Tesla S Insurance Premiums

Just wanted to hear what everyone is paying for insuring their Model S in California. AAA is charging me $4053 a year!! That is crazy! I have seen some people getting insurance for $1800-2200. When I got my bill the other day I almost fell off my chair. Let me know if their are better rates out there and companies! Thanks

I agree with @cb9. My 85P is 'in production' and I have already gotten a very reasonable quote from my current insurance company, USAA. I do agree that the best 'deals' are available when you have bundled insurance (home, umbrella, etc.)
Rate...about $1,300/year

Allstate charging $790 per 6 months. Was $538 for my 8 year old A6
Seemed fair until I saw others paying almost half...need to shop around.

I cancelled all my Allstate policies after they quoted me almost $900 for 6 months for my MS. I got a quote from Geico for half that price as long as I have multiple cars insured with Geico and tied along with their umbrella policy, which was half the price of Allstate.

I got a quote from Jacob for about $656(Mercury). which is $200+ lower than my current Costco insurance. I found him from other thread on this forum :

Completely state-dependent. In NY, GEICO gave me by far the best quote. Several companies wouldn't even touch it.

I have State Farm in VA with my homeowners and a second vehicle, came in at about 1000$/yr. They have all versions in the computer 40,60,85 P85 so it was a matter of minutes at the office to be done.

My insurance quote was +$67/six months over my old BMW325i. #notcomplaining

USAA, just signed my Model S onto existing account and it is $79 a month more than what I was paying.

BTW I had Geico for my home and after they would not cover some damage due to rot I had it fixed myself out of pocket. At the next renewal they asked me for proof that the repairs had been done and when I refused, they dropped me. For something they wouldn't cover! I will never use Geico for anything!

Good luck everyone. Love my Model S by the way!

Here in Michigan, I just got quoted $1100/yr from Auto-Owners Insurance for a P-85 Model S. They don't seem aware of the Tesla (not in their system) though and I think they based it on the retail price. Apparently they don't do 6 month insurance like they used to. When I go to store it for winter, they will pro-rate it at that time.

Just got a quote from CAAA (I am in the SF Bay Area) for my soon to arrive non-perf, and will be paying $954/year. FWIW, it will be replacing a 2009 Lexus GS450h and my annual rate is only $40 less for the almost 5 year old vehicle.

Farmers Insurance gave me an astronomical quote (400 per month!) and said it's the best they could do until I get a VIN. I'm still waiting on it - delivery end of May.

Is anyone having issues getting quotes without having a VIN?

A VIN appears necessary, and TM has been issuing them earlier to accommodate financing and insurance. But that's to complete paperwork; quotes should be fairly standard by now. Check around; Farmers' sounds inexperienced with Tesla.

I just signed-up with State Farm in the South Denver metro area. $480 for six months with a 60KW MS. Moving from Farmers.

Two existing cars (2011 LEAF and 2000 Honda Odyssey) are $540 /6 months with 21st Century and they don't do Teslas. A friend suggested trying Costco's insurance through Ameriprise. Those two vehicles went down to $287/6 months with $250 deductible on Ameriprise instead of $540 with 21st C. Adding the Tesla P85 made the Costco quote go up to $690/6 months vs. $970 on Geico...Would recommend checking out Ameriprise through Costco...

I am living in Santa Monica, CA and am paying close to $4K a year for my Model S with AAA. I think mostly because I have 2 tickets on my record! Damn it, I am sure I will be getting another one with this Superfast car!!

It's hard to see rhyme or reason in how rates are set. If there are any casualty actuaries lurking here, maybe you can chime in. What I do know is.
1. The original purchase price effects collision coverage cost for the life of a vehicle. See what the collision premiums are for a brand new Honda civic versus a 1995 Range Rover. In most locals, the Range Rover cost 2x more to insure for collision.
2. For some insurers, 'performance' cars add premium.
My past history with an AMG Mercedes was, if I told the agent it was a 'C-Class', one price, if I told the agent it was an AMG, 2x price.
3. Prices can fluctuate by region and time of year as insurance companies try to fill their quota's
4. Mixing multiple coverage (homeowners, umbrella, cars, etc.) spreads risk, and mathematically reduces the insurance company risk and should be passed on in lower total premiums. Insuring separate risks costs more.
5. Points on your license are tallied and will cost you, but the weighting on your bad history differs from company to company.

Moral: The market is inefficient, shop around.

Though sometimes inefficient, insurance is great.


SHOP AROUND like NOW! There is no way that is because of 2 tickets, unless you are like 19. AAA are one of the worst insurance companies IMO, and you are definitely getting ripped off.

Obviously you can afford it, but you shouldn't have to give them so much profit. I would definitely shop around, that is ridiculous.

The critical issue here is to do your own comparison (city,state,driver's history all contribute). Check out Liberty Mutual and push them to use their newest algorithm for insurance estimates. Geico and Statefarm both had Tesla in their systems but i was able to get a better price from Liberty Mutual than either Geico or State Farm.

Florida Residents - I just took advantage of Tyndall Federal Credit Union's 1.29% Auto APR. You can go here to see if you meet the membership criteria:

Looks like parts of Alabama are included too.

I have AAA and our annual premium with full coverage of $500k personal injury and property damage with a $500 deductible is $1063/year.

Just got my quote from MetLife (SoCal)

100/300 coverage 250/500 deductible
<<$1 mil umbrella (This is $149 /year)>>

Total for my MS - $1,008 /year

But MetLife could not pull up anthing on my VIN#. They said it might be wrong. Not sure if I believe them but I’ll check on it.

Anyone got quotes from Harthford ? I spoke with an agent, they never heard of Tesla, its true it was in the evening but their level 2 looked in their data base, didn't showed any Tesla models info.

I have the Hartford in Chattanooga TN. 550$ every six months for 85kw

If you go through BJ's affiliation with Liberty Mutual, they'll offer a reduced group rate for your MS. My limits are 100/300k with full coverage and $500 deductible for $1000/year in NJ.

Geico quoted me 50% more for the same coverage.

Have them look at their 2012 and 2013 model databases. Tesla model years are kind of arbitrary, and listings get confused.

I switched from AAA to Geico for this very same reason 7 months ago when I getting ready to take delivery of the car. Geico was a lot more reasonable

I live in South Florida and have coverage with 21st Century. 2 years ago I switched from GEICO and saved about $1000/year.

I replaced an Infiniti G37 with my MSP85. My 6 month rate went up $80, to $700/6mo. Considering the MS cost a litle over double the cost of the G37, I was very happy with that.

Additional notes:
My 2010 Infiniti QX56 is $560/6mo with the same limits.
21st Century did not have Tesla in their database when I received my car, March 2013. They didn't give me the discounts for airbags, anti-lock brakes, etc. at first. I contacted a rep and informed them of the cars qualifications and they applied the discounts immediately.

for the people who did not mention your deductibles, please do so, because a high deductible means lower premium. Mine is about $1400/year for 2 drivers, at $500 deductible for collision and comprehensive. And the liability limit matters too, I have a higher limit too, This is in northern California.

oops, forgot to say I use Farmers

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