Shocked at how cheap insurance is for P85+

Shocked at how cheap insurance is for P85+

Called my agent (State Farm) after the fact to insure the car. Usually I carry a 1000 deductible, but the quote for 6 months was so low--$316, that I went for the $250 deductible since you can't get glass coverage here. $393--bargain!

Velo1 | July 31, 2013

That is extremely low. I am also with State Farm and we're paying more than twice that per 6 months with a $1k deductible. I ask them at the time if we could revisit this cost after a year, since the car was so new to them. I am hopeful the cost will come down, especially as these insurance companies become more familiar with the product.

Bighorn | July 31, 2013


Just checked--my 7 yo Prius costs more. Agent is a friend, so she triple checked the rate after I confided how ridiculously low the Tesla quote was.

terrencebilodeau | July 31, 2013

Ya that's pretty low. I pay $300 for 6 months on my 2002 Honda Accord. I just got a quote from Geico and they offer me $689 for 6 months, $894 for both. They don't even give me a discount for having both! I'm thinking about selling my Honda because otherwise it will sit around as another liability... $680 a year just to keep it around on insurance/registration fees.

Brian H | July 31, 2013

They've probably seen the pix of Tesla-vs-ICE crashes, and realize it's very strong, and very hard to "total".

Jesse K | July 31, 2013

I was pleased to see my premium was around $1,000 for the year. Not bad for a $100,000 car.

Kimscar | July 31, 2013

It would be great to give location when talking insurance prices along with info like no tickets etc. I live in Orange County Ca. While I won't have a car till next July I asked my Farmer's agent to give me a quote on a Tesla with a cost of around $100,000. I am 58 1/2 plus, with no tickets. They came back with $1,750.00 a year. No question on if performance or not. I have planned on buying the performance version if insurance isn't outrageous.
I feel there is hope that the insurance will be affordable.

lolachampcar | July 31, 2013

Insurance companies will figure out MS+ is more like an M5 than a Prius soon enough :)

Bighorn | July 31, 2013

I'm in WY. As far as car insurance rates, we didn't see a whole lot of difference from when we lived in other parts of the country--MD, PA, NJ or NC. Working in my favor is four cars and two houses covered by SF. She also said my 6+ year accident-free status on the BMW helped.

jeffaa | July 31, 2013

Denver, USAA, $750/6 months

Kimscar | July 31, 2013

Thanks for the info. Southern Calif. is one of the areas that rates are higher.

Don't scare me like that. I can afford the Performance version, but if they start sticking 2000.00 plus a year on insurance I will really have to think about the performance version.

In reality there should not be a difference between the cost of the performance and non performance since both of them can get you in trouble if you are so inclined.

skymaster | July 31, 2013

Just don't try to rent out your P85+.

A commercial policy cost me over 500 per month! (Over 100K is considered exotic in the rental world)

ironmikeii | July 31, 2013

Just got a quote from Prudential in NJ - P85+ $850 for 6 months. No accidents, no tickets and third car in a 2 driver household. Seems high for sure.

carlk | July 31, 2013

That's very low. I too was shocked when I first found my Porsche had an insurance rate lower than Honda. The reason is probably these are cars driven mostly by older (more experienced) gentlemen and have lower accident rate even they are fast cars.

gary.greene | July 31, 2013

Thanks for the postings everybody. Makes me feel pretty good about my USAA quote of $615 per 6 mos. on my MS60. Mileage estimate of 8000 (maybe a bit low but I'm retired), no tickets or accidents, and live in So. Cal.

Mathew98 | July 31, 2013

@ironmikeii - I'm paying $1000/yr via Liberty Mutual in NJ. Full coverage with $250 deductible. BTW, I got affiliation discount from BJ's club. This is about 60% cheaper than the Geico quote.

Bottom line, shop around for the best quote.

jomorale | July 31, 2013

In addition deductible, zip code and driving record, the cost also depends on how much coverage you get.
When posting rates, please help us all by list how much coverage or what type of coverage you are getting.

tobi_ger | July 31, 2013

How much - if any - effect will the NHTSA crash tests effect insurance rates, assuming the results will be superior than any other car in the price bracket?

tobi_ger | July 31, 2013

*affect effect

earlyretirement | July 31, 2013

I also think it's VERY important to note how much coverage you will get. But also something VERY important will be to see what your coverage is on underinsured/uninsured motorist coverage, GAP coverage, etc.

I know I'm a good driver so I'm not worried about me hitting anyone else. I'm always worried about people hitting me with no insurance. Or not enough coverage.

Our coverage here in San Diego for the P85 with almost all the options, never any accidents or tickets and other insurance policies with the insurance company was $1,400 per year.

earlyretirement | July 31, 2013

Oh I forgot to add.

-Uninsured/underinsured motorist: $100,000/$300,000
-$50 a day rental car coverage for up to 30 days
-GAP insurance
-Bodily Injury: $250,000/ $500,000
- Property Damage: $100,000 per incident
- $500 Comprehensive Deductible
- $1,000 Collision Deductible

Xerogas | July 31, 2013

Another way to 'normalize' these prices would be to compare the difference between your previous car's insurance rate, and identical coverage for the Tesla.

In my case, Sate Farm only charges me $11/month more for my $60K Tesla than they were charging me for my $22K Honda Insight. I was shocked at how small the difference was. They said it was because the safety ratings are so high.

Oaktowner | July 31, 2013

tobi_ger You had it right the first time!

And my guess is: not at all.

I think what will affect the prices is real actuarial data. In the next year or so, as tens of thousands of drivers drive millions of miles, the insurance companies will find out what this is costing them.

Then we'll see the real effects.

Sailor | August 1, 2013

Yikes....with 2 cars I'm getting quotes from Amica and Prefferred and they are both $1300-1400 for the year with a second car discount....I better do some more shopping

Sailor | August 1, 2013


drpenberthy | August 1, 2013

Richmond, Virginia, USAA, $569/6 months

KPP | October 20, 2014

Shocked totally. Will be paying a full $100 more a year over a 2009 Toyota Corolla. Never factored this in my cost analysis:)