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Model S Insurance

Discussion in 'Model S' started by swegman, Jun 19, 2012.

  1. swegman

    swegman Member

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    Got a phone call from my insurance company today (Amica Mutual) that the Model S is finally in their system for underwriting. When I called about 6 weeks ago, they told me the car was not yet in their database, but estimated the cost for insurance at between $1000 and $1100 (if I recall correctly). Today, they called and informed me that the Model S was added to their underwriting database, and the cost for insurance for 1 year will be $1808/year. That is the premium for adding the Model S as a fourth car with 2 adult drivers in the family. For comparison, our Toyota Prius is about $750/year, our Lexus is about $900/year, and our Mercedes sports car is $950/year. The Model S is twice as expensive as our other cars. The agent said the rate is based on the fact that the car has no theft/accident history, and they are concerned about break-ins to steal the 17 inch display, among other items of the car. Not happy with this news.
     
  2. kevincwelch

    kevincwelch Active Member

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    Most disappointed in this news...
     
  3. TEG

    TEG TMC Moderator

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    I bet that 17" display will be all but useless when removed from the car.
    It isn't like they have an iPad in there - it is purpose built hardware.
    Sounds like your insurance company is starting out with a "let's assume worst case" plan with the idea to adjust down later as they learn from experience.
    I think some other insurance companies start out low on new models, and raise if they have to.
     
  4. Trnsl8r

    Trnsl8r Blue 85kwh since 12/8/12

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    I had a different experience. My state farm agent quoted me in the mid 700's, less if not primary vehicle. That was for a non-performance 85kwh. Think you need to shop around...
     
  5. Todd Burch

    Todd Burch Electron Pilot

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    Yeah sweg...sounds like your insurance company is out to screw you. I'd advise you to look elsewhere...or at least threaten it, and see if they respond.
     
  6. brianman

    brianman Burrito Founder

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    Saw that one coming. I think I even mentioned it when we were discussing the Model X unveiling.
     
  7. Right_Said_Fred

    Right_Said_Fred Model S - Sig. 283 EU

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    The risk of car theft will be much lower with a Tesla. Most thieves will walk away because they don't 'know' the car and how to get it started, because they are afraid they will stick out among other cars on the road, or because - if they do know it's electric - they are afraid they will run out of battery power (most people are ignorant to the range of the Model S). So a lower rather than a higher insurance premium would be fair.
     
  8. Grendal

    Grendal Active Member

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    It's probably been discussed before but I'd bet if the car were somehow stolen that Tesla could find it immediately. Think of it as built in lo-jack. Has this been discussed before?

    And back to the topic, you absolutely should talk to a different insurance company and get a quote for switching all your cars over, then take that quote to your company.
     
  9. tdelta1000

    tdelta1000 Active Member

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    I agree TEG.
     
  10. jimbakker666

    jimbakker666 Member

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    I think a rumor should be started out on the street that the nav displays inside Tesla EVs are electrified and when tampered with, produce an electric shock strong enough to incapacitate.

    Actually, screw the rumor. I think the cars should just come with that as a standard option ;)

    Sorry to hear that about the insurance rates. As others have said, I'd suggest shopping around at least to see what other places offer.
     
  11. Lyon

    Lyon 2016 S P100DL, 2016 X P90D

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    Time to start shopping around for a new insurance company... seriously, they're trying to hose you.

    Frankly the rates for your other rides seem pretty high to me... then again, they vary so much by location...
     
  12. Grendal

    Grendal Active Member

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    They're definitely trying to screw you because they don't know anything about the car. It has an all around 5 star crash rating which should mean a lot to them. Other companies will be hungry for your business - 4 cars.
     
  13. KeithE

    KeithE Member

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    Who was that insurance company? Has anyone checked with usaa yet?
     
  14. Lyon

    Lyon 2016 S P100DL, 2016 X P90D

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    No kidding. The expensive thing to insure against isn't replacing the car it's medical expensive for the people who're hurt in an accident.
     
  15. jomo25

    jomo25 P4398

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    Rates vary significantly state to state. But in general, there is little benefit of being "loyal" to your insurance company IMO. Unless you get some sort of significant savings by having a policy that covers lots of different things (life, auto, boat, home, etc.) it doesnt pay to stay with one nowadays. In many cases, they repackage your policy via different entities anyways. I'As others have said, i'd shop around.
     
  16. CapitalistOppressor

    CapitalistOppressor Active Member

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    They are worried about theft of the display console??

    It's not an IPad, its a touch sensitive screen. It's likely that the CPU isn't even integrated and it's not like there is a consumer market for it. You can't take it to McDonalds to use the free WiFi because a.) It doesn't have WiFi capability, and b.) It doesn't have a power source, and c.) It will have wires and junk dangling from the back of it. And even if it has all of those things it doesn't have a consumer operating system installed and consumer operating systems don't have drivers for all of the proprietary equipment.

    Of course some crack head might rip it out anyways, but once he finds out its useless and has no street value he'll tell all the rest of the crack heads in the world and they'll stop trying.

    Personally, I think your insurance company assumes that if you are willing to pay what they assume to be a huge premium for an electric vehicle, you'll be willing to pay through the nose for coverage. They are soaking you basically. Try shopping around.
     
  17. SCW-Greg

    SCW-Greg Active Member

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    I think there maybe some apples to oranges comparison here (or maybe not). Most insurance companies quote per 6 months, as I would expect the State Farm is doing, but Swegman is saying his quote is for the year. Translated = $904 / 6mo. Still sounds pretty darn steep.

    I called my Allstate agent, and they still don't have it in their system yet. They did have the Fiskar Karma, and if the Standard is priced at $110,000 (I'm guessing at the price), then the insurance would be $1100 every 6 months. My agent thinks the Model S may fall in around the $580 to 640 range - based on a $60k value. I didn't get a chance to ask him about an $85k priced S.
     
  18. Thumper

    Thumper Member

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    I called State Farm, and they gave me a quote of $490 for 6 mo. This is less than my Safeco policy now on a 2003 Passat wagon.
     
  19. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    My experience with Liberty Mutual was similar to Thumper's with State Farm. My current premium of about $950 for 12 months for 1 car ('08 Mini Clubman) and 2 drivers is going to go up to about $1,950 for 12 months.

    My agent indicated that it'll primarily be a function of the price of the car (the quote was for $80K).

    Yup, loyalty means jack. After ten years of ever-increasing premiums with AllState (sure, my driving record wasn't particularly clean), switched to Liberty Mutual last year and saved more than 30% on the premium.
     
  20. AnOutsider

    AnOutsider S532 # XS27

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    I'm with Liberty Mutual and my agent actually recommend switching providers every few years to get the best rate. I guess things tend change, and if rates drop not all agencies pass that on to the customer.
     

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