Model Y insurance high?

[MashinBenzin]

How have you guys found insurance costs to be?

I’ve just run quotes for my incoming Model Y, insurance to start 8th September and I’m amazed how expensive it is.

Coming in around the £600 mark. For context, my previous cars were £80k-list Land Rover Discoveries bought new in 2019 and 2020. I paid £350, £330 and £290 for the last three years.

No claims or convictions and I’m 50.

 

[Jason71]

I just informed my insurer that I am switching from am M3 LR to an MYLR in September. Policy has 10 months left to run and they are refunding me £89
so not too bad is my answer.
It is part of an Admiral Multi policy so not sure exactly what the M3 was costing buts its circa £500 so the MY is not much over 400.
I am also 50 with a clean record and live in a relatively low risk area 25K miles

Edit: What insurance group were your other cars? The M3 is Group50 the highest there is. Assume the MY is similar so its never going to be that cheap. A lot of people would kill for a price of £600

 

[Obie]

Same for me, previous car £350, MY is coming in at £650 from Admiral. Direct line refused to quote.

 

[MashinBenzin]

Thanks for the info Jason71. Forgot to mention this is for 5k per annum. Low risk area.

Looks like the Discovery was group 45.

All the same, very surprised at the insurance cost for a mid-range non-premium car. Prior to the Discos I had a BMW 440i and was again in the £300s.

 

[MashinBenzin]

Same for me, previous car £350, MY is coming in at £650 from Admiral. Direct line refused to quote.

Thanks Obie. Glad it’s not just me, I guess! Direct line were a laughable £875 for me.

 

[WllXM]

London here. DL quoted £2k. Admiral £1k.... Clean license. 10y NCD... You guys are lucky...

 

[EchoOneZero]

London here. DL quoted £2k. Admiral £1k.... Clean license. 10y NCD... You guys are lucky...

I'm crying with you in London too, Admiral were the cheapest at £1.2k. DL quoted me similar. Same as you 10y NCD and clean licence. London is just expensive sadly.

 

[Timyoung84]

I'm crying with you in London too, Admiral were the cheapest at £1.2k. DL quoted me similar. Same as you 10y NCD and clean licence. London is just expensive sadly.

North East London, £600 for model 3 and £900 for Model Y, direct line

 

[EchoOneZero]

North East London, £600 for model 3 and £900 for Model Y, direct line

I’d take £900 in a heart beat. I was quoted less earlier. Car was originally due in June and I had a quote with admiral @£650. Then my lease company told me July. New quote @£900. Now all I’m getting is £1k plus for Sept delivery.

Have you got your car already or due in Sept? Would be interesting if that’s a quote for Sept delivery. Age is probably be another factor too.

 

[DevMar]

There’s a few threads like this already, but to add my quote when I ordered in mid July was ~500 and now I’m looking at £900 with no changes to the details. Seems to have gone up across for board atleast for those who don’t own a Tesla currently…

 

[WllXM]

There’s a few threads like this already, but to add my quote when I ordered in mid July was ~500 and now I’m looking at £900 with no changes to the details. Seems to have gone up across for board atleast for those who don’t own a Tesla currently…

My guess would be that their actuaries didn’t had any data back then as the first deliveries were made just earlier in the year, but have now caught-up…

 

[AMP_it_up]

My M3P with suspension mods has just increased from £423 to £586 with LV (9+ years No Claims, 62, married). Direct Line refused to quote to my surprise.

 

[mick4545]

I renewed my M3 insurance with LV a couple of weeks ago for £500, and have just arranged
for my MY to take over next month. £200 extra.

 

[Obie]

I have just been issued with my registration number so tried to proceed with the quote received using Go Compare, it won't let me proceed clicking through to Admiral, wants me to ring them but then i don't get the £250 excess cover that Go Compare offer.
Is it because the Reg is not in there system yet, think i read somewhere that Tesla don't register the cars until the day of collection?

 

[Welsh-Bloke]

OH is also finding quotes for her "arriving soon" Model Y to be expensive compared to the renewal quote for Model 3 she recently sold after 3 years. Both are LR models so no big difference in performance and only a slight increase in value. She is retired and does low miles.

I suspect the underwriters are now finding that cost of claims is high and perhaps the frequency of claims are also higher. I also wonder if the driver profile has changed with more buyers now attracted by the performance (*) rather than the low emissions?

* I know a couple of recent buyers who swapped from high performance ICE due to cost of fuel. People who drive fast probably struggle to get 30MPG with a large petrol engine.

 

[maigrait]

I did mine through moneysupermarket to budget insurance (which are underwritten in NI by Axa). You can just give them the model/make and proceed from there. At the end I entered my reg number and all fine. Insured for 600 notes. 48 in NI with a million years NCB.
More pricey than my last car (Jag IPace) which was 228 quid but I normally find 2->3rd year quotes on the same car to be cheaper. Its a 'new car to you' thing that normally puts the price up.

 

[ShaunMYLR]

We have a multicar policy with Admiral which runs until May next year so not looking to change but for the rest of the term they have quoted me around £400, Can't argue at that.

1. Age: 33
2. NCB: 9 Years
3. Location: Gloucestershire

 

[Andywil]

I have just been issued with my registration number so tried to proceed with the quote received using Go Compare, it won't let me proceed clicking through to Admiral, wants me to ring them but then i don't get the £250 excess cover that Go Compare offer.
Is it because the Reg is not in there system yet, think i read somewhere that Tesla don't register the cars until the day of collection?

The vehicle is registered when you collected to avoid the problems caused when customers cancel the order at the last moment.

 

[WllXM]

OH is also finding quotes for her "arriving soon" Model Y to be expensive compared to the renewal quote for Model 3 she recently sold after 3 years. Both are LR models so no big difference in performance and only a slight increase in value. She is retired and does low miles.

I suspect the underwriters are now finding that cost of claims is high and perhaps the frequency of claims are also higher. I also wonder if the driver profile has changed with more buyers now attracted by the performance (*) rather than the low emissions?

* I know a couple of recent buyers who swapped from high performance ICE due to cost of fuel. People who drive fast probably struggle to get 30MPG with a large petrol engine.

I suspect the lack of spare parts, scarcity of TS appointments increasing the time the vehicle is immobilised, potentially having you in a hire/courtesy car is a factor too...

 

[WllXM]

I have just been issued with my registration number so tried to proceed with the quote received using Go Compare, it won't let me proceed clicking through to Admiral, wants me to ring them but then i don't get the £250 excess cover that Go Compare offer.
Is it because the Reg is not in there system yet, think i read somewhere that Tesla don't register the cars until the day of collection?

Couldn't get under £500 compulsory excess with Admiral... but again I'm in London... Kind of an additional NCD protection as you think twice before making a claim...