P90D Auto Insurance

[Modeler]

It makes no sense to have a high deductible on a Tesla. Any accident will result in at least a couple grand repair just to your car.

it also never makes sense to insure cars on separate policies. You will always pay more.

 

[demundus]

I had 2 cars and my house bundled with my 10 year agent. When I got my s85 my insurance more than doubled. $1400 every 6 months. I told him there was no way, I had BARE minimum coverage for California, how could it be so much. He said the car is the most expensive car to fix in the entire system.

I got 6-9 different quotes from various companies, all the same, until GIECO. They got me to $900 every six months with all three cars and I didn't even bundle the house. To add insult to injury, I raised all my coverages to about what OP posted, and in some cases a little more... STILL cheaper, crazy right? Anyway, gave my agent a chance to beat it, he tried and couldn't and understood. He is convinced that GIECO will raise them on me next year as they start to total more cars.

We shall see.

 

[Max*]

I had 2 cars and my house bundled with my 10 year agent. When I got my s85 my insurance more than doubled. $1400 every 6 months. I told him there was no way, I had BARE minimum coverage for California, how could it be so much. He said the car is the most expensive car to fix in the entire system.

I got 6-9 different quotes from various companies, all the same, until GIECO. They got me to $900 every six months with all three cars and I didn't even bundle the house. To add insult to injury, I raised all my coverages to about what OP posted, and in some cases a little more... STILL cheaper, crazy right? Anyway, gave my agent a chance to beat it, he tried and couldn't and understood. He is convinced that GIECO will raise them on me next year as they start to total more cars.

We shall see.

I got renewed with geico, thinking they'll raise my rates. They did. By about.... $10/6 months. No biggie

 

[BertL]

Just a gentle reminder: Check other insurers.

Nearly ALWAYS you can get a better quote just by threatening to leave your current insurer. You can rest assured that the longer you have been with an insurer the more likely your rates are higher than they should be. And a BIG name insurer is no better in many respects than the little independent, and often worse.

Good point.

So noted and duly done every few years (~3 last time, and I'm coming due, thx for the reminder), but after 2 other insurers tell me I'll need to be with them for 6+ years "to get close" or they can't come within $500/year across all my policies for the same coverage, I have consistently stayed with my long term provider even after moving what seems like a zillion times. It is a good thing to occasionally check, but at least in my particular situation what my existing provider gives me in multi-policy, long-term, and zero claim discounts works for me.

Everyone's mileage may vary, so I completely agree, insurance is something everyone should and must shop, so you feel as good as you can with what you end up paying. ..and I'll add, please folks, get an estimate before you order or buy a new vehicle, not after. I've had friends and seen other situations on other forums that are pretty sad with new owners getting slammed with much higher insurance than anticipated, after extending themselves into a new vehicle purchase. It just makes what should be a good thing, horrible, and it could have been prevented with just a little foresight.

 

[4us2bev]

It makes no sense to have a high deductible on a Tesla. Any accident will result in at least a couple grand repair just to your car.

Yes it can make sense -- a low deductible on Collision is what drives premiums so high. If u rarely have claims a high deductible will easily pay for itself many times over during the course of a lifetime of insured driving.

-- David

 

[BertL]

Well, after seeing demundus' post, I think I'm calling Geico next week and see what they have to say. Thanks. It's at least worth the data point for my existing agent!

 

[xJPN]

Yes it can make sense -- a low deductible on Collision is what drives premiums so high. If u rarely have claims a high deductible will easily pay for itself many times over during the course of a lifetime of insured driving.

-- David

I can agree with both points of view. I can appreciate the comfort of a lower payment monthly since I am a safe driver and haven't had to file a claim to date. On the other hand we don't plan for accidents to happen and having a low deductible does create a peace of mind if something were to happen. Unfortunately for me since I'm young and viewed as "high risk", either deductible amounts don't make that huge of a difference. I would love to have a policy cost of $1000 per year but it looks like I'm just going to have to wait.

 

[Tampaukfan]

A big part of your rate is based on where you live. Louisiana ranks high for fraudulent claims and payments, the same for my area (tampa florida).
Liberty Mutual was stupid expensive for me as well ($5000), but Safeco a company they own was only $3000.. go figure.

AMICA is reasonable and so is Travelers, my rate with the latter is $3000 for my 85D (112K sticker) and a 2015 X5 ($75K sticker) 100,300,100 with $1000 deductables and I have one accident that happened 2 years ago that I was blamed for.

There is no reason not to have a $1000 deductable, if you are in an fault minor fender bender its better to write a check then file a claim. My father in law is in the insurance business and even he carries a $1000 deductables...Any thing less is silly to have unless you just enjoy paying more for insurance.

 

[JMG]

Insurance agent here. $1000 deductibles for all of my vehicles and any colleague I know. Like others have said, for small claims it's much cheaper in the long run to pay out of pocket.

 

[xJPN]

A big part of your rate is based on where you live. Louisiana ranks high for fraudulent claims and payments, the same for my area (tampa florida).
Liberty Mutual was stupid expensive for me as well ($5000), but Safeco a company they own was only $3000.. go figure.

AMICA is reasonable and so is Travelers, my rate with the latter is $3000 for my 85D (112K sticker) and a 2015 X5 ($75K sticker) 100,300,100 with $1000 deductables and I have one accident that happened 2 years ago that I was blamed for.

There is no reason not to have a $1000 deductable, if you are in an fault minor fender bender its better to write a check then file a claim. My father in law is in the insurance business and even he carries a $1000 deductables...Any thing less is silly to have unless you just enjoy paying more for insurance.

Hmm that's interesting. I never thought about the state in which I live being considered high risk as well:biggrin: At any rate I will surely be looking into the recommended insurance firms you've listed. As for the deductible amounts, if $1k makes a significant difference with these insurers I will happily go with that amount. One thing is stopping me from definitely going with $1k deductibles, it's the projected cost of repair on any Model S.

If I have a fender bender in a Tesla the repair costs are likely to exceed $1k, making me more prone to file a claim(even though it may raise my rates) in this case I'd rather have a lower deductible. Of course, I have no experience on this matter and only can rely on what I read online, which admittedly are sometimes just outlandish horror stories. As a confident and safe driver, I'd say that I'm leaning towards the $1k deductibles at the moment.

- - - Updated - - -

Insurance agent here. $1000 deductibles for all of my vehicles and any colleague I know. Like others have said, for small claims it's much cheaper in the long run to pay out of pocket.

Thank you for weighing in as an expert, truly appreciated. So in your experience would you say that the cost of repairing general damage(mild body damage, scratches, dents, etc.) on a Tesla Model S normally runs under $1k? I'd be completely fine if it was actually prefer it.

 

[FloridaGary]

Your deductible is too low, it should be $1K. I switched to Naitionwide from Geico. Also, call you local certified Tesla repair shop and see which company pays their overbloated repair costs. Some companies will not pay the hourly rate they charge for Tesla's.

Agree. $1000 deductible at least for autos and $2500 for homeowners is a good idea.

 

[Cowby]

I have geico...3 late model cars, including p85....$1200/6 months....100/300/100, plus 100k uninsured with 2k deductible...also multi policy discounted with home/umbrella....yes that's right (2k deductible), used to be an accountant, it pays to have a higher deductible if YOUR TRULY A GOOD (read defensive) DRIVER....gotta look at urself realistically tho, meaning are u a bad driver? Accidents? Tickets?...if NOT, and u can afford a P90 (or any tesla right now), then your should have the highest deductible allowed on your policy...I had one accident 8 years ago (out of 25 yrs driving), not my fault, guess who paid dearly???....also have taken (u should 2) many defensive driving courses and Porsche, BMW, Audi, etc. courses where they teach u how to properly drive a sports car, blah blah blah....ok, off the soapbox now...lol

 

[JenniferQ]

Hello all,

I'm getting my P90D soon and have embarked on the quest for insurance. I currently have Geico and after almost suffering a heart attack when quoted for adding the P90D on to my policy(an extra $2500 per 6 months), I've decided to move on and find something a bit more accommodating. I currently have only one other car that will share insurance policy with the P90D, a 1998 Buick Regal(YEAH ITS DEFINITELY TIME FOR AN UPGRADE).

I have seen some miraculous P90D insurance quotes on forums like $700 per year from Liberty Mutual. While I understand this may be a quote for only a Tesla on a policy by itself, but pardon me that's insanely low. I was quoted a very unattractive $5k-$6k/year(about $500/month) from Liberty Mutual, and similarly from other insurers like progressive, etc.:crying: Really, does having both of my cars on the same policy hurt me so much? I thought insurers liked that and gave nice discounts for it.


I currently live in the Gulf States area, Louisiana to be exact. Not sure how much of a difference it makes but, the Tesla's are as uncommon as snowstorms here(the way I like it actually). But does that affect my insurance costs?


As it may be obvious to see by now, I am no insurance buff. I pretty much go with the status quo with the limits I choose for my policy. That said, I did drop all extra coverage from my Buick when making quotes, since I plan to be driving it alot less.


Here is a list of the insurance limits I've been using for quotes:
Bodily Injury - $100k/$300k
Property Damage - $25k
Uninsured Motorist: $100k/$300k
P90D Coverage
Comprehensive - $500 deductible
Collision - $500 deductible
Regal Coverage
none


Somehow the above configuration always ends up giving me a very large monthly/yearly cost. Is something wrong with the limits I've chosen? Please feel free to critique and let me know! Also, please feel free to share your insurance configuration as well as your monthly/semi-yearly/yearly costs! I just want it to stay as reasonable as possible. If I am in fact doing whats most reasonable(which I doubt) then I will make my pick based on what I've found so far.

Thanks for any help offered:smile:

You need more than $25k for property damage. That would not cover many cars being totaled.

 

[cwave1]

Each company that you request a quote from should be willing to provide you the breakdown of the pricing.

Don't guess what is making the quote so high - make them tell you and then ask what your options are to reduce it. If they want your business, they will help you by providing options that will affect the quote.

 

[Bradleybang]

You need more than $25k for property damage. That would not cover many cars being totaled.

And the liability limits should be $250k/$500k and $100k PD at a minimum and then buy an umbrella. Most people who can afford an S probably have income and assets to protect.

Yes, being in 20s and living in LA is going to be expensive.

 

[JenniferQ]

And the liability limits should be $250k/$500k and $100k PD at a minimum and then buy an umbrella. Most people who can afford an S probably have income and assets to protect.

Yes, being in 20s and living in LA is going to be expensive.

+1000

 

[xJPN]

And the liability limits should be $250k/$500k and $100k PD at a minimum and then buy an umbrella. Most people who can afford an S probably have income and assets to protect.

Yes, being in 20s and living in LA is going to be expensive.

Thanks for the tip Brad and Jennifer!!

Don't really have a problem doing either of these two things as they don't change the price per month too much, especially if it's so highly recommended. This is an investment I'm protecting after all, thanks for reminding me of that:smile:

A question pertaining to the $250k/$500k bodily injury liability limits, even though I'm fine with doing it, I just want to know why its absolutely necessary. I can understand the property damage part. Also, should I go for $250k/$500k on uninsured motorist as well?

 

[Caligula]

Oh my, no. Aside from a very few exceptions with collectors vehicles, cars are never an "investment". If anything, they are a liability.

 

[JenniferQ]

Oh my, no. Aside from a very few exceptions with collectors vehicles, cars are never an "investment". If anything, they are a liability.

yep.

 

[Plan B]

Oh my, no. Aside from a very few exceptions with collectors vehicles, cars are never an "investment". If anything, they are a liability.

Love the new signature, much better :wink: