New MS Lease Insurance Sticker Shock

[baw]

My current 2016 MS lease is about to end and I'm starting a new MS 2020 lease next week. Called my insurance (Allstate) to get coverage for the new VIN and they are raising my premium from $2576/yr to $3900/yr! I believe my agent said it was because of the collision portion. Wasn't expecting this. Is this because they are realizing Tesla's are more expensive to fix?

Anyone else run into price hikes? Is there a cheaper alternative? Thanks in advance

 

[HankLloydRight]

I'm no expert, but I'd suspect the market value (i.e. if totaled) for a 2016 MS is a lot lower than a new 2020 Model S, hence the higher premiums.

Someone else just posted they got a replacement Model S and their insurance when down $66/6 months. So go figure.

Try shopping around to different insurance companies.

 

[ellett]

Shop multiple companies. The differences can be amazing. I have an M3 LR AWD and my policy is about $120/month total through State Farm. Your car will be more expensive, but the rate you were quoted still seems excessive. Of course, it also depends on where you live, If you live in NYC your rate may be in line.

Consider that the new car is probably worth twice what the current car is worth, so the collision portion of the policy, which is based on YOUR vehicle, is probably twice as expensive.

 

[JPoldo]

Quote:
I believe my agent said it was because of the collision portion. Wasn't expecting this. Is this because they are realizing Tesla's are more expensive to fix?

Yes, it it is the collision portion. When my rear passenger door/hinge was damaged, a certified Tesla shop quoted $17,000 for repair. My insurance adjustor couldn't reduce the cost so they had to pay the full amount less my $500 deductible. Teslas cost far too much for body work due to aluminum construction.

 

[WAMike]

Just added a 2020 MS LR+ (only added wheels... $82k car...purchased, not a lease) to my insurance (Allstate). Already had 3 cars and a house on the policy. I'm 50, no accidents, no tickets, living outside of Seattle, $500 deductibles... policy increased $3100/yr (collision is 2/3 of that cost).

Need to spend some time shopping for a new insurer!

 

[baw]

Just added a 2020 MS LR+ (only added wheels... $82k car...purchased, not a lease) to my insurance (Allstate). Already had 3 cars and a house on the policy. I'm 50, no accidents, no tickets, living outside of Seattle, $500 deductibles... policy increased $3100/yr (collision is 2/3 of that cost).

Need to spend some time shopping for a new insurer!

So I have been shopping around. Try Geico.

 

[AMPd]

Quote:
I believe my agent said it was because of the collision portion. Wasn't expecting this. Is this because they are realizing Tesla's are more expensive to fix?

Yes, it it is the collision portion. When my rear passenger door/hinge was damaged, a certified Tesla shop quoted $17,000 for repair. My insurance adjustor couldn't reduce the cost so they had to pay the full amount less my $500 deductible. Teslas cost far too much for body work due to aluminum construction.

That’s a small part, most of the cost is in the price gouging portion of the bill.

 

[bhzmark]

Shop around.they bet a lot of high priced auto buyers dont bother.

 

[r1200gs4ok]

I have a 2016 Toyota Tacoma, 2019 Tesla Model 3 and a 2020 Tesla Model S.....My total for 2 car and a truck annual premium went up from $1150 to $2375........an increase of ~ $1225 for the Tesla MS....not bad.......I have USAA and also have my house with them along with my supplemental Part G insurance....oh, been member for over 45 years ever since I was a 2ndLt in the Marine Corps.....

 

[nomis_nehc]

Try Progressive. For some strange reason the other companies charge so much insuring Teslas.

 

[AMPd]

Try Progressive. For some strange reason the other companies charge so much insuring Teslas.

Not really a strange reason when you consider the vehicle has to be repaired at an approved body shop which opens the door to shops charging crazy amounts for repairs.

 

[Litigate28]

Tesla insurance was significantly cheaper for me if that's an option for you. Also my Model 3 SR+ has a higher rate than my P100D. Go figure.

 

[Jughead135]

Tesla insurance was significantly cheaper for me if that's an option for you. Also my Model 3 SR+ has a higher rate than my P100D. Go figure.

This seems to be a common refrain. I wish the Tesla Insurance were available outside of CA....

 

[CaryRx]

My current 2016 MS lease is about to end and I'm starting a new MS 2020 lease next week. Called my insurance (Allstate) to get coverage for the new VIN and they are raising my premium from $2576/yr to $3900/yr! I believe my agent said it was because of the collision portion. Wasn't expecting this. Is this because they are realizing Tesla's are more expensive to fix?

Anyone else run into price hikes? Is there a cheaper alternative? Thanks in advance

Have you tried TESLA's auto insurance?? My rates went down pretty significantly when I switched from GEICO to TESLA insurance.

 

[Bill_75D]

Go to an insurance broker. They will shop all of the companies and choose the one that is the best fit for you.

 

[pilotSteve]

Safeco in WA is not too bad, $1,635/yr for my 2016 S90D, $1000 collision deductible, $500 non-collision (theft, vandalism, animal impact), $500k per accident injury/property, $500k uninsured motorist. No accidents in 10+ years.

 

[RiknChar]

Wow! I am realizing that I have some REALLY cheap insurance here in Nebraska! My wife and I have four cars on our auto policy with American Family. A 2020 Model S, a 2020 Model 3, a 2006 Lexus SC430, and a 2018 Ram 1500. For full coverage on all 4 cars, we pay $2200 per YEAR. I'm 56 with no tickets or accidents and have my homeowner's insurance with the same company, but still.