terms of OE parts & going to the shop you want.
     
  16. HelloJohnny

    HelloJohnny Member

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    Posted this in the other Tesla Insurance threads:

    Got my quote yesterday and it was higher than my current insurer (Geico) with same coverage

    Model 3 LR with Enhanced Autopilot
    Currently insured with Geico and pay $132.00 per month ($762.00 6/month)
    • 15 years of driving experience
    • $50k/$100k Liability, Property and Uninsured
    • $1000 Collision Deductible
    • $250 Comprehensive Deductible

    Tesla Insurance quote: $240.00 per month for same coverage

    Hoping Tesla's new algorithm will be cheaper or similar to what I'm paying right now and I would make the switch.
    Will report back once the system is back up and running.
     
  17. HelloJohnny

    HelloJohnny Member

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  18. chronopc

    chronopc Active Member

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    Keep us posted. You are in a very similar situation that I am.
     
  19. OCR1

    OCR1 Active Member

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    So if I’m understanding here, Tesla is just acting as an insurance broker, writhing policies for State National, who is then passing on the risk to other insurance companies through reinsurance.

    But I’m still not clear on who is handling the actual claims processing when there is an accident. If someone bought insurance yesterday, and had an accident today, are they ready to go?
     
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  20. Daniel in SD

    Daniel in SD Active Member

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    Since Tesla's safety report says that Teslas get in accidents between 4-6 times less often than other vehicles then at the least the liability insurance should be 4-6 times cheaper (Tesla Vehicle Safety Report). I'm sure they'll fix it in the algorithm update.
     
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