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Model S - Insurance rates?

Dornish

New Member
Jun 4, 2018
4
0
Los Angeles
Hi,

I currently drive a 2017 BMW 340i - I purchased it new for around $60k.
(My current insurance on this car is $80/month, for reference.)

I want to buy a used '14/'15 Tesla MS for around 45-50k. Can I expect insurance on the Tesla Model S to be roughly $100 or less per month? Or am I looking at higher rates ?

Thanks
 

PhilDavid

Active Member
May 22, 2018
2,552
1,839
Philadelphia
Insurance rates are quite dependent on age, driving history, and your other business or policies with the insurance company.

I think you are in the right ballpark and the actual rate would depend on if you buy a P model or not.

You can easily get a figure by calling your insurance agent. If they require a VIN for a quote, you can always give them the VIN for a similar car available for sale to the vehicle you are looking to buy.

Let us know what you find out :)
 

lg_golfs

Member
Feb 26, 2015
231
90
Southern California
My S just turned 3 and its insurance rates went up 30% this year. My insurance blamed the California fires this year which I do believe is not legal.

You can always call your insurance before you get the car. Most of them are able to give you base quotes before you purchase the car.
 

PhilDavid

Active Member
May 22, 2018
2,552
1,839
Philadelphia
There has been rumors about Tesla offering their own insurance? Does anyone know anything about that?

Ideally it is better to have your policies for your house and other vehicles with the same carrier so you receive a discount. Also it is advisable to have an umbrella policy which is likely something not included by a Tesla insurance product.

The best way to get Tesla insurance costs down is honestly Tesla working with the body shops to reduce repair costs, especially for quarter panels and other areas that have historically resulted in massive repair bills.
 

tpham07

Active Member
Mar 21, 2017
1,965
2,202
Rhode Island
Lexus insurance cost me $500/6mo premium. Got a Model S and it jumped to $1500. I shopped around but most of the companies were like that. Teslas are so relatively new that actuaries have little data to go off regarding how much to charge to insure them for. Then again it also depends on the state. My parents in CA only pay like $700 for 3 cars, including a Tesla.
 

PhilDavid

Active Member
May 22, 2018
2,552
1,839
Philadelphia
Lexus insurance cost me $500/6mo premium. Got a Model S and it jumped to $1500. I shopped around but most of the companies were like that. Teslas are so relatively new that actuaries have little data to go off regarding how much to charge to insure them for. Then again it also depends on the state. My parents in CA only pay like $700 for 3 cars, including a Tesla.

Tesla insurance actually used to be lower. I think the problem is that actuaries have now seen insurance costs and the situation with Tesla approved body shops charging what they do probably has not helped.
 

wdolson

Well-Known Member
Jul 24, 2015
7,455
9,949
Clark Co, WA
My insurance went up when I went from my 24 year old Buick to my Model S, but that was only because of the extra coverage. The base coverage cost pretty much the same. I just paid my insurance for the year, it did go up a little, but it was around $1100 for the year with comprehensive, collision, uninsured motorist, etc.

I did need to shop around. When I started looking for insurance the company I was with (Travellers) quoted me a fortune. Safeco was significantly cheaper.
 

Lasttoy

Active Member
Mar 24, 2017
1,573
838
St Augustine, Fl
Their are too many varibles, shop around.
I did add a 20% addition to a total wreak payout. We all know adjusters will low ball us. It cost me $7 @ month.
I got usaa, im military.
 

jeffdom1978

Member
Mar 16, 2018
265
161
Chicago
I probably fit the perfect insurance profile for low rates, married, 40, mortgage, no accidents or claims in over 10 years, low crime zip code and we have 3 cars right now insured through Geico, 2017 Lexus NX F-sport, 2014 Lexus IS350 FSport and a 09' Ford Pickup truck (liability only) and pay $550 every 6 months.

$300k/$300k on Liability, Property damage, Under-insured, Injury and $500 deduct for collision/Comp

With my new Tesla replacing the IS350, the 6 month goes up to $830.00. I shopped around and even used "Insure my Tesla" and that was through Liberty Mutual and they couldnt come close to Geico. ($1,180). Esurance was the only one who beat Geico's quotes but wasnt by that much. I think it was $750.00 but I have been with Geico for 15 years so didnt want to switch.

You really need to shop as many companies as possible. They usually dont vary that much, but with Tesla they really do! State Farm was crazy, $1300.00 for me!
 

jrad6515

Closed
Feb 5, 2018
244
10
76107
Their are too many varibles, shop around.
I did add a 20% addition to a total wreak payout. We all know adjusters will low ball us. It cost me $7 @ month.
I got usaa, im military.

I'm with USAA too. I just got a quote from Tesla and it is WAY higher than what I pay with USAA for my new Model S. Needless to say, I'm sticking with USAA.
 

TKTNURI

Member
May 17, 2018
63
10
Sacramento
My insurance went up $68 by adding the Tesla (used '13 S 60). I kept the old car '13 Toyota Rav 4EV and a '16 Mitsubishi Outlander. Total $215 per month.
 

Need

Active Member
Nov 22, 2017
2,880
2,196
SoCal
Hi,

I currently drive a 2017 BMW 340i - I purchased it new for around $60k.
(My current insurance on this car is $80/month, for reference.)

I want to buy a used '14/'15 Tesla MS for around 45-50k. Can I expect insurance on the Tesla Model S to be roughly $100 or less per month? Or am I looking at higher rates ?

Thanks

I think you can expect your insurance will be more than $100 per month. We replaced BMW X5 with Model X and insurance was about doubled that of X5. I don't think yours will be doubled, but probably goes up to $100 to $120? Call your insurance and ask them.
 

Damien Sandow

Member
Aug 13, 2017
68
25
Chicago
Just got a really low rate from Progressive. I went from Geico and when I called to cancel they almost didn't believe the quote a received. They couldn't come close to matching it.
 

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