Come to think of it, which car insurance company can provide a more accurate, low rates and safety insurance policies better than the car make? Tesla in August 2019 introduced Tesla’s insurance policy for an alternative model of Tesla vehicles. That said, this post is simply before you because we saw the need to compare how Tesla’s insurance policy price varies by Model.
It will make sense if you read to the end, as this post has statistics, studies, and information found on the Tesla Insurance site. If you are just here to know the average cost of Tesla insurance policy, not to worry. I will sure spill out the data soonest.
But before then, the cheapest model of Tesla car to insure is the Tesla MODEL Y. Of a truth, according to owners of MODEL Y and MODEL 3; it’s cheaper to insure Model Y than Model 3. Although, the model Y is pricey when compared with model 3.
With the above-stated fact, the average cost it will take to ensure a Tesla car is $2,500 to $4,600 annually. It’s no news that Tesla cars are luxury cars. As a result, the cost to repair them in the event of a collision is high. However, the insurance policy cost depends on several factors, including;
- Car model or make.
- The trim of the car.
- Where the car is to ride (for now Tesla insurance policy is only available in California).
- The owners driving history.
- The maximum coverage amount bought.
Tesla Insurance Price – How much does it cost to Insure a Tesla Car?
See, as rightly mentioned above. The cost to insure Tesla car depends on several factors. However, the new model of Tesla (Model Y) is less costly to insure, followed by Model 3. But that’s not all. The surprising thing here is that the highest costly Tesla car to insure is the latest Tesla Model X.
To make it clear to you, when you visit the Tesla website to get insurance quotes. In your own view, you will need to consider your car trim, the amount the car goes for and its features will equal the amount of premium you will pay monthly or annually. In other words, all these things contribute to the insurance coverage cost.
The Best Insurance Company for Tesla Cars Coverage
To start with, three insurance companies at the moment offer or sell policies to Tesla car customers. Namely, Progressive, AAA of Northern California, and GEICO. The question is, among these three companies, which should you turn to for cheap rates Tesla car policies?
To answer you, I will start by saying that all these companies are good. In that, each has its unique selling point or strength when it comes to ensuring Tesla’s car. If I’m to advise you, which I’m already doing, I would suggest you go for GEICO if you have Tesla Model 3 car. More so, if you have model X, I suggest you turn to Progressive. While Tesla offers insurance coverage, I strongly recommend you buy policies from AAA of Northern California, GEICO, and Progressive as their insurance coverage for Tesla cars is more affordable than Tesla’s own car insurance.
Take, for instance, Tesla insurance cost on average $2,450 annually. But when compared with Progressive and AAA Norcal, Tesla is more costly. Although, a cheaper when compared with State Farm, GEICO, Farmers, Allstate, Mercury, and AAA Socal.
With the stated facts above, it’s obvious that a few auto insurers sell low rates quotes to Tesla car drivers than Tesla’s own Insurance. In all, you will do yourself good, if you would compare different quotes from lots of Insurers to pinpoint the exact insurer that offers the best underwriting.
How do I save more with the Tesla Insurance Policy?
Yes, there is always a way out. It’s possible you can save more with Tesla Insurance plans. However, as it stands right now, the company is about to embark on a three ways strategy on how they can cut down the cost of insurance for their customers. In detail, among the newly but yet to be implemented premium cut down are;
- First, a reduction in repair costs.
- Second, an autopilot discount for autopilot Tesla cars
- Finally, cutting down on the insurance company’s commissions.
When Tesla implements all policy special package. Of no doubt it will cut costs, however, there will still be other insurance companies that will want to compete with Tesla.
According to Tesla on the day Elon Musk announced the Tesla Insurance coverage “Starting today, we’re launching Tesla Insurance, a competitively priced insurance that offers Tesla owners with up to 20% lower rates. More so, in some cases as much as 30%.” More vividly, quoting by his words, “Tesla Insurance offers comprehensive coverage and claims management to support our customers in California, and it will expand to additional U.S. states in the future”.
Tesla Insurance Discounts
In other to beat the competition game, Tesla has decided to offer several policy discounts to customers. Although, there are eligibility conditions attached. However, Tesla strives to make its insurance more affordable by cutting offering;
- Anti-theft device discount
- Multi-policy discount
- Good driver discount
- Persistency/loyalty discount
- Mature driver improvement course discount.
- Air bag discount
- Group rate discount
Tesla Insurance Coverage/Products
Like you saw above, Tesla offers different insurance discounts appealing enough to entice customers. But is that all? No. Tesla went extra further to providing special coverage for Tesla drivers, which is why most Tesla car owners choose the options to opt-in to another insurer any moment they feel like.
Thus, Tesla insurance service offers automation packages like;
- Tesla drivers get an electronic key replacement in the event they lost their Tesla car keys. Thus, drivers can access up to $500 to cover their car keys lost. However, you can only claim two car keys per policy bought.
- In the event, your electronic power charge got damaged, loss, or theft. Tesla drivers can access up to $3,000. However, if the charger got damaged because of manufacturers’ defect or driver’s negligence. I’m afraid you might not be able to access this coverage.
- Tesla also covers for Cyber identity fraud expenses, in the event you encounter any digital identity fraud. But you only access $15,000 each time it happens. At each policy, the period can only cover up to $30,000.
- The best coverage for the car owner. Tesla did well to cover bodily injury and property damage when your car is in autonomous vehicle mode from level 2 or higher. It’s called Autonomous Vehicle Owner Liability.
- Tesla offers roadside assistance coverage in the event the need for any roadside help arises.
- If someone steals your car, there is a coverage that offers a loan or lease gap, which is the current amount your stolen car is worth and how you left in your loan repayment.
- If you happen to barge collision and your Tesla car is under repairs. Tesla offers customers Rental reimbursement to cover the cost of a car rental while yours get fixed. However, this policy is only available on comprehensive coverage.
- In the event you lost your car totally in a collision, Tesla offers a Total loss deductible waiver.
Why Tesla Insurance so High?
First, you need to know that Tesla cars are tech-driven. Thus, the cost of repairs, rear body parts, and the limited approved Tesla repair shops or service centers combined are all reasons Tesla cars are expensive to insure. So, for Tesla to offer coverage that insures collision, all these expenses need to be in view.
Yes, you might ask; is the technology built-in features in Tesla cars not helping to reduce the rate of car crashes or accidents? The truth is that it does. However, that doesn’t mean a Tesla car will never get into a crash, especially when it’s not in autopilot driving mode.
InsureMyTesla—Tesla Car Insurance 2020
Recently, infant to be precise, as of July 2020, Tesla announced that it’s going to stop its standalone insurance policy in the United States to partner with Liberty Mutual. These latest changes gave rise to the new Tesla Insurance coverage called InsureMyTesla.
The IinsureMyTesla is a new policy that Tesla owners both new and existing customers or Tesla drivers can enroll in to cover their Tesla cars.
File a claim with InsureMyTesla
Tesla car owners can file a claim in three ways. In all the three claim process, you will need to reach Liberty Mutual.
First, file a Claim Online – you can make a claim using the Liberty Mutual online portal when you sign in or log in with your account credentials; username, and password.
Second, file a claim via Phone – you can place a call to a Liberty Mutual representative at 844-825-2467.
Finally, file a claim via Mobile App – apart from filing a claim through the Liberty Mutual App. Also, you can report accident details at your convenience directly from your phone. But you will need to download the mobile app on App stores like Google play store for Android and Apple app store for iOS devices; iPhone and iPad.
How to Sign Up for InsureMyTesla Car insurance
First, I will suggest you need to get a quote first from different insurance companies and know which company offers the best coverage before you can apply for the Tesla insurance policy.
That said, you can start with InsureMyTesls. Visit the online portal and get a quote or call 800-699-5860.
Here are the simple steps to take;
- Visit the Liberty Mutual partner page.
- Second, enter your ZIP code.
- After which, choose Auto and other bundled policy (depending on what you need or coverage)
- Next, you will need to click Get a quote.
- On the next page, you will need to enter your information.
- After you key in your info, tap on the Save button.
- Next, click continue, and input your vehicle and driver’s details.
- Tap on the save button and hit on continue.
- Finally, you will need to choose your coverage and choose payment means.
- Fill in your payment details and click buy policy.
Over to You
At this point, I would say thank you for reading. Don’t forget to use the comment box below. That’s if you have questions or would like to drop a comment.