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Model 3 insurance Rates

Discussion in 'Model 3' started by Chanderson, Nov 2, 2016.

  1. Chanderson

    Chanderson Member

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    Hey all!

    I was wondering if anyone would happen to share with us how much you usually pay for insurance for a current Model s or X ? and of course i understand that one's driving habits can also be a major factor with insurance quotes, but i wanted to get a feel as to how much it would roughly be when i place insurance on the M3. Thanks !​
     
  2. BluestarE3

    BluestarE3 Active Member

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  3. JeffK

    JeffK Well-Known Member

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    You also have to keep in mind that you're comparing to much higher priced items.

    Also, we have no idea how self driving will affect insurance rates.

    Maybe I no longer average 10,000 miles/yr and instead average 1000 mi/yr with self driving doing the rest. Should I be charged the same rate as before?
     
  4. Trips

    Trips Member

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  5. ArtInCT

    ArtInCT Always Learning

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    Your credit rating, age, location, expected miles driven and driving record, and replacement value all come into play when you get your rate for insurance.
    However, I am sure you are really jumping the gun on the Model 3, it is not in any of the insurance data yet.
     
  6. Husamia

    Husamia Member

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    you can get free estimate on S or X, that what I did
     
  7. SageBrush

    SageBrush 2018: Drain the Sewer

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    #7 SageBrush, Nov 3, 2016
    Last edited: Nov 3, 2016
    There is too much variation between cars, drivers, policies, records, states and companies to make submitted answers in any way helpful to you.

    E.g., I take out million dollar liability policies but self-insure at-fault damage for two middle-aged drivers in Colorado with clean records. My current 2012 Prius (v)agon costs $250 a year and our 2013 Honda Fit costs $150 a year. The M3 will be ~ $300 a year for us, as I understand underwriting.

    Other people will pay 10x that amount. Your better approach is to call your own insurance company and ask what the premium would be if you bought a $40k, entry level luxury car that weights about 4000 lbs. Pick out a model ahead of time and ask yourself if you would keep the same policy limits and deductions.Then expect to call around for quotes when the time comes; and in the meantime avoid speeding violations and at-fault accidents*.

    How does one reduce the chance of an accident ?
    1. Learn defensive driving
    2. If you are an aggressive driver, change
    3. If you have any stupid behaviors while driving (texting, chatting on the phone, intoxication etc), stop.
     
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  8. eisbock

    eisbock Member

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    This can be summarized into:

    Chill the **** out when driving.
     
    • Like x 1
  9. JeffK

    JeffK Well-Known Member

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    I have a hard time with this... for me during rush hour the answer is a self driving Tesla.
     
    • Like x 1
  10. Garlan Garner

    Garlan Garner Well-Known Member

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    I'm wondering about my insurance rates as well. I believe my rates are going to be up there because I'm "all buttons checked" on my order.
     
  11. Jayc

    Jayc Member

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    Very sensible advice I think.

    And to those of us who are new to Tesla, it is important to give enough time to get used to it. Remember that it takes just a few careless accidents for the media to explode with anti-tesla rhetoric which in-turn will mean we all pay more to insure.
     
  12. Scannerman

    Scannerman Member

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    My insurance company (AAA) said that if I provide them with a VIN number, that they can give me a precise amount for owning an existing model.

    So, just copy a VIN number off of a demo, and call your insurance company. Then attempt to extrapolate, based on the difference in sale price between the demo, and a new Model 3. I believe that should provide you with a reasonably accurate estimate.

    Scannerman
     
  13. Garlan Garner

    Garlan Garner Well-Known Member

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  14. S'toon

    S'toon Knows where his towel is

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    My insurance company has their base rates online. The Model S is actually a few dollars per month cheaper than my current ICE car. I think the fact it's a safer car has something to do with it.
     
  15. Garlan Garner

    Garlan Garner Well-Known Member

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    Good to know. Thanks.
     
  16. Darryl

    Darryl ModelXTracker.com Co-Adm

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    The insurance was equivalent to other luxury cars of similar cost.
     
  17. Az_Rael

    Az_Rael Supporting Member

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    Price of the car doesn't always extrapolate well. I paid what I consider Model 3 money for my used S ($58k) and my insurance price on the used S was not lower. Mostly because of high repair costs and that P badge, I would imagine.
     

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