I couldn't find this topic already started anywhere yet in TMC, but if it has been and I missed it, sorry.
I'm in CA and I've had Tesla insurance for about 8 months. There have been some unfortunate problems. I'm posting them so that others can learn what I have experienced, and so that (hopefully) the service will get better.
1. Tesla Insurance (TI) bills on your credit card, monthly. Nothing wrong with that, but I am used to auto withdrawals from my bank account. One problem, though, is that when I called TI one day with an issue, I noticed that they charged $1.23 to my credit card (on the same day) for some reason. Was it due to the phone call? I don't know; I haven't had the patience to call and find out.
2. CA DMV apparently didn't accept that TI was real insurance, and this got back to my lender. I spent HOURS on the phone with the lender and TI trying to get it straightened out. The lender sent several threatening emails to me saying that they were going to sign me up for insurance, themselves. It took two letters from TI to my lender to finally get it straightened out. Believe me, it was a real pain.
3. Three months later, sort of a repeat of #2 above. The letters from TI to my lender covered three months. Even though TI continued billing me monthly beyond that, the lender assumed the policy had ended and began sending threatening emails again. Apparently, TI was supposed to let the lender know each quarter that I continued to maintain my policy. TI said this issue will not happen again, but we'll see.
4. Unless TI begins offering home insurance too, it probably won't be worth it for homeowner's to move their auto insurance to TI. TI saved me about $150/year compared to the auto insurance I had, but bundling auto/home insurance with the same insurance company will probably save much more than that. In my case, I still had another auto insured with my home insurer, but when the auto died recently and I asked to cancel the auto policy, I was told if I did so, they would cancel my homeowner's and umbrella policies. I am actually paying auto insurance right now on a vehicle that I cannot drive, just to keep the homeowner's insurance. And I am looking for a new insurer.
I'm in CA and I've had Tesla insurance for about 8 months. There have been some unfortunate problems. I'm posting them so that others can learn what I have experienced, and so that (hopefully) the service will get better.
1. Tesla Insurance (TI) bills on your credit card, monthly. Nothing wrong with that, but I am used to auto withdrawals from my bank account. One problem, though, is that when I called TI one day with an issue, I noticed that they charged $1.23 to my credit card (on the same day) for some reason. Was it due to the phone call? I don't know; I haven't had the patience to call and find out.
2. CA DMV apparently didn't accept that TI was real insurance, and this got back to my lender. I spent HOURS on the phone with the lender and TI trying to get it straightened out. The lender sent several threatening emails to me saying that they were going to sign me up for insurance, themselves. It took two letters from TI to my lender to finally get it straightened out. Believe me, it was a real pain.
3. Three months later, sort of a repeat of #2 above. The letters from TI to my lender covered three months. Even though TI continued billing me monthly beyond that, the lender assumed the policy had ended and began sending threatening emails again. Apparently, TI was supposed to let the lender know each quarter that I continued to maintain my policy. TI said this issue will not happen again, but we'll see.
4. Unless TI begins offering home insurance too, it probably won't be worth it for homeowner's to move their auto insurance to TI. TI saved me about $150/year compared to the auto insurance I had, but bundling auto/home insurance with the same insurance company will probably save much more than that. In my case, I still had another auto insured with my home insurer, but when the auto died recently and I asked to cancel the auto policy, I was told if I did so, they would cancel my homeowner's and umbrella policies. I am actually paying auto insurance right now on a vehicle that I cannot drive, just to keep the homeowner's insurance. And I am looking for a new insurer.