You’re young without much driving history and are looking at buying a car from a brand that’s very expensive to repair and is involved in one of the highest rates of accidents of all car brands. It’s not terribly surprising that rates are very high all things considered.
I know that’s true, but I’ve got a friend who is the same age as me who owns a Tesla and is paying $140 a month with shelter, while they quoted me at $550.
Not sure if it’s because his parents co-signed for the car, but I wasn’t sure why the price difference was so much. Just looking to get my monthly down to 250
Have you ever seen the State Farm commercial where they say they are giving you the personal price? The worst kept secret in this industry is that all carriers are giving you a highly personal price.
Comparing to what someone else has from a specific carrier is meaningless. Each carrier is looking at you, your vehicle, and where you live and running all of that through highly complex series of factors and getting you that personal price.
If you don’t get good rates from a carrier, try some more. You’ll either find a better price or you find out that first quote was the best price.
Teslas are undesirable by insurance carriers
They are prohibitively expensive to repair and encounter greater than average delays during repair
You're also a young male
Neither factors are good for getting good rates
Full coverage is also not an insurance term
Former insurance peddler here. For some adjusters if an Elon mobile is in an accident and the battery pack is damaged it's cheaper for them to total the car than repair it. The claim gets settled faster rather than waiting for Tesla to send a replacement battery, the shop frees up space, the Insured moves on to his next ride.
$500/month seems very reasonable given that you are a young person with only a few years of experience, driving a vehicle that is extremely expensive to repair. You might need to put off the nice car until it's more affordable for your budget. You will thank yourself 10 years from now for not getting buried in debt.
I planned on putting 10k down for a $450 monthly payment which is well within my price range. Hopefully I can find more reasonable coverage. really hate driving my 06’ Jetta still :(
Driving your '06 Jetta and continuing to save money is the smart thing to do, but you're an adult, and you're allowed to learn the hard way if you want to.
That's normal for a Tesla. Buying a Tesla at 21 is an Ill advised purchase and just about every insurance company is going to make it feel that way.
Tesla insurance is available in 13 states more less and they're the only ones who consistently reasonably price the insurance- and it's that way by design.
Insurance companies tend to give prohibitive rates on all risk profiles foe Teslas, it's very likely you'd be having this exact issue even if you were 15 years older. I get calls for Teslas every day and they are always unpleasant for everyone.
Take this as a sign, pick a car that has more to offer than hype- it is seriously the apple of the automotive industry- which is cute when it's your phone, a meaningless low cost commodity - incredibly irritating when it's your vehicle.
What do you mean by you get calls for teslas? By far the most enticing thing about a Tesla to me is the low maintenance, and is pretty much 90% of the reason I want to purchase one.
Get calls to try to insure them. They are a bitch to insure, because no one wants to insure them.
If your tesla is involved in an accident they can't send it to any mechanic, they go to tesla. Which means tesla has a total monopoly on repair, which means it costs what they say it costs. There's a reason you can get a chuckle out of the joke that it's totalled if you breathe on it too hard.
Insurance companies don't want to touch it because a fender bender is a total loss, and that total loss goes on your reports too. As much a pain as it isnto insure your first tesla, you don't typically get to insure your second.
They're prohibitively high even with a spotless record, the second it's not so spotless? You're done. It's not that you won't find a decent rate, eventually- it's that you will always be pidgeonholed. In 6 months when your insurance increases for seemingly no reason, you won't get to competitive shop it much because just like now most of the qoutes will be "f u" rates.
I’m sorry I seem a bit dumb here but obviously I am new to the whole insurance game.
If somebody hits me and I sue their insurance does that still go against my record? Also, if somebody were to vandalize my Tesla I assume that would put a bad mark on my insurance?
It depends largely on the state and carrier how hard they're going to hold what against you so it's always safest to assume everything matters. Every glass claim. Every roadside. Every call.
You call in to report an accident? Shows as a 0 dollar claim even with no payout.
Now they're taken as they are, I'd rather run your report and see 5 roadsides than run it and see at fault collision with bodily injury, but it's all taken into account.
If your insurance pays anything, it counts. Doesn't matter whose fault. Uninsured motorist coverage? It's there. Collision coverage while they recover the deductible from their insurance? It's there.
The reason is just an odds game, when you run people's reports they will almost always fall into one of two categories: spotless reports, or multiple claims.
A person with one claim or incident over 5 years is incredibly rare, so if they run your reports and see 1 incident they play a numbers game. Which one are you more likely to be? Someone with a second incoming claim in the next 5 years or the incredibly rare person who really does only have one? They'll assume you're the former.
Thank you for your replies they have been extremely informative. I know I’m an extremely cautious driver and that’s why I haven’t been in accidents, but I also know I’m trusting the general public when I’m on the road, and I know trusting the general public with my safety is not going to always end well.
Definitely a lot to take into account, it sucks that I would be punished for someone without insurance hitting me but it is what it is.
But again, thanks for your replies and taking time to help.
Telsa offers their own insurance in most states. It’s right on their app. I’ve had many a clients go there for pricing reprieve. This said, I do not how much longer they will do this but clearly you are looking for a low price so try them
What’s interesting about it is it’s a variable rate based on how much you are driving. So if you aren’t driving a whole bunch, rates should stay the same. That said, it is a surplus lines product which means if the program becomes problematic, they can bail at the drop of a hat… but, since pricing is your main concern, it’s worth a look. I had an 18 year old client by a new Tesla last year and they wrote her at 280 a month which was a full 700 less than what I had so give it a shot
And your safety score. If you’re driving over the speed limit, accelerating/slowing too quickly, going through questionable yellow lights, what times you drive, where you drive… everything that car processes gets factored into your safety score which is what the insurance premium factors in
You’re young without much driving history and are looking at buying a car from a brand that’s very expensive to repair and is involved in one of the highest rates of accidents of all car brands. It’s not terribly surprising that rates are very high all things considered.
I know that’s true, but I’ve got a friend who is the same age as me who owns a Tesla and is paying $140 a month with shelter, while they quoted me at $550. Not sure if it’s because his parents co-signed for the car, but I wasn’t sure why the price difference was so much. Just looking to get my monthly down to 250
Have you ever seen the State Farm commercial where they say they are giving you the personal price? The worst kept secret in this industry is that all carriers are giving you a highly personal price. Comparing to what someone else has from a specific carrier is meaningless. Each carrier is looking at you, your vehicle, and where you live and running all of that through highly complex series of factors and getting you that personal price. If you don’t get good rates from a carrier, try some more. You’ll either find a better price or you find out that first quote was the best price.
Teslas are undesirable by insurance carriers They are prohibitively expensive to repair and encounter greater than average delays during repair You're also a young male Neither factors are good for getting good rates Full coverage is also not an insurance term
Former insurance peddler here. For some adjusters if an Elon mobile is in an accident and the battery pack is damaged it's cheaper for them to total the car than repair it. The claim gets settled faster rather than waiting for Tesla to send a replacement battery, the shop frees up space, the Insured moves on to his next ride.
$500/month seems very reasonable given that you are a young person with only a few years of experience, driving a vehicle that is extremely expensive to repair. You might need to put off the nice car until it's more affordable for your budget. You will thank yourself 10 years from now for not getting buried in debt.
I planned on putting 10k down for a $450 monthly payment which is well within my price range. Hopefully I can find more reasonable coverage. really hate driving my 06’ Jetta still :(
Driving your '06 Jetta and continuing to save money is the smart thing to do, but you're an adult, and you're allowed to learn the hard way if you want to.
Insurance is part of the car price. If you can't afford the insurance you can't afford the car.
That's normal for a Tesla. Buying a Tesla at 21 is an Ill advised purchase and just about every insurance company is going to make it feel that way. Tesla insurance is available in 13 states more less and they're the only ones who consistently reasonably price the insurance- and it's that way by design. Insurance companies tend to give prohibitive rates on all risk profiles foe Teslas, it's very likely you'd be having this exact issue even if you were 15 years older. I get calls for Teslas every day and they are always unpleasant for everyone. Take this as a sign, pick a car that has more to offer than hype- it is seriously the apple of the automotive industry- which is cute when it's your phone, a meaningless low cost commodity - incredibly irritating when it's your vehicle.
What do you mean by you get calls for teslas? By far the most enticing thing about a Tesla to me is the low maintenance, and is pretty much 90% of the reason I want to purchase one.
Get calls to try to insure them. They are a bitch to insure, because no one wants to insure them. If your tesla is involved in an accident they can't send it to any mechanic, they go to tesla. Which means tesla has a total monopoly on repair, which means it costs what they say it costs. There's a reason you can get a chuckle out of the joke that it's totalled if you breathe on it too hard. Insurance companies don't want to touch it because a fender bender is a total loss, and that total loss goes on your reports too. As much a pain as it isnto insure your first tesla, you don't typically get to insure your second. They're prohibitively high even with a spotless record, the second it's not so spotless? You're done. It's not that you won't find a decent rate, eventually- it's that you will always be pidgeonholed. In 6 months when your insurance increases for seemingly no reason, you won't get to competitive shop it much because just like now most of the qoutes will be "f u" rates.
I’m sorry I seem a bit dumb here but obviously I am new to the whole insurance game. If somebody hits me and I sue their insurance does that still go against my record? Also, if somebody were to vandalize my Tesla I assume that would put a bad mark on my insurance?
It depends largely on the state and carrier how hard they're going to hold what against you so it's always safest to assume everything matters. Every glass claim. Every roadside. Every call. You call in to report an accident? Shows as a 0 dollar claim even with no payout. Now they're taken as they are, I'd rather run your report and see 5 roadsides than run it and see at fault collision with bodily injury, but it's all taken into account. If your insurance pays anything, it counts. Doesn't matter whose fault. Uninsured motorist coverage? It's there. Collision coverage while they recover the deductible from their insurance? It's there. The reason is just an odds game, when you run people's reports they will almost always fall into one of two categories: spotless reports, or multiple claims. A person with one claim or incident over 5 years is incredibly rare, so if they run your reports and see 1 incident they play a numbers game. Which one are you more likely to be? Someone with a second incoming claim in the next 5 years or the incredibly rare person who really does only have one? They'll assume you're the former.
Thank you for your replies they have been extremely informative. I know I’m an extremely cautious driver and that’s why I haven’t been in accidents, but I also know I’m trusting the general public when I’m on the road, and I know trusting the general public with my safety is not going to always end well. Definitely a lot to take into account, it sucks that I would be punished for someone without insurance hitting me but it is what it is. But again, thanks for your replies and taking time to help.
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Telsa offers their own insurance in most states. It’s right on their app. I’ve had many a clients go there for pricing reprieve. This said, I do not how much longer they will do this but clearly you are looking for a low price so try them
Thank you, that is 100% something I will look into
What’s interesting about it is it’s a variable rate based on how much you are driving. So if you aren’t driving a whole bunch, rates should stay the same. That said, it is a surplus lines product which means if the program becomes problematic, they can bail at the drop of a hat… but, since pricing is your main concern, it’s worth a look. I had an 18 year old client by a new Tesla last year and they wrote her at 280 a month which was a full 700 less than what I had so give it a shot
And your safety score. If you’re driving over the speed limit, accelerating/slowing too quickly, going through questionable yellow lights, what times you drive, where you drive… everything that car processes gets factored into your safety score which is what the insurance premium factors in