Blog Tesla Says a Fix for Insurance is Weeks Away

[Ty_McMahan]

Tesla is on the verge of launching its own insurance product for Tesla owners that Chief Executive Elon Musk says will be “much more compelling than anything else out there.” A study from 2017 suggested that Tesla owners pay higher than average premiums due to higher-than-average claim rates and repair costs. Tesla challenged the study’s...
[WPURI="https://teslamotorsclub.com/blog/2019/04/30/tesla-says-a-fix-for-insurance-is-weeks-away/"]READ FULL ARTICLE[/WPURI]

 

[Jack Diddly]

Sign me up!

 

[Ludalicious]

pretty sure I would be paying double driving a P100D... I mean come on... you cant expect to sell one of the fastest vehicles in the world and not expect ludicrous pulls daily

 

[SOULPEDL]

Similar concerns here if they just use my accelerometer data or speed. I need to know the algorithm before I sign up, but the approach is sound. Would be especially useful if they used shadow mode to assess your risk compared to the car's shadow calculations. For now, maybe just a grading scale based on some known criteria like proximity to other cars (tailgating), intersection speeds and timing, weather control, passing behaviors, weaving, etc... Maybe right down to tire pressures, who knows.

 

[SageBrush]

I let ROOT monitor my driving. They decided I was a 10/10 safe driver ... and offered me a policy with less coverage for ~ 25% more than I pay with Progressive.

<<shrug>>
I hope Tesla succeeds, but beyond driver risk stratification from monitoring the car I think the real improvement in rates will occur in places where Tesla successfully reduces repair costs by using their own facilities.

 

[WhiteMountains]

I know that this article is actually about insurance, but I would love to know the story behind the photo. Was that photoshopped?

 

[Triplett]

I let ROOT monitor my driving. They decided I was a 10/10 safe driver ... and offered me a policy with less coverage for ~ 25% more than I pay with Progressive.

<<shrug>>
I hope Tesla succeeds, but beyond driver risk stratification from monitoring the car I think the real improvement in rates will occur in places where Tesla successfully reduces repair costs by using their own facilities.

I got rated negative 6

 

[dhanson865]

I know that this article is actually about insurance, but I would love to know the story behind the photo. Was that photoshopped?

Not photoshopped. If you search the forum here you can find the original thread from 2013 or 2014 if memory serves me.

I don't know where the thread is here but Tesla Buyer Takes Delivery, Immediately Crashes Model S - Update: Supercharging Mishap covers the image well enough. Don't let the headline fool you, she didn't just take delivery.

As expected by the presence of the HOV sticker, it turns out unintended acceleration at the Supercharging station was the cause (not unfamiliarity with the Model S) as a lady was looking to charge her car by backing into a Supercharging station...instead she hit the accelerator and obliterated Tesla's sign and the front end of her car.

 

[Weedo]

Odd. My Model 3 is cheaper than any vehicle i've owned over the last few years (and i've owned about 8 different cars). $69/m for full coverage. I'm sure this is mostly about the S and X which are $80-$150k cars. Yes, i'd assume they'd be expensive to insure!

 

[Super_Popular]

Odd. My Model 3 is cheaper than any vehicle i've owned over the last few years (and i've owned about 8 different cars). $69/m for full coverage. I'm sure this is mostly about the S and X which are $80-$150k cars. Yes, i'd assume they'd be expensive to insure!

Each first year or two of each model is cheap until wrecks start happening and the insurance companies have to start paying huge repair bills. Just wait, your rate will go up at some point.

 

[Super_Popular]

Odd. My Model 3 is cheaper than any vehicle i've owned over the last few years (and i've owned about 8 different cars). $69/m for full coverage. I'm sure this is mostly about the S and X which are $80-$150k cars. Yes, i'd assume they'd be expensive to insure!

The first year or two of each model is cheap until wrecks start happening and the insurance companies have to start paying huge repair bills.

Just wait, your rate will go up at some point.

 

[Weedo]

Each first year or two of each model is cheap until wrecks start happening and the insurance companies have to start paying huge repair bills. Just wait, your rate will go up at some point.

Yeah no worries, it's so cheap now i could nearly double and be cheaper than my last two cars. It's even less than our 2016 Kia Forte5 that I bought for my daughter.

 

[SparkyB]

I was stunned when my insurance went up by 80% when I got the Tesla. The original estimate was just a little more than my Lexus. But, it certainly doesn't seem justified by the NHSTA numbers in the article. It would be interesting to see the actual data on the repair cost for the Tesla as compared to any other $65K car. I noticed that my dual motor AWD is called a 4x4 by the insurance company. Maybe they think I an out doing hill climbs and off-roading in their classifications as a way to jack up prices. Remember it is all about profit.

 

[hcdavis3]

I let ROOT monitor my driving. They decided I was a 10/10 safe driver ... and offered me a policy with less coverage for ~ 25% more than I pay with Progressive.

<<shrug>>
I hope Tesla succeeds, but beyond driver risk stratification from monitoring the car I think the real improvement in rates will occur in places where Tesla successfully reduces repair costs by using their own facilities.

Hi Sage can you enlighten me on ROOT? Does it plug into the OBD port?

 

[NCIC]

Not photoshopped. If you search the forum here you can find the original thread from 2013 or 2014 if memory serves me.

I don't know where the thread is here but Tesla Buyer Takes Delivery, Immediately Crashes Model S - Update: Supercharging Mishap covers the image well enough. Don't let the headline fool you, she didn't just take delivery.

 

[HawaiiMike]

Tesla is on the verge of launching its own insurance product for Tesla owners that Chief Executive Elon Musk says will be “much more compelling than anything else out there.” A study from 2017 suggested that Tesla owners pay higher than average premiums due to higher-than-average claim rates and repair costs. Tesla challenged the study’s...
[WPURI="https://teslamotorsclub.com/blog/2019/04/30/tesla-says-a-fix-for-insurance-is-weeks-away/"]READ FULL ARTICLE[/WPURI]

I'm puzzled. I'm a USAA member and I find all Tesla models to be less expensive than their equivalent ICE competition. A Model 3 is $1,200 a year compared to a BMW 320i at $1,400. A Model S is $1,900 a year compared to an Audi A8L at $2,400.

 

[patrick80132]

Auto pilot will not save you from a hailstorm here in Colorado from tearing your new car apart. In theory insurance should be lower, but I think it's unlikely. Or if Tesla is that safe, drop collision from your insurance policy. Problem solved.

 

[HawaiiMike]

I'm puzzled. I'm a USAA member and I find all Tesla models to be less expensive than their equivalent ICE competition. A Model 3 is $1,200 a year compared to a BMW 320i at $1,400. A Model S is $1,900 a year compared to an Audi A8L at $2,400.

Sorry, should have pointed out that an A8L has an aluminum body. I chose it as a comparison because it's similar price and has an aluminum body, thus accounting for the cost of aluminum bodywork.

 

[exoen]

Odd. My Model 3 is cheaper than any vehicle i've owned over the last few years (and i've owned about 8 different cars). $69/m for full coverage. I'm sure this is mostly about the S and X which are $80-$150k cars. Yes, i'd assume they'd be expensive to insure!

If you don't mind my asking, who are you insured with?

 

[brkaus]

Seams to me like the cheaper solution would be to provide parts at or below cost.

On top of that, they should provide part order info on the "my Tesla" page. So the owner would immediately know if parts were ordered for their car based on VIN. Send out email when parts ship, etc. If Tesla would add some transparency, then the body shops could be held accountable.

Also, remove the "certified shop" requirement for simple repairs.