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.

 

[DSDS]

Does anyone know whether glass replacement is included?

 

[jkoya]

Does anyone know whether glass replacement is included?

Just got my quote and I couldn't find anything about the glass replacement. The quote was basically in the ballpark with AAA pricing, but our AAA policy has full glass replacement (all exterior glass surfaces including roof) with no deductible.

My concern is the level of service I would receive if I ever had to make a claim. My past dealings with AAA claims have all been positive.

I'm going to try calling later today and ask about the glass replacement.

 

[GregRF]

As I posted in the Investor thread:

2.75x what I pay now

2642/year Tesla
962/year State Farm

Differences include SF having slightly higher Bodily Injury limits(250k/500k vs 100k/300k), but I also have my deductibles set at double the cost of the Tesla plan (500/1000 vs 250/500)

Also have multi-car and home with SF.

Updated Quote for me at 1305/year. Still more expensive but less than half of the first quote!

 

[jeffro01]

Well... Got an updated quote today (first quote I got on launch day was a joke) and while it's technically cheaper than what I'm paying Geico, not by enough to justify losing any discounts I have with Geico as a result. Just about $4 per month savings with Tesla... Totally not worth the risk.

Jeff

 

[mikevbf]

What would make Tesla insurance interesting to me aside from being cheaper is a guaranteed equivalent or better Tesla loaner for as long as it takes the body shop to get parts and fix my Tesla. This would clean so much up.

 

[Bet TSLA]

New quote after algorithm adjustment is about half the old quote on both my S and 3. Still not competitive with my Geico policy, but that's for more cars and with an umbrella policy.

 

[insaneoctane]

Not sure how to compare it to my current policy since my current policy allows any of the 3 legal drivers in my house to drive my model 3. One of them is my 19 year old daughter. So while I can compare the price to what I am currently paying, how much would it go up when I add all possible drivers?

 

[jkoya]

I've been calling the phone number on my quote to ask about the glass policy for the the last 4 hours. All I get is a busy signal. This is the same number that would be called in case of a claim.....I think for now I'm just sticking with my current AAA policy.

 

[DSDS]

I've been calling the phone number on my quote to ask about the glass policy for the the last 4 hours. All I get is a busy signal. This is the same number that would be called in case of a claim.....I think for now I'm just sticking with my current AAA policy.

same here...'you call will be answered within 1 minute'...so far it is about 47min - but I am cutting them some slack being in service for 48h

 

[DSDS]

So my wait time on the phone was about 51min but I finally got through and had a very positive feeling about the service...

These were my questions and their answers:

1. Collision deductible waiver: It is not an option online but once you submit your quote you can add it manually later.

2. Glass: Would count against your comprehensive, they do not offer a add on for glass (that's a little bit of a let down).

3. Rental: In network vs. Out of network: In Network would be provided by Enterprise and has no cap (basically however long it takes to fix the car);oOut of network would be whatever cap you choose ($30/$900 etc.).

For me so far it actually sounds like a better deal: I am with GEICO and I am up for renewal and GEICO increased my premium from $142/month to $212/month while TESLA quotes my $160/month but with a better Collision, Comprehensive and Medical.

 

[TesYesLa]

Its been good for me
M3 2019
I had Geico - $165/mo for 6 months went up to $240/mo starting next month
Tesla - $156/mo

 

[born2win]

With the kind of customer service experience I see in Tesla, I will never by their insurance. I will never be able to get to talk to someone in emergency!!

 

[joefee]

It was $100 a month more than my Liberty Mutual bundle (home, auto, umbrella).

Agree with born2win above "With the kind of customer service experience I see in Tesla, I will never by their insurance. I will never be able to get to talk to someone in emergency!!"

 

[ElectrekPanda]

It was $100 a month more than my Liberty Mutual bundle (home, auto, umbrella).

Agree with born2win above "With the kind of customer service experience I see in Tesla, I will never by their insurance. I will never be able to get to talk to someone in emergency!!"

So if you have an umbrella coverage including life and house or rental insurance, that will almost always win. But that is not apple to apple comparison. Anyways, if a banana is a better for, don't try to buy an apple. Just saying ...

 

[KSilver2000]

So if you have an umbrella coverage including life and house or rental insurance, that will almost always win. But that is not apple to apple comparison. Anyways, if a banana is a better for, don't try to buy an apple. Just saying ...

So, then, is Tesla doing this as an exercise ahead of possible robotaxi in the unknown future?

Or, do you think they are targeting people currently with exorbitant rates, such as newly minted young techies, who don't own a house, probably hasn't gotten life insurance (besides what is provided by employer as default) and wants to drive a Tesla?

 

[Owner]

Mine is more expensive by 12%. Get multi car discount with CSAA.
The default Tesla insurance has upper limits that are way too low.

 

[Big Dog]

So, then, is Tesla doing this as an exercise ahead of possible robotaxi in the unknown future?

Or, do you think they are targeting people currently with exorbitant rates, such as newly minted young techies, who don't own a house, probably hasn't gotten life insurance (besides what is provided by employer as default) and wants to drive a Tesla?

The problem with the latter niche market is adverse selection.

 

[Missile Toad]

Does anybody know how Tesla is going to handle the conflict of interest, when a manufacturing defect is a cause of a car accident?

 

[ACA Man]

If you thought you had bad enough problem with their CS, wait until you need to file a claim with their insurance.

 

[DSDS]

Its been good for me
M3 2019
I had Geico - $165/mo for 6 months went up to $240/mo starting next month
Tesla - $156/mo

Hi, what coverage did you choose if I may ask?