# Ridiculously cheap insurance for Tesla owners



## Designbot

My Safeco auto insurance was up for renewal this month, and I did the usual thing of looking to see if I could get a better rate. (I was paying a little over $140/month for 100/300/100 coverage of my Model 3 in Texas, with all the available discounts.) I found pretty much what I expected; mostly quotes in a similar range. But there was one quote that looked like it had to be a mistake- about *$35/month* for the same coverage.

The quote was from Noblr, a new startup that uses an app on your phone to track how safely you drive. I signed up with them for similar coverage at approximately 1/4 my previous cost, and as far as I can tell so far, it is completely legit. The price is real. Right now, it's only available in Colorado, Texas, Ohio, Arizona, and New Mexico, but they're adding states.

I am not affiliated with Noblr, and they did not ask me to post this. Just wanted to share.


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## shareef777

The question you need to ask yourself is will they be there when you need to them? Paying for cheap insurance is easy. USING cheap insurance is a completely different matter.


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## TomT

Yep! I can sell you insurance for a buck if I don't have to provide customer support or payouts...



shareef777 said:


> The question you need to ask yourself is will they be there when you need to them? Paying for cheap insurance is easy. USING cheap insurance is a completely different matter.


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## Mr. Spacely

Also they will probably raise your rates significantly when the data from your driving gets to them-- especially if you enjoy instant torque like I do!


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## SoFlaModel3

As others have suggested ... sometimes you get what you pay for. 

Insurance is one place I don't want to personally skimp.


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## John

We just switched to Tesla Insurance (yes, in California). 

For our 2018 Model 3 and 2020 Model Y it lowered our combined annual rate from $3800 to $1800, which works out to a final rate of $75/mo for each car. 

Not sure how service and claims will be, but we will have a $2K head start.

PSA: While I’m at it, I’ll pass along some advice for those of you with savings and other significant assets: also buy an umbrella policy. It protects those assets if you get sued beyond the limits of your primary insurance. We were essentially ordered to buy it by relatives who are lawyers.


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## JasonF

John said:


> PSA: While I'm at it, I'll pass along some advice for those of you with savings and other significant assets: also buy an umbrella policy. It protects those assets if you get sued beyond the limits of your primary insurance. We were essentially ordered to buy it by relatives who are lawyers.


I never thought about that until I was required to get a $1 million liability policy by Duke Energy before they allow me to activate my solar system (apparently they will hold me liable if a solar system malfunction damages their equipment or hurts one of their workers). It turned out to be cheaper per month than a higher limit on the auto liability insurance.


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## SoFlaModel3

John said:


> PSA: While I'm at it, I'll pass along some advice for those of you with savings and other significant assets: also buy an umbrella policy. It protects those assets if you get sued beyond the limits of your primary insurance. We were essentially ordered to buy it by relatives who are lawyers.


^^^ good advice


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## JasonF

John said:


> PSA: While I'm at it, I'll pass along some advice for those of you with savings and other significant assets: also buy an umbrella policy. It protects those assets if you get sued beyond the limits of your primary insurance. We were essentially ordered to buy it by relatives who are lawyers.


Now that I've thought about that some more: You know how some of us keep hearing from people who think our Model 3's had to have cost at least $100,000 because it's a Tesla? If you apply that to a theoretical pedestrian who doesn't even look and steps in front of your car, or crosses an intersection on a bike during a red light, etc...let's say best case scenario that you swerve and just clip them. They see what they think is a $100,000 Tesla and think they've found a big payday from someone who can afford an ultra-luxury car.

This is where your umbrella policy comes in, because your regular insurance will cut out and say "you're on your own" as soon as that pedestrian demands more than the liability cap provides.


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## TomT

Yep, I've had an umbrella for decades... About 15 years ago, it paid off big time.



John said:


> PSA: While I'm at it, I'll pass along some advice for those of you with savings and other significant assets: also buy an umbrella policy. It protects those assets if you get sued beyond the limits of your primary insurance. We were essentially ordered to buy it by relatives who are lawyers.


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## FRC

JasonF said:


> This is where your umbrella policy comes in, because your regular insurance will cut out and say "you're on your own" as soon as that pedestrian demands more than the liability cap provides.


The umbrella policy doesn't work this way, at least not in Georgia. I'm with State Farm, and in order to write the umbrella, I first had to increase all my liability limits(house, cars, lake house, jet skis golf cart, etc.). They require this because those individual policies will have to pay out to their limits first before the umbrella kicks in at all.

But, still great advice about the umbrella. If you have any assets at all, you need it. And it might be worth buying if if you have very few assets just so you don't overlook buying it as yours assets grow. I think a $1M umbrella costs $600-700 per year, if memory serves. And don't let net worth enter into your thinking...In many situations, if a judgement is entered against you, they can take your assets and leave you with the associated liabilities.


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## JasonF

FRC said:


> But, still great advice about the umbrella. If you have any assets at all, you need it. And it might be worth buying if if you have very few assets just so you don't overlook buying it as yours assets grow. I think a $1M umbrella costs $600-700 per year, if memory serves. And don't let net worth enter into your thinking...In many situations, if a judgement is entered against you, they can take your assets and leave you with the associated liabilities.


The one I have is about $200/year and only covers liability claims (maybe $600-$700 covers more?). But it's pretty widespread coverage, anything from home to car to business related.

I think it could be helpful for people "in the middle" too - who don't have a lot of cash assets to protect, but have a financed home and risk absolute destruction from one liability claim.


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## John

FRC said:


> The umbrella policy doesn't work this way, at least not in Georgia. I'm with State Farm, and in order to write the umbrella, I first had to increase all my liability limits(house, cars, lake house, jet skis golf cart, etc.). They require this because those individual policies will have to pay out to their limits first before the umbrella kicks in at all.
> 
> But, still great advice about the umbrella. If you have any assets at all, you need it. And it might be worth buying if if you have very few assets just so you don't overlook buying it as yours assets grow. I think a $1M umbrella costs $600-700 per year, if memory serves. And don't let net worth enter into your thinking...In many situations, if a judgement is entered against you, they can take your assets and leave you with the associated liabilities.


Yes, in fact my umbrella policy agent read the first Tesla policy declarations and had me go back and up them, which raised the price by a couple of dollars a month. I had no problems with that.


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## dbiland

I have CA Tesla Insurance, $97/month for a PUP car


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