thinking of trading in for a model 3. Insurance questions

[tedtonks87]

I’m thinking of trading in a mk8 GTI for a model 3 LR.

My reasons to switch are
- price. The price of the model3 has just come down too much since I got the mk8, and it doesn’t feel like a barrier for switching to EV anymore.

- making life easier in rush hour traffic. I currently drive stick and the stop and go back from work in the evening is not very fun
- reduction in long term costs. I suspect maintenance will be close to nil on the Tesla compared to the GTI which needs oil every 10k and will definitely need a new clutch after what I’ve done to it in hilly western Washington.

Since it’s mk8, infotainment is just a screen and I’m not worried about the transition to teslas software which im sure is better than VW (lol).

My main hesitations are insurance and charging — I’ll figure out charging on my own. in my current apartment, I believe charging is not permitted in the garage, but have yet to confirm. Id be able to charge at work regardless so I won’t consider it a hard blocker if I can’t.

the one remaining big question I do have about switching to a Tesla is about insurance:

quoting out my current plan for a model 3, I’ll see my 6month premium more than double, from $844/6mo to $1870/6mo with my current provider. I can get it down to about $1300/6mo with an increased collision deductible, but it’s still a hefty upcharge from what I was paying with a GTI. This surprised me as the GTI is “sporty” and I am in a pretty bad group for insurance already (24M). Is this what everyone is paying for insurance? I’m in Washington state, so no Tesla insurance plan just yet, and I’m not sure I would want to have my driving statistics factored into insurance from a stress and “enjoyment of the car” perspective.

Id be shocked to hear people are paying 3500+ a year for insurance, seems to me like that price would offset the savings from gas + tax credit after just a few years. I currently fill up about 20 times a year so maybe 1.5k in gas a year.

 

[smogne41]

The insurance rates for Tesla's are all over the place. When we were getting ours, several providers were crazy high (Geico, AAA). Ended up finding a very reasonable rate (<$700/6mo) here in central PA with a regional company (Erie Insurance). Shop around, you should be able to find a much more reasonable rate.

 

[brianbcc]

For your reference, here in the Bay Area in northern California, my new 2023 M3 insurance is $379 per 6mo.
That's with 250/500 coverage, Comprehensive, $500 deductible, etc. (I tend to be a pessimist and load up on insurance)
American Family / Connect Insurance, via Costco.
Hope that helps.

 

[Diceroller]

I gave American Family a quote from USAA and they matched it. It helped that it is bundled into a policy with two other assets (house and another vehicle). I pay the equivalent of $140/mo for my M3P for pretty robust coverage. Also in WA.

 

[tedtonks87]

For anyone else looking, I got about 150/mo for coverage, about the same price/coverage as what I have now for my GTI (but higher collision deductible) from Amica.

 

[Wrenching Fool]

Those insurance numbers are insane. Do you have a lot of tickets or accidents? I think my 2022 M3LR is about $650/6mo with State Farm. Collision is $1000 but comp is $0. I’ve never been in an accident that I was at fault for in 20 years of driving, so I’ll take the significant monthly savings from the higher deductible vs paying more monthly for something I don’t use. If I ever crash, I can pay the $1000. I have had to replace some windshields due to rock chips, and the $0 comp deductible makes that super nice and easy.

 

[tedtonks87]

No moving violations or accidents ever, but I'm pretty young (24) so I'm guessing the insurer's just don't have enough data for buyers with my profile -> high rates.

 

[Stew-2]

I’m in western WA, a little north of Everett and had Geico with my previous car. When I got my Model 3 it was going to go up significantly. I shopped around. Long story short I dropped Geico like a bad habit and switch to Progressive. Rates were the same as my 9 year old econo box.

 

[Whosyourbaba]

Shop around. When I first got my Tesla my previous insurance geico wanted a ton. Switched to State Farm with $0 comprehensive and $500 collision deductibles for $600 every 6 months. A lot of factors play a role and like you said age. I’m 38 with kids in Chicago.

 

[Arctic_Fox]

Washington State. Progressive. $462 per month or $5544 per year! I spent a decade driving zip cars, and pay-as-you-go cars that had insurance built in, now that I own a car, a M3P, this is just unsustainable. I was promised my rate would go down after 6 months but it went up 15%. No claims no violations etc.

 

[tedtonks87]

Washington State. Progressive. $462 per month or $5544 per year! I spent a decade driving zip cars, and pay-as-you-go cars that had insurance built in, now that I own a car, a M3P, this is just unsustainable. I was promised my rate would go down after 6 months but it went up 15%. No claims no violations etc.

Try getting a quote w Amica at your next renewal , they gave me a very reasonable rate.

 

[Arctic_Fox]

Try getting a quote w Amica at your next renewal , they gave me a very reasonable rate.

Amica is higher by 2K per year

 

[garth_angst]

Washington State. Progressive. $462 per month or $5544 per year! I spent a decade driving zip cars, and pay-as-you-go cars that had insurance built in, now that I own a car, a M3P, this is just unsustainable. I was promised my rate would go down after 6 months but it went up 15%. No claims no violations etc.

That is F*ed up. I would never buy a car if that was the cost of insurance. After about 8 years, your insurance paid would be more than the car, assuming 10-20% increase per year. There are so many factors fir insurance, but I pay $1187 for 12 months in New York metro area. 250/500 with $1k deductible through Liberty. I switched from Allstate after they jumped 40% after one year. Got a quote from State Farm. 25% higher.

 

[SteevHD]

I just got my M3 added to my existing State Farm plan. Only added $500/yr. I can't even imagine paying those kind of rates

 

[fcrunk91]

I'm also looking to get some cheaper insurance for my '21 Model 3.

I'm currently paying a $266/month premium in Michigan. However, Michigan has some of the highest rates in the country.

I plan on moving to Ohio, which has some of the lowest. Anyone have any recommendations? I'm 31 and have a clean driving record.

 

[smogne41]

I'm also looking to get some cheaper insurance for my '21 Model 3.

I'm currently paying a $266/month premium in Michigan. However, Michigan has some of the highest rates in the country.

I plan on moving to Ohio, which has some of the lowest. Anyone have any recommendations? I'm 31 and have a clean driving record.

Once you move to Ohio, get a quote from Erie Insurance (they don't operate in Michigan unfortunately). I pay less than $800 per YEAR for really good coverage on our Model 3. Granted we also bundle homeowners insurance with them which helps.

 

[Puppyfist]

Insurance was definitely more expensive for me getting a Tesla versus other cars, got quotes of $160 @ Geico and almost $200 from AAA, got a few others that were over $200. Tesla Insurance offered $130/month, so I went with them. Hopefully my premiums will go down when it comes renewal time since I told them I expected to drive around 8000 miles/year, and in actuality it seems like I'll be around 6000.

 

[blancmik]

Insurance is such an interesting question as there are so many variables, for example, you would typically expect your rates to go up when you swap out an older car with a newer card on your insurance as the replacement cost of the new car is going to be more. In that vein, here is another data point for the discussion. I replaced by 2022 Honda Accord Hybrid with a 2023 Model 3 RWD and my insurance went down by $6 for 6 months. I'm insured with the Costco insurance provider (Connect by AmFam) and based in Florida.

 

[SteevHD]

Reading all these numbers makes me feel really fortunate and a little confused. I'm 35 with no recent incidents on record, and I pay 106/mo combined for a 2019 Ford Ranger and a 2023 M3LR through State Farm. I am the only driver on the policy, so maybe that helps keep it low w/ two vehicles. Not sure I could afford a Model 3 if I were paying some of those rates. Tesla Insurance quoted me quite a bit higher than what I'm paying for both vehicles through State Farm.

 

[gearchruncher]

I always love a good insurance discussion on a car forum as if insurance isn't based on a TON of factors such as age, home ownership, claim history, credit score, if you own a house, if you have a garage, your zip code, if you're married, how many cars you have, how much you drive, other insurance policies, etc.

And then it gets even sillier when someone from out of that state comments, as if state laws don't have a massive impact, such as deductibles, glass coverage, and most importantly, no fault.

The "I pay this much" is basically pointless.

I also find comments like "shop around at your next renewal" quite misleading. You can cancel insurance any time you want. The second best time to shop for insurance is today. The best time was yesterday. You get better rates canceling in the middle of a policy because the new insurer knows you're being price conscious, and you're not under time pressure. Why do you think they ask you when your renewal is up? Some places even make it transparent with a "switching more than X days before renewal" discounts.

All you can do is shop around. Do it now.

(I'll throw in my trick too: All insurers share databases. They know when you get quotes from other insurers. Get a few quotes from other places about 3 months before your renewal even if you aren't planning on switching. This lets your current insurer know you're the kind of person that knows competitive rates and will switch if need be, not just one of the ones that just keeps paying every time the bill comes no matter what the bill is)

I'll throw in another point too: Low deductibles are BAD. Ask your insurance company how much your rate decreases if you raise your deductible. You'll often find it pays for itself in just a year or two. You drive a new, $40K+ car. You can afford a $1,500 loss if you have an at fault accident, right? I sure hope so, because your rates are about to go up by that much.