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Performance vs RWD insurance?

Discussion in 'Model 3' started by calvan, Aug 1, 2018.

  1. calvan

    calvan Member

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    Sorry if this is covered elsewhere, I couldn’t find it. Curious if anyone minds sharing any insight on insurance premiums for performance vs RWD. Thanks.
     
  2. ShaneXman

    ShaneXman Member

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    I don't know this for certain, but I BELIEVE that insurance companies don't differentiate between the RWD, standard AWD or Performance AWD variances. Unlike other brands (BMW 330i vs. M3, Mercedes C 300 vs. AMG C 63 S), the Model 3 is still a Model 3 (purchase agreements are all for a "Model 3", and everything else is an option). I'm also basing my conclusion on several insurance rates I've heard from people with Performance versions as compared to the rate I had for my LR. I could be wrong though... *shrugs*

    Thanks to JR Garage, I was able to snag this screenshot from their YouTube video to illustrate my point...

    Screen Shot 2018-08-23 at 4.18.20 PM.png

    -Shane
     
  3. Knightshade

    Knightshade Active Member

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    Insurance companies generally use the VIN to differentiate performance variants- since the VIN has a different letter in it for different engine/motor options.

    In the case of the 3 it's interesting because the AWD and P have the same letter (since based on all current info, and reinforced by this very fact, they have physically identical motors and the AWD is just software limited).

    The RWD however has its own VIN letter to indicate only the single rear motor.
     
  4. tomc603

    tomc603 Member

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    Comparing insurance rates between people isn't very helpful, so you'd really need to get a quote from your provider for each configuration. Like @Knightshade said, the AWD and P don't have a different VIN code, but since the Performance is so much more expensive compared to an RWD, I would assume that any policy with comprehensive coverage is going to cost more.
     
  5. TurnFast

    TurnFast Member

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    When I asked about insuring a fully loaded awd vs a base performance, the costs were very similar. I assumed they were just going of the purchase price gave them for the 2.
     
  6. Atari2600

    Atari2600 Member

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    State Farm told me $20 more per month for performance vs. dual motor. I assume RWD is close to dual motor since it's only a $4k/5k difference in price.
     
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  7. Thomas Edison

    Thomas Edison Active Member

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    Could that be because it's a higher priced car?
     
  8. Atari2600

    Atari2600 Member

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    That would be my guess. Just sharing what they told me.
     
  9. Msjulie

    Msjulie Active Member

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    As mentioned, it's going to depend on you, your insurance company, etc

    What we noticed is since the RWD and the Performance have essentially the same costs to repair if crashed, the rates were close enough not to matter... there's the front motor so that could add a little if you hit hard enough but then maybe the car is toast so no matter?

    We don't have < 28 year old drivers which I know makes a big difference and might also if your 3 was a Performance version vs not - pesky teen boy drivers and all :rolleyes:

    Our 2017 Audi A3 e-Tron costs more to insure than the 2018 Model 3, I'm primary on the 3 he's primary on the Audi; but like I said, < 28 isn't our problem ;)
     
  10. Knightshade

    Knightshade Active Member

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    I'm curious how they think they'll be able to tell the difference? VIN is the same and you can easily price an AWD as much as a P with EAP/FSD
     
  11. Atari2600

    Atari2600 Member

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    My guess is a stripped down P and a loaded AWD would be the same.
     
  12. tpham07

    tpham07 Active Member

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    higher price but also because "performance" vehicles generally are more adept to speeding and aggressive driving. No grandma buys a performance vehicle #justsayin
     
    • Disagree x 1
  13. Knightshade

    Knightshade Active Member

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    Except there's no "higher price" to tell.

    A stripped P has been as cheap as $64,000.

    A maxxed out AWD is $67,000.

    So how do they know if grandma bought the P or the AWD, given there's no VIN or obvious price difference?
     
  14. Msjulie

    Msjulie Active Member

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    Well... ok, not a grand mother but if I ever become one I'll still be buying the quick cars
     
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  15. ℬête Noire

    ℬête Noire Active Member

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    When getting an Allstate quote they didn't even know that the "B" in the VIN was AWD, they internally list them both as "rear wheel drive". ¯\_(ツ)_/¯ They also had effectively the same price for the AWD as they'd quoted me prior for the RWD. It was less than $10, maybe no difference but I'm not sure to that precision since these quote requests were a few months apart (after I'd changed what I was ordering).
     
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    • Disagree x 1
  16. tomc603

    tomc603 Member

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    There are a ton of people in these forums, on Reddit, and in Tesla's forum that have little understanding of owning a sports car that will be buying the performance Model 3, and nearly just as many adding the performance upgrade to it.

    The good news is most of these people will hate their car and end up crashing it because they're terrible drivers, or selling it because they don't like the way it performs with the cheap tires they eventually put on it. so there's going to be a great secondary market for parts and used vehicles in the next couple years.
     
  17. Edi5on

    Edi5on Member

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    I have an AWD and my insurance company is categorizing it as AWD performance based on the VIN. I talked to them couple of times and they said there is nothing they can do since they are going based on the VIN.
     
  18. Maltaltin

    Maltaltin Member

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    I have Progressive. They currently do not differentiate between a Model 3 LR and any other model.
    Saves me money ¯\_(ツ)_/¯
     
    • Love x 1
  19. NathanielHrnblwr

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    Before I got my car, I had given my insurance agent a RWD VIN to get a quote as that was the only VIN available at the time. When I got my PAWD, I gave him the VIN and the price was slightly cheaper. Go figure.
     
  20. mswlogo

    mswlogo Member

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    Price of the car means nothing.
    If an AWD gets in less accidents (for what ever reason) then an AWD might have cheaper rate. Even if it’s a more valuable car.

    Each insurance company will look in a database with your VIN and have a score associated with it. There is no correlation with price. Better cars might have older more conservative drivers or more safety features. The score includes, bodily injury, cost to repair, frequency of accidents etc.

    They also have scores on your location. Frequency of theft, accidents etc.

    Those scores along with your driving record generates the price.

    I saw very little difference between different model 3’s.

    By the way I found Progressive to be one of the better prices. My current insurance wanted $2150/yr for M3 and 2017 Jeep Summit. Progressive was $1000/yr. With more coverage. Geico was similar.

    Also web applications can be WAY off from the actual price. Get a quote by phone with an accurate VIN.

    Borrow a VIN to get exact pricing if you don’t have a VIN yet. This burned us the day before because we thought we found the company we wanted but when we wanted to go forward it was like $500 more than web form estimated.
     

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