Tesla Insurance

[Quicksilver]

We have USAA on home and vehicles and no one has ever beat their rates so far.
When we bought the new diesel RAM 3500 we bought a crew cab chassis and had a flat bed put on it. That threw us into Commercial insurance but the rate was not much higher since I told them it was a farm truck and had a farm tag on it.
It will be interesting to see if USAA will still beat the other companies (and Tesla if they start selling insurance in Alabama) on the Cybertruck.

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[charliemagpie]

I expect there will come a time when Insurance companies will start losing more than they are winning on Tesla, and then we will see new initiatives pop up to win your business back.

For example, rather than having to watch your rating daily... Insurance companies may, using your Tesla rating over the last 3 months, offer a 12 month policy at that rate.

After that, we can revert to being hoons.

 

[Ogre]

I expect there will come a time when Insurance companies will start losing more than they are winning on Tesla, and then we will see new initiatives pop up to win your business back.

For example, rather than having to watch your rating daily... Insurance companies may, using your Tesla rating over the last 3 months, offer a 12 month policy at that rate.

After that, we can revert to being hoons.

Since Tesla is starting at 0, every new Tesla insurance customer is at the expense of other insurance companies. So they are losing more than they are winning to Tesla every day.

Just hasn’t really started to bite yet.

 

[rr6013]

I expect there will come a time when Insurance companies will start losing more than they are winning on Tesla, and then we will see new initiatives pop up to win your business back.

For example, rather than having to watch your rating daily... Insurance companies may, using your Tesla rating over the last 3 months, offer a 12 month policy at that rate.

After that, we can revert to being hoons.

Interesting point.
No Hoonhandle for Cybertrucks!
No Hoon handling unless Tesla hands keys to the Golden Master stack.
No Hoonigans in the desert

 

[charliemagpie]

I'm just thinking about buying a car from Tesla right now, so I want to know everything in advance and think about all the pros and cons.

You should email this guy; he works at Tesla.

 

[Ridley]

In order to provide a more comprehensive answer regarding Tesla auto insurance...

Topic	Details
What is Tesla auto insurance?	Tesla auto insurance is a comprehensive insurance program designed specifically for Tesla cars, offered by Tesla directly.
How does it work?	Tesla uses its advanced technology, along with data collected by the car's sensors, to provide car owners with a personalized quote. Tesla auto insurance is only available to Tesla car owners.
What does it cover?	Tesla auto insurance covers liability, collision, and comprehensive coverage. It also includes uninsured and underinsured motorist coverage, medical payments, and personal injury protection.
How is the premium calculated?	Tesla calculates the premium based on factors such as the car model, driver's age, driving record, car usage, and location. Tesla also uses data collected by the car's sensors to determine the premium.
How to get Tesla auto insurance?	Tesla auto insurance is only available to Tesla car owners. Car owners can choose to purchase the insurance from Tesla directly at the time of the car's purchase or later by contacting Tesla's customer support.

Remember, that Tesla Auto Insurance may not be available in all states or countries.

The prices below are "not" from Tesla insurance, but from local insurers. Estimates are related to Tesla Model Y...

Year	Model & Trim	Average Annual Rates
2020	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,224
2021	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,484
2022	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,703
2020	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,057
2020	Tesla Model Y, Performance Insurance cost with $500 deductibles in 2023	$1,266

 

[Jhodgesatmb]

In order to provide a more comprehensive answer regarding Tesla auto insurance...

Topic	Details
What is Tesla auto insurance?	Tesla auto insurance is a comprehensive insurance program designed specifically for Tesla cars, offered by Tesla directly.
How does it work?	Tesla uses its advanced technology, along with data collected by the car's sensors, to provide car owners with a personalized quote. Tesla auto insurance is only available to Tesla car owners.
What does it cover?	Tesla auto insurance covers liability, collision, and comprehensive coverage. It also includes uninsured and underinsured motorist coverage, medical payments, and personal injury protection.
How is the premium calculated?	Tesla calculates the premium based on factors such as the car model, driver's age, driving record, car usage, and location. Tesla also uses data collected by the car's sensors to determine the premium.
How to get Tesla auto insurance?	Tesla auto insurance is only available to Tesla car owners. Car owners can choose to purchase the insurance from Tesla directly at the time of the car's purchase or later by contacting Tesla's customer support.

Remember, that Tesla Auto Insurance may not be available in all states or countries.

The prices below are "not" from Tesla insurance, but from local insurers. Estimates are related to Tesla Model Y...

Year	Model & Trim	Average Annual Rates
2020	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,224
2021	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,484
2022	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,703
2020	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,057
2020	Tesla Model Y, Performance Insurance cost with $500 deductibles in 2023	$1,266

I am paying about $1,500/yr on a 2022 MYLR with $1,000 deductible. I do not recall even being offered a lower deductible.

 

[CyberGus]

In order to provide a more comprehensive answer regarding Tesla auto insurance...

Topic	Details
What is Tesla auto insurance?	Tesla auto insurance is a comprehensive insurance program designed specifically for Tesla cars, offered by Tesla directly.
How does it work?	Tesla uses its advanced technology, along with data collected by the car's sensors, to provide car owners with a personalized quote. Tesla auto insurance is only available to Tesla car owners.
What does it cover?	Tesla auto insurance covers liability, collision, and comprehensive coverage. It also includes uninsured and underinsured motorist coverage, medical payments, and personal injury protection.
How is the premium calculated?	Tesla calculates the premium based on factors such as the car model, driver's age, driving record, car usage, and location. Tesla also uses data collected by the car's sensors to determine the premium.
How to get Tesla auto insurance?	Tesla auto insurance is only available to Tesla car owners. Car owners can choose to purchase the insurance from Tesla directly at the time of the car's purchase or later by contacting Tesla's customer support.

Remember, that Tesla Auto Insurance may not be available in all states or countries.

The prices below are "not" from Tesla insurance, but from local insurers. Estimates are related to Tesla Model Y...

Year	Model & Trim	Average Annual Rates
2020	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,224
2021	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,484
2022	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,703
2020	Tesla Model Y, Long Range Insurance cost with $500 deductibles in 2023	$1,057
2020	Tesla Model Y, Performance Insurance cost with $500 deductibles in 2023	$1,266

That is a highly detailed and informative first post!

 

[Ridley]

Well guys, the advice to shop for new insurers every year is quite justifiable. The car insurance industry is experiencing big changes and not only because of AI technology or blockchain.

Here are some potential negatives of Tesla Insurance (InsureMyTesla):

Thanks for update, CyberGus:

1. Tesla Insurance is available to Tesla owners in the following states:
   • Arizona
   • California*
   • Colorado
   • Illinois
   • Maryland
   • Minnesota
   • Nevada
   • Ohio
   • Oregon
   • Texas
   • Utah
   • Virginia
   
   
2. Limited coverages: Tesla Insurance only offers a few types of coverage, such as liability, collision, and comprehensive coverage. This means that policyholders may need to purchase additional coverage from another insurer to fully protect themselves.
3. Limited discounts: While Tesla Insurance may offer discounts for Tesla owners, these discounts may not be as extensive as those offered by other insurance companies. This means that Tesla owners may be able to find cheaper insurance elsewhere.
4. Lack of transparency: Tesla Insurance is a relatively new company, and information about its underwriting practices and claims process is not yet widely available. This lack of transparency may make some potential customers wary of signing up for the service.
5. Cost may be higher: Some Tesla owners have reported that Tesla Insurance rates are higher than those offered by other insurers (well, it depends), although this can vary depending on factors such as location, driving record, and the model of the Tesla being insured.

Impact of modern technologies

Modern technologies have had a significant impact on car insurance and how insurance companies calculate rates. Here are some of the ways in which modern technologies have changed the car insurance industry (Including Tesla models):

1. Telematics: Telematics is a technology that allows insurers to collect information about a driver's behaviour, such as how fast they drive, how often they brake hard, and even whether they use their phone while driving. This information can be used to calculate more accurate rates based on an individual's driving habits, rather than the average driver.
2. Autonomous cars: As autonomous cars become more mainstream, insurance companies will need to adjust their rates accordingly. Since autonomous cars are expected to be safer than traditional cars, insurers may be able to offer lower rates for drivers of these vehicles.
3. Mobile apps: Many insurance companies now offer mobile apps that allow customers to easily access their policy information, file claims, and even receive driving tips. These apps can also be used to collect data on a driver's habits, which can be used to calculate rates.
4. Artificial intelligence: Some insurance companies are using artificial intelligence to automate underwriting and claims processes. This can lead to faster and more accurate payouts for customers, as well as more efficient underwriting processes.

An example of Tesla Model Y rates (not by Tesla Insurance)

Year	Model & Trim	Average Annual Rates
2021	Tesla Model Y, Long Range Long Range 4dr SUV AWD (electric DD)	$1,484
2021	Tesla Model Y, Performance Performance 4dr SUV AWD (electric DD)	$1,342
2021	Tesla Model Y, Standard Range Standard Range 4dr SUV (electric DD)	$1,225

Best of luck and plenty of stress-free miles ahead!

 

[CyberGus]

Well guys, the advice to shop for new insurers every year is quite justifiable. The car insurance industry is experiencing big changes and not only because of AI technology or blockchain.

Here are some potential negatives of Tesla Insurance (InsureMyTesla):

1. Limited availability: Tesla Insurance is currently only available in California, with plans to expand to other states in the future. This means that not everyone can take advantage of the service, which may be a dealbreaker for some.
2. Limited coverages: Tesla Insurance only offers a few types of coverage, such as liability, collision, and comprehensive coverage. This means that policyholders may need to purchase additional coverage from another insurer to fully protect themselves.
3. Limited discounts: While Tesla Insurance may offer discounts for Tesla owners, these discounts may not be as extensive as those offered by other insurance companies. This means that Tesla owners may be able to find cheaper insurance elsewhere.
4. Lack of transparency: Tesla Insurance is a relatively new company, and information about its underwriting practices and claims process is not yet widely available. This lack of transparency may make some potential customers wary of signing up for the service.
5. Cost may be higher: Some Tesla owners have reported that Tesla Insurance rates are higher than those offered by other insurers, although this can vary depending on factors such as location, driving record, and the model of the Tesla being insured.

Impact of modern technologies

Modern technologies have had a significant impact on car insurance and how insurance companies calculate rates. Here are some of the ways in which modern technologies have changed the car insurance industry (Including Tesla models):

1. Telematics: Telematics is a technology that allows insurers to collect information about a driver's behaviour, such as how fast they drive, how often they brake hard, and even whether they use their phone while driving. This information can be used to calculate more accurate rates based on an individual's driving habits, rather than the average driver.
2. Autonomous cars: As autonomous cars become more mainstream, insurance companies will need to adjust their rates accordingly. Since autonomous cars are expected to be safer than traditional cars, insurers may be able to offer lower rates for drivers of these vehicles.
3. Mobile apps: Many insurance companies now offer mobile apps that allow customers to easily access their policy information, file claims, and even receive driving tips. These apps can also be used to collect data on a driver's habits, which can be used to calculate rates.
4. Artificial intelligence: Some insurance companies are using artificial intelligence to automate underwriting and claims processes. This can lead to faster and more accurate payouts for customers, as well as more efficient underwriting processes.

An example of Tesla Model Y rates (not by Tesla Insurance)

Year	Model & Trim	Average Annual Rates
2021	Tesla Model Y, Long Range Long Range 4dr SUV AWD (electric DD)	$1,484
2021	Tesla Model Y, Performance Performance 4dr SUV AWD (electric DD)	$1,342
2021	Tesla Model Y, Standard Range Standard Range 4dr SUV (electric DD)	$1,225

Best of luck and plenty of stress-free miles ahead!

Some of this information is outdated. For instance, Tesla Insurance is available in 11 states, including Texas.

I plan on going that route, at least until I see how badly I rate in my Safety Score lol.

 

[Ridley]

Over time, we have gained a better understanding of the factors that contribute to the calculation of the Tesla Safety Score and how it impacts annual insurance costs. However, it remains unclear how much it will impact the driving experience.

Factor	Weight	Example Data	Score Calculation	Example Score
Autopilot Usage	30%	60%	0.30 * (Autopilot Usage Percentage)	18
Forward Collision Warnings (FCW) per 1,000 miles	25%	2	0.25 * (1,000 / FCW Frequency)	12.5
Avg. Cornering G-Force	25%	0.15	0.25 * (1 - (Avg. G-Force / Max G-Force))	18.75
Hard Braking Events per 1,000 miles	20%	3	0.20 * (1,000 / Hard Braking Frequency)	6.67
Total Safety Score	100%		Sum of all factor scores	55.92

So...How do you get 100 Tesla safety score? and is it even possible?

 

[Diehard]

I plan on going that route, at least until I see how badly I rate in my Safety Score lol.

I am still not sure if that self imposed leash on my right foot would be a good thing or not but the more major question is once that data is collected, can you be sure it will not be shared with other insurance companies? In other words if your safety score drops and "somehow" competing insurance companies find out you are dangerous, you may have a hard time finding a replacement for Tesla Insurance and stay which would be good for Tesla. Then again, I don't have a Ford insurance and I think they are collecting my driving data anyway and may share it with their "partners". I probably should have kept my old rusted truck.

 

[charliemagpie]

I am still not sure if that self imposed leash on my right foot would be a good thing or not but the more major question is once that data is collected, can you be sure it will not be shared with other insurance companies? In other words if your safety score drops and "somehow" competing insurance companies find out you are dangerous, you may have a hard time finding a replacement for Tesla Insurance and stay which would be good for Tesla. Then again, I don't have a Ford insurance and I think they are collecting my driving data anyway and may share it with their "partners". I probably should have kept my old rusted truck.

My view is, one day, if Tesla insurance is compelling, but you go elsewhere, good weighting you are not a safe bet.

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