The guide to Model 3-friendly insurance (Americas)

thecatdad

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#1
So based on Tesla's service history, is there a need for auto insurance that differs from the ordinary? Do you think model 3 owners will receive a model 3 loaner if his car is taken for service overnight? Will the 24 hour roadside service extend to M3 owners? I'm sure small-scale collision coverage will be similar to an ICE car, but would we take it to Tesla if we needed an entire panel or other more substantial repairs? What about windshield replacement?

Can anyone shed some light? Thanks!!
 

TrevP

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#2
We don't know anything at this time. However, given that Model 3 is a cheaper car it wouldn't surprise me they would have a small fleet of loaners for Model 3 owners who require service. Teslas has been known to provide ICE cars when they don't have any Model S loaners but it's not the norm.

I have a feeling everything about Tesla service will change given the sheer amount of cars they will have to deal with now that the Model 3 is almost here. They can't offer the same level of Model S service forever, it's a perk given the cost of the vehicle.
 

teslaliving

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#4
Insurance rates for Model S are all over the place. Some insurance companies take advantage and gouge for low experience rates. On my Model S from USAA I pay $830/year.

The Model 3 is a less expensive car so the rates should be lower and the insurance companies will have more experience in general with Tesla by then.
 

Skione65

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#5
I guess there is no way to even get quotes on the Model 3 yet because it's not even in production yet? I'm sure the car is not even on the books for the insurance agencies so how could they quote you?
Speaking of the above what does everyone think is the "earliest" one could even get an estimated insurance quote on the car from their agent?

Ski
 

Van Shrider

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#7
I guess there is no way to even get quotes on the Model 3 yet because it's not even in production yet? I'm sure the car is not even on the books for the insurance agencies so how could they quote you?
Speaking of the above what does everyone think is the "earliest" one could even get an estimated insurance quote on the car from their agent?

Ski
There will not be any type of quoting available until after BOTH the safety rating by NHTSA (National Highway Safety Administration) and the IIHS (Insurance Institute for Highway Safety) have given their ratings.

The insurance companies will have scores based on all abilities or each model. And some of what you might see as being good, they might think the opposite.
The following make a combination score of both the car and its potential, and the drivers to be insured on the car..
1. Drivers Age
2. Drivers Gender - most guys are worse than most females.
3. Drivers Marital Status
4. Where you live
5. Your driving record
6. Price Paid for the vehicle
7.How many accidents you have been involved in, and how many of those were specifically your fault.
8. Number of theft, and vandalism claims are also counted.
9. Your driving practices- moving violations - points on your license.
10. Your Credit Score
11. TYPE OF VEHICLE YOU OWN
This carries a lot of weight.
Certain versions or all versions might be considered to be a sports car due to their 0-60 ability.
the P__D with Ludicrous mode will be the most expensive to insure, next is the regular P__D. And if you don't let the insurance company know that you upgraded from normal to Ludicrous they can technically say that the insurance was not valid at the time of the accident because they did not issue a policy for what was wrecked.!!!!!!!!!!!
The Base will get the best rate, due to the amount they are insuring, and the fact that ALL variations will have the Safety features in play.

One thing that you should always do if you are leasing or buying on payments is GET THE GAP INSURANCE! It's worth the $8.00 a month .
You don't want to have to owe the bank money after the insurance has paid on a totaled claim!
Usually If you pay 20% or more upfront then it may not be necessary on most cars...
I also always get credit life (free with some credit union loans) so if anything happens, my daughter will not have to stress over added bills and she ends up with the paid off car.
 

Skione65

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#8
There will not be any type of quoting available until after BOTH the safety rating by NHTSA (National Highway Safety Administration) and the IIHS (Insurance Institute for Highway Safety) have given their ratings.

The insurance companies will have scores based on all abilities or each model. And some of what you might see as being good, they might think the opposite.
The following make a combination score of both the car and its potential, and the drivers to be insured on the car..
1. Drivers Age
2. Drivers Gender - most guys are worse than most females.
3. Drivers Marital Status
4. Where you live
5. Your driving record
6. Price Paid for the vehicle
7.How many accidents you have been involved in, and how many of those were specifically your fault.
8. Number of theft, and vandalism claims are also counted.
9. Your driving practices- moving violations - points on your license.
10. Your Credit Score
11. TYPE OF VEHICLE YOU OWN
This carries a lot of weight.
Certain versions or all versions might be considered to be a sports car due to their 0-60 ability.
the P__D with Ludicrous mode will be the most expensive to insure, next is the regular P__D. And if you don't let the insurance company know that you upgraded from normal to Ludicrous they can technically say that the insurance was not valid at the time of the accident because they did not issue a policy for what was wrecked.!!!!!!!!!!!
The Base will get the best rate, due to the amount they are insuring, and the fact that ALL variations will have the Safety features in play.

One thing that you should always do if you are leasing or buying on payments is GET THE GAP INSURANCE! It's worth the $8.00 a month .
You don't want to have to owe the bank money after the insurance has paid on a totaled claim!
Usually If you pay 20% or more upfront then it may not be necessary on most cars...
I also always get credit life (free with some credit union loans) so if anything happens, my daughter will not have to stress over added bills and she ends up with the paid off car.

Van Shrider,

Great information. Thank you for taking the time to post that!

Ski
 

Bruce D

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#9
Tesla manufactures the safest automobiles on the planet. What insurance companies have acknowledged that fact and adjusted their premiums, accordingly?
 
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MelindaV

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#10
At this point, I've not heard of any. Many are still listing Tesla at a slight premium over other comparably priced cars, likely to do with the more expensive repair costs on fixable collision damage.
I expect the actual safety & repair costs of the individual vehicles may take a decade +/- to catch up to the insurance pricing passed down to customers. Tesla is still a baby with the majority on the road less than 3 years old.
 

Steve C

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#11
At this point, I've not heard of any. Many are still listing Tesla at a slight premium over other comparably priced cars, likely to do with the more expensive repair costs on fixable collision damage.
I expect the actual safety & repair costs of the individual vehicles may take a decade +/- to catch up to the insurance pricing passed down to customers. Tesla is still a baby with the majority on the road less than 3 years old.
Perhaps another reveal this year with 'Tesla Insurance'? Wishful thinking.
 

BigBri

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#12
Oddly enough I asked for a quote on a 2015 Model S and my cost went down by 4 bucks. Went from 80ish a month to 75. Found it a smidge odd as the Model S would be worth 10x what my car is.
 

teslaliving

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#13
I wouldn't say that USAA has lowered their rates for Tesla, but, unlike others, they aren't charging a premium on it. I found my Model S insurance rate with USAA to be very reasonable (for car insurance).
 

JWardell

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#16
I ran a model 3 quote in my Geico account last week. It did not ask anything about autopilot. So I don't think they will be giving a discount for that. I may call and ask over the next few days though.
 

Mark C

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#18
I contacted my Allstate Agent on 7/25 and they promised to get back to me after the Model 3 was put into their system. :(

They got back to me on 7/28 and told me they would insure the Model 3. They had no pricing as I didn't have enough info for them to work with.
 
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kendthomp

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#20
State Farm hasn't released rates yet, but figuring a $50,000 cost, my rates might be as much as $660.00 every 6 months.( YMMV) They promised to be more specific when the rates are released...