Tesla Insurance Launches in California

Tesla has officially launched its own branded insurance product to customers in California.

The company said on Wednesday that Tesla Insurance will offer rates up to 30 percent lower than competitors.

“Because Tesla knows its vehicles best, Tesla Insurance is able to leverage the advanced technology, safety, and serviceability of our cars to provide insurance at a lower cost,” Tesla said in a blog post. “This pricing reflects the benefits of Tesla’s active safety and advanced driver assistance features that come standard on all new Tesla vehicles.”

Tesla says owners in California can purchase a policy in as little as one minute via tesla.com/insurance. For new vehicle orders, customers can request a quote prior to delivery once a VIN has been assigned to their Tesla Account.

Tesla said it plans to offer the product in other states soon.

 

[Chanceofthat]

I switched yesterday, mine went from about 300/ mo with MetLife to 118/ mo with Tesla.

 

[engle]

I cannot wait for the algo to be updated! I have had GEICO (Government Employees Insurance COmpany) on my vehicles since Dec. 1978! Mind you, this was way before Warren's BRK bought it and opened sales to everybody with annoying mass tv advertisements.

I have *every* discount with GEICO under the sun. I will quote the *exact* coverage and report back. The only variable is I have a non-Tesla ICE I keep around as a "back-up", a 2000 Mercedes ML 320 with 117K miles on it. I haven't driven it since 3/2016 when I leased an X P90D except a few days ago when my Model 3 spent the day at Mr. Tint in San Jose. I've kept it insured since it lowered my overall rate with GEICO. That may skew the results. We'll see...

One concern I have is:

Will TSLA be using all the telematics they have on us like how fast we drive, etc. to "rate" our policies. If they are or plan to do that, then I will stick with GEICO!

I do use Navigate on Autopilot 90-95% of the time on freeways, but I've also done fun things like test the performance specs at 3 am in the morning on a large empty freeway. Can't wait to find an excuse to visit Germany again and rent a Model 3 Performance over there!

Russ

I got a quote and it will be lower than my Progressive Insurance: $116 vs $152 per month. I will switch to Tesla when my 6 month term with Flo ends next month.

Auto insurance companies have to return the unearned premium on a pro-rated basis if you cancel early when replacing them with Tesla Insurance.

 

[follow.johnny]

Got my quote yesterday and it was higher than my current insurer (Geico) with same coverage

Tesla Insurance: $240.00 per month
Geico: $130 per month

Hoping Tesla's new algorithm will be cheaper or similar to what I'm paying right now and I would make the switch.
Will report back once the system is back up and running.

 

[zyzz]

I have Geico, and after the Tesla quote:

Geico 6 month prem: 810
Tesla 6 month prem: 591

I'm shook.

you are the sole beneficiary of this program - literally made only for you

oops - spoke too soon:
Tesla Insurance
Algorithm update in progress.

 

[willow_hiller]

I would pay extra for Tesla insurance if it came with guaranteed AP/FSD replacement. Your Tesla with $10,000 of software on it gets totaled? Your replacement will be guaranteed to have the software included.

We tried asking USAA if they would factor in the cost of after-purchase software upgrades in the event of a loss, they couldn't give us an answer.

 

[trevelan]

I only get :

Tesla Insurance
Algorithm update in progress.

 

[jboy210]

I am wondering if this is part of the "master plan" to provide coverage when paying people ride in your car as part of a FSD summons. Like a driverless Lyft/Uber that lets you car earn money while your are not using the car. I imagine that would give most traditional insurers a heart attack.

 

[RubberToe]

Uninsured motorist property damage: This covers expenses for damage to your car caused by an at-fault driver who doesn't have insurance (uninsured) or by a hit-and-run or miss-and-run.

On the form, the maximum amount for this is $3,500. Does that mean that if someone who is uninsured totals my Model 3, that the insurance only covers the first $3,500 and that I'm responsible for the rest of the amount I owe on the car?

Actually, I think that would be covered under the "Collision Deductible"..

In any case, Teslas quote is $209 per month single car. My current cost through AAA with 4 cars on the policy is $341 per month for the Model 3 alone. I ran over a parking stop in 2017 and filed a claim for the $3,500 bill (lesson learned: don't file insurance claims). My insurance went up to $4,100 per year due to that. They plan on charging me another $4,100 in February.

Tesla here I come pending the question above...

RT

 

[alexdav]

Looks like they updated their algorithm. It went down by ~$100 / month for me for the Model 3, but still about $300 more per 6 months for the Model 3 and $150 more per 6 months for the Model X.

$450 more per 6 months for "luxury" Tesla insurance?

Uninsured motorist property damage: This covers expenses for damage to your car caused by an at-fault driver who doesn't have insurance (uninsured) or by a hit-and-run or miss-and-run.

On the form, the maximum amount for this is $3,500. Does that mean that if someone who is uninsured totals my Model 3, that the insurance only covers the first $3,500 and that I'm responsible for the rest of the amount I owe on the car?

Wondering the same...

 

[wordupmag]

LOL... My Geico insurance is 20 percent cheaper for the same policy. No thanks Elon

 

[Az_Rael]

OK, ran a new quote with the new algorithm - same coverage as my current insurance

Ameriprise 6 month on my 3: $804.87
First Tesla 6 month on my 3: $1185.13
Updated Tesla 6 month on my 3: $1037.39

 

[DSDS]

Anyone has an idea about the roadside assistance? In network versus out of network, so you pay extra for our of network but what does ‘in network’ actually mean?

 

[jebinc]

Not available I’m WA state......

 

[Zaxxon]

Not available I’m WA state......

Or any state that doesn't end in 'ornia.'

 

[JsWifesM3]

I guess what’s not accounted for is the discounts many people have for bundling their insurance with home or multiple cars. If I removed our old civic from our policy with AAA, our Model 3 policy by itself would be $211. Tesla’s new quote is $133.

Unfortunately, getting both cars insured without a discount for bundling them just kills Tesla’s offer. I was looking forward to this Tesla Insurance thing for a while, too

 

[woodisgood]

The new algorithm knocked $100/mo off the quote, bringing it more in line with what we're paying now. However, I can beat that by an additional $75/mo if I switch to another one of the cheapie insurance providers right now.

I assume we cannot add non-Teslas to the policy? Also unclear what would happen price-wise when we add the second driver to the car.

 

[effiephd]

It’s MUCH cheaper for me but with 1 hang up about $3,500 uninsured motorist. I said my peace on YouTube EFTHEMIA channel and showed my screen comparison between Geico. Probability wise, I could roll the dice, but sleeping on it first...

 

[DevinSerpa]

I got a quote and it will be lower than my Progressive Insurance: $116 vs $152 per month. I will switch to Tesla when my 6 month term with Flo ends next month.

I think the web page is broken, it's been down over a day. But before it went down I got a quote for $370 vs $145 with flo for me.

Hope they fix it soon.

 

[woodisgood]

I would pay extra for Tesla insurance if it came with guaranteed AP/FSD replacement. Your Tesla with $10,000 of software on it gets totaled? Your replacement will be guaranteed to have the software included.

Yeah there are a lot of unanswered questions right now. You would think the software replacement should be a given with Tesla Insurance since it costs them nothing.

 

[No2DinosaurFuel]

Ok updated quote after algorthim change

Amerprise: $766 for 6 months 250k/500k

Tesla before algorthim: $1752 for 6 months with same coverage

New tesla algorithm: $1002 for 6 months again with same coverage.

So better than before, but looks like still 30%-40% more than ameriprise. It was closer to geico before I switched to ameriprise. Again same coverage at geico too.

I have no bundling with home because apparently it will increase my overall insurance so I stuck it out with travelers for home and ameriprise for auto so I dont get any bundling discount.