Model 3 insurance

[Labdev]

Just read on InsideEVs that the model 3 is ‘as expensive to insure as a 911’ - and that the insure my Tesla deal with Liberty Mutual isn’t competitive - the main reason for this appears to be the insane repair costs that Tesla SC appear to be charging, what’s your experience?

Interestingly Liberty Mutual didn’t even have the M3 as an option when I last checked for a quote, just Model S, X and ‘other’. Impressive tie up if the insurer only has 66% of your car models on their database! As meatloaf said, 2 out of 3 ain’t bad?

 

[TexasEV]

My Model 3 insurance with GEICO isn’t expensive, actually it’s less than it was for my Model S. Also Tesla service centers have nothing to do with repair costs that accident insurance would cover— that work would be done by independent body shops that are authorized by Tesla.

 

[Uncle Paul]

Every insurance company treats every car differently. Other factors are age, driving experience, and even credit score.

There always seem to be that one company that is a better deal for you than all the others. No way to find it without shopping around.

Some companies are the meat and potatoes guys. Want to cover the low risk customers and offer lower rates to them. Others want the high risk/hi premium companies. Others are wanting to agressively grow their businesses. Those usually give the best rates.

 

[MXWing]

It’s a smart way for shorts to indirectly attack Tesla.

Choose worse possible insurance quote, sensationalize the F out of it and tell everyone they can’t afford it.

It’s like 2 cars losing their bumpers implies 20% of the fleet might. You need to shop around.

It will cost more than a Camry for sure but will be less than a Bugatti Chiron.

 

[Petra]

Just read on InsideEVs that the model 3 is ‘as expensive to insure as a 911’ - and that the insure my Tesla deal with Liberty Mutual isn’t competitive - the main reason for this appears to be the insane repair costs that Tesla SC appear to be charging, what’s your experience?

I'm assuming this is the source article? Tesla's affordable Model 3 is expensive to insure

 

[tvisdog]

My Model 3 insurance with GEICO isn’t expensive, actually it’s less than it was for my Model S. Also Tesla service centers have nothing to do with repair costs that accident insurance would cover— that work would be done by independent body shops that are authorized by Tesla.

You’re right that it isn’t the service centers but Tesla is still to blame here. The problem is that they only sell parts to authorized body shops, and they charge too much for those parts. The result is a small number of shops who can do collision repair on Teslas and the resulting lack of competition on labor costs, and a higher parts cost that gets passed directly on to the insurance companies.

Tesla can easily influence the cost of insurance for their vehicles by changing the price and availability of parts.

 

[S'toon]

I'm assuming this is the source article? Tesla's affordable Model 3 is expensive to insure

Yep. I must note, written by notorious short Edward Niedermeyer.

 

[TT97]

I read the same article mentioning how it is more than "comparable" cars and then quoted a Civic, a Volt and a R8. Are they all three comparable cars?

While everyone is different, I went from an MB C300 to the 3 and my insurance cost is virtually the same now as it was for the C (a few dollars less per month). I have been with State Farm for the past 19 years.

 

[njsrikar]

I believe that article is a bunch of bogus. I am shopping around for insurance as well and my rates are nowhere near what they claim to be the average. Of course it depends on driver profile, location etc.

In my experience GEICO seemed to have better rates than Liberty for the same coverage. I currently have my BMW 335 insured with Geico and Ducati with Liberty. I thought of consolidating all of them under Liberty but they were asking twice the amount for the BMW than GEICO, whereas GEICO has better rate overall if I have both the cars with them. I will probably check Costco Ameriprise and pick one.

 

[MXWing]

F insideevs. Someone isn’t invited to the Model Y event.

 

[Matt L]

Just read on InsideEVs that the model 3 is ‘as expensive to insure as a 911’ - and that the insure my Tesla deal with Liberty Mutual isn’t competitive - the main reason for this appears to be the insane repair costs that Tesla SC appear to be charging, what’s your experience?

Interestingly Liberty Mutual didn’t even have the M3 as an option when I last checked for a quote, just Model S, X and ‘other’. Impressive tie up if the insurer only has 66% of your car models on their database! As meatloaf said, 2 out of 3 ain’t bad?

So this is my 6 month premium for my M3 and my wife’s ‘14 Hyundai Santa Fe

Seems very reasonable to me.

 

[Labdev]

Haha and I thought InsideEVs were almost Tesla fanboys, it’s reassuring to hear folk are getting good quotes in the open market.. Now that I’m getting close to my delivery window I need to start making inquiries....

 

[willa1975]

I am insured through USAA. My insurance premium will actually go down a bit after I trade in my S4 for the Model 3.

 

[njsrikar]

View attachment 329168

So this is my 6 month premium for my M3 and my wife’s ‘14 Hyundai Santa Fe

Seems very reasonable to me.

Which comment is that? If you don't mind.

 

[Petra]

I believe that article is a bunch of bogus. I am shopping around for insurance as well and my rates are nowhere near what they claim to be the average. Of course it depends on driver profile, location etc.

The company doing the comparison sampled across 150 zip codes and sounds like they're attempting to control for personal factors, which is why the actual rates for everything listed are bonkers. The author focused on the dollar value of the rates (which is irrelevant, given the nature of the comparison) when he should have focused more on the difference between the cars in percent or as a multiplier.

For example, based on the information in the article, does a $49k Model 3 cost 36% more annually on average to insure than a Honda Civic? I don't know, but that doesn't sound unreasonable and the Civic makes for an interesting point of comparison due to the trade-in information Tesla has released (even though this is new vs. new).

 

[Sunpwrd]

Still waiting patiently for my AWD, but called my insurance company for a quote during my planning stages. Was thrilled to hear that going from my 14 year-old GTO to Model 3 had virtually no impact on my current rates. Crazy. Agent said I was going from a 2-door coupe "sports car" to a "4-door family car." Funny that the category of car outweighs the fact that the Model 3 is faster, more nimble, more expensive, and probably more expensive to repair. I felt giddy like I was getting away with something. Just makes me want my car even more!

My personal experience is that the Model 3 insurance rates are very reasonable.

 

[XisBest]

I am insured through USAA. My insurance premium will actually go down a bit after I trade in my S4 for the Model 3.

USAA is the BEST!

 

[EVDRVN]

I am in a very expensive zip code for insurance, have low deductible, great carrier, very high comprehensive coverage, medical, in short very good coverages and $1400 a year. This article is complete BS with the low and high since a person could easily have $5K a year on he high side but the low is just so inflated and so transparent. Inside EVs is really becoming a garbage shoot for Tesla stories.

 

[CrazyCoconut]

I read the same article mentioning how it is more than "comparable" cars and then quoted a Civic, a Volt and a R8. Are they all three comparable cars?

While everyone is different, I went from an MB C300 to the 3 and my insurance cost is virtually the same now as it was for the C (a few dollars less per month). I have been with State Farm for the past 19 years.

Insurance rates are all over the place and don't always make intuitive sense. For example, when I had both an R8 and an i3, the i3 was more expensive to insure, even though the R8 costs more than 3x of the i3. Doesn't make sense at all.

 

[fnce_prof]

In our great state of MI with the highest insurance premium in the country, the M3 was quoted at $120 (7%) more per year than my Volt, but $300 less per year than my GLE. Fairly reasonable. That's with all policies (auto/home) under one company (Geico) and with everything set at absolute bare state minimums. I do have an umbrella policy above all that for about $500/yr extra but this doesn't vary with the model of cars being insured.