Oh my, no. Aside from a very few exceptions with collectors vehicles, cars are never an "investment". If anything, they are a liability.
lol tricky play on words, but agreed:biggrin: I'm not even a TSLA shareholder haha, though i have considered
You can install our site as a web app on your iOS device by utilizing the Add to Home Screen feature in Safari. Please see this thread for more details on this.
Note: This feature may not be available in some browsers.
Oh my, no. Aside from a very few exceptions with collectors vehicles, cars are never an "investment". If anything, they are a liability.
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?
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.
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!
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
I'd think seriously about more property damage coverage than $25K. That won't cover you if you hit a Chevy these days, much less another Tesla.
-- Doug
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.
What Are the Types of Financial Responsibility?
- Motor vehicle liability insurance policy.
- Cash deposit of $35,000 with DMV.
- DMV-issued self-insurance certificate.
- Surety bond for $35,000 from a company licensed to do business in California.
FWIW with State Farm, a P90D would have been ~$200 more than my 90D every 6 months for me here in San Diego when I was checking rates before placing an order this past September, and I'm over 50 with zero tickets in nearly 40 years. As my agents told me when I was in my early 20's moving from Riverside to L.A., the only way to reduce my rates was to get married or move to another zip code until I got older and rates came down -- or buy a different car (e.g. Hondas that I was looking at back in the day were stolen and chopped more than some other brands) where rates would still be comparatively higher because of my demographic. Being a single young male, especially in certain cities with higher claim rates is a problem rate-wise, and honestly, a Tesla does not help that as rates are not the best for many of the reasons cited throughout threads like this while Tesla is in it's early stages and hasn't caught on to the need to focus on improving repair costs of their vehicles (IMHO, that will happen as M3 increases in volume, if Tesla is to be successful longer-term -- but that does not help you today.). Hang in there. Good luck....but I'm trying to see difference between 90D and P90D. I'm wondering if the P makes any difference.
According to California DMV liability requirements at https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast_facts/ffvr18, I can:
Is it possible to use a Surety bond to cover California minimums, and get an umbrella over that, and then save money? I'm getting an off-the-cuff quote from Geico of $726/mo ($8,716/y) for a Model S 85; I'll nail that down coming up, but I'm trying to see difference between 90D and P90D. I'm wondering if the P makes any difference. If my quote is $9K/yr, I'd rather just bypass that.