Tesla insurance premium renewal notice - doubled

[bigmoose70]

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

Inflation lmfao. Honestly insurance has profit gouging across the board and we have to legally pay for it. Such a sham.

Sponsored

 

[darkfyre]

https://archive.ph/Kb2FX

LOL Yup! Thanks for sourcing evidence that my speculations were true!

 

[Dvidhani]

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

Yea I had the same happen to me. I reached out to Tesla insurance and they said they have had to do a rate change in all of CA. Because of inflation etc, their rates are changing which have been static since they launched. Its kind of nuts that it needs to double.
I also shopped around for other quotes from other companies, they were all still significantly higher than Tesla's updated offering. StateFarm and Farmers were double that of Tesla.
So for now sticking with Tesla even though its double of what I am used to paying. There doesnt seem to be a cheaper option.

 

[DittoDan]

here is an interesting video:



I hope this helps,

Dan the Man from Michigan

Have a link to where you heard about this?

 

[Jhodgesatmb]

Yea I had the same happen to me. I reached out to Tesla insurance and they said they have had to do a rate change in all of CA. Because of inflation etc, their rates are changing which have been static since they launched. Its kind of nuts that it needs to double.
I also shopped around for other quotes from other companies, they were all still significantly higher than Tesla's updated offering. StateFarm and Farmers were double that of Tesla.
So for now sticking with Tesla even though its double of what I am used to paying. There doesnt seem to be a cheaper option.

Although I don't like the reply it isn't about you but about my auto insurance doubling. Quite a shock. We will shop around but I don't doubt that you are correct; it is just something I have to do to keep my sanity.

 

[thrillbourne]

Got my renewal notice earlier this week, up 43.6%

 

[Stuck4ger]

Confucius say, “with great acceleration comes great responsibility.”

 

[Dvidhani]

Although I don't like the reply it isn't about you but about my auto insurance doubling. Quite a shock. We will shop around but I don't doubt that you are correct; it is just something I have to do to keep my sanity.

If you find something cheaper. Let me know. I will do the same.

 

[BrickBungalow]

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

I was alarmed by the rate too. But I went into the app and adjusted the projected mileage to what I'll actually drive. Now my total rate increase is only like thirty dollars.

 

[darkfyre]

Statefarm quote was 36 dollars more than my M3LR. But I am getting a quote on 1/4 the miles too.

 

[Li5aTe5la]

Not sure which forum to post this to...

When I got my Cybertruck I added it to my Tesla Auto policy. Back in mid May. I just received a policy renewal email yesterday, for the upcoming 6-month period starting in September, and the premium has DOUBLED. Nothing has changed in my driving record (no violations, accidents, or claims) in over a year, so I would not expect the premiums to change from the spring. I have tried to reach out to Tesla Insurance but they make it difficult so I haven't heard back. Has anyone else had this happen? Has anyone ever tried to contact Tesla Insurance with a discrepancy in their policy? There is no way to reach out to them from the app, and the phone number they gave gave me a 40-minute wait time and that was unacceptable.

I have the same issues. I am in CO and they increased my premium to $423/mo. They are impossible to contact. They don’t even attempt to be competitive in their prices in some states (my opinion) and dont want to insure their vehicles in those states. Very disappointed. I am switching to USAA for half the price.

 

[Beyond]

Yea I had the same happen to me. I reached out to Tesla insurance and they said they have had to do a rate change in all of CA. Because of inflation etc, their rates are changing which have been static since they launched. Its kind of nuts that it needs to double.
I also shopped around for other quotes from other companies, they were all still significantly higher than Tesla's updated offering. StateFarm and Farmers were double that of Tesla.
So for now sticking with Tesla even though its double of what I am used to paying. There doesnt seem to be a cheaper option.

Both you and the OP are in CA which I believe doesn't allow Tesla to adjust rates according to driving metrics. Supposedly this is to protect the consumer but since it puts everyone in the same bucket, good drivers will obviously have their rates affected by bad drivers.

My experience in MN is a bit different. I originally went with Progressive since they had a low rate. At renewal time they doubled it and the agent said the initial rate was simply to lure new customers. In the meantime Tesla started offering their own insurance here. The Tesla rate was lower than the Progressive teaser rate and has gotten lower. That said my safety score is almost always 100. The largest determiner of rate is miles driven. BTW, the easiest way to keep a high safety score is to use FSD as much as possible (coming soon to the Cybertruck). Anything that the car does in FSD mode is not reflected in your safety score. The bottom line is that using the $99/month FSD can significantly lower your Tesla insurance rates in a state that allows using the metrics. Anyway, that's my experience with the Model Y, and excuse my rambling.

 

[yerEVan]

i don’t know if Erie insurance is avail to other states than PA but my rate is $1,300/year. At least thus far. For CT dual motor.

 

[Cybergirl]

I have Tesla insurance (IL) on my two Model Y's with FSD. The premium is acceptable as long as I keep my Safety Score near 99 (I engage FSD on every drive). When I took delivery on my CT, I took out another Tesla insurance policy (AZ). It was double what I was paying for my Model Ys combined. Without FSD, my Safety Score hovered around 94. It dropped to 91 when I picked up my CT from Tesla Service (strange because they said that Safety Score was disabled when in Service mode). Soon thereafter, my premium jumped from $216/mo to $276/mo. I cancelled and went back to my State Farm agent saving 62% with better coverage, and fewer restrictions. It probably won't stay that low, and I may well go back to Tesla, but not without FSD. Tesla's safety score helped me become a safer driver, but without FSD it's hard to maintain a high safety score.

Sponsored