Tesla Insurance

tidmutt

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Sadly, there is little loyalty anymore.

I did not want to leave Geico, been with them for 20 years, ever since I moved here. However, their prices became insane and switching to Progessive saved large sums, too large to be ignored. I should never have been so loyal.
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Crissa

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Oh, yeah, home insurance is the worst. Some refuse to carry in wildfire areas, and State Farm manages to have a nice office here while excluding any historical homes here. I wonder how much they overcharge because of how many mailers they send out.

I also kind of hate the local State Farm guy because he shows up to speak against every plan to put a bike path, sidewalk, or alternate path to the school property (which his building is between the school and the highway). Nevermind his sign is in the right of way. *grumble*

-Crissa
 

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The other thing that really bothers me about car insurance is every time I get a speeding ticket they remove my "Safe driver discount" and my premium jumps. I've been with Progressive for over 20 years and I have never been in an accident. I think that is a way better metric to use to determine if I'm a safe driver. Being a fast driver and a safe driver are not mutually exclusive.

End of rant.
Just wait until your Tesla starts reminding you of your "Safety Score" on a daily basis :p
 

CyberGus

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Years ago, a financial guru insisted that Insurers will show absolutely zero loyalty to you, and will in fact bump your premiums regularly by small amounts to take advantage of your loyalty. His advice was to shop for new insurers every year, ruthlessly.
 


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The claims vs years thing is true for all insurance carriers; well at least the carriers I've had. State Farm, All State, USAA, and now back to State Farm for me. The only insurance company that I got really P.O.'d at was USAA. It had nothing to do with their rates, but when I left them and took my coverage for 3 cars and 3 houses with me State Farm gave me more coverage for less $. I agree that it's a pain to change, and I really don't like the idea of having multiple insurers, but if Tesla insurance in CO provides a significant savings I'll do it. That factor may get me to shop around more often.
 

Bill906

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If Tesla insurance is offered in Wisconsin when I get my CT the first thing I'm going to ask is what will my premium be if I have the worst safety rating. That is the price I will use to determine if it's worth it. If they tell me how much I'll save with a better safety score, I'll just ignore that part.
What is the range and meaning of the safety score by the way. Is it 0-10? -5 to +5, 300-850? If 0-10 is 10 drives like old lady, or is 10 drives like he's playing Super Mario Kart?
 

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If Tesla insurance is offered in Wisconsin when I get my CT the first thing I'm going to ask is what will my premium be if I have the worst safety rating. That is the price I will use to determine if it's worth it. If they tell me how much I'll save with a better safety score, I'll just ignore that part.
What is the range and meaning of the safety score by the way. Is it 0-10? -5 to +5, 300-850? If 0-10 is 10 drives like old lady, or is 10 drives like he's playing Super Mario Kart?
Range is 0-100

Tesla’s driving score is a competitive advantage. They can identify which customers they want to eliminate from their rolls. Tesla has no incentive to provide insurance to people who drive poorly. In fact they want people who drive poorly to use other insurance companies.

So their “Worst Rate” is unlikely to be competitive by design. They **WANT** bad drivers buying insurance from Geico.

Maybe a better strategy is to just switch to Tesla’s insurance and drive normally (or even be more aggressive) and see what your bill looks like. Then you can get quotes from other companies and stick with Tesla only if your rate is better. I doubt you will be in the highest risk category.
 

charliemagpie

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Range is 0-100

Tesla’s driving score is a competitive advantage. They can identify which customers they want to eliminate from their rolls. Tesla has no incentive to provide insurance to people who drive poorly. In fact they want people who drive poorly to use other insurance companies.

So their “Worst Rate” is unlikely to be competitive by design. They **WANT** bad drivers buying insurance from Geico.

Maybe a better strategy is to just switch to Tesla’s insurance and drive normally (or even be more aggressive) and see what your bill looks like. Then you can get quotes from other companies and stick with Tesla only if your rate is better. I doubt you will be in the highest risk category.
If Tesla insurance is compelling for any Tesla owner.

I think it is reasonable to presume, anyone with a Tesla who goes elsewhere will likely be viewed and categorised as high risk. And quoted accordingly.

I can imagine a good reason to ban data if a person can't find insurance.

Tesla will be able to repair its own cars cheaper than anyone, I expect once in full swing, will be able to offer a more competitive price at all risk levels.

The politics of data sharing can sway, if it is seen that data collection actually reduces insurance cost for everyone.
 

Old Pro

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I'm trying to determine how Tesla insurance works. So hopefully, someone will have the answer.
How does the rate work? Is it for the car, no matter who is driving it and just based on how well it is being driven? Is it based on each individual driver of the car?
What if you have a teenager that drives it?
I found it extremely difficult to figure out how to make use of obtaining a quote from Tesla Insurance.
 


Ogre

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If Tesla insurance is compelling for any Tesla owner.

I think it is reasonable to presume, anyone with a Tesla who goes elsewhere will likely be viewed and categorised as high risk. And quoted accordingly.

I can imagine a good reason to ban data if a person can't find insurance.
People with multiple DUIs manage to find insurance. People with multiple fatality accidents find insurance.

Whether someone can get Tesla insurance or not is a small thing in comparison.
 

charliemagpie

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Yes

There is a legal obligation to disclose your police record. . This is different. I mean, you are not obligated to tell anyone what other insurance companies have quoted you.

Over time. Because of Tesla's best rate advantage, the very act of going elsewhere implies you have a bad Tesla rating.

This has to be detrimental for edge cases.
 

RMK!

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Both my wife and I have our Tesla's insured through Tesla. Our prior auto Insurance was USAA, then Geico. We will probably move to Tesla for Home Insurance once Tesla offers that option. They do business in a very efficient data driven way so should offer a better value product.

In California, they are not currently basing individual rates upon the Driver Scoring System used for FSD but plan to do so in the future. This of course requires driver consent. I'm a little miffed that my Model Y insurance is 10 bucks a month higher than the guy who lives in the traffic crazy Bay Area. Perhaps they are paying attention to my driving habits as I tend to drive a little fast.

I just updated my Tesla App and now it has the Safety Score Beta software. I turned it on and I will now drive like big brother is watching my every move ... or not! :p
 

RMK!

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I found it extremely difficult to figure out how to make use of obtaining a quote from Tesla Insurance.
You go to the Tesla Website, look for Insurance under menu and use the simple sign up feature, They will send you the quote and you can accept or not. Could not be easier ...
 

charliemagpie

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