Model S Insurance Sticker Shock

[brandonmbeard]

So with the P85 on it's way to the SC, i decided to get all the loan stuff and insurance done early. I called to get insurance today, and was in no way prepared for the number they gave me.

To add just the Tesla was more per month than I pay for 3 other vehicles combined. Nearly $300/mo total for insurance. I was in complete shock, needless to say I began to shop my entire policy around. and got everything for 1/2 that cost.

Anyone else have ridiculously high insurance quotes?

 

[Discoducky]

Not me, Progressive was very low with my 60kWh, rental reimbursement and $500 deductible was $480/6 months for 2 cars (S and 2013 MINI Cooper S)

 

[steve841]

Progressive for me too.... 3 vehicles insured for $2100 a year.

 

[Gizmotoy]

Shop around a bit. I scouted two places just to get an idea, and I got one astronomical quote, and one very low one. Maybe some insurance companies are scared of it right now? My low quote approximately matches my current car's rate, which is 6 years old and cost $35k brand new, which itself is way less than it was when I first got it.

 

[brandonmbeard]

After moving everything to Farmers. The auto portion came to just less than $1800/yr for full coverage on 4 vehicles including the Tesla P85.

 

[DuncanWatson]

In general you have to shop around when insuring any EV. Insurers are not your friend and you need to make sure they see competition. They like old and boring and have trouble with anything new. Their first instinct is to take advantage. I had to shop around for my Ford Focus Electric and eventually moved everything around to get a decent price (with Pemco in the end).

 

[liuping]

So with the P85 on it's way to the SC, i decided to get all the loan stuff and insurance done early. I called to get insurance today, and was in no way prepared for the number they gave me.

To add just the Tesla was more per month than I pay for 3 other vehicles combined. Nearly $300/mo total for insurance. I was in complete shock, needless to say I began to shop my entire policy around. and got everything for 1/2 that cost.

Anyone else have ridiculously high insurance quotes?

My old insurance company did not even have the Model S in there system so they gave me a "we don't want you as a customer even though you've been with us almost 20 years" rate.

I ended up at Geico. They were very "Tesla Aware", and even had different battery sizes in the pull down menus of their online rate quote form. They gave me a very reasonable rate on the Tesla and even saved me some money on my older cars (and up coming teenage daughter rate).

 

[paulkva]

Obviously insurance varies widely by location and driving record, and as you've seen, by insurer. We have USAA, and the incremental insurance cost to replace our 2004 Mazda 6 wagon with our P85 was $20/month. If we had gotten a Lexus IS350 instead (which I had seriously considered before I test-drove the Model S), it would have been $10/month instead of $20. The (pleasantly) surprising part for me was when I discovered that their rates for the S85 and P85 were the same. (I didn't price the S60 or P85+.)

 

[gameboy]

With a $2000 deductible, I will be paying $313 every 6 months for P85+.

 

[Peter_M]

Turns out my previous company was apparently overpriced - I'll be paying less for a 2013 Model S and a 2013 Prius than I was paying for a 2002 Acura TL and a 2003 Mazda Protege 5, and that's with the same deductible, more liability coverage and 5-year replacement cost that I didn't have before. So yes, for sure shop around and get competitive quotes every few years even if you think you've got a good price.

 

[sub]

just got a quote today, my insurance is through Hartford. My insurance goes up $22 a month removing our 2001 bmw 3 series wagon and replacing it with the Model S. Reading what others have said I forgot to make sure they quoted for the P85, I will double check tomorrow but I doubt it will change.

 

[robertoflay]

Turns out my previous company was apparently overpriced - I'll be paying less for a 2013 Model S and a 2013 Prius than I was paying for a 2002 Acura TL and a 2003 Mazda Protege 5, and that's with the same deductible, more liability coverage and 5-year replacement cost that I didn't have before. So yes, for sure shop around and get competitive quotes every few years even if you think you've got a good price.

Guys please make sure you speak with your agent and they know everything about the vehicle, including what options you have etc, in this day and age everything usually gets pulled by the VIN number but with these cars being scarce and user customizable the best way to get a full comparison of coverages, liability coverage in this instance probably doesn't mean much with regards to the Tesla, it was probably a rate change with your company for that specific coverage regardless of vehicle. If anyone needs any help with insurance let me know, [email protected]. Im not trying to make a sale just an enthusiast with 15 years in the business, I love helping people out especially with high value items like a 100k plus car.

 

[dave]

State Farm was my old provider and they had decent rates. I used the opportunity to switch companies however as Geico had slightly better rates.

 

[ausdma]

I've been with State Farm for a long time. Our agent says when I sell my Infiniti G37 and add a Tesla 85kWh battery the insurance will increase around $115. He also talked about his other clients that have Model S and how much they love them.

 

[yobigd20]

Not only does insurance vary based on location and driving history and vehicle, but also what kind of coverage you select.

I think most people in general (that I've seen) are getting 100/300/100 policies, but is not enough to replace a P85, especially after the price hike a few months back. It's very easy to burn through the entire 100/300/100 policy in one accident and be left in debt with no replacement vehicle.

For me, I have a CSL $500k policy (liability+comprehensive+collison+uninsured+prop dmg+pip+etc) with a $250 deductible, including a $50 deductible for windshield, and $2100 for aftermarket work. Lots of coverage with low deductibles - so no worries whatsoever. Premium is $591/6 months. Worth every penny. Progressive. BTW, that was cheaper than my previous vehicle. I had a Range Rover Evoque which MSRP was half the cost of the P85. My coverage at that point was 100/300/100 with $500 deductible no windshield or aftermarket coverage and the premium was over $600/6mo. Go figure. Logically, that makes no sense to me. But I guess Land Rover has such a bad name and history with a horrible reputation, and I guess people must just smash the hell of them around here or they just fall apart. Oh well. So IMO insurance from my perspective for my P85 is *very cheap* especially for the coverage I am getting and is actually saving me money LOL

 

[AnOutsider]

Liberty Mutual here, and the S is the cheapest car on our policy

 

[RoverS]

i'm with Allstate and they are absolutely raping me. a Tesla P85, Range Rover Evoque, and Toyota Prius come to $3,500/yr. with a clean driving record, married, house, etc.

can't wait to see what they say when i get the Range Rover Sport in a couple months.

i'll be switching to Geico here promptly....

 

[gene]

I went with Kemper. Only $300 more per year than my Honda Civic was!

 

[phat78boy]

When I called my insurance company back in July, they told me they would not even insure the vehicle. I ended up with Liberty Mutual.

 

[Bradleybang]

Not only does insurance vary based on location and driving history and vehicle, but also what kind of coverage you select.

I think most people in general (that I've seen) are getting 100/300/100 policies, but is not enough to replace a P85, especially after the price hike a few months back. It's very easy to burn through the entire 100/300/100 policy in one accident and be left in debt with no replacement vehicle.

For me, I have a CSL $500k policy (liability+comprehensive+collison+uninsured+prop dmg+pip+etc) with a $250 deductible, including a $50 deductible for windshield, and $2100 for aftermarket work. Lots of coverage with low deductibles - so no worries whatsoever. Premium is $591/6 months. Worth every penny. Progressive. BTW, that was cheaper than my previous vehicle. I had a Range Rover Evoque which MSRP was half the cost of the P85. My coverage at that point was 100/300/100 with $500 deductible no windshield or aftermarket coverage and the premium was over $600/6mo. Go figure. Logically, that makes no sense to me. But I guess Land Rover has such a bad name and history with a horrible reputation, and I guess people must just smash the hell of them around here or they just fall apart. Oh well. So IMO insurance from my perspective for my P85 is *very cheap* especially for the coverage I am getting and is actually saving me money LOL

You are confusing liability with property coverage. The 100/300/100 or $500 CSL you mention are liability limits which cover you should you hit someone else.
The car itself is insured to ACV=Actual cash value. You have modified this to include $2100 additional aftermarket work.

As respect your deductible of $250. That's too low. Being a P85 owner I am guessing a $2000 fender bender repair will not set you back financially and you would rather fix it yourself than deal with your insurance co. Therefore you should raise your deductible to say $2,500. Use any saved premiums to buy higher liability limits.