Any word on Tesla Insurance outside of California?

[cyberforce]

The biggest pain in my side for owning this vehicle is going to be the insurance cost... I already know its going to be insanely expensive. Anybody have Tesla brand Insurance in CA? is it that much cheaper? I hope it's available in Texas by the time I get my CT, and its competitive with Geico...

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[Crissa]

They plan to, but no one knows how long the regulatory hurdles will take,

-Crissa

 

[WildhavenMI]

The biggest pain in my side for owning this vehicle is going to be the insurance cost... I already know its going to be insanely expensive. Anybody have Tesla brand Insurance in CA? is it that much cheaper? I hope it's available in Texas by the time I get my CT, and its competitive with Geico...

About 6 months ago I was considering selling my Volvo V60 and switching my non-utility commuter which racks up ~25k miles/year to an EV. M3 was my top pic, so I asked my insurance agent for a quote.

My insurance, for identical coverage to my current car, was $1700/year more expensive. Not $1700/year, $1700/year more. More than double the insurance on the Volvo, for a similarly priced vehicle.

So I shopped around. I checked out the Geicos/Progressives/Jerry.ai's of the world and all of them were like that. So I started looking at Chevy Bolts - and had a similar, but not as drastic, a problem.

IDK what is up with EV insurance, but it isn't just Tesla.

 

[Crissa]

EVs are expensive to repair, and they're not taking into account their safety at all.

Same for electric motorcycles. They're not known for being crashed, yet...

-Crissa

 

[CyberMoose]

It's ridiculous but they probably think that since they are the new thing, they can charge a higher premium.

Ultimately Teslas should be cheaper on insurance. Their safety ratings are second to none and payouts for injuries are one of the biggest costs for insurance companies.

 

[cyberforce]

I can only guess how bad insurance for the CT will be... I'm assuming alot of preorder refunds will be from people just unable to afford the insurance. I looked up the cost for a Model Y and my insurance went up $700 more, I then looked up the price for a new policy with just the Tesla and no other vehicles and it was much cheaper.

When I get mine, I'm likely going to get a separate policy just for it...

 

[MEDICALJMP]

Insurance is regulated on a state level in the US. Tesla needs to go through 50 individual processes to get approved in every state. That is why you cannot buy health insurance across state lines and get a cheaper policy. Once safety records with EVs become more established the regular companies prices will drop, but not soon enough. ?

 

[Crissa]

I looked up the cost for a Model Y and my insurance went up $700 more, I then looked up the price for a new policy with just the Tesla and no other vehicles and it was much cheaper.

When I get mine, I'm likely going to get a separate policy just for it...

That's what we did with the bikes. It makes no sense.

-Crissa

 

[Crissa]

Well, yes and no: Their data is limited, and like that chart, doesn't include accident numbers... Just the cost of repairs. And while they consider the number of accidents 'too few to be calcuted' they never count that for the cost of repairs.

https://www.teslarati.com/tesla-disqualified-safest-cars-list-few-crashes/

So it's a matter of massaging the numbers to make the outcome they want. And they want to make more money.

-Crissa

 

[Nanodot]

I can only guess how bad insurance for the CT will be... I'm assuming alot of preorder refunds will be from people just unable to afford the insurance.

fingers crossed that i don't have to cancel my preorder on that basis....

 

[Crissa]

Yeah, but insurance companies can just look at the repair price tag and ignore the pattern of behavior with a vehicle if it benefits them.

Which is what they're doing with EVs.

-Crissa

 

[MEDICALJMP]

Good to know. I was planning on getting a quote from them when the time comes. That is the nice thing about being in the half-million mark for CT. By then some decent numbers should fit the actuarial tables.

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