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?
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Why is insurance so high?!?
- Thread starter Physicslawyer
- Start date
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.
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
Insurance Tripled after adding Tesla
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.
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.
UncertainTimes
Active Member
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.
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.
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.
HaroldC
Member
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!
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
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
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.
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.
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.
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+).
