azjohn

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"...Tesla vehicles national average annual auto insurance cost ranged from $2,400 to $3,300..."

Does that average include Model 3's, too?

If so then DANG IT, I must be in a special rate class, it's only $1200/year for my Model S through State Farm...

Something tells me the actual CT insurance rates will be much lower than this seemingly overcautious (and possibly inaccurate, given my own significantly lower rates) article speculates.

there are too many factors to consider. Insurance on 3/Y are much cheaper than for S/X for the same person
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mrbulk

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there are too many factors to consider. Insurance on 3/Y are much cheaper than for S/X for the same person
Yes, exactly my point, the average premiums specified in the article seem way high.
 

Mini2nut

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My guess is that we will be paying a premium to insure our Cybertrucks.
 

ejay

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Insurance costs stoped being (Just) about risk a long time ago. Its more about what the market will take (what they can. get away with). Their risk strategies these days are more about how they write up the policies and application forms so that they can charge more whilst at the same time create more and more points to argue to underpay a claim or not pay it at all. I suspect that Tesla's move to do insurance is a calculated measure to keep the insurance companies honest. Either way, Tesla can not loose this game if their cars are safer in terms of active avoidance tech and I would say that data is already available to the insurers. If the insurance costs are excessive, Tesla can be cheaper and still make lots of money on the insurance. If the insurance co's compete on risk rather than gouging (become cheaper) Tesla withdraws and still wins because they would likely sell more cars due to lower operating costs. Surely they (the insurance co's) are better at the insurance game than a car co right? their underwriting costs based on their shear size and risk "management" capabilities should be way lower than Tesla's. and if not. Tesla disrupts the Insurance game... Game on!
 

Newton

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another data point to add to the equation, if insurance is too much, it's a no go for me :(... thanks

But since I plan to live in it, I wonder if I can insure it as an RV, hmmmmm
 
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Sirfun

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There are lots of debate points that say insurance should be less. But on big one nobody's talking about as to why the cost would be higher, is the power and speed of this vehicle. Insurance companies gotta freak out, that us older men, are wanting to drive a 5000+lb. vehicle that can go 0-60 in under 3 sec. So theoretically the price of insurance could be substantially higher for a tri-motor than a single.
 

Muskwatcher

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Yes, exactly my point, the average premiums specified in the article seem way high.
Yeah I fell like maybe they are using old data, for the article. Which is pretty typical when its comes to EV news. Most of the time i hear people saying that their EV insurance is on par or cheaper than before. If that the case i don't see how it could be that much to insure the CT.
 

Handy Artie

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At the Earnings Call yesterday Elon spoke about developing an insurance product for his cars. This could lead to a mutual insurance company for Tesla owners, much like USAA which pays a cash dividend which can be used to lower premiums.
 

alan auerbach

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It's not meaningful to talk about the cost of "insurance" because it depends what's covered.

Most jurisdictions require some minimum of liability coverage. That cost (or as insurers call it, that premium) depends on driver characteristics, usage, and the record of that vehicle being more or less likely to damage, maim, or kill.

The next big item is repair ("collision") coverage. This cost varies according to insurance records of repair costs because a headlight assembly could cost $2 or $2,000. This is optional (apart from the odd exception I'm unaware of). Yes, it might be costly to fix dings in a CT, but you can reject collision coverage, and your saving can help pay for bodywork if it's ever needed. And if you do buy this and then file a claim, the insurer won't pay more than the book value, you're stuck with the deductible, and the insurer will recover some or all of the outlay through a premium surcharge for the next five years or so.

Then there's smaller coverage items like "comprehensive," again optional. In short, when the time comes, don't just ask for "insurance"; ask questions.
 

T3slaDad

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Insurance rates seem to be all over the place with EVs. I have a friend whose M3 SR+ costs him about $250/m with a clean driving record, and my insurance rate for a LR M3 with EAP covered in case of total loss is only $100/m! We have the same coverage as well, just different companies.

Speaking of which, some insurance companies WILL NOT cover the cost of software upgrades in a total loss situation. This means if you total your Tesla with them, they won't give you the value of AP/EAP/FSD back, you just eat that investment. Ask every insurance provider you talk to about this, and make them show you in writing where this is covered before you sign up!!
 

madquadbiker

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Our other son lived 7 years in Canmore, AB, And we drove from Québec to west coast and stay a bit in our other home in Fl. and going back… So, the maximum extra-long range will satisfy travellers and the 2 motors to get AWD... Presently, I ordered 3 CT one for Fl. one 3 motors for Québec and another one for my other son… Considering that AC is needed in Fl... heater in the north… the extra-long range will be lower because of those factors… Thank you to look at that situation…!!!
If you need anyone to look after the CT and property in FL just let me know but I can only spend up to 3 months at a time.
 

Eye of Elon

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I think Tesla insurance will significantly reduce the projected cost of insurance, just because of all the data it will draw on. Now, if your drag racing your CT, Tesla insurance might cost you more.

This is an Elon quote from the last conference call;
"....Obviously, insurance is substantial. So insurance could very well be, I don't know, 30%, 40% of the value of the car business, frankly.

And as we've talked about before, with a much better feedback loop, instead of being statistical, it can be specific. And obviously, somebody does not have to choose our insurance. But I think a lot of people will. It's going to cost less and be better, so why wouldn't you?"
 

larryboy31

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It's not meaningful to talk about the cost of "insurance" because it depends what's covered.

Most jurisdictions require some minimum of liability coverage. That cost (or as insurers call it, that premium) depends on driver characteristics, usage, and the record of that vehicle being more or less likely to damage, maim, or kill.

The next big item is repair ("collision") coverage. This cost varies according to insurance records of repair costs because a headlight assembly could cost $2 or $2,000. This is optional (apart from the odd exception I'm unaware of). Yes, it might be costly to fix dings in a CT, but you can reject collision coverage, and your saving can help pay for bodywork if it's ever needed. And if you do buy this and then file a claim, the insurer won't pay more than the book value, you're stuck with the deductible, and the insurer will recover some or all of the outlay through a premium surcharge for the next five years or so.

Then there's smaller coverage items like "comprehensive," again optional. In short, when the time comes, don't just ask for "insurance"; ask questions.
I hope this thread is still up when our CTs start arriving. I got a lot to think about just in this post alone.
 

Handy Artie

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It's not meaningful to talk about the cost of "insurance" because it depends what's covered.

Most jurisdictions require some minimum of liability coverage. That cost (or as insurers call it, that premium) depends on driver characteristics, usage, and the record of that vehicle being more or less likely to damage, maim, or kill.

The next big item is repair ("collision") coverage. This cost varies according to insurance records of repair costs because a headlight assembly could cost $2 or $2,000. This is optional (apart from the odd exception I'm unaware of). Yes, it might be costly to fix dings in a CT, but you can reject collision coverage, and your saving can help pay for bodywork if it's ever needed. And if you do buy this and then file a claim, the insurer won't pay more than the book value, you're stuck with the deductible, and the insurer will recover some or all of the outlay through a premium surcharge for the next five years or so.

Then there's smaller coverage items like "comprehensive," again optional. In short, when the time comes, don't just ask for "insurance"; ask questions.
In the case of USAA, if you finance the new vehicle through USAA bank, you’ll usually avoid the total loss declaration if you require a major collision repair.
 
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