My Insurance Cost Went Down. Yours?

My Insurance Cost Went Down. Yours?

I'd seen several posts on here about people's Model 3 insurance increasing considerably for year two, so I was steeling myself for a larger bill. Today I paid $11 less for six months of 100/500 coverage. I'm with State Farm in Wisconsin with no auto claims but some comprehensive-covered hail damage many years ago. The Model 3 costs us about $200/year more than a 2012 Prius to insure.

For any set of drivers, there are bound to be some who see significant rate increases. Those are the folks who tend to show up in the forums. So I'd like to offer this counter-example. It's easy to make up explanations like "they discovered how much it costs to repair!" But speculating ain't the same as knowing. If this were a "my insurance went up!" thread, people would be chiming in. So now I'm curious, any others have a similar stay-the-same-or-went-down story to tell about their Model 3 insurance?

lilbean | 19 giugno 2019

Mine went down too, significantly.

njchillie | 19 giugno 2019

Mine stayed about the same (and I am with NJM, the “offending” insurance company mentioned in the other thread) when I renewed in January. I have multiple policies with them and am very happy with them.

Hugues1965 | 19 giugno 2019

in Switzerland, if I had stayed with my previous insurer (Zurich for those around here) I would have gone from 1'900 usd to 1'600 usd per year, full coverage. Shopping around I could find a new insurer for around 1'050 usd/y (

FISHEV | 19 giugno 2019

"The Model 3 costs us about $200/year more than a 2012 Prius to insure."

So you insurance costs went up, not down as you claimed. Starting off with misstatement fo fact is not very credible.

"For any set of drivers, there are bound to be some who see significant rate increases. Those are the folks who tend to show up in the forums."

That also lacks credibility since this is a screened Tesla owners forum who shows up are Tesla owners with Tesla issues. One should have an expectation of insurance costs increases dependent upon whether the car it replaced cost as to own and repair and risks. In many cases, particularly with the Model 3, it is more expensive to own, more expensive to repair and is fast which is an insurance risk.

Progressive asked for $200 more a year and an increase to deductible to $500, modest increases going from a $25k Subaru with top rated repair and risk record (discount for the Eyesight safety system which is much better than Tesla AP.

Magic 8 Ball | 19 giugno 2019

@FISHEV Did you mix up your meds this morning?

daddy88 | 19 giugno 2019

I am assuming OP meant his M3 renewal went down by $11.

@njchillie, my renewal from NJM went up in 2/2019, NJM might have went with the new tier rate for M3 coverage after your 1/2019 renewal. I expect your next renewal with a big increase. Let us know 1/2020.

Wormtown Kris | 19 giugno 2019

Teslas are unique in that they are safer (crash test data, AP functionality), but, have initially high comparable repair costs, largely due to waiting on parts >> longer rental fees, etc. So as insurance companies "build the database" on Model 3s, we are seeing some swings. One company wouldn't even insure Teslas because they are "so costly to repair". Several others provide discounts because there is less chance of serious injury. Depending on an individual company's unique internal stats on its first batch of insured cars, that is causing a weird insurance market. I suspect that by the end of this year, the Model 3 will be a known entity and insurance costs should stabilize. Especially if replacement part supplies ramp up.

ShesNoCissy | 19 giugno 2019

Mine went down too. Also with State Farm. I’m in Los Angeles.

bpaul | 19 giugno 2019

@FISHEV, you misunderstand. Our other car is 2012 Prius. As daddy says, the renewal went down.

Also, the set of Telsa drivers in this forum talking about insurance, I think, is self-selecting for those whose insurance went up. "Any set of drivers" is, here, Model 3 owners. I wanted to pull out those who didn't have an increase to see if that speculation might be right. Hey, the same thing is happening over at a Subaru forum! Pick your favorite thread from here:

@WormtownKris, I doubt the hypothesis that "Tesla insurance rates are going up due to repair costs" because high repair costs would be picked up everywhere and insurance cost increases are not occurring everywhere.

skygraff | 19 giugno 2019

So, State Farm claimed they didn’t have accurate info to define premiums when the Model 3 first came out which resulted in higher than average rates. I left them after 30 years because that decision to just fake it until they make it rubbed me the wrong way.

If, now, they’re correcting closer to the mean, that’s good but not enough to sell me on going back; especially if they’re still way above the mean.

I first went to Ameriprise but, after two increases (rumor is they’re basing their premiums on value of highest cost version rather than actual version), switched to Progressive. We’ll see what happens to those premiums on the next renewal.

Glad it worked out for you!

lbowroom | 19 giugno 2019

Fish, cars with 140hp are less to insure, cheaper to buy, cheaper to replace tires for, and provide less enjoyment for people who like to drive.

FISHEV | 19 giugno 2019

"You misunderstand. Our other car is 2012 Prius. As daddy says, the renewal went down."

@bpaul "The Model 3 costs us about $200/year more than a 2012 Prius to insure."

"More" typically means costs went up.

Bulldawg | 19 giugno 2019

Yeah my State Farm renewal just came in a little cheaper as well. Georgia.

lbowroom | 19 giugno 2019

Fish, the topic is Tesla insurance costs rising upon renewal, not cost of Tesla insurance vs. other cars. You can't possible be this stupid, so I assume you're just trying to subvert everything you can.

kevin_rf | 19 giugno 2019

lbowroom, he's not trying hard enough.

For instance, here's a video taken last week with the TeslaCam of a TruckTruckTruck. Those could really come in handy with the end of month delivery push.

bpaul | 19 giugno 2019

lol @ "You can't possibly be this stupid." I thought that, too! It's strange how I give internet strangers the benefit of the doubt, as if I'd rather they be clever and trolling than just slow and angry. Anyway, I'm done feeding the FISH.

@skygraff I got my original State Farm policy in September. They apparently had their Model 3 risk model worked out by then.

terminator9 | 19 giugno 2019

Same upon renewal with Geico.

jamilworm | 19 giugno 2019

My Ameriprise insurance went up about 20% at my first renewal, although I had a comprehensive claim during my first 6 months.

hectorarriaga | 19 giugno 2019

After looking, calling and comparing I found a BBVA insurance in Mexico for my model 3 sr+ at uas$969. The cheaper Tesla offer me was usd$1,406

rb28772 | 20 giugno 2019

My insurance company asked about a number of safety features in determining my rate. I volunteered that the Tesla Model 3 has Sentry Mode, which has captured a number of vandals, hit & runs, and accidents on video as proof that someone else was at fault. Unfortunately, that was not a standard question for determining rates. I wonder if there is a way to push this as another rate calculation. Maybe legislation?

pkmantmc | 20 giugno 2019

I pay $200 more to insurance Model 3 vs. Acura ILX. 3 has way more safety features than ILX but ILX is really just a dressed-up Civic so the insurance was cheap.