Model S Insurance

[Robert.Boston]

Yep, insurance agents (independent or company-affiliated) don't have much discretion on rates. All the big insurers have underwriting software that sets the premium, and there's only a limited range of discounts the agent can offer. My wife and her father are both in the insurance biz, and both lament the downfall of the role underwriters used to play -- real people who considered the risks and could set a rate based on the particular facts. The only real underwriting that goes on these days is for big and non-standard risks. All the retail products are completely automated.

 

[TXjak]

Insurance coverage

I've been corresponding with my MetLife agent and, of course, she had never heard of Tesla and couldn't find it in their database. One thing she did point out to me was point No. 11 on their "Top 12 Reasons Why MetLife Auto & Home Has Better Auto Insurance"

Do you drive a hybrid or electric vehicle? If you are involved in a covered accident, our Replacement Cost for Special Parts coverage will repair or replace the unique electrical wiring, motor or battery damaged in the accident with no deduction for depreciation (deductible applies), saving you thousands of dollars in repair bills.

This seems weird to me.

Is damage to the unique plumbing, wiring, engine, or gas tank on an ICE car normally handled by insurance companies in this way?

 

[strider]

I've been corresponding with my MetLife agent and, of course, she had never heard of Tesla and couldn't find it in their database. One thing she did point out to me was point No. 11 on their "Top 12 Reasons Why MetLife Auto & Home Has Better Auto Insurance"

This seems weird to me.

Is damage to the unique plumbing, wiring, engine, or gas tank on an ICE car normally handled by insurance companies in this way?

Sounds like they are giving you credit for the fact that these things don't wear out as the car ages (battery excepted). If so it's cool that they won't "pro-rate" a motor replacement on an older car if it's damaged in an accident - they'll just replace it without you having to make up the difference between your "used" one and a new one.

 

[Lynn005]

I've been with AMICA Mutual since the 1980's. I just added my Sig Performance to my policy as a 4th car, leisure use, $1000 deductible. My rate was quoted around $1100 annually, for two drivers. NOT BAD! My son is 19 and had two wrecks in 2011. If he gets even close to my Model S, I will tase him.

 

[sublimaze1]

Insurance has a lot to do with your geographical location. Mine came to $729/6mo - primary vehicle, $250 deductible. A little higher than I thought it would be ... but it IS a ~$90K car ....

 

[Larry Chanin]

USAA still doesn't have it in their system. Here's the conversation:

USAA: "Year, make, and model?"
Me: "2013 Tesla Model S."
USAA: Pause. . ."Who makes the Tesla?"
Me: "Tesla!"

They quoted it nonetheless, $1017/yr for a $75k sticker, $1114 for a $90k sticker with a $500 deductible, adding it to existing policy, etc. As has been pointed out, there's no differentiation between performance and non-performance at USAA, except on sticker price, which makes sense since it's not even in their system!

I have USAA as well and asked them to add it to their system but they still haven't done it obviously.

Have them check 2012 model years.

My Allstate agent told me the same thing until she checked 2012.

Larry

 

[dsm363]

Have them check 2012 model years.

My Allstate agent told me the same thing until she checked 2012.

Larry

Mine was early on of course but I did tell them it was a 2012 car. They should have it in the system by now (USAA).

 

[efusco]

Have them check 2012 model years.

My Allstate agent told me the same thing until she checked 2012.

Larry

Not sure what deductibles or multivehicle discounts apply, but I just set up my insurance w/USAA this AM. The guy was equally unfamiliar, but came up with $421/ 6 mo for me.

 

[Robert.Boston]

Not sure what deductibles or multivehicle discounts apply, but I just set up my insurance w/USAA this AM. The guy was equally unfamiliar, but came up with $421/mo for me.

Youch!! That is not an acceptable premium, Evan! I live in the highest premium city in Massachusetts (have you seen the movie The Town? or Mystic River? Yah, that's where I live), and my premium is about 1/3 of that. Flee!

 

[efusco]

Youch!! That is not an acceptable premium, Evan! I live in the highest premium city in Massachusetts (have you seen the movie The Town? or Mystic River? Yah, that's where I live), and my premium is about 1/3 of that. Flee!

That's supposed to say per 6 months!

 

[Robert.Boston]

Oh, that's completely different. Good price; almost makes me wish I lived somewhere that didn't have movies made about its criminal ways. (Although it probably helped my daughter get into Yale.)

 

[Lynn005]

I've always found AMICA to have very reasonable quotes, plus you <normally> get a dividend back at year-end -- always for Homeowners' insurance. It's a mutual company, so contact them if you're low risk

Otherwise I'm not sure I want to risk that annual dividend ... LOL

 

[ClearwaterBchSteve]

Some FYI for you folks...
I have had GEICO for many years and have been quite satisfied. I currently insure a 2010 loaded Audi S4 through them. I used the online quoter to add the Model S Performance and suprisingly enough, the S only costs $11 more per month as compared to the Audi. There is likely some form of a multi-car discount in the price, but probably not significant. I will have both cars for about 3 months until the Audi lease expires.

 

[thedonald]

I requested a quote from AAA for my upcoming loaded Performance Model S, which would be our 5th car. I was quoted full coverage with $500 deductible would be around $1600/year or if I go with $1000 deductible it's about $1400/year. They need my VIN for the final quote.

 

[DLM270]

I requested a quote from AAA for my upcoming loaded Performance Model S, which would be our 5th car. I was quoted full coverage with $500 deductible would be around $1600/year or if I go with $1000 deductible it's about $1400/year. They need my VIN for the final quote.

I receive a nearly identical quote from AAA this afternoon.

 

[Francis Lau]

To add the Model S as a 4th car, my Farmers agent quoted me $468 for 6 months. This includes:
* Comprehensive coverage with $250 deductible
* Collision coverage with $500 deductible
* Medical
* Liability

I live in Washington and fortunately, I have not had an accident or ticket in many years. I hope to keep it that way.

 

[Todd Burch]

Just finalized the insurance for my 85 (non-perf), which should be here in about a week and a half. This also includes coverage for my 2005 Toyota Corolla.

Here are the quotes I got:
USAA (which I've had for 10+ YEARS!): $1660/yr
State Farm: $1262/yr
Progressive: $1070/yr
Geico: $809/yr

Needless to say, I'm switching to Geico. I've absolutely loved USAA--every contact with them has been pleasant and I've never had problems. But frankly, they *still* aren't familiar with the car (other online quote sites are) and their quotes are WAY high compared to the others. Sorry USAA, but I'm getting my car insurance elsewhere.

Progressive actually gave me the best initial quote, but after providing more information they increased it about $20/month, which is why I tried Geico--and finalized at $809/yr.

BTW, my coverage:

Bodily Injury: $50K/$100K
Prop. Damage: $50K
Uninsured Bodily Injury/Prop Damage: Same as above
Comprehensive: $500 deductible
Collision: $2000 deductible.

 

[swegman]

Bodily injury coverage seems low if you ever get in an accident. People sue for hundreds of thousands of dollars for the smallest thing today. I have 500K bodily injury plus an additional 1M ballon policy.

 

[Lyon]

Apparently the ins. co. that covers my house and cars (Unigard) doesn't do Model S yet so I'll have to buy a separate policy through a different one. It'll probably be progressive, but the broker is looking into rates.

 

[pilotSteve]

Not sure what deductibles or multivehicle discounts apply, but I just set up my insurance w/USAA this AM. The guy was equally unfamiliar, but came up with $421/ 6 mo for me.

State Farm, as 4th car and multi policy discounts, just quoted me $463 for 6 mos, about the same rate as our Lexus and BMW. Not too bad.