Tesla Insurance - Brutal

[BigShick]

Bought one of the 0% Model 3s, and as people have previously mentioned - I'm finding insurance problematic!

Admiral was cheapest at £850 (full no claims, not a risky area, my 3 litre Z4 costs £275!). Reluctantly tried to take it out, online the price jumped to £1050 when I went past the comparison site. Called them to try and get the price off the comparison site - they said it was a predicted quote as my reg number isn't in their db yet - and wouldn't insure me at all!

Same story with Privelege but with prices +£100

Direct Line link from Tesla was £1400

Other options on the comparison site start at £1600!

Think at this rate I will be cancelling and getting a highland through the salary sacrifice route. Bummer as I was supposed to have it in 2 weeks.. and not sure I want to stay in my job for 4 years!

Last hope is that when the reg appears in DBs that either Admiral or Privelege accept me. Have also messaged Tesla to see if they have any magic ideas but I suspect not.

[105.4]

Just a thought, but maybe try phoning the insurance company back with the reg of an ex-demo model or a pre-reg’d (if Tesla do them), as see what the prices are like?

[BigShick]

I used the reg of an identical car from autotrader and got a quote of £950 which would let me buy online.

£950 for insurance. Bananas.

Need to have a serious ponder about whether to sack it and jump on the salary sacrifice scheme.

[ConnectionError]

Insurance has gone up, for everyone,

It appears electric cars are getting a particularly large hit due to the cost of repair and high chance of the car being written off.

Is £900.00 bad for a car "worth £50k" if the Z4 is £275.00 for a car worth £10k. As a basic percentage it is less based on the value of the car!

Edited by ConnectionError on Saturday 26th August 15:01

[dimots]

£900 is pretty normal for a high performance car.

[lizardbrain]

I paid something like 450 last year for a performence. Sounds like I’d be lucky to get under a grand this coming year.

I’m a bit worried they might pull the insurance altogether from what I’m hearing.

[TheRainMaker]

dimots said:

£900 is pretty normal for a high performance car.

Is it?

I pay under £400 for my Vantage, and £440 for my Polestar; both are also covered for business use.

In the last twenty years, I have never paid anywhere close to £900, and the cars include things like an RS6, XFR, Cerbera 4.5, Chimaera 500, etc.

It will be interesting to see what happens at renewal time next year.

[105.4]

TheRainMaker said:

Is it?

I pay under £400 for my Vantage

Try paying £373 pcm for just one of my work vans !

[CheesecakeRunner]

TheRainMaker said:

dimots said:

£900 is pretty normal for a high performance car.

Is it?

I pay under £400 for my Vantage, and £440 for my Polestar; both are also covered for business use.

In the last twenty years, I have never paid anywhere close to £900, and the cars include things like an RS6, XFR, Cerbera 4.5, Chimaera 500, etc.

Pointless comparing insurance prices. But I used to pay £850 for a 2018 XF-S in 2020. Fully comp with business use, over 40, 20 years no claims, and a clean license. So it doesn’t surprise me that a Model 3 can be near a grand, even before the current price gouging.

[TheRainMaker]

105.4 said:

TheRainMaker said:

Is it?

I pay under £400 for my Vantage

Try paying £373 pcm for just one of my work vans !

Wow, how is that so much?

We pay around £1200 per year for each of our work vans fully comp, 15000 miles, 60 days travel in the EU, for any driver over 25.

[105.4]

TheRainMaker said:

105.4 said:

TheRainMaker said:

Is it?

I pay under £400 for my Vantage

Try paying £373 pcm for just one of my work vans !

Wow, how is that so much?

We pay around £1200 per year for each of our work vans fully comp, 15000 miles, 60 days travel in the EU, for any driver over 25.

Carriage of goods for hire & reward around some pretty dodgy estates I suspect.

Late 40’s, clean licence, living in a very low risk area, van parked over night in a secure yard with CCTV.

[ConnectionError]

TheRainMaker said:

105.4 said:

TheRainMaker said:

Is it?

I pay under £400 for my Vantage

Try paying £373 pcm for just one of my work vans !

Wow, how is that so much?

We pay around £1200 per year for each of our work vans fully comp, 15000 miles, 60 days travel in the EU, for any driver over 25.

PCM

[TheRainMaker]

105.4 said:

TheRainMaker said:

105.4 said:

TheRainMaker said:

Is it?

I pay under £400 for my Vantage

Try paying £373 pcm for just one of my work vans !

Wow, how is that so much?

We pay around £1200 per year for each of our work vans fully comp, 15000 miles, 60 days travel in the EU, for any driver over 25.

Carriage of goods for hire & reward around some pretty dodgy estates I suspect.

Oh ok, more than likely that, we only carry our own equipment.

Over COVID, our vans were parked up and didn't move. A few of our freelancers ended up working for Amazon for a few months, and they had to rent vans (from Amazon), I was going to offer the use of ours for free, but the insurance company said a firm "not a chance".

[TheRainMaker]

ConnectionError said:

PCM

No per year.

[James6112]

I did a quote earlier this week.
Around £500 for me.
I thought it a tad high as my current Skoda is £200. But that’s going up to £300 on comparison sites..

[OverHonda]

BigShick said:

Bought one of the 0% Model 3s, and as people have previously mentioned - I'm finding insurance problematic!

Admiral was cheapest at £850 (full no claims, not a risky area, my 3 litre Z4 costs £275!)...

Suggest trying Churchill, if you haven't already - they were cheaper for me than Admiral...

[T70RPM]

My trade policy thus:
Add brand new McLaren GT additional premium £400
Add new Motorhome additional premium £No charge
Add new Tesla Model Y, remove RR Sport, additional premium £1100
Mmmmm
Those underwriters don't like Teslas, do they?

[dimots]

T70RPM said:

My trade policy thus:
Add brand new McLaren GT additional premium £400
Add new Motorhome additional premium £No charge
Add new Tesla Model Y, remove RR Sport, additional premium £1100
Mmmmm
Those underwriters don't like Teslas, do they?

This seemed odd to me so I ran some quotes for myself. £828 Tesla Y, RR Sport PHEV (basic model) £1800.

You may be doing something wrong?

Edited by dimots on Thursday 31st August 13:45

[BigShick]

OverHonda said:

Suggest trying Churchill, if you haven't already - they were cheaper for me than Admiral...

Apologies I meant Churchill.

I took out LV for £950 in the end.. But can cancel that before delivery next Friday if I am impressed by the Highland and decide to go the salary sacrifice route

[Dewi 2]

dimots said:

£900 is pretty normal for a high performance car.

Having recently read about huge increases of insurance premiums, I was expecting the worst.
Last year (for a 180 mph Aston Martin) the cost was £243.

The renewal for this year has just arrived ........ £268.

My understanding is that premiums for electric cars are high, because even the slightest incident that involves any damage to the high voltage battery, means the insurers pay out for a total loss. They don't want to accept any responsibility, for possible subsequent risks after repair.