P90D Auto Insurance

xJPN · Oct 29, 2015

Hello all,

I'm getting my P90D soon and have embarked on the quest for insurance. I currently have Geico and after almost suffering a heart attack when quoted for adding the P90D on to my policy(an extra $2500 per 6 months), I've decided to move on and find something a bit more accommodating. I currently have only one other car that will share insurance policy with the P90D, a 1998 Buick Regal(YEAH ITS DEFINITELY TIME FOR AN UPGRADE).

I have seen some miraculous P90D insurance quotes on forums like $700 per year from Liberty Mutual. While I understand this may be a quote for only a Tesla on a policy by itself, but pardon me that's insanely low. I was quoted a very unattractive $5k-$6k/year(about $500/month) from Liberty Mutual, and similarly from other insurers like progressive, etc.:crying: Really, does having both of my cars on the same policy hurt me so much? I thought insurers liked that and gave nice discounts for it.

I currently live in the Gulf States area, Louisiana to be exact. Not sure how much of a difference it makes but, the Tesla's are as uncommon as snowstorms here(the way I like it actually). But does that affect my insurance costs?

As it may be obvious to see by now, I am no insurance buff. I pretty much go with the status quo with the limits I choose for my policy. That said, I did drop all extra coverage from my Buick when making quotes, since I plan to be driving it alot less.

Here is a list of the insurance limits I've been using for quotes:
Bodily Injury - $100k/$300k
Property Damage - $25k
Uninsured Motorist: $100k/$300k
P90D Coverage
Comprehensive - $500 deductible
Collision - $500 deductible
Regal Coverage
none

Somehow the above configuration always ends up giving me a very large monthly/yearly cost. Is something wrong with the limits I've chosen? Please feel free to critique and let me know! Also, please feel free to share your insurance configuration as well as your monthly/semi-yearly/yearly costs! I just want it to stay as reasonable as possible. If I am in fact doing whats most reasonable(which I doubt) then I will make my pick based on what I've found so far.

Thanks for any help offered:smile:

SabrToothSqrl · Oct 29, 2015

I went with eSurance on my regular S85, and it seemed to be a reasonable price.

slevit1md · Oct 29, 2015

I have Liberty Mutual and I've got no idea how you're getting quoted those numbers! Given, I've got an 85D which isn't as expensive as yours, I still can't imagine what situations would cause your premium to be so high. Just checked my policy and I'm paying $1034/yr for the Tesla. My wife's vehicle is also on the policy ($891 for her car, total $1925 per year). I have 250,000/500,000 coverage on both vehicles, $500 deductible, $100,000 PD. I live in Ohio and Teslas are also very uncommon here. I also have my home owners through them, so getting multi-car, multi-policy, and a few other discounts which aren't really that significant.

Do you have a history of claims in the last few years or any traffic violations? Those can significantly impact your rates. In some cases, a second claim in so many years can raise your rates over 100%.

Max* · Oct 29, 2015

That's ludicrous.

Wait... did you get ludicrous?

Modeler · Oct 29, 2015

Before getting my 85D last weekend, I have obtained quotes from about 10 insurance companies. They all ranged from ridiculous to stupid. However, everyone's circumstances are different, and you really can't compare from one person to the next. I have a 17 year-old new driver on the policy, so it wouldn't make sense to compare to someone who just has two mature drivers on the policy. Having said that, Liberty Mutual was the cheapest for me at about $3,500 a year for 3-drivers / 3 cars. That is, until I got into an accident 3 weeks before picking up my Tesla. Now Liberty Mutual wouldn't even insure me!!!! That's because I have one accident and one ticket. They really do cherry pick. I ended up staying with Geico for now -- increase of $900 for 6 months relative to having my 2013 Lexus GS450h as my vehicle. Call around a LOT!

Max* · Oct 29, 2015

I agree about calling around, my rates are fairly reasonable. I have a 70D and an ICE, 2 drivers, 1 accident, similar coverage $100k/$300k/$100k/$500deductible/$500 deductible, for $1,200 a year. Geico.

When I was still deciding between the 70D and 85D, the quotes for the two were fairly close. It wasn't a huge difference. I never priced out a performance model though.

CHGolferJim · Oct 29, 2015

My order is now confirmed for a 70D. Do you normally wait until the VIN is advised to request insurance quotes?

xJPN · Oct 29, 2015

slevit1md said:
Do you have a history of claims in the last few years or any traffic violations? Those can significantly impact your rates. In some cases, a second claim in so many years can raise your rates over 100%.

I have never even had so much as a speeding ticket<knocks on wood>. Maybe my age? I would hate to think that it would play that much of a factor though it may just be the case. I'm still in my 20s, I have excellent credit (750+), and am financially comfortable with such a purchase as the P90D. I work for a company that gets discounted rates for most insurance firms.

I guess the biggest question I have is why are they quoting me so highly? If I can know the answer to that maybe I'll feel a bit better about paying such high premiums. The thing that gets me the most is that the P90D is not a coupe and shouldn't be classified as a sports car, so insuring it shouldnt be so expensive, right?

Max* · Oct 29, 2015

xJPN said:
I have never even had so much as a speeding ticket<knocks on wood>. Maybe my age? I would hate to think that it would play that much of a factor though it may just be the case. I'm still in my 20s, I have excellent credit (750+), and am financially comfortable with such a purchase as the P90D. I work for a company that gets discounted rates for most insurance firms.

I guess the biggest question I have is why are they quoting me so highly? If I can know the answer to that maybe I'll feel a bit better about paying such high premiums. The thing that gets me the most is that the P90D is not a coupe and shouldn't be classified as a sports car, so insuring it shouldnt be so expensive, right?

low 20s or high 20s? You don't have to answer, but if you're under 25 your insurance premium is going to be sky high. After 25 you'll see a sharp drop.

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CHGolferJim said:
My order is now confirmed for a 70D. Do you normally wait until the VIN is advised to request insurance quotes?

You can shop around now, just tell them it's a Tesla 70D, the quotes will be fairly accurate. Once you have your exact VIN, you can get an exact quote.

CHGolferJim · Oct 29, 2015

Thanks, Max.

McHoffa · Oct 29, 2015

xJPN said:
The thing that gets me the most is that the P90D is not a coupe and shouldn't be classified as a sports car, so insuring it shouldnt be so expensive, right?

But it IS a $130k car that can't be fixed at just any body shop, and can go 0-60 in 2.8 seconds, and can drive itself. I'd expect pricey insurance to be honest.

xJPN · Oct 29, 2015

Max* said:
low 20s or high 20s? You don't have to answer, but if you're under 25 your insurance premium is going to be sky high. After 25 you'll see a sharp drop.QUOTE]

Hmm, perhaps so... I am not yet 25 so maybe that is my biggest problem. Still kinda agitated about it all:tongue: Anywho, I guess I'll just continue to be a cautious driver until then. The car is on its way so there's turning back now, I'll just prepare my mind for a $400 increase a month on insurance. I can handle that so long as I know that it will drop after age 25.

Any thought about having the P90D on a separate policy? Or is it better to just have both cars together?

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McHoffa said:

But it IS a $130k car that can't be fixed at just any body shop, and can go 0-60 in 2.8 seconds, and can drive itself. I'd expect pricey insurance to be honest.

Click to expand...

All very valid points. I did expect it to go up quite a bit actually, just not by $400-$500. However its been revealed that my age may actually be to blame, pity.

Max* · Oct 29, 2015

xJPN said:
Any thought about having the P90D on a separate policy? Or is it better to just have both cars together?

You can shop around for both options and see which works better money wise; but IMO (I'm not in the insurance field) combing cars usually gives a decent discount, so I don't see why/how it would be better to split cars into two policies.

Super_Popular · Oct 29, 2015

Your deductible is too low, it should be $1K. I switched to Naitionwide from Geico. Also, call you local certified Tesla repair shop and see which company pays their overbloated repair costs. Some companies will not pay the hourly rate they charge for Tesla's.

Max* · Oct 29, 2015

Douglas said:
Your deductible is too low, it should be $1K.

Why?

xJPN · Oct 29, 2015

Douglas said:
Your deductible is too low, it should be $1K. I switched to Naitionwide from Geico. Also, call you local certified Tesla repair shop and see which company pays their overbloated repair costs. Some companies will not pay the hourly rate they charge for Tesla's.

I'm with max on this one, why is that? I don't mind having a little higher monthly to pay less out of pocket in an already stressful situation like a collision. I can do $1K but don't feel like its a necessity as it didnt make a significant difference in my quotes anyway.

BertL · Oct 29, 2015

CHGolferJim said:
My order is now confirmed for a 70D. Do you normally wait until the VIN is advised to request insurance quotes?

Yes, as Max* suggests, you can get a quote in advance. I always do with my agent before becoming too set on any new car I may be interested in. While I had no intention of buying a P90D myself, I had a quote for that done along with my 90D several weeks before I placed my 90D order. The "P" was nearly 50% more in my situation -- single driver, over 40, and zero tickets or claims. Point being, model (and model year) of the vehicle makes a difference, as do the driver(s) age, ticket/claim track record, and zip code the car is insured in.

FWIW, many years ago, my rates took a significant drop at 25, then again after 30. When I asked my agent i had in my late 20's, how I could reduce my rate, her response was to get married. Single, young guys were just on average a higher risk than a guy that had a commitment to others in place. Today perhaps there is varied criteria given all our sensitivities and need to be politically correct, but that was it back in the day for me. I also saw significant jumps up and down in price as I moved from city-to-city and State to State over the years, and even zip code to zip code within places like the greater Los Angeles area. Insurance is a crazy thing, and the customer is only part of the way prices are established -- others, and their claims or lack thereof influence our price as well.

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xJPN said:
I'm with max on this one, why is that? I don't mind having a little higher monthly to pay less out of pocket in an already stressful situation like a collision. I can do $1K but don't feel like its a necessity as it didnt make a significant difference in my quotes anyway.

I have maintained $1K deductible for years. For me, I just don't want a claim against my policy that may cause a rate increase, unless it's a big enough claim to really matter -- like over $1K. Again, on my 90D if I wanted $500 deductible, I'd be paying IIRC about 20% more with State Farm.

roblab · Oct 29, 2015

BertL said:
Yes, as Max* suggests, you can get a quote in advance. I always do with my agent before becoming too set on any new car I may be interested in. While I had no intention of buying a P90D myself, I had a quote for that done along with my 90D several weeks before I placed my 90D order. The "P" was nearly 50% more in my situation -- single driver, over 40, and zero tickets or claims. Point being, model (and model year) of the vehicle makes a difference, as do the driver(s) age, ticket/claim track record, and zip code the car is insured in.

Just a gentle reminder: Check other insurers.

Nearly ALWAYS you can get a better quote just by threatening to leave your current insurer. You can rest assured that the longer you have been with an insurer the more likely your rates are higher than they should be. And a BIG name insurer is no better in many respects than the little independent, and often worse.

Sparktz · Oct 29, 2015

I agree with the higher deductible. Assuming that you are a safe driver with few claims, you will save more money in premiums then you will get in benefit from the deductible. Have it quoted both ways, $500 deductible and $1,000 deductible, then take $500 divided by the difference in monthly premium to see how many months you need to go without a claim to come out ahead.

Caligula · Oct 29, 2015

Modeler said:
I have a 17 year-old new driver on the policy,

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