I know Tesla may be launching their own insurance plan soon, but did anyone get insurance sticker shock then find a good deal somewhere? I have Geico and my insurance tripled with my new Model 3...
Also BTW be prepared for a crap load of people responding by spouting off what they pay for insurance when it is absolutely useless information. Every person's situation is different, every state has different requirements, etc. etc. yet people will still spout off what they pay to give you an idea of what it should cost you, in your town/ state, at your age, with your driving record, etc.etc.
Our Costco/Ameriprise rates dropped this year for two Teslas. We switched from Hartford and our rates dropped to 43% of their rates.
Allstate gave me a discount for Tech Vehicle
Geico could be a good deal or crap (I don't have Geico). Saying it is 3x over an unknown car is not very helpful. For example, if you had a 1999 Corolla that is worth $500, I can see insurance being more than 3x for a $40K new vehicle. Model 3 prices also vary a lot from $35K to $68K, which will have a big influence on insurance costs too.
Some insurance companies also provide discounts if you have other policies with them, so always worth at least checking. Anyway, sounds like some insurance shopping is needed to get something that feels right to you.
I had good experience getting an independent insurance agent to help shop around based on my set parameters. I got better deals than shopping around myself.
It does not cost you anything and you can decline all offers, but it gives you a good overview of the market from someone which is experienced researching the market.
"I have Geico and my insurance tripled with my new Model 3..."
Strange. I saw on TV that "15 minutes could save you 15% or more on car insurance."with Geico. If it was advertised on TV it must be true, yes?
Try Costco/Ameriprise insurance for your Tesla. I owned a Plug in Prius and recently bought a Model 3 as a replacement. My annual premium went from $695 to $840, slightly over $140/year. Additionally, it is very difficult to make any claims from Geico. A Geico driver hit my vehicle and was 100% at fault, and Geico was very difficult to deal with. I too had Geico insurance about 15 years ago.
Here's something I did by accident, but it saved me $200.
I have insurance through Safeco, part of the Liberty group. I asked other companies for quotes, one of which was in the Liberty group, then Safeco reduced my premium. I assume Safeco got a report that I was shopping around.
+1 on the Shop Around.
Insurance companies are only trying to get what they can out of you. Typically if you stick with one company for a very long time, they will raise your rates because they probably think you wont leave. Unless you are getting into accidents, your rate should never go up. If it does, start shopping around. If anything, no accidents should make your rate go DOWN because you're not costing the insurance company any money.
I shopped around and found that the most reasonable quote by far came from Root Car Insurance, at $354 per 6 months. I was already a happy Root customer for a year with my previous car and was very happy to see that they believe Tesla cars are safer and less prone to problems, and therefore are cheaper to insure.
Tesla Model 3 Long-Range Dual Motor (2018)
Collision - $1000 deductible
Comprehensive - $1000 deductible
Bodily Injury - $250k/$500k
Property Damage - $100k
Total cost - $354 per 6 months
Full disclosure: This is a referral link. You and I both get $25 if you sign up. But I stand by my recommendation even if there's no financial incentive. Root seems like a innovative insurance company that is mobile-first, no-frills and affordable. And they love Tesla customers.
I had Geico for a decade or more.
A Geico driver opened their door and damaged my son in law's Mercedes. They refused to pay on the claim, essentially forcing a lawsuit to recover the $1,000 in repair costs.
At that point, I decided to cancel.
Same time, had bought my X and the quote from Geico was crazy high.
Contacted Ameriprise via my Costco membership...better coverage on X with lower deductible for about half the cost.
Geico sucks. Check out Ameriprise if you you are a Costco member.