Model S Performance with Ludicrous insurance

[ZeeDoktor]

Hi all,

still trying to find reasonable insurance for my very soon (~March 9th) to be delivered Model S Performance with Ludicrous. The best (well, the only offer) I could find was through a broker with agreed value of $202320 (the purchase price) and will cost an exorbitant $4200 a year. NRMA would also insure but for a $4500 premium and an agreed value of $165k only. CommInsure who in December agreed to cover the full $202k for a premium of $1600 a year reneged now that I wanted to firm it up. Tesla themselves have not been helpful at all unfortunately.

Does anyone with the same model here have a contact I could peruse for a quote? I have a 30+ year driving history with 0 claims and 0 accidents (and 0 points).

This is bizarre. The statistics of that premium would indicate a 1 in 50 chance of a write off... Considering Tesla's show less than half the average accident probability this seems like a rip off of epic proportions.

 

[raynewman]

Hi all,

still trying to find reasonable insurance for my very soon (~March 9th) to be delivered Model S Performance with Ludicrous. The best (well, the only offer) I could find was through a broker with agreed value of $202320 (the purchase price) and will cost an exorbitant $4200 a year. NRMA would also insure but for a $4500 premium and an agreed value of $165k only. CommInsure who in December agreed to cover the full $202k for a premium of $1600 a year reneged now that I wanted to firm it up. Tesla themselves have not been helpful at all unfortunately.

Does anyone with the same model here have a contact I could peruse for a quote? I have a 30+ year driving history with 0 claims and 0 accidents (and 0 points).

This is bizarre. The statistics of that premium would indicate a 1 in 50 chance of a write off... Considering Tesla's show less than half the average accident probability this seems like a rip off of epic proportions.

Pretend you live in a middle class suburb.

 

[MichaelP90DL]

Give Geico a try. I'm paying about $2,600 a year for my 2015 MS P90DL.

 

[ZeeDoktor]

@MichaelP90DL thanks, this is for Australia though, we don't have Geico here.

 

[MichaelP90DL]

@MichaelP90DL thanks, this is for Australia though, we don't have Geico here.

I did not know that, sorry.

 

[bbqluke]

Mine is around $2500 with GIO. Will check it and post back...

 

[JayTee]

$4200 seems reasonable for a $200,000 performance car, assuming you have it locked in a garage at night and live in a low crime suburb.

 

[ICUDoc]

NRMA for me

 

[Candleflame]

try commonwealth bank and set the excess to 2000 aud.

 

[ZeeDoktor]

commonwealth (=comminsure) now won't cover any vehicles above a certain value after initially offering insurance in December for $1500 pa, which was a really good offer. They declined to disclose what that limit was, but $202320 apparently is over it. And no @JayTee, $4200 is not reasonable. That is 1/50th of the value of the vehicle. I've insured my wife's Lexus RC350 for $90k for which the premium is $1100 pa, that's ~ 1/80th of the value. The same ratio should result in a $2500 premium for the Tesla, that would be reasonable. And that's not even taking into account that the Tesla's probability of being in a write-off accident is half that or less than for the Lexus. We're being taken for a ride and Tesla are doing nothing about it. They really should put their weight behind this, or at the very least offer their own insurance like every other car manufacturer does.

 

[JayTee]

commonwealth (=comminsure) now won't cover any vehicles above a certain value after initially offering insurance in December for $1500 pa, which was a really good offer. They declined to disclose what that limit was, but $202320 apparently is over it. And no @JayTee, $4200 is not reasonable. That is 1/50th of the value of the vehicle. I've insured my wife's Lexus RC350 for $90k for which the premium is $1100 pa, that's ~ 1/80th of the value. The same ratio should result in a $2500 premium for the Tesla, that would be reasonable. And that's not even taking into account that the Tesla's probability of being in a write-off accident is half that or less than for the Lexus. We're being taken for a ride and Tesla are doing nothing about it. They really should put their weight behind this, or at the very least offer their own insurance like every other car manufacturer does.

But a Lexus RC350 is not comparable as a very high performance car which will push insurance up. The P100D is a mid 10 second 1/4 mile car, a better comparison performance wise would be a R35 GTR which is up near the 4k territory and a similar price. Cars like EVO's and WRXs often cost much more than 1/50 to insure.

 

[ZeeDoktor]

...because they are cars for a certain character driven by a certain character. Those characters are the source of the insurance risk, not the vehicle. I take exception to be lumped in with that crowd, which is why the insurance company not using a statistical basis but some itinerant backpackers opinion feels like them adding insult to injury.

 

[Motorino]

I'm running in to the same issue trying to insure a new Performance Model X that's to be delivered in March. Cheapest quote so far is ~5k. Entertaining the idea of going with just TCP if I can't find a reasonable quote.

 

[Grenadine]

$1600 with RACV. In a carport. But yeah, not easy to find good insurance. I had comminsure ask 'what is ludicrous' and when I explained it they declined. Go figure.

 

[Grenadine]

Hmm moved to qld and need to shop around because racv do not cover here. Anyone got a good deal with a company lately? Youi and a few others flatly refuse to provide any cover. Help.

 

[ZeeDoktor]

I ended up with cover for agreed value of $202320, $5000 excess, 8000km annual limit with MB Insurance Group for $3500. Just last week discovered the km limit doesn't work for me, they dropped it for an additional $500 premium. They are underwritten by QBE and have a QLD contact: [email protected].

 

[Grenadine]

So $4k. Man my $1600 with RACV is looking really good right now! Thanks though very helpful.

 

[ZeeDoktor]

yeah. disappointing. or infuriating (and lacks any scientific/statistical basis). as I stated before, itinerant backpackers coming up with premiums with the seat of their pants. sadly there's no real competition in the insurance market here (or the banking market...) hence we're stuffed.

 

[P100DAust]

Did you try tesla insurance, they are based in australia as well. They go through marsh i think.

 

[RareEarth]

They are underwritten by QBE

Interesting your new insurer is underwritten by QBE. When my renewal came up earlier this year Marsh (Insure My Tesla) said "Regrettably QBE have advised that they will not be inviting renewal of this policy, as they have decided to withdraw from this product segment". Ended up going with CommInsure.