2018 Tesla Model 3 Car Insurance Rates – 7 Tips to Save

Searching for the cheapest insurance coverage rates for your Tesla Model 3? Cutting costs on insurance coverage can seem to be a challenge for people not familiar with comparing prices online. There are so many companies to choose from that it can quickly become a ton of work to find a cheaper company.

Get lower rates with these seven discounts

Insuring your fleet can be pricey, but you can get discounts that may help make it more affordable. Many of these discounts will be applied automatically when you get a quote, but some must be specially asked for before you get the savings.

  • Student Driver Training – Have your child enroll in driver’s education as it can save substantially.
  • E-sign Discounts – A few larger online companies will give you a small discount for buying your policy on the internet.
  • Student in College – Youth drivers who live away from home to go to college and do not have a car can be insured at a reduced rate.
  • Smart Student Discounts – Maintaining excellent grades can get you a discount of up to 25%. Earning this discount can benefit you until age 25.
  • ABS Brakes – Cars and trucks with ABS and/or traction control can avoid accidents and therefore earn up to a 10% discount.
  • Discount for Low Mileage – Fewer annual miles on your Tesla may enable drivers to earn cheaper car insurancerates.
  • Multiple Vehicles – Drivers who insure all your vehicles with the same company can reduce the rates for all insured vehicles.

Discounts save money, but please remember that some credits don’t apply to the entire policy premium. Most only cut individual premiums such as liability, collision or medical payments. Despite the appearance that all those discounts means the company will pay you, it just doesn’t work that way.

Companies that may include most of the discounts above are:

When comparing rates, check with each insurance company how many discounts you can get. Some of the earlier mentioned discounts might not be offered on policies in your area. If you would like to see a list of car insurance companies with the best car insurance discounts, click here to view.

Where can I get the cheapest auto insurance?

There are a variety of methods to shop for auto insurance, and some are more efficient than others. You can waste a few hours (or days) talking about coverages with local insurance agents in your area, or you can stay home and use the web to get prices fast.

Most of the best insurance companies belong to a marketplace where prospective buyers submit their information once, and every company returns a competitive quote. This saves time by eliminating quote requests for every auto insurance company. To use this form to compare rates click here (opens in new window).

The only drawback to comparing rates this way is that you can’t choose the companies to get quotes from. So if you want to choose specific providers to request quotes from, we have a listing of the cheapest auto insurance companies in your area. Click to view list.

You can use whichever method you prefer to find lower rates, just do your best to enter identical coverages and limits for each price quote. If you are comparing different data it will be nearly impossible to decipher which rate is best. Just slight variations in coverages could skew the results. And when quoting auto insurance, remember that making a lot of price comparisons will increase your chances of finding better pricing.

What is the best car insurance coverage?

When it comes to choosing adequate coverage for your vehicles, there really is no one size fits all plan. Every situation is different.

These are some specific questions might point out whether you might need professional guidance.

  • Why am I required to buy liability insurance?
  • Is my teen driver covered when they drive my company car?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Is my 2018 Tesla Model 3 covered for flood damage?
  • Can my babysitter drive my car?
  • Do I have coverage if my license is suspended?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • What is an SR-22 filing?

If you’re not sure about those questions but a few of them apply, you may need to chat with an insurance agent. If you don’t have a local agent, take a second and complete this form.

Car insurance coverages for a 2018 Tesla Model 3

Learning about specific coverages of your auto insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Liability coverages

Liability insurance protects you from damages or injuries you inflict on people or other property. It protects YOU against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 25/50/25 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged propery.

Liability insurance covers things such as repair bills for other people’s vehicles, funeral expenses, attorney fees and medical services. The amount of liability coverage you purchase is your choice, but consider buying as much as you can afford.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses for things like ambulance fees, X-ray expenses, funeral costs and doctor visits. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP coverage is not an option in every state and may carry a deductible

Coverage for collisions

This pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.

Collision can pay for things like crashing into a building, colliding with another moving vehicle and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. Drivers also have the option to bump up the deductible to save money on collision insurance.

UM/UIM Coverage

Your UM/UIM coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants and damage to your Tesla Model 3.

Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked.

Comprehensive or Other Than Collision

Comprehensive insurance coverage covers damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like a broken windshield, theft, hail damage and vandalism. The most you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Saving money is sweet as honey

Throughout this article, we presented many ideas to get a better price on 2018 Tesla Model 3 insurance. It’s most important to understand that the more companies you get prices for, the better chance you’ll have of finding cheap car insurance. Drivers may discover the lowest priced insurance coverage comes from a small local company.

Insureds leave their current company for many reasons like poor customer service, not issuing a premium refund, delays in paying claims or questionable increases in premium. Regardless of your reason, finding a new insurance coverage company is pretty simple and you could end up saving a buck or two.

As you shop your coverage around, it’s very important that you do not buy poor coverage just to save money. There have been many cases where consumers will sacrifice full coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The goal is to buy enough coverage for the lowest price but still have enough coverage for asset protection.

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