Tesla Insurance

Tesla Insurance

Author
Discussion

Heres Johnny

6,204 posts

89 months

Sunday 8th November 2020
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I’d have agreed with the ‘Tesla drivers show restraint’ point of view until 6 months ago, but the worst pieces of driving I’m seen in the last few months have all been by people in Model 3s

I think those that like to be knobbish in quick cars are migrating to Tesla and will start to taint it for everyone just like not all BMW drivers fail to use indicators or Audi drivers like to tailgate.

Digga

32,855 posts

248 months

Wednesday 11th November 2020
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Bobtherallyfan said:
TheRainMaker said:
Why on earth are these cars so expensive to insure?

Is it all electric cars or just Tesla models?
Given that a large number of Tesla drivers seem to think it’s a matter of honour to show the masses how quick their cars are, I’m not surprised insurance companies are considering them a relatively high risk.
Nothing to do with that. Our company fleet insurers NFU, certainly as of last year, would not cover Telsa, for one simple reason; the time and cost of repairing them if they were involved in a collision. Parts availability, time to repair and cost of were the single issue.

Heres Johnny

6,204 posts

89 months

Wednesday 11th November 2020
quotequote all
Digga said:
Bobtherallyfan said:
TheRainMaker said:
Why on earth are these cars so expensive to insure?

Is it all electric cars or just Tesla models?
Given that a large number of Tesla drivers seem to think it’s a matter of honour to show the masses how quick their cars are, I’m not surprised insurance companies are considering them a relatively high risk.
Nothing to do with that. Our company fleet insurers NFU, certainly as of last year, would not cover Telsa, for one simple reason; the time and cost of repairing them if they were involved in a collision. Parts availability, time to repair and cost of were the single issue.
They’ve not done that because they’ve heard rumours, NFU were one if the go-to Teslas insurers a few years ago so I suspect this is based on bitter experience. Aa lot of the finance companies got burnt in residual values which is why pcp aren’t that common too

andy43

7,306 posts

219 months

Wednesday 11th November 2020
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That's probably right - it's not the driver risk or the actual cost of fixing them it's the hire car costs while they're waiting on parts for months.

audi321

4,235 posts

178 months

Thursday 12th November 2020
quotequote all
Heres Johnny said:
I’d have agreed with the ‘Tesla drivers show restraint’ point of view until 6 months ago, but the worst pieces of driving I’m seen in the last few months have all been by people in Model 3s

I think those that like to be knobbish in quick cars are migrating to Tesla and will start to taint it for everyone just like not all BMW drivers fail to use indicators or Audi drivers like to tailgate.
Hmmmmmm, maybe. Kinda ties in with the M3 release, so maybe there's a difference between the average MS/MX driver, and the M3 driver!

Back on topic, the sensible insurers seem to recognise the safety features on the car (autopilot, collision avoidence etc), NFU and others clearly don't.

To add fuel to the fire, I had a rear end shunt on my MS last year (nothing serious at all) but the car was off the road for 4 months and I was given a MX for 4 months on hire (must have cost '000s!). They couldn't get the parts from US.

LimJim

2,274 posts

7 months

Thursday 12th November 2020
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I had a no fault Tesla collision. Yes parts were slow. About a month. Painless otherwise.

No increase in premium this year, 650.

Antimpman

4 posts

15 months

Wednesday 13th January
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I have just tried a comparison site for base Tesla Model 3 and the cheapest quote was £2,615.53 with £250 excess. Over 10 years NCB but I suppose being 76 years old mitigates against me somewhat, but it shouldn't! More investigating to do.....Saga?!

Cheers

Ant

limpsfield

5,091 posts

218 months

Thursday 14th January
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I found comparisons sites very poor for my Model 3 - LV direct from their website were the best option, although I already have another car with them.

Lim

2,274 posts

7 months

Thursday 14th January
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Antimpman said:
I have just tried a comparison site for base Tesla Model 3 and the cheapest quote was £2,615.53 with £250 excess. Over 10 years NCB but I suppose being 76 years old mitigates against me somewhat, but it shouldn't! More investigating to do.....Saga?!

Cheers

Ant
Please try Churchill and report back? You might need to bump excess 500 quid or so.

Edited by Lim on Thursday 14th January 14:36

NDA

17,914 posts

190 months

Thursday 14th January
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I got dozens of quotes for my Tesla - I went with Direct Line in the end. I believe they are the 'preferred' insurance partner for Tesla. My broker who does all of my insurance didn't even want to try quoting - advised me to go direct to Direct Line.

Churchill were a little cheaper.

Without looking it up, I think the DL premium is £420 a year, Churchill were just under that - around £390 from memory.

gangzoom

3,881 posts

180 months

Tuesday 2nd February
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I must be getting old, insurance renewals this year has taken a big step down, excess of £350 - Had to check I put in my age and details correctly!! Cannot complain smile.


DaveH23

2,865 posts

135 months

Tuesday 2nd February
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TheRainMaker said:
Why on earth are these cars so expensive to insure?

Is it all electric cars or just Tesla models?
As mentioned above, lead times on repairs due to parts being difficult to source can lead to increased insurance claims for hire cars during repair period.

Antimpman

4 posts

15 months

Wednesday 3rd February
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Lim said:
Please try Churchill and report back? You might need to bump excess 500 quid or so.

Edited by Lim on Thursday 14th January 14:36
I've not tried Churchill - or any other insurer - as I am still not totally convinced that the time is right for EVs and also the pandemic has made life a bit tricky.

Zoon

5,005 posts

86 months

Monday 22nd February
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Got a quote for £370 a year for LR M3. 43 years old

Heres Johnny

6,204 posts

89 months

Monday 22nd February
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Telling the world your insurance quotes doesn't generally help that much.. a 43 year old driving 6k a year, is a judge, lives in a gated community with a policeman stationed outside in a low risk part of the country and 20 years NCD is likely to get a better deal than a 43 year old ex convict doing 50k a year delivering for amazon when they're not drug running and usually parked in a crime hotspot with 4 at fault accidents in the last 2 years and has been banned from driving several times . Context is everything

Lim

2,274 posts

7 months

Monday 22nd February
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Or if you don't want to share context, share price of a shed you have had insured at same postcode.

P1ato

307 posts

93 months

Tuesday 23rd February
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Churchill £319 but with £450 compulsory excess. Model 3 LR arrives next week.
Limited to 6,000 miles per year.
50 year old in London with 20+ year NCB.
I pay £200 for a Mini Cooper and £270 for a Range Rover so not too bad given the road tax saving.

gangzoom

3,881 posts

180 months

Wednesday 24th February
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Lim said:
Or if you don't want to share context, share price of a shed you have had insured at same postcode.
Our X was £70 more to insure than our Lexus IS300H, not too bad I would say. 12 year old Mazda 6, first automatic renewal price came back at £560, £230 MORE than the Tesla.....You have to wonder kind of crazy formulas insurance companies use to come up with these quotes smile.

Zoon

5,005 posts

86 months

Wednesday 24th February
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Heres Johnny said:
Telling the world your insurance quotes doesn't generally help that much.. a 43 year old driving 6k a year, is a judge, lives in a gated community with a policeman stationed outside in a low risk part of the country and 20 years NCD is likely to get a better deal than a 43 year old ex convict doing 50k a year delivering for amazon when they're not drug running and usually parked in a crime hotspot with 4 at fault accidents in the last 2 years and has been banned from driving several times . Context is everything
Similar to the previous number of posts with no context?

Heres Johnny

6,204 posts

89 months

Wednesday 24th February
quotequote all
Zoon said:
Heres Johnny said:
Telling the world your insurance quotes doesn't generally help that much.. a 43 year old driving 6k a year, is a judge, lives in a gated community with a policeman stationed outside in a low risk part of the country and 20 years NCD is likely to get a better deal than a 43 year old ex convict doing 50k a year delivering for amazon when they're not drug running and usually parked in a crime hotspot with 4 at fault accidents in the last 2 years and has been banned from driving several times . Context is everything
Similar to the previous number of posts with no context?
£311.21