what are your thoughts on insurance costs

[wilheldp]

Wow, not too shabby. Is the premium on the Altima now? Or when you bought the car? If it's now, then it's insane that a car worth maybe 8-10k has nearly the same premium as a $70-80k car.

Those are recent quotes. I think insurance has far more to do with age, sex, driving history, claim history, and other discounts than it does with the actual value of the car. My rates just dropped about a year ago, but that had nothing to do with the value of my car...Nationwide just closed one business unit and transferred my policy to another one, and my agent used that opportunity to get me a lower rate.

I was concerned that my premium would double or worse since I've never owned a car this expensive. The initial call with my agent was pretty funny. He had never heard of a Tesla, and Nationwide's system didn't have any current Tesla models in their underwriting system. I have since sent him my VIN and triple checked my rate. I hope I'm not in for any surprises.

 

[eisbock]

Those are recent quotes. I think insurance has far more to do with age, sex, driving history, claim history, and other discounts than it does with the actual value of the car. My rates just dropped about a year ago, but that had nothing to do with the value of my car...Nationwide just closed one business unit and transferred my policy to another one, and my agent used that opportunity to get me a lower rate.

I was concerned that my premium would double or worse since I've never owned a car this expensive. The initial call with my agent was pretty funny. He had never heard of a Tesla, and Nationwide's system didn't have any current Tesla models in their underwriting system. I have since sent him my VIN and triple checked my rate. I hope I'm not in for any surprises.

At this point, it's the tax you've gotta start worrying about! Not sure how it works in KY, but in CT, they absolutely ream ya for "personal property" taxes.

I'm looking at $1400 for a base Model 3. If I lived 10 blocks to the east, I'd be paying almost $2600 per year. Fully loaded Model X at $150k? I could be paying $11200 per year! And I'm sure CT isn't even the worst state.

Frankly, I'm not too worried about insurance; it's the tax that frightens me.

 

[wilheldp]

At this point, it's the tax you've gotta start worrying about! Not sure how it works in KY, but in CT, they absolutely ream ya for "personal property" taxes.

I'm looking at $1400 for a base Model 3. If I lived 10 blocks to the east, I'd be paying almost $2600 per year. Fully loaded Model X at $150k? I could be paying $11200 per year! And I'm sure CT isn't even the worst state.

Frankly, I'm not too worried about insurance; it's the tax that frightens me.

The sales tax is 6% due prior to KY allowing me to register the car. The use tax is based on the assessed value of the car which is depreciated yearly. Fortunately, I won't have to pay use tax until December 2017 because taxes are paid by the person that owned the car on January 1. Since my car didn't exist on January 1, 2016, I won't owe use tax for 2016. Hopefully, a year of depreciation will keep the use tax from being too exorbitant next year.

 

[Husamia]

I've qouted my insurance and compared it to my ICE insurance. It's about the same except the fact that I would have to pay more for full coverage which I don't currently have for ICE. That is my only problem, it about 3x more unfortunately. It doesn't make sense at all.

 

[FirstSea]

I've qouted my insurance and compared it to my ICE insurance. It's about the same except the fact that I would have to pay more for full coverage which I don't currently have for ICE. That is my only problem, it about 3x more unfortunately. It doesn't make sense at all.

Haha I'm on the same boat, I did an online quote for an S 60 and it came close to 3k a year.
I'll check with an insurance agent next.

 

[SuperOmega]

In early June, I visited my local AAA to map out future insurance costs, as to factor in (future estimate total) Model 3 cost of ownership. Based on current vehicle (single driver of 17-year old car, a 2-seater (hint: "affordable" import model whose brand car name ends in "A", LOL), second owner), current above-average driving record and other variables, my insurance would be 50%-100% higher. That sounds about right--or am I too naive? Just to kick the tires, wondering if I just start scouting other insurance carriers, just in case. It should be be duly noted that I have been with AAA since 1987.

Again, were in the 21st century now, and insurance carriers have been competitive on price. Then there's the idea that hasn't been built yet: Who is to say that down the road, all the EV manufactures out there create its own association, its own insurance broker/agency? (Apologies if this has been mentioned before).

 

[Garlan Garner]

I believe that in a few years insurance costs on cars such as Teslas is going to drop drastically due to articles such as this:
Tesla responds to ‘cover-up’ claims in ‘Montana Autopilot Accident’, offers more details on investigation

No longer are folks going to be able to lie to Insurance Companies about the details of an accident. People are going to eventually learn that they are going to have to start "fessing" up because the "black boxes" of cars are going to tell the truth. I can see insurance companies not covering claims of people lying.
On my job....if you check the box that says "I'm not a smoker" ( in order to get a cheaper rate ) when signing up for insurance.....then you go to the hospital for any reason and they find out that you "ARE" a smoker...they will no longer cover you and will charge you all of your pack payments as though you were a smoker.

I am not at all happy that this car crashed, however the car owner should have told the truth. Good for Tesla. When I first read this story as presented by the owner...I couldn't imagine that a MX could hit 12 barriers and be able to keep going. Thanks to the data available in the Tesla....we find out that the owners story isn't as true as they presented. That's probably why they aren't returning Tesla's calls.

I wonder who their insurance company is. They didn't follow the suggestions/rules of AP as designed and instructed the manufacturer.

What do you guys think the insurance company should do?

 

[Garlan Garner]

Even if other car companies fail at producing a viable AP...they should look towards a "black box" application such as what Tesla has. I remember a while ago that Toyota was able to prove that some people weren't braking when they said their cars were running into the backs of cars. I believe it was Toyota....correct me if I'm wrong. Good for Toyota. and Good for Tesla.

 

[Garlan Garner]

What would also be good for Tesla and insurance companies would be a mandatory camera installed on the dome light that covers the drivers instrument panel/steering wheel and the front windshield that could be downloaded.

Its a shame, but people in a lot of cases just aren't going to be honest.

 

[CHG-ON]

Well...Aside from being too high for every car because it is a rip off...My cost in Santa Cruz, CA, 58 YO, spotless record and excellent credit, went from 1250/yr for a 7 YO Acura RDX 105K mi (37500 when new) to 1550 for 131K brand new Tesla WITH OEM replacement parts only. Same coverage limits and deductible.

To me, that seems like a total deal. Or I have been screwed for the previous 7 years (more likely).

 

[Garlan Garner]

Well...Aside from being too high for every car because it is a rip off...My cost in Santa Cruz, CA, 58 YO, spotless record and excellent credit, went from 1250/yr for a 7 YO Acura RDX 105K mi (37500 when new) to 1550 for 131K brand new Tesla WITH OEM replacement parts only. Same coverage limits and deductible.

To me, that seems like a total deal. Or I have been screwed for the previous 7 years (more likely).

Keep in mind. Tesla is relatively new. Its parts are rare and expensive. The M3 might help.

 

[CHG-ON]

Keep in mind. Tesla is relatively new. Its parts are rare and expensive. The M3 might help.

That's why I would think that the premium would be much higher.

 

[Randy7fx]

Elon tweet from earlier today.

 

[jsanford]

Higher. When I traded in my six-year-old Honda Insight hybrid for a new Toyota Yaris, my rates dropped by more than $230. Shocked me at the time.