Will Tesla Insurance follow suit with insurance fee partial refurns?

[The_Observer]

Hey all,

It seems that a few insurance companies are issuing a partial refund for their auto insurance, such as Allstate, link here for more info:

Auto insurers refunding millions due to stay-at-home policies

Will you guys think Tesla Insurance will follow suit? I am not expecting them to do anything about this, but it would be nice if Tesla will do something similar.

 

[Silicon Desert]

I'm actually in shock that any insurance company is offering a partial refund. Nice, but surprising as usually insurance companies want to get everything they can out of you. I wonder if it is a publicity thing.

 

[mspohr]

I have car insurance which charges me by the mile (Metromile). My bills go up and down depending on how much I drive but on average they have been much less than the "fixed price" insurers. I don't know why there aren't more companies with this business model.

 

[The_Observer]

I have car insurance which charges me by the mile (Metromile). My bills go up and down depending on how much I drive but on average they have been much less than the "fixed price" insurers. I don't know why there aren't more companies with this business model.

Interesting. What if you didn't drive at all for a certain amount of period? Would you pay $0 in that case?

 

[mspohr]

Interesting. What if you didn't drive at all for a certain amount of period? Would you pay $0 in that case?

There is a small base rate (about $30/mo) to cover the "fire, theft, vandalism" part of the insurance so that's all you pay when you don't drive. (We went to Europe a while ago and didn't drive for a few months. Bills were minimal.)

 

[jboy210]

There is a small base rate (about $30/mo) to cover the "fire, theft, vandalism" part of the insurance so that's all you pay when you don't drive. (We went to Europe a while ago and didn't drive for a few months. Bills were minimal.)

How are they when you have a claim?

 

[mspohr]

How are they when you have a claim?

Only had one claim (windshield). Did it using their app. Sent me to Safelite who did a good job. Easy. No hassle.

 

[sperkin]

I called Tesla and they lowered my insurance by $150 per month total for both cars.

 

[The_Observer]

I called Tesla and they lowered my insurance by $150 per month total for both cars.

Is this without mileage readjustment?

 

[mspohr]

California orders auto insurers to refund premiums due to coronavirus - Roadshow

 

[sperkin]

Is this without mileage readjustment?

Yes, they adjusted for me to 8,000 miles per year. They said I can adjust it back up after we get close to 8k.

 

[The_Observer]

Yes, they adjusted for me to 8,000 miles per year. They said I can adjust it back up after we get close to 8k.

What's your mileage and how much were you paying before?

 

[sperkin]

What's your mileage and how much were you paying before?

You shouldn't compare others with yourself on insurance. Some people will gets better deals elsewhere, but I was at 20,000 miles per year and paying $256 for 2 Model 3s. Now I'm at $106 a month. Calculation depends on lots of factors. My wife was cheaper than me when adding her as a 2nd driver, she only added $65 per month before the drop when I was paying $256. She's probably only like $35 now. Just call them and they can work with you to adjust it based on your current driving situation and coverage.

Tesla insurance has been great so far. I've been with them since Oct or Nov 2019 and they are cheaper than all others. $256 may sound a lot, but I have very high coverage which is 2X more than I had with State Farm and I was paying $250. I can get it way lower if I go for the state minimum which I don't advise on doing.

 

[tivoboy]

I think they will have to. The CA insurance companies are going to try and fight it in court, but there ARE vehicle insurance profit margin and accident loss provisions that the state enforces.. and at this point, all the major CA vehicle insurance companies are making/saving a ton of premium. I've read over 800M a MONTH above prior projections. I don't think the "Tesla" insurance (it's underwritten by I think Liberty Mutual?) would be able to not comply if they lose the court case - but who KNOWS when that would happen.

At best, it's going to be a refund some months out for current policy holders that maintained coverage during this time.

 

[RubberToe]

My last two credit card statements showed Tesla refunding $53 of my normal $185 premium.

RT

 

[Mr. Big]

Just got an e-mail from Tesla Insurance.

 

[Lectric_Agent]

Just got an e-mail from Tesla Insurance.
View attachment 533689

Same here

 

[RubberToe]

Ditto, but they gave me more like 30%. Maybe a California thing.

 

[Mr. Big]

^^^ I wonder why mine is only 20%?

 

[RubberToe]

^^^ I wonder why mine is only 20%?

I'm hardly driving at all, could be mileage related.

RT