Cheaper 2016 Tesla Model S Insurance Quotes

Consumers have options when looking for affordable Tesla Model S insurance. You can either waste hours driving around trying to get quotes or leverage the internet to make rate comparisons. There are more efficient ways to compare car insurance rates so you’re going to learn the absolute fastest way to get price quotes for a new or used Tesla and get the cheapest rates from both online companies and local agents.

You should make it a habit to take a look at other company’s rates periodically because prices change frequently. Despite the fact that you may have had the lowest rate for Model S coverage last year there may be better deals available now. There are a lot of ways to save on car insurance on the web, but in just a couple of minutes you can learn a lot of great tips on how to find cheap car insurance.

Verify you’re getting every discount

The cost of insuring your cars can be expensive, but you may be missing some discounts that many people don’t even know exist. Certain reductions will be credited when you purchase, but less common discounts must be asked about before you will receive the discount.

  • Discounts for Government Workers – Having worked for a branch of the government could cut as much as 10% off for Model S coverage depending on your company.
  • Responsible Driver Discount – Drivers who don’t get into accidents can get discounts for up to 45% lower rates for Model S coverage compared to accident prone drivers.
  • Passive Restraints – Options like air bags and/or automatic seat belt systems could see savings of up to 25% or more.
  • Accident Forgiveness – This one is not really a discount per se, but a few companies such as Allstate, State Farm and Geico will forgive one accident before your rates go up if you are claim-free prior to being involved in the accident.
  • Sign Online – Many insurance companies will give you a small discount just for signing your application over the internet.
  • Save over 55 – Older drivers can get a discount up to 10% for Model S coverage.
  • Driver’s Ed – Reduce the cost of insurance for teen drivers by having them take driver’s ed class if it’s offered in school.
  • Telematics Discount – Drivers who elect to allow driving data submission to scrutinize driving habits by using a telematic data system such as Progressive’s Snapshot may see discounts if their driving habits are good.

As a footnote on discounts, some of the credits will not apply to your bottom line cost. The majority will only reduce specific coverage prices like medical payments or collision. So even though they make it sound like having all the discounts means you get insurance for free, it just doesn’t work that way.

Popular insurance companies and the discounts they provide can be found below.

  • State Farm offers premium reductions for driver’s education, Drive Safe & Save, accident-free, multiple autos, and multiple policy.
  • Progressive discounts include multi-policy, homeowner, continuous coverage, good student, multi-vehicle, online quote discount, and online signing.
  • Progressive has discounts for online quote discount, multi-policy, homeowner, online signing, and continuous coverage.
  • MetLife policyholders can earn discounts including accident-free, defensive driver, multi-policy, good student, good driver, claim-free
  • Farm Bureau may offer discounts for multi-vehicle, youthful driver, driver training, 55 and retired, multi-policy, and renewal discount.
  • Geico may include discounts for emergency military deployment, defensive driver, driver training, membership and employees, multi-policy, and good student.
  • SAFECO may have discounts that include accident prevention training, safe driver, anti-lock brakes, multi-car, teen safe driver, bundle discounts, and drive less.

If you need low cost car insurance quotes, ask every prospective company to give you their best rates. Some credits may not apply to policyholders in your area. For a list of insurance companies with significant discounts, click here to view.

The Tesla Model S insurance cost equation

Lots of things are used when quoting car insurance. Some are pretty understandable such as your driving record, but other criteria are more obscure like where you live or your financial responsibility.

The itemized list below are a partial list of the pieces companies use to determine rates.

  • Proper usage rating affects premiums – The more miles you rack up on your Tesla annually the higher your rates will be. Most companies calculate prices based upon how you use the vehicle. Cars and trucks left parked in the garage get more affordable rates as compared to vehicles used primarily for driving to work. It’s always a good idea to double check that your car insurance policy properly reflects the proper vehicle usage. Incorrect rating for your Model S can result in significantly higher rates.
  • Deter theft and reduce prices – Buying a car with a theft deterrent system can help lower your premiums. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack help track and prevent car theft and help bring rates down.
  • Use credit responsibly and save – An insured’s credit score will be a significant factor in determining premium rates. So if your credit is not that good, you may save money insuring your 2016 Tesla Model S if you clean up your credit. Insureds with very good credit scores tend to be better drivers and file fewer claims than drivers who have poor credit.
  • See if your company offers a multi-policy discount – Most major insurers allow discounts to customers that buy multiple policies such as combining an auto and homeowners policy. Discounts can be ten or even fifteen percent. Even though this discount sounds good, it’s in your best interest to compare other company rates to ensure the best deal. You may still be able to find lower rates by buying insurance from more than one company.
  • Lower premiums with no policy lapses – Allowing your coverage to lapse will be a sure-fire way to trigger a rate increase. Not only will you pay more, not being able to provide proof of insurance could earn you a fine, jail time, or a revoked license. You may then have to submit proof of financial responsibility or a SR-22 with your state DMV.

When should I discuss my situation with an agent?

When buying proper insurance coverage, there really is no cookie cutter policy. Each situation is unique.

Here are some questions about coverages that may help you determine if your situation will benefit from professional help.

  • Are split liability limits better than a combined single limit?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Am I covered when using my vehicle for business?
  • Is other people’s property covered if stolen from my vehicle?
  • Am I covered by my spouse’s policy after a separation?
  • How can I get high-risk coverage after a DUI?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with an agent. If you want to speak to an agent in your area, fill out this quick form. It is quick, free and can provide invaluable advice.

Specific coverages for a Tesla Model S

Learning about specific coverages of a car insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. Car insurance terms can be ambiguous and coverage can change by endorsement.

Medical expense insurance – Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like EMT expenses, pain medications, doctor visits, funeral costs and rehabilitation expenses. They can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. They cover you and your occupants and will also cover if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay

Auto liability insurance – This can cover damages or injuries you inflict on people or other property in an accident. This insurance protects YOU from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 100/300/100 that translate to $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage pays for claims such as repair bills for other people’s vehicles, funeral expenses, repair costs for stationary objects and attorney fees. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase as large an amount as possible.

Protection from uninsured/underinsured drivers – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important.

Comprehensive (Other than Collision) – This will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.

Comprehensive insurance covers claims like a broken windshield, theft, damage from getting keyed and damage from a tornado or hurricane. The maximum payout you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Collision – This coverage pays for damage to your Model S caused by collision with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things such as hitting a parking meter, damaging your car on a curb, driving through your garage door, sideswiping another vehicle and colliding with a tree. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

Best coverage at the best price

People change insurance companies for a number of reasons such as not issuing a premium refund, denial of a claim, policy cancellation and even extreme rates for teen drivers. Whatever your reason, switching insurance companies is actually quite simple.

As you shop your coverage around, you should never reduce coverage to reduce premium. In too many instances, someone sacrificed collision coverage only to regret that their decision to reduce coverage ended up costing them more. The proper strategy is to buy a smart amount of coverage at an affordable rate and still be able to protect your assets.

We just presented a lot of information how to reduce 2016 Tesla Model S insurance rates online. The key concept to understand is the more times you quote, the higher your chance of finding the cheapest car insurance. You may even find the best price on insurance is with some of the lesser-known companies.

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Comments About 2016 Tesla Model S Insurance

  1. Tonita Ferrell

    I’m in Albuquerque, NM. Quoted quotes from State Farm, AIG Insurance, and some I forget for my 2016 Tesla Model S and I’m now saving $20 a month. I have a couple other vehicles on the policy. God forbid I actually have a claim.

  2. Ona Marquez

    Not sure if this is cheap. Live in the northern part of Provo, UT. Went online for free insurance quotes for a 2016 Tesla Model S. Ended up at about $560 savings annually. Went with GEICO. Did it all online.

  3. Theda Sheppard

    I live just to the west of Spokane, WA. Received quotes from American Family, Erie, and Sentry for my 2016 Tesla Model S and I’m now saving $18 a month. Was with Esurance. I increased coverages a little too. They have free quotes online.

  4. Justin Carr

    I’m in the south part of Warwick, Rhode Island. I got free prices from AAA, Eastwood, and Nationwide for my 2016 Tesla Model S and saved just over $120 a year. :)

  5. Cortney Waters

    When do I drop full coverage?

  6. Orlando Mathis

    I live just to the east of Las Vegas, Nevada. Got free quotes online for a 2016 Tesla Model S. Ended up at about $520 savings annually. Went with GEICO. It never hurts to quote around.

  7. Steven Allison

    State Farm is decent in Nashville, TN.

  8. Lauri Osborne

    I’ve insured with State Farm for a long time. Pretty cheap in Columbia, SC.

  9. Vince Avila

    I’m just east of Lexington, KY. Quoted with 21st Century, The General, and Esurance for my 2016 Tesla Model S and am saving around $480 a year. I even had a DUI years ago. God forbid I actually have a claim.

  10. Janey Bryant

    If you have a good history and are close to San Jose, CA, check out GEICO. You might save some money. Have a couple speeding tickets too. I used their website to get prices.

  11. Shirely Hester

    Like your site, BTW. I’m in the west part of Springfield, MO. I quoted with Allstate, Amica, Eastwood, and GMAC for my Model S and I’m now saving $55 a month. Have a couple speeding tickets too.