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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

lov2krz | 30 aprile 2013

I have AAA and our annual premium with full coverage of $500k personal injury and property damage with a $500 deductible is $1063/year.

pvetesla | 6 maggio 2013

Just got my quote from MetLife (SoCal)

100/300 coverage 250/500 deductible
<<$1 mil umbrella (This is $149 /year)>>

Total for my MS - $1,008 /year

But MetLife could not pull up anthing on my VIN#. They said it might be wrong. Not sure if I believe them but I’ll check on it.

pdx4s | 6 giugno 2013

Anyone got quotes from Harthford ? I spoke with an agent, they never heard of Tesla, its true it was in the evening but their level 2 looked in their data base, didn't showed any Tesla models info.

rmbod | 6 giugno 2013

I have the Hartford in Chattanooga TN. 550$ every six months for 85kw

Mathew98 | 7 giugno 2013

If you go through BJ's affiliation with Liberty Mutual, they'll offer a reduced group rate for your MS. My limits are 100/300k with full coverage and $500 deductible for $1000/year in NJ.

Geico quoted me 50% more for the same coverage.

Brian H | 7 giugno 2013

pdsx4;
Have them look at their 2012 and 2013 model databases. Tesla model years are kind of arbitrary, and listings get confused.

robwarnersc | 7 giugno 2013

I switched from AAA to Geico for this very same reason 7 months ago when I getting ready to take delivery of the car. Geico was a lot more reasonable

PBEndo | 7 giugno 2013

I live in South Florida and have coverage with 21st Century. 2 years ago I switched from GEICO and saved about $1000/year.

I replaced an Infiniti G37 with my MSP85. My 6 month rate went up $80, to $700/6mo. Considering the MS cost a litle over double the cost of the G37, I was very happy with that.

Additional notes:
My 2010 Infiniti QX56 is $560/6mo with the same limits.
21st Century did not have Tesla in their database when I received my car, March 2013. They didn't give me the discounts for airbags, anti-lock brakes, etc. at first. I contacted a rep and informed them of the cars qualifications and they applied the discounts immediately.

portia | 7 giugno 2013

for the people who did not mention your deductibles, please do so, because a high deductible means lower premium. Mine is about $1400/year for 2 drivers, at $500 deductible for collision and comprehensive. And the liability limit matters too, I have a higher limit too, This is in northern California.

portia | 7 giugno 2013

oops, forgot to say I use Farmers

Andrew_OH_S60andS70D | 7 giugno 2013

I have USAA in Ohio. My annual premium is $1,036.

N8Tyler | 7 giugno 2013

I'm insuring my Model S and another vehicle with Kemper in Oregon. Both vehicles fully covered and I am paying $685 for 6 months. My insurance guy said that their parent company (SafeCo?) is insuring the Model S equivalent to BMW.

michael1800 | 7 giugno 2013

USAA in FL with $1K deductibles. 25K property, 100K bodily injury, other coverages declined. $460/6mo. No tickets/accidents, mid-30s drivers (with no teens on Tesla policy). The bare minimum I could get to was $415/6mo.

As far as the deductible goes, the home office of US Bank says $500 deductibles are required, but the US Bank Tesla branch at Palo Alto says $1K is fine. Either way, USAA in FL is around $500/6mo...very reasonable.

cfOH | 29 giugno 2013

Our State Farm agent quoted me $588 per half for our P85+. We have lots of discounts -- home, multiple cars, life, etc. -- and my driving record is pretty spotless (lucky, I guess). Just another data point.

Brian H | 29 giugno 2013

cf;
State Farm will be sorry, after you prang that flimsy aluminum doing donuts in the supermarket parking lot!! ;p >:D

David70 | 29 giugno 2013

@cfOH,

I have similar discounts (except life) as you and my cost is ~$502 for 6 months. The difference in price may be I don't have the performance and/or I'm living in a different location.

State Farm does have the data in their system. As soon as I gave them the VIN, they gave the quote.

cfOH | 29 giugno 2013

@David70: Yes, the S60, S85, and P85 all command different premiums, I'm guessing simply because of the price of the car. I was still amazed it was so low...lower than what we pay for my wife's less-expensive Land Rover.

David70 | 29 giugno 2013

@cfOH,

Maybe the insurance companies believe in Tesla's report on the safety rating. After all, I suspect personal injury causes them more grief than car repair, or even replacement.

eAdopter | 29 giugno 2013

For a very fair subscription price, many can find the best companies here:
checkbook.org

It's a consumer service, not an insurance company. They also have advice and ratings for other things such as home repair, etc. Highly recommended for frugal people like me.

For auto insurance, they ask a few basic questions and then show sample rate and satisfaction results.

I don't mean to sound like an add for them, but I use this subscription frequently for home and auto needs. Their auto insurance advice saved me hundreds(!!!) of dollars and many hours of time.

Give them a try, and please post your results.

rchiang | 29 giugno 2013

I have two car on it for $2200
Acura MDX
Tesla 2013 P85
State of MD

jomorale | 29 giugno 2013

My MS P85+ got delivered on 6/26/13 and the insurance with State Farm cost me $499.00 for 6 moths.

jomorale | 29 giugno 2013

I'm paying $499 for 6 moths, MSP85+, State Farm, San Jose California

ramtaz | 29 giugno 2013

USAA is $529/6mos in TX

eAdopter | 29 giugno 2013

I'm paying $305 for six months. See my note above.

eAdopter | 29 giugno 2013

Forgot to mention: full coverage with very low deductibles.

kannan | 30 giugno 2013

Been with AAA for 9+ years now. 2 cars existing, 15 yr old sentra that I drive, 3+ year old sienna that generally my SO drives. home zip code: west san jose (95129)

Premiums premiums doubled for us. Things to ask are:

liability follows the driver, so if you did not add a driver, the added liability of having a peppy sports model would be a factor. Miles driven per driver is a factor, adds to liability. We lowered the miles driven per car, appropriate to factoring in the new car.
Comp and collision on the tesla model S were suprisingly low for us.

HTH

AmpedRealtor | 30 giugno 2013

Progressive does not differentiate between flavors of Model S. So those being charged a premium elsewhere for Performance version may find a better deal with Progressive. I even called Progressive and gave them my P85 VIN #, they confirmed there was no difference in rate. With 100/300/100 coverage + uninsured motorist + rental car, no medical or roadside assistance and with a $500 deductible all around I received a quote of just under $600 for 6 months (under $100/mo).

LionPowered | 8 luglio 2013

I just got a quote today from Farmers @ $1350/6 months in Colorado. I'll continue shopping.

LionPowered | 8 luglio 2013

AAA Colorado told me today they wouldn't cover a Model S. That seemed really odd.

Dcp9142 | 8 luglio 2013

AAA California, 100/300 250 deductible, $1257/year. About the same as my 2012 plug in Prius was. They discount an extra 5% for electrics.

Brian H | 8 luglio 2013

Lion;
Farmers is ploughing you. Very harrowing experience. Tell them to sod off. A seedy company.

LionPowered | 9 luglio 2013

@brian h: yes, they're really trying to make hay.

@Dcp9142: Somewhere on the forums I saw a Coloradan say they got AAA coverage. I'll pester AAA about it, but they seem flaky enough that I should avoid them.

ferrari308driver | 9 luglio 2013

Without going into the details and coverages, I will post here and marvel that with USAA, if I add the Model S, my 6 month premium is $385 and that's with it as my primary car with 20k miles per year. This is for a $106k car with high performance.

Meanwhile, I have my 1991 Bentley Turbo R that I'm HOPING to sell for $12k insured with the same deductibles but driving only 2000 a year, and it is $612/6 months.

Go figure....

TMS P85 | 9 luglio 2013

I just inquired with my insurance company how much my 6 month premium would be if we bought a Model S. Our rates are pretty low as we have never had any tickets. For both my wife and I it would be about $700 more per year to insure a Model S vs. her BMW 335i (which we'd replace it with).

dglauz | 9 luglio 2013

I am in Sacramento, CA with AMICA insurance. Having 2 other vehicles the S85 adds 1400 to my annual insurance bill. After reading this thread I need to shop. They won't insure my rental properties. I need to look at a package deal.

frankscott | 10 luglio 2013

USAA is $600 for 6 months. I think that is quite reasonable and they provide good and fast service.

water damage palm beach

dirkhh | 10 luglio 2013

Replacing a BMW 325 with the TMS adds about $120 for 6 months ($440->$560). This is with State Farm in Oregon. Multi car + House + good driving record discounts, no kids of driving age :-)

J.T. | 10 luglio 2013

Comparisons of premiums mean so little when, like real estate, location can make a huge difference with the exact same coverage and driving record. In Nassau County, New York, if you live in the western part of the county you'll pay a lot more than if you live farther out on the island. Move into the next county, Suffolk, and the rates drop precipitously.

Add to that your driving record, ages of drivers in household, their driving records, use of each car in household, coverage, multi-car, multi-policy and none of the numbers posted here can make any relevant statement about how much it costs to insure a Tesla. It can only say how much it costs to insure your Tesla.

Next, we can compare airline fares seat by seat on the same flight. After that, cruise pricing.

dirkhh | 10 luglio 2013

@jtodtman: totally agree. That's why I posted this as a relative comparison. Going from a BMW 325i to a TMS the premium went up by about 25%. So if your insurance company asks for 2x the premium it's time to go insurance company shopping.

But you are of course correct that the absolute amount is mostly meaningless.

J.T. | 10 luglio 2013

@dirkhh You are correct that the numbers in your post can actually be helpful to others when comparing two cars of the same relative class in the same house.

wpoveromo | 14 luglio 2013

I contacted Progressive and Geico. They both gave me about $650-700 every 6 months.

jomorale | 14 luglio 2013

I am paying 499 for 6 months with state farm. P85+

romainiacWV | 14 luglio 2013

$564 for 6 months with a $500 deductible for comp and collision. Also 250,000/500,000 for other limits. This was also with State Farm and in West Virginia, a very litigious state. State Farm seems to be very competitive with this car, someone in their underwriting dept is going to get a huge raise with all these clients coming over, high credit score and net worth clients as well :)) That is unless every minor ding starts costing them big $$$. Leaving Allstate, quoted me $1,200 for 6 months.

Cindy I II III | 28 agosto 2013

Having gone through a serious claim process in the past, what the coverage the cost is actually buying makes a huge difference when you need it. One can buy a plastic cup for $1 or a crystal glass for $10. The later is a better deal. That was when I learned that GEICO was no good when pay-out is needed, and they fought tooth and nail not to cover things. In contrast, for those in New Jersey, New Jersey Manufacture (NJM) was night and day when things went wrong. To my disappointment, they quoted me $1,730/year fully loaded (~$1K for the Audi S4, but it was old). Will need to send document related to vehicle tracking for the number to come down. Also, my demographic did not do me any favors. Otherwise it should be lower.

Vicelike | 28 agosto 2013

If you live in California, do not buy Tesla insurance without checking with Wawanesa Insurance in San Diego.

I got full coverage for under $600 per year... not 6 months on an S+

Now I have a decent driving record with multiple cars insured but they always come in lowest and are nice people to deal with.

TommyBoy | 28 agosto 2013

I have been using Wawanesa for somewhere around 20 years with zero claims. I think they quoted me something like $700 a year for the Tesla Model S. I don't recall exactly how much but I think I posted it here or on TMC.

Note that Wawanesa is a premium carrier for excellent driving records only. Yelp is full of stories of long-term customers getting dumped after a single incident. I know friends I referred to Wawanesa have been turned down.

Vicelike | 28 agosto 2013

I am paying $410 for full coverage 500 deductable on my S+.

That is for a full year.

With Wawanesa insurance in San Diego

Brian H | 28 agosto 2013

Sounds like a one-accident-coverage company.

get_amped | 28 agosto 2013

I'm in SoCal. Currently with MetLife, they don't have the S in their system, so I got to move on.
Got quotes from Geico and State Farm at $500 deductible. Geico was $716 for six months. State Farm was $671 for six months (additional discount due to home insurance). Going with State Farm early next month.

Moonlightmile | 28 agosto 2013

State Farm 750.00 a yea

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