This is one expensive little bugger ...

[TeeEmCee]

... to insure that is.

I got some insurance quotes for the Model 3 last night and it is indeed pretty expensive. Collision coverage for instance is about 220% higher than my Q5 and some 150% higher than my Q7 and adding one to my policy (while keeping the total number of miles driven relatively constant) nearly doubles my premium.

I compred it to a few other vehicles as well. For me, the premium increase is the same when adding a Porsche Cayman and 30% lower when adding an A5.

The old S/X repair snafus are definitely having an effect on the insurance market.

 

[bradkeller]

I don't know if my experience will be similar to yours, but I shopped around and found that the rates varied widely. I think because there aren't a lot of Model 3s in their databases yet, they don't know what to do with them/how to rate them. So different companies use different approaches. I found the best rates with Progressive, and went with them.

Good luck.

 

[amitmishra4]

Weird, we have a very similar taste in automobiles but in my case, my almost-6 year old Q5 is $1200 to insure for the year and the brand new Model 3 is 50% cheaper at $800 a year. I also have a Porsche Boxster on my policy at $800 a year. Full coverage with collision on all. My policy is up for renewal in September so we will see how that impacts the Model 3 premium.

 

[Atlantan]

Per my insurance company quote....if I were to replace my 2013 MS with a Model 3 LR, same coverages...the Model 3 is $46 less every six months.

 

[xpitxbullx]

Average cost to repair is higher than most cars in its class. I told my insurance company that it’s a safer car than my Challenger and with all the technology, it probably is involved in less accidents. They didn’t have enough data to put all of that into account.

 

[mongo]

Current rates may have a Tesla tax due to the repair costs on the S/X. The front frame is bolt on (based on pic from the factory). That, plus more steel content, may help with repair costs and rates as more real world data comes in.

 

[RangerRick]

I was actually pleasantly surprised to find that not only was my current insurance company (State Farm) one of my lowest quotes, it really wasn't that much more than my previous insurance for my 2012 Civic. Must just really depend on what you get from who.

 

[Hkbruin]

AAA classified my Model 3 as an 'Exotic' car - indeed it's pricey!

 

[MikeATL]

My State Farm preliminary quote was 125% of my current insurance (which is a car that cost half as much and is 7 years old.) I thought that was reasonable... hope they didn't give me bad information.

 

[NewTMSMan]

Model 3 Performance - Slightly cheaper to insure than the 2015 Volvo V60 CC it is replacing. Seems pretty cheap to me relatively.

 

[JohnSnowNW]

Adding our Model X to our plan cost us exactly $21 more per month, but our auto and home insurance are bundled.

Keep getting quotes.

 

[NewTMSMan]

Adding our Model X to our plan cost us exactly $21 more per month, but our auto and home insurance are bundled.

Keep getting quotes.

You added a new car to your insurance and it only cost $21 / month?????

 

[thelastdeadmouse]

My performance was something like $16 more every 6 months than my 2013 Volt was. My wife and I have both of us and both of our cars on the same plan through progressive, the Model 3 is $350 every six months. No at fault accidents, no tickets in the last 9 years, $500 comp and collision.

 

[JohnSnowNW]

You added a new car to your insurance and it only cost $21 / month?????

It cost $21 more per month than we were paying on the previous vehicle (that was traded in).

 

[JayNJ]

I switched from Liberty mutual who quoted $215 /month to Progressive at $85/month. I am in NJ which is notoriously expensive. Same or better coverage on Progressive, maxed out liability coverage ($250k) and $500 deductible. Definitely check around.

 

[TeeEmCee]

I don't know if my experience will be similar to yours, but I shopped around and found that the rates varied widely. I think because there aren't a lot of Model 3s in their databases yet, they don't know what to do with them/how to rate them. So different companies use different approaches. I found the best rates with Progressive, and went with them.

Good luck.

Progressive is one of the companies I got quotes from and it was better than Geico and Ameriprise by some 10%. The quotes from all three were fairly consistent, they all seem to gauge the (proportional) risk similarly.

 

[TeeEmCee]

Current rates may have a Tesla tax due to the repair costs on the S/X. The front frame is bolt on (based on pic from the factory). That, plus more steel content, may help with repair costs and rates as more real world data comes in.

I bet that you're right. On the other hand, if they continue to have next to nil for spare parts on hand, the "Tesla Tax" will persist.

 

[daniel]

I'm paying State Farm $824/year for the insurance on my Model 3. That includes a small reduction for having my other insurance with them as well. I never buy the cheapest insurance. I buy from the company I trust to pay out when needed. There's two facets to insurance: How much they charge, and how hard they'll screw you when you have a claim. State Farm has never tried to screw me. I've heard horror stories about some other companies.

 

[Az_Rael]

I'm paying State Farm $824/year for the insurance on my Model 3. That includes a small reduction for having my other insurance with them as well. I never buy the cheapest insurance. I buy from the company I trust to pay out when needed. There's two facets to insurance: How much they charge, and how hard they'll screw you when you have a claim. State Farm has never tried to screw me. I've heard horror stories about some other companies.

Normally, I agree, but having a couple of Teslas has made me rethink that. We had AAA for years and loved them - claims were super easy and they always took good care of us. But.... it costs $2500/year EACH for a Model S with them. So we were paying over $5000 a year (!). State Farm was quoting similar prices, maybe a couple hundred less a year. Ended up going with Ameriprise via Costco since they were over $1000 less a year. I figure for saving $1000 per year, I can save that money and use it to pay for my time off work, third party appraisals, and other inconveniences when dealing with a crappier insurance company on the claims side.

I did have to make a big claim with them, and it WAS slow and painful, but they did make me whole in the end. I think that must have been one of the higher amounts they had seen when totaling my S, since it required several levels of management approval to get my check. I considered going back to AAA at the time, then looked at the prices again, and decided to stay with Ameriprise.

 

[gtmotor]

Yeah the insurance companies haven't quite figured out the Model 3 yet. If you search for my previous poll the majority of us here are paying less than $100/month for insurance.