Model 3 insurance

[Leng Y]

Recently, I bought Model 3 and found out that its auto insurance is very expensive, much more higher than that of my Lexus RX450h. The increase of insurance totally wipes out the saving from gas bills! Does anyone know why?

 

[jakebake]

I just made a thread on this but haven't purchased yet. Others are getting some pretty low insurance rates but I was quoted very high. Have you looked at different companies? I'm hoping I can find something as it will keep me from purchasing the car as I don't want to spend that much in insurance.

 

[JFChenger]

Model 3 insurance rates

 

[woodisgood]

If you have an at-fault or bodily injury on your record, premium will be sky high compared to other vehicles.

If completely clean record, can expect not much more than other similarly priced cars, though slowly this appears to be changing.

 

[garth_angst]

I have Allstate, no accidents or tickets in last 5 years. Got a rate of about $500 for 6 months. Standard coverages.
My discounts include multi-car (Toyota RAV 4), multi-policy (have home owners insurance with them), defensive driving, auto pay.
I am in NY.

 

[zhu-]

Geico here and I pay $450 for 6mo. The same coverage on my previous 2016 C300 was $650 for 6mo so quite a bit cheaper. My first 6 months was actually around $510 but on the renewal they lowered to $450 for some reason. I also had quotes for over $1k on the same coverage with other insurers so definitely shop around.

 

[TiggerTime]

State Farm in Florida $590 / 6mo on my Tesla Model 3 previously $530/6mo on my Honda Civic si .

 

[mswlogo]

Recently, I bought Model 3 and found out that its auto insurance is very expensive, much more higher than that of my Lexus RX450h. The increase of insurance totally wipes out the saving from gas bills! Does anyone know why?

I had the same panic the day before delivery. After shopping around we found Progressive to be most affordable, almost the same as the cheaper older car we replaced. Some are wildly high like MetLife.

Still concerns me a bit that it might go up in the future. Especially with AP, how easy it is to get totaled and 0-60 in 3.2 seconds. Lots of the “sports cars” are outrageously high to insure.

 

[JBT66]

$455 for the Tesla for 6 months through Ameriprise. Also insure a 2018 Ford Explorer for $388. $500 deductible and $30 rental reimbursement included.
LR AWD.

 

[mcars]

I'm glad I found this thread. My Allstate rep is attempting to charge me $750 every 6 months for the car, which is $300 more than my Acura. Doing this under the guise of "Limited repair centers" and giving me more value for my car in case of an accident. Needless to say it's time to shop around

And I have 0 accidents on my record, multi car and home coverage. This is in Chicago.

 

[thefitter]

Try AAA. My deductibles are the lowest you can have 50/250, and my liability/property damage coverage is doubled.
$800 a year. Lower than the BMW.

 

[srs5694]

There are numerous threads on this topic on this forum already. Comparing what you pay to what others pay is pointless, since there are too many variables in play. What you need to do, as others have said already, is to shop around. Progressive and (IIRC) State Farm frequently come out with low rates for Teslas, so start there. Geico seems to be hit-or-miss. Tesla itself has announced it will be offering an insurance product, apparently in partnership with an established carrier, but I don't know when this will be available.

 

[SigNC]

metlife and it's no different than my previous cars.

 

[CravenRx]

I was worried after all the horror stories I read about online. But I have State Farm and I think my rate went up $15/6mo over my Audi I traded in. I’m going to reduce my deductible for glass damage soon but they said it would cost maybe $10 more a month after that.

 

[tashtibet]

my previous insurance was Allstate and they even don't know anything about Tesla last year. I shopped and decided on Amica and pay $60/month for comprehensive.

 

[Trips]

So I was one of the people that State Farm raised my rate by about 20%. I have their Drive Safe & Save tracking app and here are my last 20 trips that were over 2 miles. I have not had a ticket or wreck in 20 years and was taking it easy on these trips. Out of 20 trips I only got a 5 star on Acceleration twice.

Based on 1 to 5 stars.
Acceleration: 2.21
Braking: 4.26
Cornering: 4.05
Speeding: 4.58
Phone: 4.84

 

[devilmountain]

Insurance is also based on how many miles you drive. I pay about 2k a year for two Model 3s per year with AAA in central Contra Costa County. Both have high limits, low deductible, and free replacement glass. I also have homeowners with AAA insurance. This is for driving about 10k a year on each car. I garage all three of my cars and live in a semi rural part of town.

 

[MountainJedi]

State Farm in Colorado quoted me $88/month yesterday which is cheaper than my F150 with them.

 

[Atari2600]

State farm with home and multi car discounts and they raised my rate to $560.76 every 6 months.
Posting insurance costs without coverage details is pointless so here is mine.

Liability Coverage

• Bodily Injury Limits
• Each Person, Each Accident
• $100,000 $300,000
• Property Damage Limit
• Each Accident
• $100,000
• 
  
• $121.68 / 6 mos

Medical Payments Coverage

• Limit - Each Person
• $100,000
• 
  
• $35.55 / 6 mos

Comprehensive Coverage

• $98.25 / 6 mos

Collision Coverage - $100 Deductible

• $284.37 / 6 mos

Emergency Road Service Coverage

• $3.20 / 6 mos

Car Rental and Travel Expenses Coverage

• Limit - Car Rental Expense
• Each Day, Each Loss
• $25 $600
• 
  
• $10.01 / 6 mos

Uninsured Motor Vehicle Coverage

• Bodily Injury Limits
• Each Person, Each Accident
• $50,000 $100,000
• 
  
• $7.70 / 6 mos

 

[tashtibet]

State Farm in Colorado quoted me $88/month yesterday which is cheaper than my F150 with them.

me too in CO