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Why is insurance so high?!?

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

  1. SmokeGlider

    SmokeGlider Member

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    I also have a Vette and insure thru State Farm. My MY was almost $200 a year higher than the Vette. When I asked why, my agent said that replacement costs for damaged parts are much higher on the Tesla than the Vette. The Tesla is loaded with specialized equipment, sensors and structural systems that there isn’t an aftermarket for which also adds to the higher costs. I was able to lower my insurance by lowering the number of annual miles (not going anywhere till COVID gets under control).
     
  2. iwannam3

    iwannam3 Member

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    Since the M3 was so new at the time they rated it relative to it's replacement cost. Which makes sense because worst case its totaled. Liability and accident rate had no data.
     
  3. tracykarin

    tracykarin Member

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    I pay $899 for 6 months with USAA ($1,800 yr). That includes $0 comprehensive to cover glass and $1,000,000 liability and $500,000 property damage. My 2017 BMW X3 MSport was about $1,500 yearly but only 100,000/300,000. So I don't think that's really expensive. No ticket, accidents, excellent credit rating and live in Rhode Island. I'm a retired USAF disabled Vet.
     
  4. valaeyron

    valaeyron Member

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    $875/yr (my Tesla's share)
    500/500/100 coverage
    $500 deductible
    Bundled home and auto (one other, a Subaru), educational / affinity discount as well
    CSAA Mid Atlantic
    40+ yo married male, clean record (past decade, anyway). excellent credit.
     
  5. Perscitus

    Perscitus Member

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    #25 Perscitus, Oct 18, 2020 at 10:21 AM
    Last edited: Oct 18, 2020 at 10:51 AM
    So many variables with car insurance, especially across the US.

    In my case, apples to apples on coverage,
    I pay less and paid less when the Model 3 was new than my previous 8-9 year old ICE sedan borderline econobox trim and status, nothing fancy) that the EV replaced.

    Clean driving record, old, head household, full coverage including 0 deductible glass.

    Driver age, count drivers, car primary location zip code, registration state, annual avg miles driven, car use category, safety features, driving record, insurance bundle or no bundle, count cars on policy, kids on policy, credit score, and insurance co choice, timing all make a difference. So does leasing vs financed vs cash purchase. Auto insurance 101.
     
    • Informative x 1
    • Like x 1
  6. valaeyron

    valaeyron Member

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    Yup, people shop around, and eventually respond to differences in the premiums by shifting companies enough...then they get into accidents, break glass, etc (life happens)...the pendulum swings back and forth. Without posted pricing / transparency, it's just a guessing game unless you get quotes.
     
  7. Perscitus

    Perscitus Member

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    Agreed, scams all around. Both sides of fence.
     
  8. acarney

    acarney Active Member

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    Might want to check Progressive. They’ve been lower for a lot of people with Tesla. I’m about $95/mo for my Model 3 (now Model Y) but almost had max coverage for everything and zero deductible for glass damage.
     
  9. Mrbattery123

    Mrbattery123 Member

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    Los angeles
    I posted this question about a week or so ago. I went with Tesla insurance since it is much cheaper. AAA quoted me double-triple more than my AMG
     
    • Like x 1
  10. Gasaraki

    Gasaraki Member

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    I use Geico and I'm from NY and my price didn't increase that much going from a WRX to the Model 3. With a defensive driving discount, my policy went up $8 every 6 months.
     
  11. Perscitus

    Perscitus Member

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    Geico is overpriced in New York State, including West New York area.

    Coming from a WRX it should decrease, not increase, defensive driver discount or not.
     
    • Disagree x 1
  12. Gasaraki

    Gasaraki Member

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    Why would it decrease insuring a much more expensive car?
     
  13. subieworx

    subieworx Member

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    Corvette's are pretty cheap to insure actually because they are mostly driven by older people who don't get int accidents or speed and get driven very little. All of my similar aged vehicles are more expensive to insure than my 2015 Corvette.
     
  14. subieworx

    subieworx Member

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    Probably shouldn't be buying a new car then. The state of the US...
     
  15. TomT

    TomT Technical Maven

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    I don't understand why people get vehicle policies with high liability coverage. It is cheaper and provides much better coverage to get a 1M liability umbrella policy and the lowest possible liability amount on the vehicle(s).

     
  16. DopeGhoti

    DopeGhoti Active Member

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    I upgraded from a Pruis c to my Model 3. I was expecting my insurance costs to skyrocket. You could have knocked me over with a feather when Progressive told me I'd be paying less for my auto insurance.

    Other companies when I shopped around were hilariously more expensive.
     
    • Like x 1
  17. Perscitus

    Perscitus Member

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    Simple. A WRX, STI or LGT, even the lethargic BRZ carry a hefty cop magnet, speed racer, fender bender/crash insurance stigma. It is what it is.

    Speaking from personal experience with two Subaru -> Tesla swaps in NYS. YMMV but you should not be paying more. Shop around, Geico took you for a ride.
     
    • Like x 1
  18. stayfocus18

    stayfocus18 Member

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    I'm in NYC and switched from Geico and this is 100% true... switched to liberty and I'm paying half.
     
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  19. TomT

    TomT Technical Maven

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    I'm with State Farm and my Telsa was cheaper than my Volt for the same coverage...
     
  20. mlkmade

    mlkmade Member

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    San Diego
    I pay $72/month for my SR+ w/ Tesla Insurance in California. I have it on the lowest possible miles because I don't drive as much as I did before Covid hit. Before, it was $97/month.
     

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