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Model 3 Insurance Cost

Discussion in 'Maintenance & Repair' started by Brokedoc, Sep 30, 2017.

  1. Brokedoc

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    I've been playing around with the Model 3 VIN numbers and decided to plug one into my GEICO app and I took a screenshot posted below for others to get an idea of what coverage may cost. A little background - My wife and I are in our 40's with no points on our licenses and no accidents. We live on Long Island where drivers think they're driving bumper cars so probably my rates are still higher than most others even though we are good drivers.

    For comparison, the Model 3 is listed along with a slightly lower priced FWD 2013 Acura ILX and a much more expensive Model X. All vehicles are quoted based on about 7,000 miles driven per year with a daily commute to work of 10-15 miles each way. Coverage limits are as shown. I can't be sure of the exact configuration of the Model 3 since I entered VIN 5YJ3E1EA7HF001134 which is the last VIN registered by Tesla in the database. I know it's RWD and I assume it has the standard 1st production specs with PUP.

    The Model 3's Aluminum body and lack of body shops that are trained to repair it should significantly increase repair costs but I'm happy to see that the the insurance is not a lot different than a standard steel body Acura ILX. I'm also happy to see that the tremendous amount of large glass panels on the Model 3 do not raise insurance a lot. An early Model X owner was quoted almost $3k to replace their panoramic front windshield soon after they got the car (replacement costs are much lower now). This policy has full glass coverage with no deductible for just in case. Thankfully the panoramic glass is in the rear on the Model 3 which is MUCH less likely to get damaged compared to the front windshield.

    Also, there's a boatload of Model S pics that have been declared "totaled" after what appears to be minimal body damage so I'm happy that that too does not raise the insurance a lot. As expected, the Model X is more expensive to insure and almost all of the difference is in the vehicle coverage portion because the car is 2-3x more expensive than a Model 3 and AWD and more expensive to repair.

    IMG_1226.PNG
     
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    • SoFlaModel3

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      Ok now you’re talking, that was a great idea!!!

      I’m in South Florida, in my 30s, married with kids, and drive higher mileage at ~18,000 year.

      Currently I drive a 2015 Hyundai Sonata and pay $630 for 6 months with Progressive.

      I just called and they quoted me $660 for 6 months keeping all things equal.

      Only $5 more per month, this is great news!!
       
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      • Brokedoc

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        That's better than I expected especially with hurricane exposure and all the elderly retired drivers in Florida! :tonguewink:
         
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        • MelindaV

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          I was on my insurance agent's website this morning so sent them a message asking for a quote (the Model 3 wasn't listed in their automated quote tool). I mentioned it would not be expected to be delivered until Q1 2018, the Long Range model and provided one of the VINs as an example.
          I got an email back saying it wasn't in their system yet but could give a worse case quote based on manufacturer body style and MSRP. So I called back to clarify if MSRP included software (AP) or just car and options. I am sure that confused her to no end. The person I spoke to already saw in my record I was calling about a Tesla Model 3 and asked me 3 times who manufacturers the Tesla. Ummm.... "Tesla" is the manufacturer. then just as many go-arounds to get thru to her that the model name IS "Model 3". And we have a large contingency of Teslas and EVs around here! I seriously could walk up to anyone on the street (and we have a ton of batshitcrazy homeless) and they would at the very least know that Tesla is a manufacturer of Teslsas!!
          in the end, they quoted me $103/month for comparable coverage to my current car with full coverage plus the extra to cover the added value. I currently pay $104/month for the Solstice's full coverage and the 2000 Cougar's liability, so figured that was a fair trade. PLUS once they have the car in their system, some of the auto safety features should discount the rate, so likely will be saving on car insurance on the Tesla vs my current 2 cars.
           
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          • SoFlaModel3

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            Who is your insurance provider? Progressive quickly had a similar discussion with me "Model 3", but what's the Model? After we sorted through it they did find it in their system for the quote!
             
          • MelindaV

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            State Farm
             
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            • JWardell

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              I was expecting you both to say some local insurance guy. Progressive and State farm? Sad, just sad! Good for GEICO for being ahead of the curve I guess.

              Hopefully the systems get updated in one more month, or customer delivery is going to be a nightmare.
               
            • dogfood

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              Thank goodness for USAA. Not only is the Model 3 already in their system, the rates are not much above our 2016 Mini Cooper (about $60/mo).
              I thought the days of, "Who makes Teslas?" were in the past. Maybe I've just been swimming in this pool too long (fingers wonderfully wrinkly).
               
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              • SoFlaModel3

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                Progressive had it in the system they just had no idea what I was talking about ;)
                 
              • BluestarE3

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                I'm almost afraid to learn what CSAA's rate will be for the Model 3 since they had jacked up the rates for the Models S and X. I currently have 3 cars and my house through them, but may have to spin off the 3 to another insurer if they are outrageous because it's a Tesla.
                 
              • SoFlaModel3

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                #11 SoFlaModel3, Oct 12, 2017
                Last edited: Oct 13, 2017 at 6:38 AM
                If you look up you’ll see 2 of us got quotes and the rates were incredibly reasonable. Mine jumps by peanuts from a Hyundai Sonata to Model 3!
                 
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                • Harvey Payne

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                  Mine will go up $25/month when swapping out a Fiat 500e for the Model 3. I briefly looked at getting an X and the rates go up $86/month. So, more than 2x the car payment plus a lot more for insurance. I think I'll stick with the 3.
                   
                • DC Rules

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                  I haven't tried my State Farm agent yet. He definitely knows what a Tesla is though. Awhile ago when I told him I wanted a Tesla he said a friend made him test drove an i3 and he was really impressed. Once Tesla can start to satisfy the demand they need to get to major events and let people test drive these things.

                  I'm not sure how accurate this is but this article was pretty interesting.
                  https://lifehacker.com/youre-probably-overpaying-for-car-insurance-1819379783
                   
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                  • SoFlaModel3

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                    I used to do the shuffle, but I’ve been satisfied with Progressive. At our current coverage levels and deductible I don’t think I could beat it. Previously had Geico, State Farm, and others and they were all considerably more in my area.
                     
                  • kbear

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                    • Daniel D.

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                      Living in Miami, I figure our insurance rates would be pretty similar. GEICO has been the cheapest for me a couple of years running. I already got a quote from GEICO for replacing my car with a Model 3 and it shows a ~$150/6 mo increase. Not bad.
                       
                    • Grashelm

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                      • SoFlaModel3

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                        What kind of car do you currently drive? Mine goes up $5/month so only a $30 increase over 6 months. I’m in Broward, not sure if that’s a big driver...
                         
                      • Daniel D.

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                        I have a 2015 Ford Escape Titanium (original cost ~$36k). I figure the increase has more to do with the higher cost of the Tesla?
                         
                      • SoFlaModel3

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                        My Hyundai Sonata has an original cost of ~$33k and the jump to a $50k Model 3 was only $5/month.

                        Maybe in quoting you they adjusted coverage levels?
                         

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