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Insurance for Model S

Insurance for Model S

Recently purchased Model S and pretty shocked by insurance costs, over $3,000/year just for the one car. I have a 2018 Audi Q5 and insurance for that is less than a thousand. Once we sell the car the Tesla replaced we’ll have 4 cars and we link the home insurance and umbrella policy. Any ideas what direction to go to lower the insurance costs? My broker says my 19 yo daughter is a factor even though she is not primary driver for The Tesla. We’re in California.

bernard.nubla | 10 april 2019

I just insured my new S for roughly 2000 per Year (larger Limits) also helps to insure as a 2nd vehicle - I am also located in California

Here is a good insurance contact for you if you need one Trevor.Fong@statefarm.com or try Liberty Mutual

C405B | 10 april 2019

Bernard: Thanks for the info

dougk71 | 11 april 2019

Don't call the Hartford since they see Tesla's as too unsafe to insure. This is what happens when Wall Street Executives get insurance jobs taking their biases with them.

Jcastillo18 | 11 april 2019

Geico is about 2,000 a year

Bill_75D | 11 april 2019

@dougk71 - Hartford doesn't consider Tesla too unsafe to insure, they consider them too risky to insure because of the high cost of collision repair.

Razorx1337x | 11 april 2019

Go with Liberty Mutual. I have 3 vehicles including the Tesla with them for less than 2k. One of the vehicles has liability only, the other 2 have 2k deductibles but full coverage. They have been cheapest by far.

ted | 11 april 2019

2017 100D I have Erie insurance live in Aurora Ohio. I am 80 years old, drive about 15,000 miles per year, full insurance coverage, I pay 850.00 .

dougk71 | 11 april 2019

Assuming a Hartford insured ( non Tesla) car negligently hits a Tesla then Hartford is paying for Tesla repairs. Luckily for the Hartford the chance of bodily injury to a Tesla occupant is much reduced. Bodily injuries cost very much more than car body damage. Hartford once a revered insurance company is now just a run of the mill Wall Street stock company that has lost actuarial expertise.

starojam | 11 april 2019

I have both a Model S & X. Each vehicle is between 1300-1400 thru IMT Insurance (www.imtins.com). So I would say anything over 1500 is crazy unless you have bad driving history.

kevincwong | 11 april 2019

I was told by a Tesla owner/employee that Geico and Progressive offered better rates and that State Farm and AAA were on the higher side (citing component repair costs). I got quotes from both but ultimately stayed with State Farm. I'm paying $1,400 a year which is about 5% more than the other two; however, State Farm is saving me about $500 a year on our homeowner insurance compared to the other two and the umbrella policy is a tad less expensive as well.

jordanrichard | 11 april 2019

C405B, did you not look into the insurance costs before buying the car.....? I always factor that into my decision making for buying a car.

bhanuk99 | 11 april 2019

I also compared and I am paying about $1800 per yr for my 2018 S100D thro State Farm. IN fact, State Farm much cheaper than Geico, AAA, All State, Liberty Mutual, and Progressive. So It is an extensive research. I have two additional cars to Tesla and a 19 yr out of state college student insured. Excellent driving Hx. No claims. However, our DMV (DC MD VA) is expensive to insure. I also have home owners and umbrella with them.

retiredsprky | 11 april 2019

I live in Calif. and I have The Hartford. When I bought my MS90D 2 years ago they beat all of the other companies.

sentabo | 11 april 2019

I’m in California and also have found the lowest rate with The Hartford. I was a little nervous before my latest policy came in because of the negative reports here, but it actually went down few dollars from last year.

nothotpocket | 11 april 2019

I found Ameriprise (Costco) to be quite reasonable.

calleserra | 12 april 2019

I had AAA before for 16 years and when the MS came, AAA raised my premium to $2350 per year for that car alone. I live near the beach in south Orange County in California. Called other inscos and Progressive quoted me $950 annualized. This was the lowest so I dropped AAA.

calleserra | 12 april 2019

I had AAA before for 16 years and when the MS came, AAA raised my premium to $2350 per year for that car alone. I live near the beach in south Orange County in California. Called other inscos and Progressive quoted me $950 annualized. This was the lowest so I dropped AAA.

dougk71 | 12 april 2019

"I’m in California and also have found the lowest rate with The Hartford."
Hartford said they woun't insure Tesla's period ( At least in Florida)

kerryglittle | 12 april 2019

I think maybe the area people live in makes a difference in rates. We live in a smaller size town with a low crime rate and not crazy traffic and pay around $1,000.00 a year with full coverage and 2 million liability. Just switched to Borkerlink because Allstate tried to double the rate on my Harley. Saved a lot by switching. It pays to shop around.

jordanrichard | 12 april 2019

It is utterly pointless for people to spout off what they pay for insurance. There are far, far too many factors involved to even get a wildly general consensus of what insurance cost. Each state has different insurance requirements, here in CT, one of the leading factors for insurance is what county you live in. For example, my insurance would be a lot more if I lived in just the next town over. Both towns are similar in size, population, ratio of businesses to residential homes, etc. However that other town is in Hartford county. Hartford being a city which has higher crime rates and chances of an accident, that town gets dragged into that, from an actuarial table standpoint. The county my town is in, is mostly rural even though my town isn't.

RandallKeith | 12 april 2019

Ted +1 for Erie insurance
Wisconsin, was paying 1200 per year with American family, 585 per year with Erie. Bundled with homeowners and umbrella. I heard about it from a few others on this forum. Glad I called. Only available in the north east

bharej30 | 12 april 2019

When I purchased my new S in October last year I had Stat Farm, then switched within a month to Travelers because they offer new car replacement. This was a major factor for with the value of the car AND I ended up saving money compared to State Farm. The agent I went through was very experienced working with Tesla owners.

p.c.mcavoy | 13 april 2019

C405B - Given your 19 year old you might want to see if it’s possible to put the Tesla on a separate policy and exclude them as a covered driver. This is not allowed in all states and potentially by all companies and of course means they cannot drive the car. However, if you’re allowed to do this, and they won’t be driving it, you may find it can save you some money.

I had 3 licensed daughters until 25 on my policy when I got my MS90D approx. 3 years ago. Carving the MS onto a separate policy was actually suggested to us by our agent. In my case, this also meant we needed to insure it with a separate company. While all of our other cars are bundled with home and umbrella policies for discounts, it still save us money to put the MS on a separate policy with Progressive.

Now the two daughters still at home weren’t terribly excited since they can’t drive my MS, but then they don’t pay the insurance bill on it, so this is one where Dad gets to call the shots.

kerryglittle | 14 april 2019

Dads rule....sometimes. LOL.

NOLEK SUM | 15 april 2019

Check with Josh Johnson at Bennet and Porter. (480) 212-1150.

I pay $1700 for a late 2017 S100D. Josh is an MS owner himself and specializes in insuring HNW individuals and exotic cars. He is in Scottsdale but they are licensed in California as well.

C405B | 15 april 2019

Thanks for all the responses. I had Mercury and am switching to Travelors but looks like I need to speak with some different companies. I'm going to check out State Farm, Liberty Mutual and Progressive and also look into insuring the Tesla with a separate company.
On the issue of didn't I check insurance before purchasing the car, I did, but got an email from the broker which said the cost was higher than my other vehicles, but I didn't open the attachment which showed over 3x as much as my 2018 Audi Q5. Imagine my shock when I opened the attachment after my 7 day trial period ended.

NOLEK SUM | 15 april 2019

Be careful with the retail guys. You’re not insuring a Camry.

ronsrq | 16 april 2019

I've had been with Cincinnati for years. As soon as I added my Tesla S, back in January, they hit me with a $700 increase. Fortunately, policy renewal was 4/1,so my agent shopped around, and switched me to Travelers which was almost half the Cincinnati renewal rate.

VEGASGEORGE27 | 12 maj 2019

Try Geico $1500 for 6 months,,,,FOR 2 TESLAS. S AND X.
just sayin

Hassancook24 | 13 maj 2019

Hi everyone! My name is Hassan, I'm a fellow Tesla owner (model 3) and I work for a credit union in Tustin, CA. We've helped a bunch of Tesla owners save money on their car insurance lately, no need to join the credit union (unless of course you'd like to take advantage of our awesome auto loan rates!). Membership is open to anyone in the US but insurance policies can only be done in CA, WA, OR, NV, TX, and CO. Contact me if you'd like information! My email is Hassan.cook@kinecta.org.

cfishkin01 | 14 maj 2019

As was mentioned by @Razerx1337x, raise your deductible. Mine is $2,500.

MsLynda | 15 maj 2019

We pay $960 a year through Geico for our 2017 100D model S.

Tldickerson | 15 maj 2019

@MsLynda, is that not a 6 month policy? I too have Geico and mine is for 6 months and not 1 year.

f3rretus | 16 maj 2019

I am paying $1344 in Texas thru Root Insurance (www.joinroot.com). They give discounts to Tesla owners.

http://www.joinroot.com/blog/tesladiscount/
We’re excited to announce a new discount for drivers of Tesla® cars! It’s the first insurance discount of its kind, and we’re proud to say that there will be more like it to come.

Why a discount for Tesla® cars? It’s simple: they just crash less. Root believes that falling crash rates means the car insurance industry should adjust rates in response. But none of them have—until now.

So we’re leading the charge.
How does the Tesla® Autopilot discount work?

During the test drive, Root’s app measures Autosteer-eligible highway miles.

We apply a tiered discount—above and beyond any good driver discount you’ve already earned! The higher the percent of highway miles driven, the higher the discount.

Good drivers of Tesla® cars save a lot of $$$ with Root!

We’re rolling out the self-driving car discount today by extending it to Tesla drivers, but soon it will be available for drivers of all self-driving cars!

Own a Tesla®? Grab your discount by taking a test drive with Root! It’s free and super simple. Just download the Root app to get started.

Seachange01 | 21 maj 2019

3 words for you guys... Wa Wa Nesa (ok, one word) ;) Way better quote for me than Geico, progressive, AAA and Mercury. My insurance actually went down after I purchased my 2015 S P85D and sold my 2018 Honda Clarity PHEV. Go figure.

OTBMS19 | 24 maj 2019

Well, I had to cancel my Statefarm which i had for 13 years due to the high rates of $1860 for 6 months on '15 Audi Q7 and '19 Tesla MS. I got a better rate with Costco Ameriprise $1670 per year for both vehicles. You might want to try them as well.

Tldickerson | 24 maj 2019

I have to thank alan_beaumont2005 for his post recommending Wawanesa. I've been with Geico for 4 years and had great service with them and I thought their price wasn't bad until I made my phone call. I had multiple policies with Geico for a max discount but with only a 2 car auto policy got me over a 50 % discount on the Tesla. I was paying $1,075 on the Tesla for 6 months and for the same coverage the new policy was $530.69. Call for yourself if you live in California.

michael.kormos | 4 august 2019

Hate to bump up a 3-month old topic, but I'm looking at purchasing the Model 3. I currently own a 2017 VW Golf R, for which I paid $41,000 (new). The Model 3 - as configured - is coming out to about $48,000. A slight increase in price. However, Geico and Progressive are quoting me DOUBLE for the Model 3. I just don't understand. My Golf R is even quicker than my configured Model 3, so the classification of the car can't be that different (sports car). An extra $600/year is really going to throw off the math of gas savings and federal incentives for me. I live in VT, and there aren't many car insurance companies here to choose from. If anyone has any tips on affordable insurance in VT, I'm all ears!

RandallKeith | 4 august 2019

Erie, If available in your state. See my previous post.

dougk71 | 4 august 2019

Insurance is more driven by marketing than actuarial science. We expect premiums to be related to risk but they are more often related to what the marketing people think they can get away with. The insurance market is limited for Tesla's so premiums can be jacked up. Tesla could bring realistic prices when they get the Tesla Insurance program up and running.
It is probably bogged down in red tape and politicians taking direction from big insurance/

magesh.tektal | 5 august 2019

~$1290/- for a 2019 Model S (pre Raven) in Oregon.

Again to reiterate what others said, and as you may know already, rates depend on a large set of factors, some you have control & others you don't. G'luck.

n.dunkel | 11 august 2019

Have you tried https://electrade.app ? EV-only insurance they claim.

My flatmate (California) said it was way below his previous insurer for a Model 3. Price comparison (from Reddit):  https://www.electrade.app/blog/tesla-model-3-which-insurance-company-has...

Otherwise, at least anecdotally in California, Geico seems to be the way to go but shop around!

Good luck!

apacab | 12 august 2019

I work in the auto and home insurance industry... give me a call if you need a quote in CA, OR, WA, NV, AZ, TX. I can shop through 20 different carriers for you. 909-703-6362

ryanfarmer | 13 august 2019

I just got a 2016 MS, State Farm, $155/month. We are 30yo and 35yo, never had any claims.

rxlawdude | 13 august 2019

@n.dunkel, I tried a quote with electrade. $2,333/yr. We pay under $1,800 with Costco/Ameriprise.

Hard to beat Costco/Ameriprise, at least in SoCal.

Tldickerson | 13 august 2019

@rxlawdude, try calling Wawanesa. Their prices in SoCal. are really good. They almost cut my cost in half.

glennv | 14 august 2019

@rx.awdude: “Hard to beat Costco/Ameriprise”. - Agree

We are paying $625/yr for our 2019 Tesla 100d (pre raven) in Colorado

Tldickerson | 14 august 2019

@glennv, Colorado isn't like SoCal. Our prices are MUCH higher than yours...location/location.

rxlawdude | 14 august 2019

@Tldickerson, tried them when looking back in 2017. They were almost triple (around $3500/yr, IIRC), compared with Costco/Ameriprise.

rxlawdude | 14 august 2019

@TIdickerson, just for fun did a quote with Wawanesa for identical coverage. More than double current Costco/Ameriprise. ($3950/yr vs $1800)

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