Insurance - Tesla rates

[uthatcher]

I'm not sure if others are having a difficult time with insurance rates, but if so, this may be useful. Insurance in California right now is completely unhinged (as I know it is elsewhere too). I was insured through Safeco and my premium was about $14k per year for my 2023 Taycan GTS, a 2023 Rivian R1T, and a 2022 Model X Plaid. The Taycan was the highest cost car on the policy, but overall the rates were completely out of control. I'm 48 years old, married, have a clean record and never filed an accident insurance claim in my life. I run high deductibles and high coverages.

I called Geico and was quoted about $10k. I tried a few others and got no response or delayed response and no better rates. Because I have the Model X I tried Tesla insurance. They came in at $6800 for all three vehicles with equal or better coverage. Less than 1/2 the cost, that's insane. I did have to wait on hold for an hour to get to someone to talk to because the Taycan VIN would not register through the Tesla app. But it was no issue once I had an actual person on the phone.

So if you still have a Tesla in your household it may be worth a look at Tesla's rates, if you haven't already. It looks like I'll be keeping a Tesla around for awhile.

Sponsored

 

[IonFlow]

I'm not sure if others are having a difficult time with insurance rates, but if so, this may be useful. Insurance in California right now is completely unhinged (as I know it is elsewhere too). I was insured through Safeco and my premium was about $14k per year for my 2023 Taycan GTS, a 2023 Rivian R1T, and a 2022 Model X Plaid. The Taycan was the highest cost car on the policy, but overall the rates were completely out of control. I'm 48 years old, married, have a clean record and never filed an accident insurance claim in my life. I run high deductibles and high coverages.

I called Geico and was quoted about $10k. I tried a few others and got no response or delayed response and no better rates. Because I have the Model X I tried Tesla insurance. They came in at $6800 for all three vehicles with equal or better coverage. Less than 1/2 the cost, that's insane. I did have to wait on hold for an hour to get to someone to talk to because the Taycan VIN would not register through the Tesla app. But it was no issue once I had an actual person on the phone.

So if you still have a Tesla in your household it may be worth a look at Tesla's rates, if you haven't already. It looks like I'll be keeping a Tesla around for awhile.

My 2023 Tayan CT 4 (window sticker $128K) is $1200 comprehensive coverage from State Farm with a deductible of around $400. Ohio. 60yo mwm. One major accident about 8 yrs ago - my fault . My Merc C300 was a write off and I damaged 2 other cars in front of me. Total claim pay-out was $80,000 and my insurance agent told me they’d drop me if I had another claim in the next few years because we’d also had a couple of major homeowners claims just prior. Lol. I’ve been a good boy…so far.

 

[DougFrisk]

My 2023 Tayan CT 4 (window sticker $128K) is $1200 comprehensive coverage from State Farm with a deductible of around $400. Ohio. 60yo mwm. One major accident about 8 yrs ago - my fault . My Merc C300 was a write off and I damaged 2 other cars in front of me. Total claim pay-out was $80,000 and my insurance agent told me they’d drop me if I had another claim in the next few years because we’d also had a couple of major homeowners claims just prior. Lol. I’ve been a good boy…so far.

I had a $500 deductible right up until I started getting quotes on the Taycan. Going to $1000 reduced the quote price by about 10%. Decades of leaving it as it was as the value of cars went up significantly has lost me some money. The drop in price for going to a $1500 or higher deductible was less than the drop from $500 to $1000, it might be worth the change but I haven't done the math.

 

[Archimedes]

The last company I’d trust insuring my car properly would be Tesla, regardless of pricing.

 

[KensingtonPark]

I'm not sure if others are having a difficult time with insurance rates, but if so, this may be useful. Insurance in California right now is completely unhinged (as I know it is elsewhere too). I was insured through Safeco and my premium was about $14k per year for my 2023 Taycan GTS, a 2023 Rivian R1T, and a 2022 Model X Plaid. The Taycan was the highest cost car on the policy, but overall the rates were completely out of control. I'm 48 years old, married, have a clean record and never filed an accident insurance claim in my life. I run high deductibles and high coverages.

I called Geico and was quoted about $10k. I tried a few others and got no response or delayed response and no better rates. Because I have the Model X I tried Tesla insurance. They came in at $6800 for all three vehicles with equal or better coverage. Less than 1/2 the cost, that's insane. I did have to wait on hold for an hour to get to someone to talk to because the Taycan VIN would not register through the Tesla app. But it was no issue once I had an actual person on the phone.

So if you still have a Tesla in your household it may be worth a look at Tesla's rates, if you haven't already. It looks like I'll be keeping a Tesla around for awhile.

I am curious to know how many miles/year you put on these cars. Any chance that is a variable? I am pretty sure that one of the reasons I have such a low rate is because I drive so little (4k mi/yr).

 

[uthatcher]

I am curious to know how many miles/year you put on these cars. Any chance that is a variable? I am pretty sure that one of the reasons I have such a low rate is because I drive so little (4k mi/yr).

Yes, I do accumulate miles. Spread across the 3, about 20,000 per year.

However, the miles are the same regardless of what insurance company I use. It’s a very apples to apples comparison, with the Tesla insurance rates less than half of the next closest.

 

[DanK]

I got Tesla insurance when it first came out. They couldn't figure out billing. Dropped me for non-payment without notice. Then sent me an apology letter and begged me to come back.

I figured if an insurance company can't even figure out how to take in money... which is the whole point of it being a business... I couldn't trust it to pay the money back out. So I ran.

 

[Hanny]

Lol, some complex details and theories here.

I mange my expectations with the simple understand ing that insurance companies exist purley to make money, they are definitely not interested with protecting you or being lean with the Risk algorithm that provides a ‘waited’ quotation.

9 times out of 10, discounts and/or low prices normally indicates a reduced coverage/liability, unfortunately you will never know what is compromised until you make a claim and they try to offer you a £1 for a £100 item quoting some obscure market rate.

If by any chance you achieve an abnormally higher pay out, they just get their money back on yours or others collectively renewal.
…………your damed if you do and your damed if you don’t!

 

[violuma]

I mange my expectations with the simple understanding that insurance companies exist purely to make money

The way I put it is that those fancy skyscraper headquarter buildings don't build themselves (also true of casinos and financial advisory firms).

Sponsored