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Model 3 insurance rates
- Thread starter jakebake
- Start date
ElectricLee
Member
In the SF bay area, with AAA 1,000 to 1,400 for 12 Months of Full Replacement and Glass coverage.
Responses here will not matter unless you find someone with similar demographics, credit history, driving history, etc.
My credit and history are good if not great, I am 31, live in AZ and haven't had anything on my driving record for probably 8 years so if it helps haha. I know it won't be exact amounts but just wanted to get an idea.
Quote I was given who my father uses was $1925 6 month premium so that is about $325 a month? I know he has a really high policy so maybe that is what it is but I'll have to check other places.
Quote I was given who my father uses was $1925 6 month premium so that is about $325 a month? I know he has a really high policy so maybe that is what it is but I'll have to check other places.
JFChenger
Member
That's way high! I'm at $595/6 months with state farm (250/500/100, $1K deductible). Not cheap by any means, but the agent is a personal friend, so I'm sticking with him.
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Premium Comparison and Complaint Ratios for Automobile Insurance as compiled by the State of Arizona...
Premium Comparison and Complaint Ratios for Automobile Insurance | Arizona Department of Insurance
This will allow you to find the lowest companies and you can consider the complaint rates for those companies.
srs5694
Active Member
Indeed. There are too many variables at play. Even listing a few of them, as the @jakebake did in post #5, won't be enough to narrow the field significantly.
This is the correct approach. Call a few insurance companies, use their Web sites, or use an agent or Web site that compares rates from several insurance companies. When I did this, I found that rates varied outrageously for me. IIRC, it was something like a 5x factor, although one of those was an outlier on the high end, so it was more like a 3x range for the bulk of the estimates. FWIW, I ended up with Progressive. Based on other discussions on this forum, Progressive seems to have better rates than most insurers for Teslas, so if I had to recommend just one insurer to try, it'd be Progressive. My old insurer, Geico, seems to be hit-or-miss; some people say they get good rates through them, but others say not. For me, it was just over a 2x difference between Progressive and Geico. IIRC, @RyanT's State Farm is pretty good by most reports, too.
For the US Federal tax credit, no; that goes to whoever owns the car. If you lease, that's Tesla (or whoever they're working with to finance the leasing; I don't know the details of how they're doing it). That said, some finance companies factor the tax credit into the lease calculations, but I don't know how Tesla's doing it. If it is being folded in, the result will be in whatever bottom-line monthly payment you're quoted.
State incentives may be another matter. I have no idea what's available in Arizona or how it works there if Arizona has a state incentive. When I leased a Chevy Volt close to three years ago, the Rhode Island incentive went to the lessee, so I got that. Rhode Island's incentive has since run out of money, so I got nothing when I bought my Model 3 1.5 months ago.
Ah thanks! yeah you are right if you look on Tesla's website it shows your lease payment and then your lease payment after estimated savings. The estimated savings includes the federal tax credti and then estimated savings for gas. So then I assume they might be factoring the tax credit into the lease payment? I doubt that they factor in the gas savings though I hate how tesla does it that way. Kinda a lame marketing practice but I look past it lol
Insurance is so personalized; comparing rates really is ineffective.
That said, here in NJ (traditionally one of the highest insurance rates in the country), I'm paying $522.34/6 months (or $87.05/month) for full, high limit ($250k/$500k) coverage, with a $100 comp deductible and a $500 collision deductible. State Farm. Great agent.
That said, here in NJ (traditionally one of the highest insurance rates in the country), I'm paying $522.34/6 months (or $87.05/month) for full, high limit ($250k/$500k) coverage, with a $100 comp deductible and a $500 collision deductible. State Farm. Great agent.
verystandard
Member
Below is the cost of my autoplan insurance (I live in Vancouver Canada) in case if there is any Canadian Model 3 potential buyer looking at this post. The price is in Canadian dollars.
I have additional $600 bucks off by being in 10 years rate class (driving more than 10 years), driving to work/home more than 15KM, and so far I have a clean driving record. If the insurance for a newly licensed, the cost could shoot up to $6000+ CAD per year.
Hope this helps
I have additional $600 bucks off by being in 10 years rate class (driving more than 10 years), driving to work/home more than 15KM, and so far I have a clean driving record. If the insurance for a newly licensed, the cost could shoot up to $6000+ CAD per year.
Hope this helps
I do currently have insurance it has just always been under my dad's account. I pay for it, but haven't worried about getting on my own plan before. Maybe that's a factor. I've also been driving over 10 years. This agent is with Farmers and my dad has been with her for years and years. I asked her if there was anything with my record making it so high and she said no and that Farmers has been known to be high on Tesla and encouraged me to shop around.
woodisgood
Optimustic Pessimist
It's worth noting that Elon has said Tesla will come out with some kind of "compelling" insurance product in the near future (a month or six?). Nobody knows how good it will be or whether it will actually relieve some of high premiums some owners are paying. Just something to keep an eye on.
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