Model S Insurance

[bwa]

Is that the same or different to "agreed value"?

I've been reading that Tesla requires this type of insurance (agreed value), because a minor bump can total the car and the insurance will cover a very low price for this insanely cheap-low-value car model that is worthless because it "total loss"'s so quickly (super rapid depreciation).

Blame Tesla's anti-salvage anti-competition repair racket or not, this still requires heavy duty terms on your coverage, and probably more $ to boot.

 

[spaceballs]

... because a minor bump can total the car ...

Which makes me wonder what going on with this P85, why is Geico putting it up for auction where it appears to only have minor damage.
2015 TESLA MODEL S, 14371096 | IAA-Insurance Auto Auctions

 

[yobigd20]

Which makes me wonder what going on with this P85, why is Geico putting it up for auction where it appears to only have minor damage.
2015 TESLA MODEL S, 14371096 | IAA-Insurance Auto Auctions

There's probably nothing wrong with it. But many insurance companies just declare a bump like this as a total loss because of the price gouging at the certified repair shops. It's probably only a $4-5k fix in reality but the certified chops tend to charge $40-50k instead thus the insurance companies treats it like a salvage.

 

[TwoBit]

Literally 40+ thousand to fix?

 

[yobigd20]

Literally 40+ thousand to fix?

Yes I've seen repair bills for scratches that were $8k, repair bills for bumps like the above around $24-$30k, and there have been a few that were $48k that were NON-structural , so completely cosmetic that were $48k. It's sad but that's the truth. The repair shops seem to try to inflate the bill as high as possible and laugh all the way to the bank because they know the cars can't be repaired anywhere else.

 

[taurusking]

I switched from Geico to Liberty Mutual because they have Better car replacement pkg.

Yobigd20: I hope things change as more MS are being delivered. TM need to address this issue sooner or later.

 

[yobigd20]

I switched from Geico to Liberty Mutual because they have Better car replacement pkg.

Yobigd20: I hope things change as more MS are being delivered. TM need to address this issue sooner or later.

I'm more worried about the repair costs for Model 3. Nobody is going to buy if a scratch is going to result in a total loss salvage vehicle.

 

[AndreyATC]

I'm more worried about the repair costs for Model 3. Nobody is going to buy if a scratch is going to result in a total loss salvage vehicle.

I thought Model # wasnt supposed to be aluminum
So it should cost average price to fix

 

[yobigd20]

So it should cost average price to fix

Ha. Keep telling yourself that. The parts cost from tesla are still astronomical, they still won't sell parts to non certified shops, and the repair shops will charge whatever they want because they can. They know no one else can do the repairs as they aren't certified. It has nothing to do with aluminum vs steel.

 

[ecarfan]

I thought Model # wasnt supposed to be aluminum

No one outside of Tesla knows what the Model 3 body panels are going to be made of. Could be aluminum, could be steel, could be carbon fiber-reinforced plastic, could be plastic like the Saturn, could be...

Of course there has been a great deal of speculation. But it is speculation, not fact.

 

[Andrew Wolfe]

I'm with Geico in Northern CA. $495/6 mo. $300K/100K liability, $1000/1000 deductible. About twice what I pay for a VW Eos and more than 4x what I pay for a Tundra that seldom gets driven (no collision on that one). On the other hand the value of the Model S is 4X the VW and 8X the Tundra.

 

[taurusking]

Ha. Keep telling yourself that. The parts cost from tesla are still astronomical, they still won't sell parts to non certified shops, and the repair shops will charge whatever they want because they can. They know no one else can do the repairs as they aren't certified. It has nothing to do with aluminum vs steel.

Well TM needs to change ^^^^^

People will hesitate to buy Model 3 if the cost to fix the car is astronomical......esp given the fact that GM is coming with Bolt and the cost to fix Bolt might be cheaper ( assumption)

 

[Fezzik]

Liberty Mutual's policy language is "less than a year old, original owner, not leased, and less than 15,000 miles"... just an FYI. And it's a rider for an additional $50-75/year make sure you ask for it, or you don't have the coverage.

Wow. So over a year old, then its no good? Any other type of coverage after the year. I was thinking of calling them.

 

[russman]

Just got my renewal and SON OF A!!

Went from $763 to $975 with no changes or anything.

Liability went up $50, comprehensive went up $40, collision went up $110.

Looks like we're paying the price for all these repair costs....

 

[ArtInCT]

I am a State Farm Agent. What you are describing is the bodily injury liability part of your car insurance policy. This is what the insurance carrier will pay for injuries YOU cause ($250,000 per person, $500,000 per accident). So you ask the question, which one would you opt for. The answer is personal. If you feel you have $250,000 or under of assets and income to protect, go the $250/500 route. If you feel the need to protect 500k of assets and income, go the 500/500 route. If you have assets/income in the 1 mill range, go that route or seek an umbrella from your Agent. This particular coverage has nothing to do with the Tesla and everything to do with the injuries you cause. Hope that helps.

Very Good Advice, and a great explanation as well. Thanks

 

[maddog1762]

Wow. So over a year old, then its no good? Any other type of coverage after the year. I was thinking of calling them.

Its one year newer model and 15000 less mileage, every year you own it. Got to have replacement as the car depreciates rapidily off the lot. If you total it in the first year you will be out tens of thousands of dollars. I think for this price range it is a must have! IMHO

 

[andrewket]

I carry 1k deductibles on my cars. It reduces the premium and I have no concerns about coming up with the funds to cover it should the need arise.

Much to my dismay, my bank is requiring that I reduce the deductible to $500 on my new P85D loan. I understand that they want to make sure that in the event of an accident that the collateral on the loan is protected. What I don't understand is why they would be concerned over my ability to cover $500 (the difference in the deductible) especially since they approved me for a 100% 130k loan. I think I've proven my credit worthiness.

Is there something here I'm missing? This is only the second bank that has asked me to prove that they are listed as the primary beneficiary to the insurance, and the only one that has insisted on a $500 deductible, and I've had 8-10 auto loans over the years.

 

[yobigd20]

I carry 1k deductibles on my cars. It reduces the premium and I have no concerns about coming up with the funds to cover it should the need arise.

Much to my dismay, my bank is requiring that I reduce the deductible to $500 on my new P85D loan. I understand that they want to make sure that in the event of an accident that the collateral on the loan is protected. What I don't understand is why they would be concerned over my ability to cover $500 (the difference in the deductible) especially since they approved me for a 100% 130k loan. I think I've proven my credit worthiness.

Is there something here I'm missing? This is only the second bank that has asked me to prove that they are listed as the primary beneficiary to the insurance, and the only one that has insisted on a $500 deductible, and I've had 8-10 auto loans over the years.

Seems standard practice. My lender requires $500 or better too.

 

[beingpaulp]

Just FYI, I got a quote from MetroMile (pay per mile insurance) $250k/$500k with $1k deductible is $33.88/month + $0.057/mile. I believe they only offer coverage in a handful of states.

 

[breser]

Which makes me wonder what going on with this P85, why is Geico putting it up for auction where it appears to only have minor damage.
2015 TESLA MODEL S, 14371096 | IAA-Insurance Auto Auctions

There's probably nothing wrong with it. But many insurance companies just declare a bump like this as a total loss because of the price gouging at the certified repair shops. It's probably only a $4-5k fix in reality but the certified chops tend to charge $40-50k instead thus the insurance companies treats it like a salvage.

Bump? Minor Damage? Are you guys blind? The left rear wheel appears to be about 5 inches in from the outside of the car from where it should be. I wouldn't be surprised if there isn't major drive unit damage to this car.

Side note, funny to see that they typoed the VIN so it's showing as a 2015 when the door sticker clearly shows this as a March 2014 vehicle.