Personally I’d rather Tesla invested money in providing spare parts - to prove a low cost of repair to the existing insurance industry and bring everyone’s insurance costs down that way...
-Alex
-Alex
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So, How's That Tesla Insurance Going?
- Thread starter wolfwill23
- Start date
FloridaGary
Member
SageBrush
REJECT Fascism
I’ve read that in a few places. I’m happy with my rates from State Farm but I recently got a quote from Amica to compare. It was double my SF premium (over $1k more annually). Granted I have condo owners insurance and an umbrella policy through SF, but I can’t believe Amica would cut my auto rates in half with other lines added. SF once covered me in a big way on a condo owners claim so I feel like they have my back (it was 10 years ago so won’t affect the Amica quote) but I’m always interested in shopping around (for the record, claim was not my fault - a renter in another unit lit her balcony on fire and I ended up needing to live in a hotel for a few months until the building could reopen).
However, Amica seemed to pick up that I’ve had the policy on the Tesla only a few months so maybe that played into it (I’ve had coverage on other cars much longer than that, but the Model 3 is the only car I have now). I’ll check back in a year or two only because of how many good things I’ve heard. I’m willing to pay more to make sure I’m really covered if I need it - that’s my primary concern.
I’m excited to see what Tesla does in the insurance space, but I’m probably not going to switch. I need condo owners insurance, and I also need a firm that will write an umbrella policy. I imagine many people have other cars in addition to their Tesla(s), so if coverage is limited to Tesla produced vehicles, that may also limit appeal.
I went through amica just out of curiousity since they weren't in my initial set when I got insurance.
They wanted $186 per month vs geico's $82 oer month lol.
I don't really know why my Geico's is so cheap, but i have yet to get within 20% with any other companies quote.
I used to get cheap rates through geico but my renewal notice just came in at a FIFTY PERCENT INCREASE despite no claims. Needless to say I will drop them like a vomiting baby.
No, not really. If premiums are scaled right, they just need advance reserves enough to handle the variance of a few initial claims as they ramp.
@Timbo2 makes good points.
CarlK
Active Member
I believe this is geared toward future FSD and robot taxi. It will be hard to get reasonable coverage, or at all, from regular insurance companies since they do not have enough data to do risk calculations. Tesla will be fully vertically integrated with its products and services.
Ok... can’t see that helping much overseas
for example in the UK, Thatcham places cars into insurance groups which the industry then uses to calculate premiums. If parts are hard to get, Tesla will find themselves in groups 30+ along with exotic supercars etc., which is unfortunate given the ‘everyday’ aims of the Model 3 design.If the Tesla parts operation could supply parts at a reasonable cost and in a three-day timeframe to anywhere, that could surely help.
Again this seems like an idea that will work in California... in New Zealand I fear that the tiniest prang will put my Model 3 off the road for months while estimators duel it out with Tesla for shipping panels internationally - meanwhile I’ll be given a Camry rental car or something, if I’m lucky :/
-Alex
I have only renewed once (I do mine in 6 month chunks). Next one is September so we shall see!
Ok... can’t see that helping much overseas
From my limited experience in the US Tesla parts prices are very much in line or slightly less than many luxury brands. The issue is limited availability and the shops that are "approved" are generally the ones that deal in high end and exotics and have labor rates to match. The carriers only have to pay customary rates - so it is up to the owner and shop to negotiate on labor.
Also the difficulty of the repair can't be understated. For example below is this relatively minor damage - a trunk, quarter and bumper. Both the front and the rear glass need to come out for the repair. The shop broke both on removal. According to the shop it is 50/50 getting the glass out without breakage and it is accepted as part of the repair and will soon be baked into our rates.
Yessss... I’ve followed that story and it seemed quite ridiculous - you’re right about what’s happened but I think you’ll agree that it’s crazy to remove the glass roof just for a realignment of the trunk lid - I’m sure the repair processes documented by Tesla could use some improvement, and it all comes back to availability of parts - but also, availability of information.
I think in NZ the shop would resort to some more ‘custom techniques’ for straightening without replacement, though there are often high-strength materials in modern designs that simply can’t be straightened. Information is key...
I really don’t want to be reporting on this forum in the future about a three to six-month repair of something like this from an international perspective
-Alex
FloridaGary
Member
For clarification, their #1 and #2 status nationally was not based on annual cost of their insurance, but I am sure you know that. For some reason, Amica was only $100 more per year than the best rate I could find for the Orlando, FL area. I also have an umbrella policy, which any auto insurer should provide. I am very much looking forward to find out what Tesla Insurance rates will be and hoping they will be the most competitive since their body shop repairs are in-house.
srs5694
Active Member
The bizarre procedures may have something to do with the Model 3's bizarre body design. This story got a lot of coverage, in chunks; here's just one reference. (Google "Tesla Munro teardown" or something similar to find more.)
Auto Industry Expert In Lean Design, Sandy Munro, Gushes Over Tesla In New Video | CleanTechnica
In brief, the teardown revealed that Tesla was well ahead of competitors like the Chevy Bolt on things like batteries, electronics, motors, and cost control; but Munro criticized the design of the body as being overly-heavy, overly-complex, and just plain weird, including (IIRC) in ways that would complicate repairs. It could be that the complexity of repairs that TFL Car is reporting is a manifestation of this complexity/weirdness of design.
Of course, I'm speculating pretty wildly here. I'm not an expert on automotive body design or repairs generally, much less on the Tesla Model 3 specifically. An overly-complex, and even risky, repair process seems like a logical consequence of a body design that an expert on these matters has criticized, though. OTOH, maybe that design is just brilliant in ways that Sandy Munro didn't recognize -- but that wouldn't explain the unusually complex repair procedure TFL Car is reporting, whereas a poor body design might. Occam's Razor therefore implies that Munro is right about this.
Yes, definitely. I’m willing to pay more for a top-rated insurer, but not twice as much. I’ll give things a year or so and get another quote. I appreciate your input!
In some ways, the cars are neat, because no one's stuck in trying to build a great "911, or F-150, or Mustang", etc. They are just building a neat car - but it also seems like there's lots of people who maybe have PhD's in engineering, more than practical manufacturing experience.
As I've said elsewhere, they desperately need a hard-nosed COO, with experience in manufacturing cars/heavy equipment/etc, and a commitment from the board to let him rework the production culture.
As I've said elsewhere, they desperately need a hard-nosed COO, with experience in manufacturing cars/heavy equipment/etc, and a commitment from the board to let him rework the production culture.
chewyc
Member
It's now available to drivers in California. Although Tesla's service quality is currently so-so, and I'm not thinking the insurance will be on par with a Traveler's, Progressive, etc., due to a lack of infrastructure. While the insurance product might be sound, I wonder about the service side.
Tesla Insurance
Tesla Insurance
devilmountain
Member
Just quoted the insurance for me, more than double what I am paying for the same coverage with AAA. I will pass.
AlanSubie4Life
Efficiency Obsessed Member
I just entered my info and compared to my current fantastically expensive insurance with Mercury.
I am in my 40s, over 25 years driving experience, clean record (zero collision claims or accidents, no comprehensive claims (windshields) in the past 5 years), married, drive 8000 miles a year. Drive a P3D+.
With Mercury that was $900 every six months. (This is with a $1k comprehensive deductible and $2k collision deductible!)
With Tesla Insurance it's...$900 every six months.
I set all the limits the same ($250k/$500k).
I am in my 40s, over 25 years driving experience, clean record (zero collision claims or accidents, no comprehensive claims (windshields) in the past 5 years), married, drive 8000 miles a year. Drive a P3D+.
With Mercury that was $900 every six months. (This is with a $1k comprehensive deductible and $2k collision deductible!)
With Tesla Insurance it's...$900 every six months.
I set all the limits the same ($250k/$500k).
