Model S insurance

[MichaelJava95]

How much do you pay for your model s insurance?

I have a single car and person in my policy, 2016 model s 75d, 24 years old, male, single, no American drivers license, location seattle, no past accident or tickets, own car, rent house, 25k/50k/25k liability, 1000 deductible for collision and comprehensive and i pay 1400$ per 6 months to progressive. It will go lower with my next term for staying with progressive and after getting an American drivers license.

 

[beatle]

My insurance went up by $57/mo when I added my car a year ago. I'm 40 with a clear record and I also have Progressive. My premium dropped by about $17/mo this summer.

Your locality can matter even more than your driving record. When I moved to northern VA from southwest VA, my premiums shot up. Not sure what Washington is like for premiums, but northern VA is pretty bad.

 

[Cheburashka]

A lot depends on where you live. I pay way less for better insurance.

I also wouldn't buy insurance with such low liability. What happens if you injure someone or hit someone?

 

[Crutonius]

2013 base s. Insurance ran me an extra 37$ a month.

 

[FatherTo1]

I pay $1250 per 6 months for 500K/1M/500K coverage on a 2019 Raven S, 1000/100 deductible. Part of OP's higher rate is due to age and shorter driving record. I am 42.

Where you live definitely makes a difference too, such as crime rate, population density, cost of living, etc.

 

[tranzndance]

How much do you pay for your model s insurance?

I have a single car and person in my policy, 2016 model s 75d, 24 years old, male, single, no American drivers license, location seattle, no past accident or tickets, own car, rent house, 25k/50k/25k liability, 1000 deductible for collision and comprehensive and i pay 1400$ per 6 months to progressive. It will go lower with my next term for staying with progressive and after getting an American drivers license.

I pay less than that to insure two Tesla vehicles. My demographic is quite different from yours. You don't have much control over many things that affect your premium currently. A higher deductible might help if you could pay it if needed. Progressive lets you see what the costs are when you change parameters.

 

[trm2]

There are a couple of things really piling up on you right now - your age and foreign drivers license. One other thing I suspect is that you have a very limited credit history in the US (if any). In Washington, companies are allowed to rate on credit - an insurance credit score. It isn’t exactly the same credit score you “use for a loan”, but similar. The correlation between that score and the propensity to have a claim is extremely high - think really really really close to one.

insurance companies (at least in the US, I haven’t studied other countries insurance companies in decades and there are fundamental differences in insurance laws) price policies based on their assessment of the risk you are to them. So Progressive will have a slightly different assessment of that risk than State Farm or Geico will. Companies also have different philosophies on how to operate.

For example, in 2019, State Farm lost $764 million on auto insurance operations. But don’t feel bad for them, they made boatloads on investing the premiums collected. Geico made $1.5 billion on insurance operations and so on.

if you haven’t already, shop around for rates and find the one right for you.

*for those of you in CA reading this, yes, CA doesn’t allow rating on credit. That way, no one gets better rates from having great credit and being that much less likely to have a claim, everyone is the same.

 

[1windy]

A lot depends on where you live. I pay way less for better insurance.

I also wouldn't buy insurance with such low liability. What happens if you injure someone or hit someone?

It will only effect him unless he has assets to lose. No house, nothing to take. Thats why I have high coverages (underinsured motorist) and pay the higher premiums for my personal protections against others. At least try and mitigate potential losses.