Trying the popular auto insurance companies to get an idea on the cost of insuring the MY compared to our current vehicles. Obviously, most if not all the companies don't have the Y in their systems yet under the drop down menu. My question is, should I be selecting the Model 3 or Model X as the closest comparison vehicle? My guess would be the M3 since that is what the Y is based on, but the X is a full SUV. Thoughts?
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Vehicle Insurance Quotes
- Thread starter disturbed932
- Start date
I'd use M3 for several reasons. Like you said, the MY is based on the same platform as the M3 so size is close, as well as its power and performance. But probably what is more important is its price.
While the MX is a SUV like the MY (MY = SUV? is another topic for discussion), more importantly the MX much more expensive to buy than the MY, which will probably drive up the cost to cover since they all have the same safety features.
Having said all of that, I have Progressive ins and for me the MX is $0.50 per month more than the M3 if I select the same coverage options. Yes, $3 more over 6 months for same coverage, unless I used different coverage options for each. I chose no loan, own it, so loan payoff, etc. so your scenario and choices may produce a different result based on deductibles, loan, location, driving record, age, etc. I was surprised they were so close. I did not enter in a VIN and there was no option for type of M3/MX like performance or not, so not sure what happens when your actual VIN is entered and it can see what variant you actually have.
While the MX is a SUV like the MY (MY = SUV? is another topic for discussion), more importantly the MX much more expensive to buy than the MY, which will probably drive up the cost to cover since they all have the same safety features.
Having said all of that, I have Progressive ins and for me the MX is $0.50 per month more than the M3 if I select the same coverage options. Yes, $3 more over 6 months for same coverage, unless I used different coverage options for each. I chose no loan, own it, so loan payoff, etc. so your scenario and choices may produce a different result based on deductibles, loan, location, driving record, age, etc. I was surprised they were so close. I did not enter in a VIN and there was no option for type of M3/MX like performance or not, so not sure what happens when your actual VIN is entered and it can see what variant you actually have.
I agree that price is one of the main factors. I have Progressive as well for auto insurance and I chose the Model 3 and the rates were much lower for the identical declarations than the Model X. They have no VIN to enter as you mentioned. I went to Geico for pete's sake and they have the same thing. Model X way more expensive.
iCeMaNxLb
Member
I must of buggered up one of the fields as I re-entered for the MX, my bad. I wish their web site would let me change the vehicle and keep all else the same, but I had to cancel and redo it all again, so I may have chosen different coverage the second time around with MX, seeing how it is much higher for you.
I was wondering what to do when my order finally gets to delivery stage. That is probably no time soon given current events, hopefully Progressive will have it in their system by then. I am guessing late May or June at the earliest for my config - ordered Blue/white MYP w/PU Jan 29 2020. White seats are the problem, but I am in no rush, actually this delay works in my favor. Can decide if I should cancel, hold on to my money and see how it all shakes out, or YOLO and just go for it.
I have Progressive and they can manually add the Y once you get your VIN. They have it in one system according to the person I spoke with but it’s not able to be quoted on the web, which uses a different system or something like that. I’m in Maryland, so I didn’t need a VIN for proof of insurance up front. For reference, I replaced my ‘16 Model X with the Y and my 6 month premium went down from $393 to $297. For comparisons sake, I also have a LR AWD Model 3 on my policy and that is $410 every 6 months.
That's so crazy cheap what the heck. In CA, model Y, clean record over 20yrs driving (I get the "perfect driver" discount). My Model Y is $930 per 6 months (yes more than triple). This is with Tesla insurance which was the cheapest. Geico was even more than that. I know it varies state by state (and even by zipcode) but triple the price?
You must have very little coverage? Mine is pretty full coverage with both $500 deductibles and $250k/$500k.
iCeMaNxLb
Member
mine is full coverage $500 deductible, rental car, etc. and was $800 for 6 months - tack on my BMW M4 and it's $990 for multi-car discount, loyalty, and good driver
With who?
Do you have a performance Y or a LR AWD? I wonder if that makes a notable difference. My numbers were for a performance.
Woah, that’s nuts! I also have $250k/$500k and $500 comp and $1000 collision. I’ve only been in one not at fault accident in 20+ years of driving. That really seems excessive to have the Y be that high.
empiredown
Member
I'm getting USD 560 per 6 months from USAA, but they refuse to look at it as a LR AWD vice Performance due to the 8 digit F Vin issue... Progressive (who I have my MC with) beat that by over USD 100 in a multi-vehicle quote, and I will probably shop it around a bit more before we nail something down.
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StefanG
Member
Progressive 6 month 100.000/300.000/100.000 , $ 500 deductible, no roadside, no rental reimbursement, including Rideshare coverage!
2020 Tesla Model Y EV premium: $379.00
2020 Tesla Model Y EV premium: $379.00
preilly44
Member
We live in MD and have Progressive. We replaced two 3P's with two YP and our insurance went down quite a bit. I'm not sure why...
I added my Model Y to my Progressive policy and it was stupid cheap. Like $200 to get from now though the end of July. By far the most inexpensive car i've ever insured with them and they were also very good with my former Tesla XP90DL and SP100DL. When I had the SP100DL last year, my wife's Jeep Grand Cherokee was actually more expensive on the policy. Hope they keep it up!
