NJEV-Don
Member
NJM (New Jersey Manufacturers) is my Carrier. I pay $63 extra a YEAR from what I would have paid withOUT the FSD. They increased the value of my vehicle to $63,000 from what it was valued at before I added FSD.
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What insurance company for FSD?
- Thread starter Andykimmy
- Start date
But insurance doesn't buy you a new car when it's totaled. They pay you what your replacement value would have been at that moment, which is defined by current used car prices. The original purchase price is irrelevant. And FSD right now isn't adding anywhere near $10K to the used price of a car.
This whole thread is making me wonder if insurance in NJ is totally different from the other states I am familiar with. Does NJ have defined value policies where they just pay you the purchase price of the car when it's totaled?
NJEV-Don
Member
I’m not sure what to tell you. When I purchased my car they asked me what I paid for it and insured me for that value. When I added FSD a little less than a month later, I called them back up and explained what I did and gave them a copy of my invoice showing the price I paid for FSD. They raised the value of my car in case of a total loss and raised my premium by $63 for the year. Although I know I won’t get every cent of it back if my car was, god forbid, totaled they would pay me whatever they would normally pay with depreciation etc based on the higher value of my car due to FSD. I hope I never have to find out but I felt $63 for peace of mind was worth it and they seemed to understand what and why I was doing it. They basically had the initial value of the car as $54,000 and now they have it as $63,000 which in my view would mean I would get much more on payout from the new higher value than the initial lower value if the car was lost. Just like you’d get a higher payout if you totaled a Mercedes vs a Scion.
Interesting! Never had an insurance company ask for anything beyond the VIN, which clearly tells them Mercedes vs Kia, and even the primary risk factors like engine size or AWD/RWD. Had no idea any of them cared about options on the car that are not reflected in the VIN.
My insurance company has no idea if either of my cars have EAP/FSD, and they were both bought new.
My insurance company has no idea if either of my cars have EAP/FSD, and they were both bought new.
NJEV-Don
Member
Of course the VIN tells them the make and model of the car and all included amenities but no other car maker offers something like FSD which can be purchased after the initial vehicle purchase and adds value to the car and stays with the car and is non transferable. It is unique in that way. In NJ you can even get things like PPF and Ceramic Coating covered for the same reason. they add value to the car and are not transferable to another car. You’re insuring the value of your purchase. I used the Mercedes vs Scion analogy to illustrate their relative cost and their relative value if the cars are totaled. If you total a $70,000 Mercedes after 5 years vs a $25,000 Scion after 5 years you would be paying higher premiums for the same coverage in the Mercedes and would also get a higher pay-out if totaled because of the higher residual value of the more expensive car. I would find it odd otherwise. Maybe I’m not explaining myself properly or maybe NJ is unique. I don’t know. My insurance went up $63 y adding the value if FSD and I hope I never have to find out if what I believe to be true actually is. But it’s $63 more for the year, $5.25 a month for my peace of mind. Worth it to me.
Lots of OEM's offer accessories that work exactly like this. It just feels unique because it's software. BMW is also selling OTA software upgrades now too.
Anyway, glad you have it set up in a way that works for you. Was just trying to figure out if this is something lots of other people are missing. I also don't want anyone to think that they just get paid the $10K because they had it "insured." The residual value of a car with FSD is $2,700 more, well within the value difference that lots of options can cause, and as I say, never once had a insurer ask me for my exact option list or purchase price:
skydve1
Member
I've got Traveler's insurance for my 2021 Tesla MYLR + FSD (and my 6 other vehicles).
Since I bought the Tesla brand new, and I'm the original owner, I was able to get their "Premier New Car Replacement" package, which also includes Gap coverage.
From the Traveler's site: Premier New Car Replacement is a coverage package designed to replace your new vehicle with a brand new vehicle of the same make and model if yours is totaled in the first five years of ownership.
So if it gets totaled via an accident within 5 years, in theory... I get a new Tesla MYLR + FSD.
I hope that I don't need to use it, but I was happy that it was an option.
Since I bought the Tesla brand new, and I'm the original owner, I was able to get their "Premier New Car Replacement" package, which also includes Gap coverage.
From the Traveler's site: Premier New Car Replacement is a coverage package designed to replace your new vehicle with a brand new vehicle of the same make and model if yours is totaled in the first five years of ownership.
So if it gets totaled via an accident within 5 years, in theory... I get a new Tesla MYLR + FSD.
I hope that I don't need to use it, but I was happy that it was an option.
skydve1
Member
In total it costs about $850/yr all in w/ $1k collision and $500 comprehensive deductibles.
I was fine with the theft/fire/larceny clause... In my 30+ years of driving, I've never had an issue with any of them - but I've gotten into accidents which totaled cars before!
I was fine with the theft/fire/larceny clause... In my 30+ years of driving, I've never had an issue with any of them - but I've gotten into accidents which totaled cars before!
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