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Why is insurance so high?!?

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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).
 
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?

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.
 
$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.
 
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.
 
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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 that the EV replaced (borderline econobox trim and status, nothing fancy).

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

Driver age, count drivers, car primary location zip code, registration state, 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.

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.
 
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.

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