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Tesla S Insurance Premiums

Tesla S Insurance Premiums

Just wanted to hear what everyone is paying for insuring their Model S in California. AAA is charging me $4053 a year!! That is crazy! I have seen some people getting insurance for $1800-2200. When I got my bill the other day I almost fell off my chair. Let me know if their are better rates out there and companies! Thanks

Chuck Lusin | 11 March 2013

I'm also with AAA, I checked this weekend and I don't think that they know the difference between the 40, 60 85 and P85. I have a 40, but it looked like they were going to charge for the P85. Our current MB C320 is $1,550 per year and the S would be $3,000. My Kia Optima is around $750 per year and my S would go to $2,000 per year. I might be checking around also.

andykeller | 11 March 2013

I had a lot of trouble finding insurance, but I heard from some others in the forum that they had good luck with Geico.

My previous insurance company said $1,200 / 6 months but then when I was about to have the car delivered and pay for the insurance they said $2,500 / 6 months because there were too few 2013 models on the road. Idiots.

I tried a bunch of other companies with no success. I ended up with Geico for $600 / 6 months. I'm in MI with nothing on my record.

One snag I ran into with Geico is that they would only insure the Model S for existing customers. I'm not sure if other people ran into this because I hadn't heard this before, but I signed up my wife's Prius and added the Model S online 15 minutes later.

richard.m.judy | 11 March 2013

I am also with AAA NorCal. I have 2 other cars on the policy plus my P85 and my annual premium is $3200. Mine must be so low because I live in Oakland ;-)

EVTripPlanner | 11 March 2013

As others have noted, GEICO price is very reasonable at around $1000/year - less than half of Mercury. There are other threads with detailed information:

http://www.teslamotors.com/forum/forums/model-s-insurance
http://www.teslamotors.com/forum/forums/insurance
http://www.teslamotors.com/forum/forums/insurance-model-s

FFox | 11 March 2013

I just finihed during insurance research with Geico, State Farm, Farmers, Progressive and Allstate.

First, my husband and I are 51 and 46, no accidents, no tickets for past 5yrs and live in Norcal.

Hands down, Geico gave us the best rate 1400/yr Model S and my husband's 2010 mini S convertible. Progressive and Farmers were came in around 1800/yr.

Allstate made it clear they didn't want to insure the Model S. My husband was disappointed since he has been with them for over 20 years.

I went online first then confirmed the rate and the procedure for insuring the Model S with a local agent in San Jose. He also gave us a rate for insuring our house. Bye, Bye Allstate.

satchy11 | 11 March 2013

Insurance rates vary greatly by state, age, accident history, etc., but in my case Nationwide quoted me over $800/6 months. State Farm quoted me $360/6 months for my existing MB E550 and $420/6 months for my new P85! Needless to say I switched to State Farm.

Carefree | 11 March 2013

It really is strange how different the answers are based on what state you insure the car. I am with Allstate in AZ. I have had no problems at all getting insurance through Allstate for my P85. I pay $560 for 6 months which is very reasonable. We have three cars, plus home plus personal umbrella insurance with Allstate. The process was no different than with any other car we have ever insured.

David Trushin | 11 March 2013

Illinois average around 7-800 with State Farm

brucetran126 | 11 March 2013

rates varies a lot for the Tesla between different insurance companies. Farmers wanted $1,600 for 6 months. I switched to progressive for $460/6 months.

hikerockies | 11 March 2013

Rates vary with way too many factors that go beyond just the state one insures in. I got a quote of $615/year for Model S from AAA in Colorado. This will be third car on my policy and I have all of my insurances with AAA.

kevonandmarion | 11 March 2013

I have been quoted 399 every 6 months with state farm with 1 point on my wife's record. We also have our home and an umbrella policy with them here in northern California.

jat | 11 March 2013

I had no issue getting insurance on my Model S -- I just called up State Farm and sent them my preliminary MVPA (they didn't have it in their system and couldn't find info on it), and they quoted me a bit over $500/6mos (compared to a bit over $400 for the LEAF which costs half as much), so I was pretty happy. This is in Atlanta, GA.

crttnarayan | 11 March 2013

I was quoted $1304 per year by AAA with 250 deductible and 1104 with 500 deductible (NorCal)

robfields | 11 March 2013

I'm in Maryland and State Farm asked $498 per 6 months for my 60 kW Model S. I didn't feel that was unreasonable based on what I've read on this forum. Rob F

mikeadams | 11 March 2013

MetLife in Ohio for a 60kWh with some options - $775/yr no at fault accidents/married rate. Although I realized that I am eligible for USAA since I served in the military and will probably be switching soon since the pricing would be competative and they are highly rated.

mikeadams | 11 March 2013

Forgot to note: neither one could bring up my VIN in their systems, but were able to insure me based on asking a few questions about the car and the full cost it would take to replace the vehicle.

RAFellows | 11 March 2013

State Farm just gave me $97/month. We have our Home owners with them and another car. NP85 Grey/Grey/Pano/Air/Sound/Tech/21"/Twin. Did it over the phone on the drive to go pickup the car.

DeanG | 11 March 2013

Picked Up my Tesla S today in Pennsylvania. I have had insurance with State Farm for 43 years. Multiple Cars, Homeowners, and Excess Liability. Full Coverage with no fault. Annual Premium of approx. $850.00

dr.jacks.tesla | 11 March 2013

Remember guys and gals, insurance varies widely by state and regulations. I car in one state may be double in another. Also, you typically get best rates when you carry multi-line and multi-year discounts with a good company. I have been with State Farm since 16 and they are too good to change. They give good rates, but also cover very well if God forbid an accident or even happens. Ie. I had my wife's car and mine damaged by hail years ago. Progressive gave me 1000 for my wife's car to be repaired by paintless dent removal and it was heavier damaged, whereas State Farm totaled my car and paid out 4x that much for less damage! Just shows you pay for what you get. Be careful of the Geico's and progressives, while they are cheaper, you don't get the quality coverage that you would want on a potentially 100K car.
Just my two cents.
Jack

alcassfast | 11 March 2013

Has anyone seen the movie, "Cedar Rapids"?

blaz | 11 March 2013

Adding some data points to the thread, although as said above it varies a lot person to person and depending on specific coverage:

GEICO: $1560/year
Progressive: $1800/year
State Farm: $2500/year

For comparison, GEICO is charging me $1200/year for my 2010 Audi A5.

This for California btw.

stephen.kamichik | 14 March 2013

Meloche in Canada is charging me $658.85 annually for BOTH 1999 BMW 328i and 2013 Tesla model S!

jchangyy | 14 March 2013

I have AAA. San Jose branch on Steven's creek Blvd. Gave them my VIN number and looked it up on their computer. $1100 per YEAR for Tesla 85Kwh, non-performance.

I also have one other vehicle.

gregv64 | 14 March 2013

I have AAA in NorCal. Model S plus Honda CRV for my wife and I, $1700 per year (Geico was a little more for the same coverage).

AndrewP | 14 March 2013

Carefree,
How is this possible? I live in Scottsdale and have been with Allstate for 10+ years. Also insure 3 cars, home, and personal umbrella. They recently quoted me $865 for 6 months. How did you manage a $300 discount?

Carefree | March 11, 2013new

I am with Allstate in AZ. I have had no problems at all getting insurance through Allstate for my P85. I pay $560 for 6 months which is very reasonable. We have three cars, plus home plus personal umbrella insurance with Allstate. The process was no different than with any other car we have ever insured.

Carefree | 14 March 2013

Andrew, go back to your agent and tell him that a P85 in Carefree just got a quote (and the insurance papers) for $560 for 6 months. Years ago I threatened to walk away from Allstate after having been a customer for decades and all of a sudden my rates were slashed by almost 30%. You have to push these guys every now and then.

My Allstate agent is Jim Kehoe.

lightly | 18 April 2013

I am so pissed off at Allstate.

Got a quote from Allstate in October on a 60kWh full coverage $850/6months in Long Island.

I upgraded my reservation in December to a P85 and took delivery last month. Now the cost is $2600/6 months.

Value of the car went up 33% but premium quadrupled??? This does not make sense unless Allstate changed their minds about wanting to insure the Model S.

Just checked online and Progressive is $1300/6 months.

Bye Bye Allstate!

bcimae.co.us | 18 April 2013

Just insured my 85 with StateFarm. Price went up $210 over my old 06 Prius for 6 months( Prius ~360/6mo. - model s ~570/6 mo)

lightly | 18 April 2013

UPDATE POST FROM ABOVE:

Just signed up with Geico $776.00/6 months
Wow just a reminder to shop your insurance!!

>I am so pissed off at Allstate.

>Got a quote from Allstate in October on a 60kWh full coverage >$850/6months in Long Island.

>I upgraded my reservation in December to a P85 and took delivery >last month. Now the cost is $2600/6 months.

>Value of the car went up 33% but premium quadrupled??? This does >not make sense unless Allstate changed their minds about wanting >to insure the Model S.

>Just checked online and Progressive is $1300/6 months.

>Bye Bye Allstate!

cb9 | 18 April 2013

I am very happy with my USAA rate, and in the DC area, that's saying something. The agent on the phone actually went euphoric when he heard I was getting a Model S, turns out his uncle was considering one, so he researched it for him and knew all about it.

AlMc | 18 April 2013

I agree with @cb9. My 85P is 'in production' and I have already gotten a very reasonable quote from my current insurance company, USAA. I do agree that the best 'deals' are available when you have bundled insurance (home, umbrella, etc.)
Rate...about $1,300/year

agiangone | 18 April 2013

Allstate charging $790 per 6 months. Was $538 for my 8 year old A6
Seemed fair until I saw others paying almost half...need to shop around.

JDster | 18 April 2013

I cancelled all my Allstate policies after they quoted me almost $900 for 6 months for my MS. I got a quote from Geico for half that price as long as I have multiple cars insured with Geico and tied along with their umbrella policy, which was half the price of Allstate.

xiangrow | 23 April 2013

I got a quote from Jacob for about $656(Mercury). which is $200+ lower than my current Costco insurance. I found him from other thread on this forum : http://www.petalumainsurance.net/insurance/auto.html

ncn | 23 April 2013

Completely state-dependent. In NY, GEICO gave me by far the best quote. Several companies wouldn't even touch it.

dlewis | 24 April 2013

I have State Farm in VA with my homeowners and a second vehicle, came in at about 1000$/yr. They have all versions in the computer 40,60,85 P85 so it was a matter of minutes at the office to be done.

djm12 | 24 April 2013

My insurance quote was +$67/six months over my old BMW325i. #notcomplaining

8508BlueS | 24 April 2013

USAA, just signed my Model S onto existing account and it is $79 a month more than what I was paying.

BTW I had Geico for my home and after they would not cover some damage due to rot I had it fixed myself out of pocket. At the next renewal they asked me for proof that the repairs had been done and when I refused, they dropped me. For something they wouldn't cover! I will never use Geico for anything!

Good luck everyone. Love my Model S by the way!

wmgill | 29 April 2013

Here in Michigan, I just got quoted $1100/yr from Auto-Owners Insurance for a P-85 Model S. They don't seem aware of the Tesla (not in their system) though and I think they based it on the retail price. Apparently they don't do 6 month insurance like they used to. When I go to store it for winter, they will pro-rate it at that time.

JPPTM | 29 April 2013

Just got a quote from CAAA (I am in the SF Bay Area) for my soon to arrive non-perf, and will be paying $954/year. FWIW, it will be replacing a 2009 Lexus GS450h and my annual rate is only $40 less for the almost 5 year old vehicle.

rebeccap88 | 29 April 2013

Farmers Insurance gave me an astronomical quote (400 per month!) and said it's the best they could do until I get a VIN. I'm still waiting on it - delivery end of May.

Is anyone having issues getting quotes without having a VIN?

Brian H | 29 April 2013

A VIN appears necessary, and TM has been issuing them earlier to accommodate financing and insurance. But that's to complete paperwork; quotes should be fairly standard by now. Check around; Farmers' sounds inexperienced with Tesla.

d.b.morgan | 29 April 2013

I just signed-up with State Farm in the South Denver metro area. $480 for six months with a 60KW MS. Moving from Farmers.

US_Tesla | 29 April 2013

Two existing cars (2011 LEAF and 2000 Honda Odyssey) are $540 /6 months with 21st Century and they don't do Teslas. A friend suggested trying Costco's insurance through Ameriprise. Those two vehicles went down to $287/6 months with $250 deductible on Ameriprise instead of $540 with 21st C. Adding the Tesla P85 made the Costco quote go up to $690/6 months vs. $970 on Geico...Would recommend checking out Ameriprise through Costco...

steadicamp | 29 April 2013

I am living in Santa Monica, CA and am paying close to $4K a year for my Model S with AAA. I think mostly because I have 2 tickets on my record! Damn it, I am sure I will be getting another one with this Superfast car!!

prytog | 29 April 2013

It's hard to see rhyme or reason in how rates are set. If there are any casualty actuaries lurking here, maybe you can chime in. What I do know is.
1. The original purchase price effects collision coverage cost for the life of a vehicle. See what the collision premiums are for a brand new Honda civic versus a 1995 Range Rover. In most locals, the Range Rover cost 2x more to insure for collision.
2. For some insurers, 'performance' cars add premium.
My past history with an AMG Mercedes was, if I told the agent it was a 'C-Class', one price, if I told the agent it was an AMG, 2x price.
3. Prices can fluctuate by region and time of year as insurance companies try to fill their quota's
4. Mixing multiple coverage (homeowners, umbrella, cars, etc.) spreads risk, and mathematically reduces the insurance company risk and should be passed on in lower total premiums. Insuring separate risks costs more.
5. Points on your license are tallied and will cost you, but the weighting on your bad history differs from company to company.

Moral: The market is inefficient, shop around.

Though sometimes inefficient, insurance is great.

cloroxbb | 30 April 2013

@steadicamp

SHOP AROUND like NOW! There is no way that is because of 2 tickets, unless you are like 19. AAA are one of the worst insurance companies IMO, and you are definitely getting ripped off.

Obviously you can afford it, but you shouldn't have to give them so much profit. I would definitely shop around, that is ridiculous.

beskolnick | 30 April 2013

The critical issue here is to do your own comparison (city,state,driver's history all contribute). Check out Liberty Mutual and push them to use their newest algorithm for insurance estimates. Geico and Statefarm both had Tesla in their systems but i was able to get a better price from Liberty Mutual than either Geico or State Farm.

rebeccap88 | 30 April 2013

Florida Residents - I just took advantage of Tyndall Federal Credit Union's 1.29% Auto APR. You can go here to see if you meet the membership criteria: http://www.tyndallfcu.org/page.php?page=157

rebeccap88 | 30 April 2013

Looks like parts of Alabama are included too.

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