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Model 3 Insurance - Be Careful

Model 3 Insurance - Be Careful

Tesla and their insurance partners have been proactive in helping us find insurance. Especially for those of us who have not been naughty and who will receive their cars soon.

There's a link via the Tesla website for InsureMyTesla.

It is with surprise that I alert you to the following. One of the partners (maybe there is only one) had me fill out the forms online and sent me what looked like a good quote ($84 per month).

So, because I am getting my M3 very soon, I called them to make sure I could have an insurance card in time for me to pick up my blue M3. And, suddenly, the quote doubled. From $84/month to $161. I have no idea what the deal is and I am very reluctant to call this bait and switch.

Note that some of the other insurers do not have the ability to quote for an M3. Progressive, for one, doesn't have it in their online system. When I called them and they asked me for the "make" they said, "no you mean Tesla is the model." Who makes the car? Is it GM or Ford. I kid you not.

All this to tell you that if you are getting your M3 soon, get your insurance fully aligned so you don't get this kind of surprise.

prsist | 18 janvier 2018

When I asked for this quote, it was ONLY for the Model 3. I did not include any of my other cars or house.

1/14/18 Insurance through COSTCO:
$612.50 six month rate
Bodily Injury/Property Damage: $100,000/300,000/100,000
Uninsured Motorist: $100,000/$300,000
Underinsured Motorist: $100,000/$300,000
Medical Expense: $5,000
Comprehensive: $250 deductible
Full Safety Glass: Coverage
Collision: $500 deductible
Towing: Up to $75 per occurrence
Rental: $30 per day/$900 per occurrence

Not bad for $102.08 per month

PhillyGal | 18 janvier 2018

@prsist - Wowzers, that's great. I'm at about $320/month for the Model S and Hyundai.

andy.connor.e | 18 janvier 2018

I did the insuremytesla thing back when it was first publicized. Although i did not have a VIN number, i filled out a quote application, and was given a $450/mo quote. I am going to check with my current insurance company before even considering switching to a new one. We'll see.

jamespompi | 18 janvier 2018

@sabbia I struggled with Progressive and Travelers. Though I am still a longgg way away from getting my M3 I still wanted to make sure I can actually afford to insure the thing. The best way to get a quote online is to use a M3 VIN you can find online..

SCCRENDO | 18 janvier 2018

I am with AAA and have had great service through them that I stay through loyalty. I just got my Model 3 insurance yesterday and it is around $2400 per year as compared to my 5 year old 85S which is $2600 per year. I drive 30000 miles a year and that raises the premium.

david_gelfand | 18 janvier 2018

State Farm and AAA are quoting reasonable rates, unlike Liberty Mutual, on our new M3 and 2014 MS. Both gave excellent multi-car discounts as well as bundle with home insurance with reasonable optional umbrella. Liberty had no interest in insuring our Oakland Hills home.

Taggart | 18 janvier 2018

Just checked with my State Farm agent and they don't recognize "Tesla" as a make of car. It took a little while but was able to figure out it won't cost much more then I am currently paying to insure my current car a Ford C-max Hybrid. My quote came in at about $90. per month

cquail | 18 janvier 2018

Got my quote from Country Companies today.

They do not have Model 3 in their system yet, but got a quote based on $55K price tag.

$531 for six months coverage. Or $554 if I want “keeper” coverage. With “keeper” if your car is totaled in first 3 years, a car is provided.

I live in rural Illinois.

cquail | 18 janvier 2018

A new car is provided.

sabbia | 18 janvier 2018

James pompi. When I put my M2 VIN into the Progressive system, it told me it was invalid.

Shock | 18 janvier 2018

Insurance fight! I am currently $89/month allstate with pretty high coverage levels and $500 deductible on a 2013 with market value at $12k and a 2015 vehicle with current market at $21k. :)

andy.connor.e | 18 janvier 2018

@cquail
$13/mo is werth

jamespompi | 18 janvier 2018

@sabbia Might be due to it being a 2018. There are pics of other M3 VINs online, I'd assume the rate for a 17' would be close enough.

rxlawdude | 18 janvier 2018

I second @prsist on Costco-Ameriprise, especially if you're a Costco Executive member.

For both the M3 and the 2015 S70D, our total is $870/6 mos, with pretty much the maximum liability limits and $500 deductibles.

carlk | 18 janvier 2018

Wow...it's only ~220/month for my S and X with CSAA. I also have maximum liability as my umbrella insurance requires plus a replacement value endorsement. Either I'm a super good driver or I have the best zip code although I doubt either is the case.

nameless | 18 janvier 2018

Hmm, are most of you serial DUI speeders or something?

Just did a quote through esurance (which is now owned by allstate, I believe).
100k/300k liability, 500/500 comprehensive/collision: $543 for 6 months
100k/300k liability, 1000/1000 comprehensive/collision: $483 for 6 months

SoCal, married, 30s

nameless | 18 janvier 2018

And for a brand new Model S, 100k/300k liability, 1000/1000 comprehensive/collision - $652 for 6 months (liability $232, collision $330, comprehensive $86)

andy.connor.e | 19 janvier 2018

Im pretty sure that these insurance estimates that are outrageous are because the companies just havent updated their system appropriately for the new model.

SCCRENDO | 19 janvier 2018

Remember the amount of miles you drive count. That pushes up my premiums significantly

andy.connor.e | 19 janvier 2018

I'd be lucky if i drive 15k miles per year. I live 3 miles from work.

charles.a.braun | 19 janvier 2018

Your credit score, in many states, plays a bigger role in setting your insurance rates than about any other factor. I believe CA, HI and MA are the only states that do not use credit score at all.

https://www.consumerreports. org/cro/car-insurance/credit-scores-affect-auto-insurance-rates/index.htm

For example, In NV the average single customer with a clean driving record pays on average
Excellent Credit $1,295 (Baseline)
Good Credit $1,633 (Baseline + $338)
Poor Credit $3,323 (Baseline + $2,028)

So what do you think a person with excellent credit + a DUI would pay? After all a DUI is more reflective of your driving risk than poor credit, right. So a DUI should be more than $3,323, right???

Wrong!!!

In NV with excellent credit + a DUI you get $2,052 (Baseline + $758 or $1,271 LESS than the poor credit without a DUI)

mikepisko | 19 janvier 2018

@prsist,

I’m just now seeing this. Thanks for sharing! One more reason to love Costco - I already use them for great travel deals but never even thought of them for insurance. This seems really reasonable without even including multi-car or Home policies.

Michelle

mjamesaustin | 19 janvier 2018

@nameless,

Where in So Cal do you live? I live in LA and just got a quote from esurance based upon your numbers, and I got the following:

100k/300k liability, 500/500 comprehensive/collision: $1565 for 6 months
100k/300k liability, 1000/1000 comprehensive/collision: $1306 for 6 months

I'm 28, have a good driver discount, and no recent accident history.

Brian | 19 janvier 2018

@david_gelfand - do you live on Snake near Colton? I live just down the road on Armour and am totally jealous of the M3 I keep seeing parked there. Assuming that's you, I've been hoping to catch you at some point so I can check it out :)

rjadams72 | 19 janvier 2018

Oh crap! Getting scared reading these quotes, my 2015 Nissan Leaf I just did lease return on was $525 per YEAR, AAA, 12,000 mileage, California, 40's no points. If the insurance is anywhere near what everyone is quotting, looks like the M3 is a $36,000 car no one can afford to insure.

RunMartinRun | 19 janvier 2018

You guys are getting robbed. I have everything with State Farm, house and cars. The M3 is costing me $345.20 for 6 months.

mikepisko | 19 janvier 2018

Without location, deductible, underinsured, uninsured motorist info, etc., a quote is meaningless for anyone else to compare to.

Michelle

mikepisko | 19 janvier 2018

Without location, deductible, underinsured, uninsured motorist info, etc., a quote is meaningless for anyone else to compare to.

Michelle

RunMartinRun | 19 janvier 2018

Bodily Injury/Property Damage: $100,000/300,000/100,000
Uninsured Motorist: $100,000/$300,000
Underinsured Motorist: $100,000/$300,000
Medical Expense: $5,000
Comprehensive: $500 deductible
Full Safety Glass: Coverage
Collision: $500 deductible
Towing: Up to $75 per occurrence
Rental: $30 per day/$900 per occurrence

Northern VA

$345.20/6 months

madkim23 | 19 janvier 2018

USAA, Northern Virginia

Bodily Injury/Property Damage: $300,000/$500,000/100,000
Uninsured or underinsured Motorist: $300,000/$500,000/$100,000
Medical Expense: $10,000
Comprehensive: $250 deductible
Collision: $1000 deductible
No towing, no rental

$330/6 months

$488 for my Model S with same coverages

nameless | 19 janvier 2018

@mjamesaustin I'm in San Diego County near Wild Animal Park / Safari Park.

fritter63 | 19 janvier 2018

ya'll most have terrible records or be young... Wawanessa quoted me an addition $45/mo for the Model 3 (two other vehicles on the account).

Central Coast of California

jsanford | 19 janvier 2018

Michelle is right. If California doesn’t use credit ratings then it’s not useful to compare outside of the state.
A $1000 deductible may help...

warren_tran | 20 janvier 2018

Jesus, everyone is either have really bad credit score, driving history or being robbed straight up from insurance company.

I have the basic standard comprehensive collision with $500 deductible for 3 cars, xc60 , Scion tC and old Volvo s40 for $760 6 months. I just switch to Geico from Esurance after they increase my rate without any change on my family driving record for the last 5 years.

vmulla | 20 janvier 2018

Costco/Ameriprise.
Here's a comparison:
280/6mths for my Nissan leaf
330/6mths for Tesla M3

I added Gap coverage for the Tesla ~10/month. Everything else is default and identical for both the cars

sabbia | 20 janvier 2018

It's hard to compare insurance rates. Too many factors involved. My point in starting this post was to urge caution when responding to online promotions to get an insurance quote.

I went through all the online form-filling and got a quote from Liberty Mutual that I liked. Then, when I went to close the deal and sign up, they doubled the premium. While the experieces of others are useful, be careful.

derth | 13 février 2018

My delivery estimate isn't until Aug-Oct 2018 for LR PUP, but I've started doing some budgeting for secondary expenses (home charger installation, insurance, etc).

I got three insurance quotes and they were all over the map, to a degree I've never experienced when cross-shopping auto insurance.

First I got a quote from my current insurance company, the Auto Club of SoCal (AAA). When I mentioned I was considering getting a Tesla Model 3 the agent on the phone said that it might be "impossible" to insure such an "exotic" car, and compared it to insuring a Maserati. I thought he may have had it confused with the Roadster, so I explained it was a $50,00 sedan, not a supercar. He looked it up in his system and gave me a quote that was similar to my current costs for liability, etc, but collision coverage was $4,375 a year with a $750 deductible (Collision on my 2013 VW is $902, for comparison purposes). When I told him I was surprised at how high the quote was, he told me "saving the planet" is "expensive".

I'm in my 40's with a clean driving record, but I do live in a high-insurance zip code in Southern California. Still, the quote was puzzlingly out of line. I was thinking, if all the companies are like this, owning this car will be more expensive than I thought.

So then I tried Insuremytesla.com, which linked me to Liberty Mutual. The online quote tool oddly didn't have Tesla as a manufacturer option, so I had to talk to an agent on the phone, who gave me a quote that included $2344 just for collision with a $750 deductible. Better, but still pretty high.

Finally I tried the GEICO website, which gave me a quote of $1113.40 for collision with a $500 deductible.

So I was relieved to see that there are more affordable options. I'll obviously revisit this when I get closer to delivery, but it was so odd to see the highest collision quote come back almost 4x the cheapest one. It makes me wonder what's happening behind the scenes that the actuaries from these companies are making such different calculations.

michael | 13 février 2018

AAA doesn't want anything to do with Tesla. Until they change their stance I wouldn't even bother with them...

"Before making its decision, AAA reviewed quite a lot of data, not only its own information about crashes and claims, but also data from the Highway Loss Data Institute, which gathers a wide range of information. The Institute evaluates cars not only against their own class but also against the average of all vehicles. Teslas fared poorly in both comparisons. "Teslas get into a lot of crashes and are costly to repair afterward. Consumers will pay for that when they go to insure one," Russ Rader, spokesman for the Insurance Institute for Highway Safety, (which runs the Highway Loss Data Institute)..."

https://www.inc. com/minda-zetlin/aaa-will-raise-tesla-insurance-rates-30-percent-basically-because-wealthy-driver.html

maslowb | 14 février 2018

Had my state farm rep run quotes on 3 and X. 6 month premiums quoted with $1k deductible were $480 and $609, respectively. I'm in socal so they're obvs familiar with Teslas.

WantMY | 14 février 2018

Last time I posted my quotes, the thread died rather quickly, so I would not post my quotes this time. Just brief scan make me feel some compassion for many car owners as they really need fed rebate to counter outrageous insurance premiums. It seems even If I forfeit fed rebate completely, I would come up on top just after just a few years thanks to insurance rates imbalance.

BobABooey | 14 février 2018

I got quotes for a M3, and my current vehicle from Allstate, Mercury, Geico, Nationwide and Costco. Costco was half the price of all the others. Everyone except Costco was around the same price give or take sixty bucks. Plus Costco (Ameriprise) had a lower deductible. My question is, does anyone have Costco auto insurance? If so, how is it? Anyone know anything about Costco auto insurance? The good? The bad? The Ugly? Lol. Thanks.

nathan.alhuwail | 14 février 2018

I received $481 every 6 months through progressive full coverage 100/300/100 PIP 10k 1k deductable. Seattle, 32 single male clean record. Best deal I have found

dgstan | 14 février 2018

Costco is great insurance provided you have a clean record. My daughter totalled her Lexus and was treated very well. They paid us quickly, well over blue book, and added $$$ for every little thing we had invested in the car (even down the floor mats). Of course, as soon as they wrote the check, they dropped her.

I've tried to get other quotes to compare to Costco, but as soon as the other agent hears we're with Costco, they say they can't compete.

seattlemag | 15 février 2018

I love my costco auto insurance. Haven't had experience yet with an accident claim, but the premiums have been low (461/ 6 months for 2015 Focus) and customer service is great.

andy.connor.e | 15 février 2018

Does anyone know of a generic VIN number you can give your insurance company for a quote?

badaman | 15 février 2018

@hugh - I had Costco insurance (Ameriprise) for years. Highly recommended, not just best price but also, service and claims. Good luck !!!

dyefrog | 15 février 2018

Geico
Upstate NY

Bodily Injury/Property Damage: $300,000/$500,000/50,000
Uninsured Motorist: $100,000/$300,000
Comprehensive: $500 deductible
Collision: $1000 deductible
No towing, no rental
Emergency road service

$313/6 months
Also have 3 other cars on same policy

rxlawdude | 15 février 2018

Add me to those happy with Costco/Ameriprise. Swapping a Model 3 for a 2010 Lexus ES added a whole $50/year to the premium.

peggyplewis | 15 février 2018

Anyone got a price from Farmers?

Earl the Pearl | 15 février 2018

AAA in the Philly area gave me a great rate.

Way better than Liberty Mutual.

Hartford insured my S...when I asked about insurance for my 3, they said they weren't insuring any more Teslas.

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