Model S Insurance

[swegman]

I live in the Washington D.C. area (actually a surburb of MD, about 20 minutes outside of DC). I've been with Amica since 1985, and have been happy with them. They are a mutual insurance company and alternate between first place and second place with USAA each year. I told them the car would cost between 80K and 110K depending on options (looking at Signature perrformance model). I don't think they are as concerned about theft of the entire car, as they are about break-ins and the resultant damage. People will rip out the touchscreen, etc. and later learn the items are useless. But the cost to repair the car could be huge.

As for the comment that the car got a five star rating, has anyone actually seen that rating. AFAIK, all we have is a statement from Elon. I don't think the insurance institute has crash tested a car yet to make their determination. And yes, the quote is for a year policy.

 

[Todd Burch]

The Model S is not the only car with a touchscreen. It's not the only aluminum body car. In fact, an Audi or BMW in a similar price range would probably sustain about the same overall potential damage from a financial standpoint in a break-in. (The Model S interior is pretty basic, and the touchscreen is worth probably no more than a few hundred bucks).

The "no theft or accident history" claim is pure BS. That's why safety tests are performed. Did they acknowledge the outstanding performance in crash tests? Why would this car be any more likely to be stolen than any other in its class?

Due to overall lower popularity in EVs among the general population, you'd think the Model S would be LESS likely to be stolen.

I almost wonder how much the oil companies are paying the insurance companies...but I try not to spin off baseless conspiracies!

 

[Todd Burch]

As for the comment that the car got a five star rating, has anyone actually seen that rating. AFAIK, all we have is a statement from Elon. I don't think the insurance institute has crash tested a car yet to make their determination. And yes, the quote is for a year policy.

The actual "star rating" has not been determined, but video of the crash tests and documents of the government crash test results are surely available to the insurance company. Lack of an accident history is no excuse.

Another point: a good insurance company will also recognize the relative few numbers of these cars, therefore acknowledging any risk as being spread among a larger pool of people. As mentioned, this means the rates should be able to be started out relatively low and only raised if a risk analysis warrants an increase in premiums.

 

[goyogi]

I live in the Washington D.C. area (actually a surburb of MD, about 20 minutes outside of DC).

D.C.? Well, there you go. I'd jack up your rates for living in the highest criminal rate in the U.S.

 

[Grendal]

Your insurance company might be one of the best in general but they seem to be dropping the ball on this one simply because of their lack of information. You are a valuable customer and for them to assign you an exorbitant rate for their ignorance is bad customer service. Their fears are unfounded - no one can steal your Model S because of its built in security systems. How do they break into a car that has no door handles? Yes they can break the window, but that is too noisy and obvious. How do they jump start an EV? Too complex - won't happen. Not to mention the overall 5 star crash rating. No, they're just making you pay for their ignorance. Go to one of the other major companies and get a quote from them and show it to your company. They'll want to keep your business. If they don't fight for you, then you should probably go to a different company where the service is better. Don't hesitate to go to a manager or supervisor to get what you want. Sorry for the rant...

 

[78Lion]

I also live in the DC area. I plan to sell my 2003 MB E320 and replace with a 85ish K Model S. USAA quoted a difference in premium of $125 every 6 month.

 

[NuclearPowered]

Has anyone with USAA gotten a quote yet?

 

[Iz]

There are always going to be thieves that will steal one type of vehicle or another. Security systems can be foiled. It all depends on how much they want the vehicle. If they cannot start it, they will tow it somewhere. Many stolen high-end cars are shipped overseas. The touch screen issue would have been moot if it were a detachable unit one can take with them. If Model S is successful and sales increase, there will eventually be a demand for parts ranging from the smallest component to body panels and battery packs.

 

[W.Petefish]

Your insurance company might be one of the best in general but they seem to be dropping the ball on this one simply because of their lack of information. You are a valuable customer and for them to assign you an exorbitant rate for their ignorance is bad customer service. Their fears are unfounded - no one can steal your Model S because of its built in security systems. How do they break into a car that has no door handles? Yes they can break the window, but that is too noisy and obvious. How do they jump start an EV? Too complex - won't happen. Not to mention the overall 5 star crash rating. No, they're just making you pay for their ignorance. Go to one of the other major companies and get a quote from them and show it to your company. They'll want to keep your business. If they don't fight for you, then you should probably go to a different company where the service is better. Don't hesitate to go to a manager or supervisor to get what you want. Sorry for the rant...

I agree fully.

 

[AustinPowers]

When I'm reading about these insurance premiums my hairs stand on end. Really, I thought car insurance premiums in Germany were expensive, but obviously I had no idea how lucky we are with what we have to pay for our two cars. Incredible.

 

[tennis_trs]

...The touch screen issue would have been moot if it were a detachable unit one can take with them...

I've had detachable stereo face plates before and never detached them since it would have been too much of a hassle; there's no way I'd bother detaching a 17" display regularly (or at all).

 

[Todd Burch]

I've had detachable stereo face plates before and never detached them since it would have been too much of a hassle; there's no way I'd bother detaching a 17" display regularly (or at all).

Not to mention that items that are detachable from a car are not considered fixed accoutrements and often are not covered by car insurance if stolen.

 

[kevincwelch]

I called Farmer's today and inquired.

The Model S is not in their system yet, so the rep could not give me an estimate. However, she did state that the 6mo rate for the Roadster was $1765.

That's insane considering I ensure two cars for $650 every 6m.

She stated she will be calling me back with a rate if they can get a specific one.

EDIT #1: Called USAA. Fortunately I qualify under my father's service. They quoted me $795 per 6m for the Model S with a $1000 deductible, $500K property, $500K medical per person, $1M in property.

EDIT #2: State Farm: $758/6mo

Edit #3: Farmers -- coming soon

 

[Trnsl8r]

I had a different experience. My state farm agent quoted me in the mid 700's, less if not primary vehicle. That was for a non-performance 85kwh. Think you need to shop around...

I should clarify (as my agent did) that this was for six months. Still less than $1800/year though.

 

[Trnsl8r]

When I'm reading about these insurance premiums my hairs stand on end. Really, I thought car insurance premiums in Germany were expensive, but obviously I had no idea how lucky we are with what we have to pay for our two cars. Incredible.

Well in Europe, two insurance companies would use computers and phones to settle claims between themselves. Over here they don't do that, they need lawyers and a courtroom, therefore costs go up.

I had a friend in Wisconsin whose insurance company's agent actually encouraged her to sue him, as he knew that was the only way to come to a final conclusion on a claim. Might as well skip the foreplay and do that right away...

 

[Lyon]

Well in Europe, two insurance companies would use computers and phones to settle claims between themselves. Over here they don't do that, they need lawyers and a courtroom, therefore costs go up.

I had a friend in Wisconsin whose insurance company's agent actually encouraged her to sue him, as he knew that was the only way to come to a final conclusion on a claim. Might as well skip the foreplay and do that right away...

The biggest difference is the medical cost. In Europe it's not necessary to sue in order to figure out IF the medical bills are going to be paid. Our auto insurance rates could go down dramatically if all we were insuring was the value of the car!

 

[mlascano]

I got a prelim quote from My Farmers agent based on a beta VIN, $850 for 6 months (this is with me having 2 other cars insured with them, clean record).
I will most definitely shop around.

 

[Todd Burch]

Just got a preliminary quote from USAA for $588 for 6 months.

I'm a 32-year old married male, clean record (no claims), and the Model S will be the second car on the policy. I live in a suburban to rural area outside of Norfolk, VA, and expect to drive about 13,000 miles a year.

Edit: The operator on the phone didn't know what I was talking about. "Tefla, as in Foxtrot?" she asked.

"Tesla, as in Sierra" I responded.

"How many cylinders?"

"Zero, actually."

She said she was intrigued and then looked the car up on the internet...and said "it's a good looking car!"

Probably didn't decrease the wait time for the others on hold, but maybe just got someone else talking about the car. I love USAA...

Edit Again: This was for the 85kWh standard version (not performance).

 

[jomo25]

"How many cylinders?"

"Zero, actually."

Classic. I love it.

 

[vfx]

We went through this with the Roadster. (including the "no cylinders" and the agent looking it up and loving it). There were a few crazy high prices with carbon fiber and the the unknown of an electric car. After a year or so they all settled in with reasonable prices comparable to other similarly priced cars. (even though the aluminum frame could make an entire car toast after a good hit). If you are not happy call around and/or check back in 6 months and one year to ask for a reduction.