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Why is insurance so high?!?

Discussion in 'Model 3' started by Physicslawyer, Oct 17, 2020 at 6:59 PM.

  1. Physicslawyer

    Physicslawyer Member

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    I finally priced insurance. The cost for a M3 is double what I'm paying for my vette and is double any other car I have shopped. Any idea why?
     
    • Like x 2
  2. jjrandorin

    jjrandorin Another BMW convert

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    Because you need to shop insurance companies. There is a huge difference in pricing among insurance companies. AAA specifically is like double what others cost.
     
  3. Physicslawyer

    Physicslawyer Member

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    This is with Geico. But double any other car?
     
  4. jjrandorin

    jjrandorin Another BMW convert

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    I havent priced geico, but model 3s are expensive to repair but should be "similar but a little more" than other similar category cars. If your vette is old, then maybe. If your vette' is pretty new, it should be close.

    My model 3 is a 2018 model 3P, and insurance cost is "similar but a little more" than my wifes 2019 X3 M40.

    I just had to leave AAA after 12 years with them, due to their cost relative to what I could get elsewhere.
     
  5. Stars_Fan

    Stars_Fan Member

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    Shop around
     

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  6. Physicslawyer

    Physicslawyer Member

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    2016 vette. Any insurance recommendations?
     
  7. jjrandorin

    jjrandorin Another BMW convert

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    Here is a thread with some insurance feedback.. but as you likely know, insurance costs are highly personal so what others are paying isnt very relevant to what you will pay. Some companies are more friendly to teslas than others though.

    Insurance Tripled after adding Tesla
     
    • Like x 1
  8. Big Dog

    Big Dog Active Member

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    I'm guessing that your carrier just doesn't want to insure Tesla's so they mark them up. It's a great way to meet state regulations -- insure all cars -- but pick up little perceived risk (of cars you don't want to cover).

    fwiw: USAA only charged us a $100 more/yr for adding a Model 3 vs. what I was paying for an three-year old Audi A3. So not all insurers mark up Tesla.
     
  9. UncertainTimes

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    I have AAA and yea it’s a lot more than my 2018 BMW M3. I have umbrella and bundled discounts so I’m not too excited about switching companies for now.
     
  10. jjrandorin

    jjrandorin Another BMW convert

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    I didnt have an umbrella but did have home with AAA. They also increased the coverage insurance on my home when they "re drew the map" and my home ended up in a fire zone when it was outside it before. The increase in home insurance made me start shopping around. I knew AAA was more expensive than almost everyone else on teslas but AAA is also very very good insurance. I ended up moving to Met Life, and saved some money on the bundle (enough to add umbrella and still save a few hundred dollars).

    I found Travellers insurance was the cheapest for the tesla, but they were the most expensive for home, and I wanted everything together.

    BTW, totally side note.. I love your posts.. always get a chuckle reading them, you have a great sense of humor.
     
    • Like x 1
  11. Physicslawyer

    Physicslawyer Member

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    I tried State Farm and Tesla wasn't listed. I tried Liberty Mutual for a Model Y and it told me $300 for the year. That can't be right. I'll have to call them. This was an online quote.
     
  12. HaroldC

    HaroldC Member

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    I switched from Geico to State Farm because of the exact same reason. Call the local agent and get a quote. I’ve got both my homeowners and auto insurance bundled together. State Farm not only matched my coverage, but was cheaper too!
     
  13. valaeyron

    valaeyron Member

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    it’s all very personal too, it’s literally a risk product so...your risk profile (as they see it) and how much risk you want them to shoulder in an event that is your fault. Someone else posted coverages for $100k...I wouldn’t go under $500k for any incident. Different personal decisions...

    I have AAA and they’re GREAT. Replacing my 2015 CX-5 with a M3 didn’t cost me much...but boy is the drive much nicer :)
     
    • Informative x 1
  14. jjrandorin

    jjrandorin Another BMW convert

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    AAA is a bit unusual since its a bunch of different companies. AAA of southern california might have a different risk factor for model 3s than whichever AAA company handles virginia. As you say, insurance is VERY personal.
     
    • Like x 1
  15. valaeyron

    valaeyron Member

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    Yep. AAA mid-Atlantic here.
     
  16. jeremymc7

    jeremymc7 Member

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    Insurance on my new 3 was less then my 8 year old Audi with Allstate. My agent was even shocked the rate provided.
     
  17. Mr.Chipperson

    Mr.Chipperson Member

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    Finally priced insurance too. Since I'm poor this could have been make or break on my decision to get a Tesla SR+. Luckily, my current insurance provider, Allstate, gave me a quote I could live with.

    I am 33, male, single, no accidents, Indiana and for $500 comp/collision it was $95 per month. Only $55 more per month than my 2003 Honda Accord which only has the legal minimum insurance. I get a discount for bundling my home insurance and using the safe driving app.
     
    • Funny x 1
  18. JBT66

    JBT66 Member

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    My 2018 AWD is about 350 for 6 months with Ameriprise through Costco.
     
  19. jjrandorin

    jjrandorin Another BMW convert

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    I marked this funny, because I find it very much an oxymoron to say "Im poor" and "buying my new tesla" in the same post (even an SR / SR+).
     
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  20. Mrcarcrazy

    Mrcarcrazy Many Leather bound books.

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    Just for reference. My model 3’s insurance is cheaper than our BMW 335...
     

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