My P85DL insurance rates have just gone down, again!

[jbcarioca]

I do not know how common this is but my insurance rates have declines by ~10% for each six month period since I bought my car in March 2015. The latest renewal (every six months in Florida) arrived this AM and was 9.6% less than the last one. Considering the discussion of insurability of Tesla I have not encountered similar stories, but I am certain there is nothing unusual about my experience. FWIW, a year or so ago a driver ran into me, causing no damage to my car. Progressive decided it was the other drivers fault, and mine was not damaged, but there is a police report. Still my insurance goes down.

Do other people have similar happy tales?

Also, I just compared with Geico for renewal, who quoted my 160% higher than Progressive. So much for "saving 15%"

 

[commasign]

Just speculating, but could it be related to the drop in value of the car? What I paid $150k+ for in late 2014 (with tax and ludicrous upgrade) is only worth a little more than half that now, based on the latest CPO and forum prices.

 

[SabrToothSqrl]

I've never heard of this happening. eSurance tries to jack my rates up every renewal, until I threaten to leave.
You aren't doing anything MORE for me. I'm not paying you MORE.

 

[AMPd]

After the first year AAA lowered my rate from 2,400 to 1,997.

 

[jbcarioca]

Just speculating, but could it be related to the drop in value of the car? What I paid $150k+ for in late 2014 (with tax and ludicrous upgrade) is only worth a little more than half that now, based on the latest CPO and forum prices.

I asked my Progressive rep to be sure. Mine was valued at $128,000 when I bought it and is valued at $89,000 now. I asked what it would be were I to switch for the P100D I've been debating about ($153,000) and the rate would go up 4%. This it seems "loss if incurred" for collision is less of a factor than is "probability of loss". I wish I had access to their actuarial tables so I could understand just what they're doing. I do know from former work with actuaries that the algorithms for high-value vehicles (for some carriers) are often highly geographic and factor in "severity of loss if incurred" data including local repair costs. Thus I would not be surprised were their rates to be highly sensitive to prevalence of local body shop experience with aluminium and/or exotic vehicles. The collision pricing sensitivity suggests a strong sensitivity for "probability of loss" plus highly refined "severity of loss if incurred". I have insured Ferrari, Maserati, Jaguar, Morgan and others, with never a claim, so claims history is counting for a lot. I'd like to know what they do with a new customer vs established one with identical histories. That would be informative.

Sorry if I'm going into too much detail.

 

[jbcarioca]

After the first year AAA lowered my rate from 2,400 to 1,997.

Wow! That is amazing! Congratulations.

 

[hillestadk]

I'll have to get a quote with Progressive. I currently have Allstate and am paying $797.43 for 6 months. Of course, my MS is a base 60 so the MSRP is significantly lower than most others on this forum.

 

[benjiejr]

I use Nationwide and mine goes up every 6 months for my P85D. It went up $99 for this last 6 month cycle. :/ I've never had any claims.

 

[Cyclone]

I suspect it being a PxxD plays a role. It likely got actuarially priced alongside other performance cars and that may be tapering down b/c a) it hasn't been drag raced like every Mustang they insure, b) the performance numbers from Tesla were reduced after delivery (692 hp I think was the original advertised power).

For me, my 2013 S85 with high coverages was priced as follows:
Travelers for 1 year @ $1,053 (so basically 6 mo @ $563)
Travelers for 1 year @ $1,406 (so basically 6 mo @ $703)
Progressive for 6 mo @ 343
Progressive for 6 mo @ 404

No going down for me, but worth shopping around.

That said, when my insurance was issued out of Florida instead of North Carolina, it was SIGNIFICANTLY more expensive! So I wonder if Florida has had better than expected no-fault loss history?

 

[TexLaw]

Mine typically goes down with USAA according to the market value of the car. That's for comprehensive, of course, not liability.

I also do not have a replacement value policy. If I did, I wouldn't expect it to go down, but rather move according to the price of the assumed replacement.

 

[Evee]

not for me lol

 

[EarlyAdopter]

I've had my Model S P85D insured with Progressive since I got it in Dec 2014 and my rates have gone down over time as well.