Model S Insurance

[swegman]

It does seem low. I got an initial quote with Gieco of a little over $800/6 month period before they got the VIN. When I gave them the VIN (its a performance version), the rate went up $150/6 month period. On the other hand, my 17 year old son only costs $350/6 month period, whereas Amica and State Farm wanted between $2400 and $2600 for him. I questioned Gieco about this, but they said that the quote is correct. So I told them to issue the policy effective March 20 (the last day of my delivery window).

BTW, called Travelers for a quote. The tesla is not in their system.

Steve

 

[ckessel]

Found out today when I was looking at my insurance for a different reason, when Progressive added my Tesla they didn't give it comprehensive, collision, or uninsured motorist. Despite the fact my other cars have those and the RX8 I replaced had those coverages. I knew the Model S insurance seemed lower than expected when I added the Model S over the phone, but I thought "sports car -> EV sedan, guess that changes my risk category".

Had them add it immediately, but was a little shaky when I got off the phone realizing if something had happened in the last 6 weeks I'd be damn near bankrupt; out a $100k car and still on the hook for a $75k loan.

 

[Lloyd]

I believe that if you told them the car had a leinholder it would be their error as those coverages are requried,

 

[ckessel]

I believe that if you told them the car had a leinholder it would be their error as those coverages are requried,

Yea, not sure how that escaped my bank. I know they ask for the policy number so they can verify coverages. Guess that didn't happen.

 

[gregincal]

Update: Just gave USAA my VIN and the quote is the same. 462.50/year. 300/500/100. No kids on the policy. I mentioned again that it sounded low compared to what I've seen/heard. The only thing they said was that I have a "clean driving record and have been with them for 32 years. Still seems low doesn't it?

I suppose you can keep calling if you really want to get a higher rate. :wink:

 

[Ravi]

Called my insurance carrier, Liberty Mutual, and they quoted me about $600 ANNUALLY for the MS, $1000 deductible! Only about $100 more per year than my old BMW 3 series. We have a bunch if insurance through them, but I was expecting it to be a lot more.

 

[swegman]

is that a year, or just for the remainder of the policy term. My experience has been that the insurance people only tell you how much more it will be for your existing policy term, unless you specify you want the quote for an entire year of coverage.

 

[Al Sherman]

is that a year, or just for the remainder of the policy term. My experience has been that the insurance people only tell you how much more it will be for your existing policy term, unless you specify you want the quote for an entire year of coverage.

I beat them to death with three (probably annoying for them) phone calls and it's 462.50 per year for the Model S P85. 1000 deductible with all the coverage. They sent it to me in writing. Just wanted to make sure it wasn't missing something. USAA.

 

[Psullivan]

I beat them to death with three (probably annoying for them) phone calls and it's 462.50 per year for the Model S P85. 1000 deductible with all the coverage. They sent it to me in writing. Just wanted to make sure it wasn't missing something. USAA.

Was this quote based on your Model S being your primary car or do you have another?

 

[Ravi]

is that a year, or just for the remainder of the policy term. My experience has been that the insurance people only tell you how much more it will be for your existing policy term, unless you specify you want the quote for an entire year of coverage.

$600 annually for sure, not just for the remainder of the term. I was quite pleased to say the least.

 

[Bradleybang]

Increasing the uninsured/underinsured motorist limit for property damage (i.e. to your Tesla) from $50K to $100K, which is the third number of the $100K/$300K/$50K figure, might be a smart move for a nominal bump in premium.

UM/UIM PD is really a misnomer. If you have physical damage coverage (comprehensive and collision) with a deductible, it is actually a waiver of your deductible if an uninsured vehicle damages your car. I am assuming most people with an S are carrying comprehensive & collision on their cars due to the value. If you are looking to save, get a high deductible ($2,500-$5,000). Although if you are financing, some banks won’t allow it. I would recommend increasing your UM/UIM to $250/500k and even buying $1M extra thru your umbrella carrier.

Found out today when I was looking at my insurance for a different reason, when Progressive added my Tesla they didn't give it comprehensive, collision, or uninsured motorist. Despite the fact my other cars have those and the RX8 I replaced had those coverages. I knew the Model S insurance seemed lower than expected when I added the Model S over the phone, but I thought "sports car -> EV sedan, guess that changes my risk category".

Had them add it immediately, but was a little shaky when I got off the phone realizing if something had happened in the last 6 weeks I'd be damn near bankrupt; out a $100k car and still on the hook for a $75k loan.

Any time you add coverage, you should always review it in writing. Especially when doing it over the phone with a direct writer such as Progressive or Geico. If you had totaled your car 3 months down the road, your word "but you said on the phone I was covered" would not do well against Progressive attorneys. As for your bank not catching it, they might have caught it next year maybe?


Psullivan and Al Sherman and others shopping,

The first determinate of auto insurance rates is location. Comparing ones rate in Batesville, IN vs Carlsbad, CA will not get you a apples to apples. USAA is a very competitive auto company with great service. However, they aren't the best rate in all states + you have to have a military service connection.


The best thing I can recommend is shop.This forum is proof that rates very widely by geography and company.

 

[jweinstein]

UM/UIM PD is really a misnomer. If you have physical damage coverage (comprehensive and collision) with a deductible, it is actually a waiver of your deductible if an uninsured vehicle damages your car. I am assuming most people with an S are carrying comprehensive & collision on their cars due to the value. If you are looking to save, get a high deductible ($2,500-$5,000). Although if you are financing, some banks won’t allow it. I would recommend increasing your UM/UIM to $250/500k and even buying $1M extra thru your umbrella carrier.

I learn something new all the time. Thanks for setting me straight, Bradley.

 

[rogbmw]

Update: Just gave USAA my VIN and the quote is the same. 462.50/year. 300/500/100. No kids on the policy. I mentioned again that it sounded low compared to what I've seen/heard. The only thing they said was that I have a "clean driving record and have been with them for 32 years. Still seems low doesn't it?

Al - I too have USAA - and have for 30+ years. I would be very surprised if your quote was for a year. USAA usually quotes policies for 6 months. You may want to re-verify that figure. Also, it may be too where you live. I live in Florida, and my USAA rates are around 330 every 6 months.

- - - Updated - - -

Psullivan and Al Sherman and others shopping,

The first determinate of auto insurance rates is location. Comparing ones rate in Batesville, IN vs Carlsbad, CA will not get you a apples to apples. USAA is a very competitive auto company with great service. However, they aren't the best rate in all states + you have to have a military service connection.

USAA may not be the cheapest, but they are always one of the top 1 or 2 rated companies, and have been for years for their service. Plus, I have NEVER had any hastles with them for any claims I have ever had, and that is for home, auto, umbrella, etc.

 

[yobigd20]

Called progressive (NJ) and got a quote on how much it would be to add the Model S Performance to my existing policy. Existing policy (just one SUV that has me and my wife on it) was $498/6mo for 100/300/100 coverage and 500/750 deductible for collision/comprehensive.

To add the MSP at 100/300/100 coverage with 100/100 (thats $100.00, not $1000.00), my 6mo premium would increase to a little over $950/6mo total for both cars. If I wanted a higher $500/$750 deductible it would've been $840/6mo.

Basically, adding the MSP to my plan would only cost me about $350-$450 per 6 months ($700-$900 per year) depending on comp/colli deductible 100/100 vs 500/750. This is a LOT less than what I had expected. Very good for me. Thought I was going to have to shop around but I don't. Yey!

 

[Bradleybang]

Called progressive (NJ) and got a quote on how much it would be to add the Model S Performance to my existing policy. Existing policy (just one SUV that has me and my wife on it) was $498/6mo for 100/300/100 coverage and 500/750 deductible for collision/comprehensive.

To add the MSP at 100/300/100 coverage with 100/100 (thats $100.00, not $1000.00), my 6mo premium would increase to a little over $950/6mo total for both cars. If I wanted a higher $500/$750 deductible it would've been $840/6mo.

Basically, adding the MSP to my plan would only cost me about $350-$450 per 6 months ($700-$900 per year) depending on comp/colli deductible 100/100 vs 500/750. This is a LOT less than what I had expected. Very good for me. Thought I was going to have to shop around but I don't. Yey!

I don't know your personal financial situation. But if you can afford an S, I am assuming you have some financial means. My recommendation would be you increase your liability limits. $100/300/100 is $100,000 of bodily injury per person. Accidents blow thru that limit very easily. Think of medical costs and lost wages of someone injured in an accident.

 

[Al Sherman]

Al - I too have USAA - and have for 30+ years. I would be very surprised if your quote was for a year. USAA usually quotes policies for 6 months. You may want to re-verify that figure. Also, it may be too where you live. I live in Florida, and my USAA rates are around 330 every 6 months.

Definitely 462.50 per year for the P85. I'm guessing it's a location thing. Plus I've never made a claim for anything Auto, home,or umbrella.

- - - Updated - - -



USAA may not be the cheapest, but they are always one of the top 1 or 2 rated companies, and have been for years for their service. Plus, I have NEVER had any hastles with them for any claims I have ever had, and that is for home, auto, umbrella, etc.

No question. They're a wonderful company.

I don't know your personal financial situation. But if you can afford an S, I am assuming you have some financial means. My recommendation would be you increase your liability limits. $100/300/100 is $100,000 of bodily injury per person. Accidents blow thru that limit very easily. Think of medical costs and lost wages of someone injured in an accident.

Bradley, I got 300/500/100 and the USAA guy said it's good insurance. In your opinion is this level ok?

 

[yobigd20]

I don't know your personal financial situation. But if you can afford an S, I am assuming you have some financial means. My recommendation would be you increase your liability limits. $100/300/100 is $100,000 of bodily injury per person. Accidents blow thru that limit very easily. Think of medical costs and lost wages of someone injured in an accident.

not really worried about that. you can't really get sued in NJ if you hit someone unless they elected for the 'I can sue someone' insurance option but that more than doubles the price of insurance so nobody ever buys that one. thus everyone (92% of NJ drivers) have selected the 'i can sue only if I'm killed or seriously disfigured' option.

 

[danubi1]

I have the same Liberty Mutual too. I called to add the Model S to a policy that includes my current BMW550i and Audi Q7. I was also shocked to find out that it adds $600/year!

 

[scriptacus]

Just did a Liberty Mutual quote... $5k/year for 2 35+ drivers w/ clean records on a P85... Guess I'll stick with AAA.

 

[Bradleybang]

No question. They're a wonderful company.

Bradley, I got 300/500/100 and the USAA guy said it's good insurance. In your opinion is this level ok?

Again, not knowing your financial situation I cant determine the limits you should buy. As stated before, USAA is a good company. However, good company does not address issue of adequate limits. In this country, you are liable for damages you cause in an accident. I know the auto limit you buy (350/500/100) will be sufficient to buy an Umbrella to extend the liability limit of your auto policy.

not really worried about that. you can't really get sued in NJ if you hit someone unless they elected for the 'I can sue someone' insurance option but that more than doubles the price of insurance so nobody ever buys that one. thus everyone (92% of NJ drivers) have selected the 'i can sue only if I'm killed or seriously disfigured' option.

You are correct, that NJ is a PIP - No Fault state - Limited right to sue. This is a good cost containment law for most accidents. Except for Florida where it is riden with fraud.

Here is a good description I found of NJ auto insurance...
LIMITED RIGHT TO SUE — By choosing the Limitation on Lawsuit Option, you agree not to sue the person who caused an auto accident for your pain and suffering unless you sustain one of the permanent injuries listed below: (Choosing this option does not affect your ability to sue for economic damages such as medical expenses and lost wages.)
loss of body part, significant disfigurement or significant scarring, a displaced fracture, loss of a fetus, permanent injury (Any injury shall be considered permanent when the body part or organ, or both, has not healed to function normally and will not heal to function normally with further medical treatment based on objective medical proof.), death.

Still a bad accident will exceed these thresholds and allow for a lawsuit. And these injuries will probably exceed $100,000.