2018 Tesla Model S Car Insurance Cost

Searching for lower car insurance rates for your Tesla Model S? Do you get overwhelmed by the number of car insurance choices in your area? You have so many choices to choose from that it can really be a ton of work to find lower premium rates.

This article will help you learn how to effectively get price quotes. If you have car insurance now, you should be able to save some money using this information. Although car owners must understand the way insurance companies sell online because it can help you find the best coverage.

Low cost auto insurance prices

There are multiple methods to compare auto insurance quotes, and some are more efficient than others. You can waste a lot of time talking about coverages with insurance companies in your area, or you could save time and use the web to achieve your goal.

The majority of car insurance companies are enrolled in a marketplace that allows shoppers to complete one form, and every company returns a competitive quote based on that data. This saves time by eliminating quote requests to every company.

To access this free quoting program, click to open in new window.

The one downside to doing it this way is that you can’t choose which carriers to receive prices from. So if you prefer to pick from a list of companies to compare rates, we have assembled a list of auto insurance companies in your area. Click here for list of insurance companies.

How you compare quotes is your choice, just be certain you are entering the exact same coverage data for every quote you compare. If you use different data it will be very difficult to determine which rate is truly the best. Just a small difference in insurance coverages or limits can make a big difference in price. Just keep in mind that comparing more company’s prices provides better odds of finding lower pricing. Some companies don’t provide online rate quotes, so you should also compare price estimates from the smaller companies as well.

Do drivers who switch really save $462 a year?

Big name companies like Progressive, Geico, Allstate and State Farm seem to constantly run television, radio, and online ads. All the companies advertise the message that you can save if you move your policy. How can each company make almost identical claims? This is the trick they use.

Companies look for specific characteristics for the right customer that will most likely be profitable. For instance, this type of risk profile may need to be between the ages of 40 and 55, has never had a claim, and insures a new vehicle. Any person that meets those criteria will qualify for the lowest premium rates and will most likely save money with a new company.

Drivers who do not meet these stringent criteria will probably have to pay more expensive rates which usually ends up with business not being written. The trick companies use is to say “drivers that switch” not “everyone who quotes” will save that much if they switch. That’s why companies can truthfully claim big savings.

This really illustrates why drivers should do a quote comparison often. It’s impossible to know the company that will have better prices than you’re paying now.

Five things that determine your insurance rates

Many different elements are considered when you get a price on insurance. A few of the factors are predictable like your driving record, but some are less apparent such as your marital status or your commute time.

Listed below are a few of the “ingredients” used by companies to determine your prices.

  • Don’t cancel your insurance policy without a new one in place – Allowing your insurance policy to lapse is a sure-fire way to increase your rates. In addition to paying higher premiums, being ticketed for driving with no insurance can result in a steep fine or even jail time. You will then be forced to prove you have insurance by filing a SR-22 with your state DMV.
  • Being married is a good thing – Having a spouse helps lower the price on your insurance policy. Having a spouse demonstrates that you tend to be more mature and responsible and it’s proven that married drivers get in fewer accidents.
  • Your liability insurance limits – The liability coverage on your policy is the coverage that protects you when you are ruled to be at fault for damages from an accident. This coverage provides legal defense coverage to defend your case. Liability insurance is quite affordable when compared with rates for comp and collision, so drivers should carry high limits.
  • Avoid unnecessary extra coverages – Policies have add-on coverages you can purchase if you aren’t careful. Coverages like coverage for rental cars, death and dismemberment, and term life insurance are some examples. These coverages may sound good when you first buy your policy, but now you might not need them so remove them from your policy.
  • How’s your driving record? – Having just one moving violation could increase your next policy renewal to the point where it’s not affordable. Good drivers tend to pay less for car insurance than people who have multiple driving citations. Drivers who get flagrant citations like DUI or reckless driving may need to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to drive a vehicle legally.

You may qualify for discounts

Some insurance providers do not advertise all their discounts very clearly, so we researched a few of the more common and also the more inconspicuous credits available to bring down your rates. If you do not double check each discount possible, you are throwing money away.

  • Discount for Life Insurance – Some companies give better auto insurancerates if you take out a life policy as well.
  • Active Military Service – Being on active deployment in the military may lower your rates slightly.
  • Discount for Swiching Early – A few companies give discounts for renewing your policy prior to your current policy expiration. This discount can save up to 10%.
  • Low Miles Discount – Fewer annual miles on your Tesla could be rewarded with substantially lower prices.
  • Paperless Signup – A handful of larger companies will discount your bill up to fifty bucks for buying your policy on the web.
  • Telematics Data Discounts – Drivers who elect to allow their company to look at where and when they drive by using a telematic data system like Allstate’s Drivewise may get a rate reduction if their driving habits are good.
  • Multi-car Discount – Drivers who insure several vehicles with the same company could earn a price break for each car.

Discounts save money, but please remember that some credits don’t apply to all coverage premiums. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Even though it appears you could get a free auto insurance policy, you’re out of luck.

A list of auto insurance companies and some of the premium reductions they offer are shown below.

  • State Farm offers discounts including safe vehicle, Drive Safe & Save, defensive driving training, good driver, driver’s education, and Steer Clear safe driver discount.
  • American Family may include discounts for defensive driver, good student, early bird, air bags, and good driver.
  • Geico may have discounts that include air bags, good student, federal employee, daytime running lights, multi-vehicle, anti-theft, and driver training.
  • 21st Century offers premium reductions for driver training, early bird, anti-lock brakes, student driver, and theft prevention.
  • Progressive has savings for online signing, multi-policy, multi-vehicle, online quote discount, continuous coverage, and homeowner.

Before buying, ask each insurance company which credits you are entitled to. Some of the discounts discussed earlier might not be offered in your area. To choose auto insurance companies who offer free auto insurance quotes, click here.

There’s no such thing as the perfect auto insurance policy

When choosing adequate coverage, there really is not a best way to insure your cars. Every situation is different.

For instance, these questions may help you determine whether you might need an agent’s assistance.

  • How much liability coverage do I need in my state?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • What are the financial responsibility laws in my state?
  • Can my babysitter drive my car?
  • If I drive on a suspended license am I covered?
  • Do I have any recourse if my insurance company denies a claim?
  • Do I have coverage when using my vehicle for my home business?
  • When should I buy a commercial auto policy?
  • Are my tools covered if they get stolen from my vehicle?

If you’re not sure about those questions but you know they apply to you, you might consider talking to a licensed insurance agent. To find an agent in your area, take a second and complete this form.

Auto insurance coverage information

Having a good grasp of your policy aids in choosing the right coverages and the correct deductibles and limits. The terms used in a policy can be confusing and reading a policy is terribly boring.

Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance kick in for expenses like hospital visits, prosthetic devices and EMT expenses. They are used in conjunction with a health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Comprehensive insurance – Comprehensive insurance covers damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as hitting a deer, rock chips in glass and damage from getting keyed. The highest amount you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage gives you protection when other motorists are uninsured or don’t have enough coverage. It can pay for medical payments for you and your occupants as well as damage to your Tesla Model S.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Collision coverage – Collision insurance pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against things like rolling your car, driving through your garage door, backing into a parked car and damaging your car on a curb. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. Drivers also have the option to choose a higher deductible to save money on collision insurance.

Liability coverages – Liability insurance provides protection from damage that occurs to other people or property that is your fault. This insurance protects YOU against other people’s claims. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/25 which means a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Occasionally you may see a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability insurance covers things such as legal defense fees, pain and suffering, court costs, attorney fees and bail bonds. The amount of liability coverage you purchase is your choice, but you should buy as much as you can afford.

Make a quick buck

People who switch companies do it for many reasons like policy cancellation, not issuing a premium refund, poor customer service and even unfair underwriting practices. It doesn’t matter why you want to switch finding a new company is easier than you think.

In this article, we covered many tips how you can save on 2018 Tesla Model S insurance. The key thing to remember is the more times you quote, the higher your chance of finding inexpensive car insurance. You may even find the lowest premium rates come from a lesser-known regional company.

Cheaper insurance is definitely available online as well as from insurance agents, and you need to price shop both so you have a total pricing picture. Some companies do not offer online price quotes and many times these regional carriers only sell through independent agencies.

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