Tesla Insurance Premium Increase 21%

[Ward L]

I chose Tesla insurance on my FSCT last March for $191.27/month. No accidents/tickets, long driving experience, Elite Driver Discount (whatever that is), and only 8,000 miles/year. In September, the monthly premium will go up to $231.13/month, or about 21%. As you can see, I live in California, but that doesn't explain the increase. It stinks a little of bait and switch. Go low for first 6 months to get the business and then increase the rate significantly. What does Tesla insurance know now that they did not know 6 months ago? Tesla isn't allowed to use my Driver Safety Score in California, but my score is above 90. When I first got the truck, I was averaging a much higher miles/year, but after 5 months my miles are below 8,000/year. Ha, maybe all those crashed CTs pictures we see have influenced the rates!

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[igs]

21% isn't bad. Rates are up everywhere. You can thank Jerome.

 

[lowtek]

Don't stand for that, shop rates. Try USAA if you're eligible.

$157/mo. 54. Clean record. CyberBeast. $1000 deductible.

 

[Killlbox]

I chose Tesla insurance on my FSCT last March for $191.27/month. No accidents/tickets, long driving experience, Elite Driver Discount (whatever that is), and only 8,000 miles/year. In September, the monthly premium will go up to $231.13/month, or about 21%. As you can see, I live in California, but that doesn't explain the increase. It stinks a little of bait and switch. Go low for first 6 months to get the business and then increase the rate significantly. What does Tesla insurance know now that they did not know 6 months ago? Tesla isn't allowed to use my Driver Safety Score in California, but my score is above 90. When I first got the truck, I was averaging a much higher miles/year, but after 5 months my miles are below 8,000/year. Ha, maybe all those crashed CTs pictures we see have influenced the rates!

Pretty much everyone is going to tell you to shop around. There are some really good rates out there.

 

[UberNoob]

If you think that’s bad, get a Geico quote.

 

[Gaximus]

What does Tesla know about you know they didn’t know 6 months ago. All your driving habits in the CT.

 

[96Kopper02]

Were you driving like a maniac (like me)?

 

[ivelin]

I chose Tesla insurance on my FSCT last March for $191.27/month. No accidents/tickets, long driving experience, Elite Driver Discount (whatever that is), and only 8,000 miles/year. In September, the monthly premium will go up to $231.13/month, or about 21%. As you can see, I live in California, but that doesn't explain the increase. It stinks a little of bait and switch. Go low for first 6 months to get the business and then increase the rate significantly. What does Tesla insurance know now that they did not know 6 months ago? Tesla isn't allowed to use my Driver Safety Score in California, but my score is above 90. When I first got the truck, I was averaging a much higher miles/year, but after 5 months my miles are below 8,000/year. Ha, maybe all those crashed CTs pictures we see have influenced the rates!

As others pointed out, shop around. Last month Tesla quoted me $460/month for a new cybertruck. I ended up going with Progressive for $118/month. Geico was at $150/mo, etc.

So far, Tesla's insurance is far from it's original promise to disrupt the insurance industry with the lowest personalized quotes for the respective driver's safety record.

Maybe I am missing something, but Tesla insurance did not leave me with a good first impression.

 

[Ward L]

Just signed up with Progressive for $170/month. Thanks for the responses to my complaints!

 

[DJAlan2000]

I can tell you that my WIFE'S rate for her little Kona (ICE) just went up by 40%(AAA)!! She had no tickets, no accidents, etc... But good old California raised the rates for everyone... They say it's because of the costs to do repairs increasing due to wage and RENT increases (for businesses).

Mine (Tesla ins.) went up as well, but only by about 15% for me and so I 'adjusted' the numbers a bit and actually getting it cheaper now ($2000 deductible instead of $1000). I am actually saving about $20 a month now over my old rate...

But I guess it all depends on where you live these days and how many body shops and such are charging in your area...

Insurance just plain sucks... We have to 'bet' that we will get into an accident (or bet we'll die for life insurance) and when we DON'T they charge us the same OR MORE!! Had a friend who was paying almost $3,600 a year for his insurance (State Farm or Farmers, can't remember which) for a Toyota RAV4 (2021)... He had ONE accident (not his fault even!) 2 years ago, no tickets, etc...

He ended up putting up a 'bond' of $35,000 with the DMV instead and now has NO PAYMENTS... Although *I* COULD afford to do the same (they don't get to keep that money, it's still yours!), I guess I am just chicken... But I swear, if my investments and business keep going up, I am going to do the same... 'Self insure' and put all the vehicles under our LLC (just in case)... I mean hey, if someone is paying $3,600 a year, that's about the same as 10 years of a 'bond' except at the end of the 10 years you still get that $35,000 back!

 

[Jhodgesatmb]

I chose Tesla insurance on my FSCT last March for $191.27/month. No accidents/tickets, long driving experience, Elite Driver Discount (whatever that is), and only 8,000 miles/year. In September, the monthly premium will go up to $231.13/month, or about 21%. As you can see, I live in California, but that doesn't explain the increase. It stinks a little of bait and switch. Go low for first 6 months to get the business and then increase the rate significantly. What does Tesla insurance know now that they did not know 6 months ago? Tesla isn't allowed to use my Driver Safety Score in California, but my score is above 90. When I first got the truck, I was averaging a much higher miles/year, but after 5 months my miles are below 8,000/year. Ha, maybe all those crashed CTs pictures we see have influenced the rates!

My Tesla Insurance quote doubled. SF Bay Area. We got a quote from GEICO that is back to the original rate but they might do the same thing 6 months later :-(

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