Model S Performance with Ludicrous insurance

[drtimhill]

Was it only me who initially read this thread title to mean "Model S insurance is ludicrous"

 

[ZeeDoktor]

Not surprised... there is no rhyme or rhythm to how insurance companies in oz take decisions. Comminsure while at first offering me insurance then in the end didn't.

Tesla insurance unfortunately is not available in Australia (no longer I should say, they used to offer it).

 

[GrimRe]

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

Does not exist anymore I'm afraid.

 

[Grenadine]

For those coming after me. $2.9k with NRMA. Brisbane address. Agreed $190k. $2k excess except $0 windows/windscreen.

 

[pts260]

2016 P90D 2500 post code

CommInsure premium $1750, Agreed value $143,000.

Basic excess
$700
Optional additional basic excess
$1,000
Age excess
$550
Inexperienced driver excess
$500
Undeclared young driver excess
$1,500
Imposed vehicle excess
$500
What's covered


Insured events

• Collision or impact damage
• Fire damage
• Theft or attempted theft
• Storm, hail, or flood damage
• Vandalism or malicious act
• Theft of keys
• Legal liability

Cover benefits

• Accidental death
• Baby capsules and child seats
• Domestic pets
• Emergency accommodation costs
• Emergency repairs
• Hire car following theft
• Personal items
• Replacement of a new vehicle after a total loss
• Substitute vehicle
• Temporary cover for a replacement vehicle
• Towing and storage costs
• Trailer and caravans
• Transportation costs

 

[Rockford]

I'd like to see the PDS on the Agreed Value figure. I can't see them paying $40K over what the car is worth.

 

[RareEarth]

CommInsure

Got the same policy by the looks, putting them to the test at the moment after someone in a DMax ute backed into the passenger side rear door and rear panel in a supermarket car park. Repair quote $16,000 (new door and rear panel required).
After I sent them video from the passenger side camera they have waived the excess, so far so good, waiting for response to the quote. The other driver's insurance is NRMA.

 

[Grenadine]

Did they stop and give details or did you have to use sentry cam to work out who they were?

 

[RareEarth]

They did stop, no choice really they had backed out while my wife was driving past on the way to the exit. The camera had also recorded their number plate very clearly.

 

[360C]

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].

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

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.

I've been running Tesla's for about 5yrs now and insurance costs have increased pretty dramatically in that time. As background I have a 30+ year claim free history and a long record of insuring high $, high risk vehicles. Typically a high performance/risk/cost ICE vehicle is about 1% of the insured value in annual premiums. My P100D's run to circa 1.9% of insured value. My broker tells me that insurers are extremely reluctant to take on new Tesla business and are only continuing with existing policies.

Why is this? Well it's not that Tesla's have a statistically higher risk of being involved in an accident than a comparable ICE vehicle; but rather that they have a much, much higher risk of being written off when they are. Put that down to Tesla's famous lack of support in repairing damaged vehicles, cost and availability of parts and the lack of retained value in the event a vehicle becomes a stat write off. A stat write off Tesla has a very, very limited audience and is essentially worth nothing more than the value of the battery.
Combine the above with the initial high retail prices (over $300k for a P100D Model X at the peak) and insurers have a long history of claims that ran into the multiple 6 figures. All that translates to nobody wanting to insure Tesla's and who can blame them.

I'm not sure if this is still the case; but a couple of years back you couldn't buy the external battery case for the battery pack as a spare part.
If you damaged the case in any way the repairer had no option but to replace the entire battery pack. That situation instantly made otherwise lightly damaged cars stat write offs. I'm aware of a lightly damaged P100D that never even made it off the tow truck at an authorised repairer I know. It had hit a curb, lightly damaging wheel and rear suspension. Put a dent in the battery case which was evident in a quick glance under the car..... off to the salvage auction it went.