insurance costs Model 3 performance

[Richard-lclq9]

Hi everyone

I am going to be picking up a 2019 Model 3 Performance on Saturday, i had some quotes a month ago circa £600 or there abouts.

Theses are all coming back £800+ now, my current car a 2015 5 series BMW is being quoted at around £350 for the same details except the car.

I know the car is worth more, and its a quick car, but why has it suddenly gone up in price so much?

Anyone else find them expensive to insure?

[NSS89]

How soon is the policy start date? I’d say if previously it was set to start in 30+ days versus if now it’s set to start in the upcoming days or a week or so that would make a difference. I think 21 days in advance is meant to be the “best”.

[somouk]

They are very expensive cars to insure, parts availability is poor when things go wrong so the insurance companies don't like them.

I would love to see how many stats there are of single vehicle accidents from people crashing them either due to not paying attention when the car is on cruise or not being used to the power and ending up in a hedge.

Lots are now refusing to insure them.

[Richyboy]

Richard-lclq9 said:

Hi everyone

I am going to be picking up a 2019 Model 3 Performance on Saturday, i had some quotes a month ago circa £600 or there abouts.

Theses are all coming back £800+ now, my current car a 2015 5 series BMW is being quoted at around £350 for the same details except the car.

I know the car is worth more, and its a quick car, but why has it suddenly gone up in price so much?

Anyone else find them expensive to insure?

Similar situation, current car is round £350 and model 3 coming back at £850+.

[reefer110]

https://www.electrifying.com/blog/knowledge-hub/wh...

https://www.reuters.com/business/autos-transportat...

[Bealeboy]

I managed to hit around and got it cheaper ish, we’ll under £700.

Why are insurance companies allowed to profiteer on someone wanting insurance quicker than 21 days in advance. It’s not like the risk changes as you get nearer to a renewal!

Anyway, got the car, it’s now on a slow charge until I get an EV charger 😂

[Dingu]

Bealeboy said:

Why are insurance companies allowed to profiteer on someone wanting insurance quicker than 21 days in advance. It’s not like the risk changes as you get nearer to a renewal!

1. There is no extra profit, if that were to be banned in the future the cost 21 days ahead and closer would be brought in towards each other to leave roughly the same margins.

2. The risk is different. People buying close to the start date claim more. It’s a fact regardless of whether you like it.

[NMNeil]

Looks like Tesla are aware of the issue.
https://www.tesla.com/en_GB/support/insuremytesla

[Richyboy]

NMNeil said:

Looks like Tesla are aware of the issue.
https://www.tesla.com/en_GB/support/insuremytesla

Quote from here was double the comparison site.

[Dingu]

Richyboy said:

NMNeil said:

Looks like Tesla are aware of the issue.
https://www.tesla.com/en_GB/support/insuremytesla

Quote from here was double the comparison site.

Looks like it is Direct Line running their insurance at present - pricing will probably be similar to their standard.

[Fastlane]

I found that raising the excess to £1k and buying a £750 excess insurance policy from ALA was much cheaper way of insuring both my Model 3s.

[somouk]

Fastlane said:

I found that raising the excess to £1k and buying a £750 excess insurance policy from ALA was much cheaper way of insuring both my Model 3s.

A friend does the same on he Model Y LR, seems to work well for him.