Model Y insurance high?

[Chimpy McChimp]

I remember people raised the high insurance for the the Model 3 when it was first launched.

I don't know where model 3 sits in terms of insurance now. But someone else (can't remember who) raised the point that it's a new car so insurance is high and that it would settle down. I hope so. That said, as long as I can get the same quote from Direct Line I would be happy to go with that.

 

[MashinBenzin]

I don't know where model 3 sits in terms of insurance now. But someone else (can't remember who) raised the point that it's a new car so insurance is high and that it would settle down. I hope so. That said, as long as I can get the same quote from Direct Line I would be happy to go with that.

That would make sense except for the fact that quotes were cheaper earlier in the year when the MY was newer…

 

[Benotomy]

Insured MY up until my renewal date together with my extant car on a multi car policy with LV a couple of weeks back.

Today received the following year’s renewal docs. The new figures are not making much sense in a way that old car went up by 7% but the MY by %29 (MY estimated last years should cost ~ £600 vs new quote ~£800). Combined increase of c20%. The figures include a few options such as road side assistance, no claims protection, etc…)

This is by the way following last week’s heads up email from LV that my renewal quote would follow the latest legal requirement that existing customers should be offered premiums in line with any new customer but this could mean the quote may go down or up…My home insurance, which is with a different insurer, went down by %40 at renewal but looking at LV, the other way…+5 years with home insurer and c10yrs with LV.

I am going to have a chat with LV as I am not amused by this…

 

[Casss]

• Repair and replacement delays for damaged Tesla's = hire car costs
• Expensive parts, high demand as fleet grows = higher repair costs
• Parts costs (outside of Tesla's control) going up due to global factors = higher repair costs
• Demand for trained / authorised body repair centres and other providers outstripped by fleet growth = longer wait times, higher costs
• Insurance companies wield huge power, can put us all over a barrel as and when they wish
• Some insurance companies are lacking in the decency department and spend millions lobbying government and employing adjusters who are proficient at screwing gullible customers
• Some insurance companies are seeing Tesla ownership sky rocket in the UK and have decided now is the time to cash in on the demand

Pick any or all of the above. It's not just Tesla's right now though - the same is happening to other owner groups / marques, but there are definitely some factors here unique to Tesla.

 

[MrT3]

It's madness, I am not a 19 yr old boy racer and haven't gone for a performance model car.

It can do 0-60 in sub 5 seconds with over 400 bhp, sits in the highest insurance group and is expensive to repair.

 

[Sparky750]

It can do 0-60 in sub 5 seconds with over 400 bhp, sits in the highest insurance group and is expensive to repair.

Something has definitely happened though, I ran a test quote when ordering and it was £40 more than my XC90 T8 now it's £380 more

 

[GDW1986]

It can do 0-60 in sub 5 seconds with over 400 bhp, sits in the highest insurance group and is expensive to repair.

This.

I may be wrong, but I think a common theme is overlooking the performance aspect. As posted earlier on the Y thread, swapping a Golf R Estate for a YLR had little impact on my Admiral multicar policy despite the disparity in value.

Arguably performance is similar and no other circumstances have changed (I decided to tick ‘no’ to tracker since Admiral refers to a device ‘specifically’ designed to locate a stolen car) so my view it it’s largely pegged to performance.

 

[MashinBenzin]

This.

I may be wrong, but I think a common theme is overlooking the performance aspect. As posted earlier on the Y thread, swapping a Golf R Estate for a YLR had little impact on my Admiral multicar policy despite the disparity in value.

Arguably performance is similar and no other circumstances have changed (I decided to tick ‘no’ to tracker since Admiral refers to a device ‘specifically’ designed to locate a stolen car) so my view it it’s largely pegged to performance.

I do think you’re wrong. There is nothing exceptional about the Model Y in the performance stakes. Quoting myself from earlier on in the thread:

“Quoting today, the Model Y is now £748.

A Kia EV6 GT-Line S AWD is £344. Same class of car, 0-60 within 0.4 seconds, list price within £2k.

For something more premium. A Macan GTS (0-60 4.5s) with a list of 74k comes out at £455 for me.”

 

[Sparky750]

This.

I may be wrong, but I think a common theme is overlooking the performance aspect. As posted earlier on the Y thread, swapping a Golf R Estate for a YLR had little impact on my Admiral multicar policy despite the disparity in value.

Arguably performance is similar and no other circumstances have changed (I decided to tick ‘no’ to tracker since Admiral refers to a device ‘specifically’ designed to locate a stolen car) so my view it it’s largely pegged to performance.

There's some pretty decent cars being swapped with comparable performance and value if not higher certainly in my case yet much higher insurance. As others have said hopefully it settles down once renewals are due it's still cheaper than the amg gts I had but not by much

Edit to add I've checked the policy of the merc and it was £60 more expensive

 

[GDW1986]

I do think you’re wrong. There is nothing exceptional about the Model Y in the performance stakes. Quoting myself from earlier on in the thread:

“Quoting today, the Model Y is now £748.

A Kia EV6 GT-Line S AWD is £344. Same class of car, 0-60 within 0.4 seconds, list price within £2k.

For something more premium. A Macan GTS (0-60 4.5s) with a list of 74k comes out at £455 for me.”

I wonder then if it’s driver demographic. I think there’s an assumed stereotype that Tesla drivers are traffic light Grand Prix hooligans, similar to the stereotype that most Golf R sightings tend to be on Police Interceptors.

My image of a guy with a Kia EV6 is definitely a lower insurance risk than either of the above, but that doesn’t explain the Macan!

 

[Benotomy]

I wonder if there is the element of Tesla being the most popular car in recent months, I.e all the pros/cons of Tesla’s which could be contributing to the possible high premiums x many of those = higher risk to the insurers. On top of that companies taking advantage of the economic situation as well as the latest changes in the legislation to offer everyone (new& old customers) same price but applying this to push prices up rather than reduce as I guess there would be more new customers on Tesla front…it is a “black box” - good old algorithms…

 

[mspotty]

I'm really struggling to get anything under £1200 for Model Y, it's double what I was quoted when I originally ordered the car

 

[Jason71]

I wonder if there is the element of Tesla being the most popular car in recent months, I.e all the pros/cons of Tesla’s which could be contributing to the possible high premiums x many of those = higher risk to the insurers. On top of that companies taking advantage of the economic situation as well as the latest changes in the legislation to offer everyone (new& old customers) same price but applying this to push prices up rather than reduce as I guess there would be more new customers on Tesla front…it is a “black box” - good old algorithms…

This is what I think. The sheer numbers of them with so little history to base the prices on is scaring them off from wanting too many on their books so they are raising the prices to reduce the risk / scare off some of the customers.
I added to an existing multi house and car policy so maybe they did not want to do away with me so Admiral quoted me £85 cheaper than my M3. go figure.

Its like a bookies. if everyone backs the same horse it changes the prices. Insurance is just another form of gambling after all.

 

[Algeron45]

So

This is what I think. The sheer numbers of them with so little history to base the prices on is scaring them off from wanting too many on their books so they are raising the prices to reduce the risk / scare off some of the customers.
I added to an existing multi house and car policy so maybe they did not want to do away with me so Admiral quoted me £85 cheaper than my M3. go figure.

Its like a bookies. if everyone backs the same horse it changes the prices. Insurance is just another form of gambling after all.

I always stay well away from grouping my insurance together as they always make the compulsory very high to give you a reasonable premium.

Tesla's have always been in the highest insurance groups and surprisingly the same as a Ferrari and expect other factors like new to the UK and inflation etc has made the insurance companies more nervous. Recommend Gap insurance while its new and cheaper to cover those payments.

 

[Itidiot]

£708 Hastings Direct (£640 if we had two cars) / Drive / London / 12k miles / no legal (covered elsewhere)
Hastings Essentials was cheaper but only 2 star defaqto rating.

Can't help thinking insurance is high as everyone requests a EV courtesy cars, (pushing the average claims up when claiming against at fault parties). The parts availability compounds the issue further.

 

[robmcm]

£708 Hastings Direct (£640 if we had two cars) / Drive / London / 12k miles / no legal (covered elsewhere)
Hastings Essentials was cheaper but only 2 star defaqto rating.

Can't help thinking insurance is high as everyone requests a EV courtesy cars, (pushing the average claims up when claiming against at fault parties). The parts availability compounds the issue further.

I just tried Hastings and they said they don’t insure any Teslas (on the phone) bonus is there will be no cancellation fee for my old policy. We went with them because they offered the best price for the model Y a few months back, no idea why they would suddenly stop…

Also tried Churchill but their offer was double the Hastings one, going to try the comparison sites, but please let me know who’s offering anything reasonable at the moment!

 

[robmcm]

I just tried Hastings and they said they don’t insure any Teslas (on the phone) bonus is there will be no cancellation fee for my old policy. We went with them because they offered the best price for the model Y a few months back, no idea why they would suddenly stop…

Also tried Churchill but their offer was double the Hastings one, going to try the comparison sites, but please let me know who’s offering anything reasonable at the moment!

Hastings popped up on the price comparison websites after saying they don’t insure teslas… getting the impression they are a bunch of cowboy!

Direct line we’re over 1k but admiral looked reasonable, will call them later.

 

[robbieduncan]

Hastings were perfectly happy to insure me last week. Could not buy online as car not registered yet. Save the quote to get the quote number, phone them up and they can add the reg and then sell on the phone.

 

[robmcm]

Hastings were perfectly happy to insure me last week. Could not buy online as car not registered yet. Save the quote to get the quote number, phone them up and they can add the reg and then sell on the phone.

Thanks that’s good to know, I found admiral was better ~£600 and have used them before so will probably just go there and save any more stress/admin.

 

[Jason71]

Hastings popped up on the price comparison websites after saying they don’t insure teslas… getting the impression they are a bunch of cowboy!

Direct line we’re over 1k but admiral looked reasonable, will call them later.

I just don't get Admiral. They are so inconsistent even by insurance company standards

quoted me £400 for a mini online ( with young driver attached ) then when I phoned and asked to add to my existing multi policy they tried to charge £1200. I had to find the money supermarket quote reference and wait 30 minutes while they faffed before they managed to add at the £400 rate. I was hoping for an additional discount

Then they gave me £85 back when I switched from an M3LR to MYLR this month so about £450 total on said multi policy with 11 months to run. Which is about £300 less than they quoted on money supermarket for the same car.