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Model S - Insurance rates?

mambro

Member
Supporting Member
Mar 13, 2018
128
71
McKinney, TX
I do NOT have a Model S, but asked my insurance broker earlier this week about annual coverage for a 2014 P85+ I was looking hard at.

"We ran comparisons with the number of different companies that we represent. If we were to add the Tesla, Progressive came in very close to Safeco. There are some slight differences in the homeowner’s policy. Safeco has a 1% wind hail deductible on the home. Progressive requires a min of 2%. Also, Safeco offer a single loss deductible. Progressive does not. You have slow lead water coverage with Safeco. Progressive does not offer this coverage."

Just the Tesla portion:
Safeco: $1348.80
Progressive: $916.00

At face value, the Progressive number looks great. But, in my area of Texas, hail damage to the roof of your home (and other property) is not uncommon at all. That 1+% difference based on the value of your home is likely far more than the difference in the Tesla line item.

Agree with what others have pointed out: coverage will be specific to you, your driving & claim history, and overall insurance needs. (Multi-car discount, classification as "leisure" (expected low usage/mileage) vs. daily driver w/commute, multi-policy discount: home, umbrella, etc.)
 

Dornish

New Member
Jun 4, 2018
4
0
Los Angeles
After looking into this more, I realize that it’s no use comparing insurance rates on a forum.

Mainly because one person can insure a car for $50/month or $150/mo. with the same company.

It all depends on what exact coverage you get

and I’m guessing we all have different coverage preferences - making comparing insurance here quiet difficult bc $100/mo. with 25/50/25 is not cheaper than $120/mo with 100/300/100.
 

obie_fl

Member
Jan 5, 2018
256
813
Florida
While coverage preferences is certainly a factor in the wide variation in rates in my experience it is location that is the biggest differentiator. Insurer A can be half of insurer B while the reverse may be true in a different area. I was an existing GEICO customer until I got my S. I had several quotes that were less then half what GEICO wanted for the same coverage. Maybe it is just teaser rates to get you to switch, I'll see what happens when my 6 months is up with Progressive.
 
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AdamAnt

Member
Apr 19, 2018
16
3
New York
Try Liberty Mutual InsureMyTesla as others have recommended. I came from an RX400h (insured thru GEICO) to a Model S100D. Clean driving record and only accident was someone rear ending rear my Rx400h and totalling it. Investigated Liberty Mutual - between house, umbrella, and auto policy along with the standard discounts - the Auto came to around $1070/year (NY, includes Better Car Guarantee | Employee Parking Guard | $500 deductible | no deductible glass | $90/day rental) If you add in half the cost of the 1 million umbrella policy and it comes to around 1155/year. Try talking with an agent to see if they can run scenarios to determine what the best mix is for you.
 
Try Liberty Mutual InsureMyTesla as others have recommended. I came from an RX400h (insured thru GEICO) to a Model S100D. Clean driving record and only accident was someone rear ending rear my Rx400h and totalling it. Investigated Liberty Mutual - between house, umbrella, and auto policy along with the standard discounts - the Auto came to around $1070/year (NY, includes Better Car Guarantee | Employee Parking Guard | $500 deductible | no deductible glass | $90/day rental) If you add in half the cost of the 1 million umbrella policy and it comes to around 1155/year. Try talking with an agent to see if they can run scenarios to determine what the best mix is for you.

Is this only for new Teslas or they insure CPOs as well?
 

AdamAnt

Member
Apr 19, 2018
16
3
New York
Is this only for new Teslas or they insure CPOs as well?
Not sure, this was for a new Model S, not CPO. I would recommend talking to an agent to see what they can do for you in regards to the Better Car Guarantee and other options usually associated with a new vehicle. Since they have a special relationship with Tesla, they may have CPO specific options.
 
I have a 2017 Model S 100D and I pay $998.00 annually for the Tesla portion of my policy. I have my entire insurance portfolio with Nationwide Private Client. They are a separate company but owned by Nationwide Insurance specializing in high value vehicles etc... That policy includes New Car Replacement, Full Glass Replacement, all original OEM parts ,$1,000 deductibles for comprehensive and collision and $500,000 of liability protection.

I am a Tesla enthusiast and owner as well as an independent insurance agent that represents multiple companies. It's very hard to make generalizations about rates since every Tesla owner's insurance is going to be specific to their driving history, credit score (except in CA), state/location and mileage driven. My vehicle gives me so much joy and I want to protect it as best as possible. Having an insurance company that specializes in adjusting claims for high end vehicles and has coverage tailored for that was very important to me at least.

I create a website to help other Tesla owner's navigate the insurance space and provide guidance and quotes if requested. We write insurance in 11 states across the western and mid-western US.

Tesla Insurance Quotes

Good luck shopping around and let us know if we can help at all.

Bill Rowlen
833.276.7778
[email protected]
 
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glide

Active Member
Jun 6, 2018
4,195
5,874
USA
Try Liberty Mutual InsureMyTesla as others have recommended. I came from an RX400h (insured thru GEICO) to a Model S100D. Clean driving record and only accident was someone rear ending rear my Rx400h and totalling it. Investigated Liberty Mutual - between house, umbrella, and auto policy along with the standard discounts - the Auto came to around $1070/year (NY, includes Better Car Guarantee | Employee Parking Guard | $500 deductible | no deductible glass | $90/day rental) If you add in half the cost of the 1 million umbrella policy and it comes to around 1155/year. Try talking with an agent to see if they can run scenarios to determine what the best mix is for you.

The Liberty Mutual program was literally 2x what I got from AAA for the same coverage. Many forum members have been reporting the same.
 

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