I’m 26 years old, haven’t been in any accidents, and don’t have any speeding tickets. The rate for 500+ dollars a month was from progressive through an insurance agency. I felt like I was getting taken advantage of so I got a quote today from State Farm. There price was better but they are still asking for a lot of money… $420
I asked the reason for it being so high and they claim it’s from Tesla parts being expensive. I’ve asked my friends how much they pay for insurance and it’s usually in the 200s or low 300s. I even spoke to an owner of a cybertruck at the supercharger station and he pays $300 for insurance and his car is worth 5x what mine is.how can I get a cheaper quote.
My quote is for:
Florida driver (Broward county)
Age 26
Owner, not making payments
Bodily injury: 10k/20k
Property damage: 25k
No fault coverage: basic no fault
Comprehensive and collision deductible: 1k
If you have any tips or recommendations for getting a better quote please comment below
Insurance quotes are insanely high for 2021 Tesla model 3 (500+ a month)
byu/papapoptart123 inInsurance
Posted by papapoptart123
12 Comments
Insurance is rated on dozens of factors. Blindly asking somebody else how much they pay isn’t going to prove anything. All you can do is look for more quotes. Your age and he model of car (high repair cost) work against you here. Contact a local independent insurance agent/broker and see if they can find anything more affordable. I’d also caution that while I understand the quotes are really high…..you have dangerously low levels of coverage there. $10k per person and $20k overall coverage for bodily injury is very low. $25k in property liability coverage is very low.
Teslas are expensive to insure for a few reasons, but being a younger driver probably isn’t helping either. I would contact Tesla Insurance (yes, that’s a thing) and see what they can offer. From what I gather, they are usually a lot cheaper.
Source: Insurance Agent
If you scroll through this sub, you’ll see dozens and dozens of posts just like yours. Including lots focused on Teslas having $500 plus per month for basic insurance. You’re not alone, and these days this is what it costs. Teslas are notoriously expensive to fix, and insurance companies need to price that risk accordingly. Add to that the fact that you’re young and in Florida, and you can expect to pay what you’re being quoted likely for a long time. Thankfully, you don’t have claims or tickets, or it would be considerably worse.
Never mind what your friends say they pay, it’s highly dependent on too many factors for a comparison to be worthwhile. If you’ve shopped around, then you know what the rates are.
I would strongly recommend raising your liability limits though, especially if you have any assets to protect now or anytime over the next 10 years. It’s just part of living in Florida and driving a Tesla. Good luck.
There’s a lot of different factors that go into determining Auto insurance rates.
These include your age, your driving history, your zip code, your credit score, the vehicle, your usage of the vehicle, the coverage limits, the amount of time you’ve been with a carrier, the amount of time you’ve been continuously insured, if you own a home or rent, if you have other policies with the carrier, if you have multiple vehicles on the same policy and so on.
So while what other people are paying for coverage may give you an indication of what is a “good” rate it doesn’t affect what your rate is going to be. Timing matters a lot and generally speaking this is the worst insurance market in decades, especially in Florida.
The only real actionable advice is to keep shopping the rate around to every carrier possible, take the best rate you can find and re-shop again in six months. Things may be better then or they may be worse. There’s not much optimism out there that prices are going to drop, only that the increases may not be as large.
10k/20k Property damage: 25k is dogshit coverage ngl.
Florida is high for insurance. You’re relatively young. Any claims? Credit score also plays a factor.
**FYI your limits are *way too low.*** $10k barely covers a single basic emergency room visit. $25k won’t cover you if you total somebody else’s car.
First of all, do not get the state minimum liability coverage. Imagine someone hit your Tesla and only had $20k property damage. Is that enough to fix your car? That’s when you end up throwing away $1,000 on your deductible for something that wasn’t your fault. Or what if they disabled you for life and only had $10k for your medical bills? Your insurance is paying the rest?
Also, one red flag I’m not seeing any mention of insurance history. Are you currently insured??
1. Your state is an auto insurance hello hole.
2. Tesla’s are expensive to repair.
3. You are young.
As others have already said comparing your rates to others is useless. There are so many factors that determine pricing; your friends exposures are not identical to yours.
Increase your liability limits for the love of god
Teslas are expensive to insure, so that’s one thing although I don’t suspect it’s the primary cause unless the carriers you’re quoting simply do not want to insure a Tesla.
How long have you had auto insurance in general, without any lapses?
Best to find an agent or broker to shop across every carrier you can find. If you don’t have any prior accidents/claims/violations in the last 3-5 years and have had continuous coverage for at least 3 years, you could probably find a better rate if you keep trying.
Try Tesla’s own in-house insurance. They have been a lot less from my experience.
Why does everyone always reference someone who’s paying less? What about the people paying more?