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Home / Business / How does Tesla's insurance claim to the competition? My case

How does Tesla's insurance claim to the competition? My case



29th August 2019 by Kyle Field


Tesla started his new insurance offer earlier today, and as a Tesla owner in California, it was logical to head off against another online insurance company. Doing so is not an exact science, as concepts, deductibles, coverages, etc. vary slightly from company to company, and it requires a brief glimpse of my life – I apologize for that.

Courtesy of Tesla

] Our Current Insurance

Surely we can add the Mercedes B-Class electric drive that my wife drives to our policy, which gives us a discount on multiple policies. Tesla insurance can only be taken out for Tesla vehicles. This would force us to complete a different policy for each vehicle. As this is a disadvantage that Tesla has decided on, I compare our current insurance price for the Tesla Model 3 with the cost of relocating the Tesla Model 3 to Tesla Insurance.

Currently we pay for our insurance 89.36 USD / month 2018 Tesla Model 3, billed every 6 months. This coverage is divided into a vehicle coverage of $ 322.18 for 6 months and a general liability of $ 214 for 6 months. Together they make 89.36 USD per month.

Going With The Gecko

To get an offer for insurance without discounts, I turned to Geckos Geico. Geico is known to save you 15% or more in 15 minutes. Luckily it did not take that long, but they did not save me any money either. If I just relocated my policy to Geico, I also had to enter my wife's details, probably to explain the fewer miles she'll put on the car without exception.

Since Geico has slightly different policy limits, I had to spend $ 300,000 / $ 500,000 to cover bodily injury (versus the standard $ 250,000 / $ 500,000). By stubbing my data with Geico, we calculated $ 136.63 / month, or $ 819.78 / month, for 6 months.

Tesla Insurance

Switching the same coverage to a Tesla insurance policy is only a matter of a few clicks at tesla.com/insurance and quickly leads to a general offer. By scrolling down, you can tailor the offer to your specific needs by selecting "Adjust Coverage" and adjusting the coverage elements. It's a very similar process to insurance and quickly returns an updated monthly premium.

In my case, the Tesla premium yesterday was $ 142.25, but the company has since apparently updated its pricing algorithm. The update resulted in a new premium of $ 122.42 / month for comparable coverage.

The current rate at Tesla Insurance.

Financial Breakdown

If I discount that on dollars and dollars, the current rate I assure is the best at $ 89.36 per month. The discount on several insurance policies gives the insurance company an advantage over Tesla, but Tesla has chosen this as its business strategy. To be able to move to Tesla in real life, Tesla Insurance has to overcome this discount without being able to add a second vehicle.

Unfortunately I do not seem to make the switch for Tesla Insurance at 122.42 USD / month anytime soon. I could vote the policy with less coverage or higher deductibles to make it work, but it's nonsensical to purposely pay the same for worse coverage, unless other factors matter. Currently, Tesla is above our current insurance policy for our 2018 Tesla Model 3 at $ 33.06 per month.

For a closer comparison of apples to apples, Geico's standalone policy appears to be $ 136.63 per month to be a fair data point. In this case, the Tesla insurance offers a slight discount as it is 14.21 USD / month cheaper.

Nuts and Bolts

Tesla is a new player in the insurance industry, as the price change overnight has proved due to an algorithm update. As with everything done at Tesla, the company takes a different approach, but in this case, the fundamentals remain the same. Can Tesla accelerate repairs for Tesla Insurance customers? If so, this could be an intangible benefit to working with Tesla.

The fact that rental vehicles come from the Tesla fleet is a bonus as it should streamline the rental process and eliminate the problems associated with contracts with an outside company. Refunds, etc. Tesla creates a nice little ecosystem where owners can immerse themselves in seamlessly buying, maintaining, repairing, insuring, and finding a ride in vehicles soon. The potential is clear, but at least for me there is no financial reason to support the switch to Tesla Insurance.

As with many things in the auto world, YMMV. Some Tesla owners have reported significant savings by moving to Tesla Insurance. Some, like me, do not have one. No one outside of Tesla has the overall result or the average savings or losses. As we have often written, you need to check your own personal or household cost estimates when it comes to insurance.


Tags: collision, security, geico, liability, tesla, Tesla Insurance, Tesla Model 3


About the Author

Kyle Field I am a tech geek passionately looking for actionable ways to reduce the negative impact of my life on the planet, saving money and stress to reduce. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. TSLA investor.




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