How Much Does 2016 Tesla Model S Car Insurance Cost?

Having to pay for high-priced Tesla Model S insurance can draw down your personal savings and require stricter spending habits. Doing a rate analysis can lower your rates and help to ensure you are getting the best deal.

Due to the large number of companies to choose from, it’s difficult to choose the best company.

Smart consumers take time to get comparison quotes before your next renewal due to the fact that insurance rates are variable and change quite frequently. Just because you found the best rate on Model S coverage a couple years back there is a good chance you can find better prices now. Forget all the misinformation about insurance coverage because you’re about to learn the proper way to reduce your cost while improving coverage.

Lower insurance rates with these tips

Multiple criteria are taken into consideration when you get your auto insurance bill. A few of the factors are predictable like a motor vehicle report, but others are more obscure such as whether you are married or your financial responsibility.

• Vehicles with better crash test results save money – Cars with high safety ratings are cheaper to insure. The safest vehicles have better occupant injury protection and lower injury rates translates into fewer and smaller insurance claims passed on to you as lower rates. If the Tesla Model S scored at minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
• Job stress can make you pay more – Did you know your auto insurance rates can be affected by your occupation? Occupational choices like lawyers, architects and stock brokers tend to have the highest rates due to high stress and incredibly demanding work hours. On the other hand, professions such as actors, students and the unemployed pay lower than average rates on Model S coverage.
• High comp and collision deductibles lower rates – Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, protects your Tesla from damage. Some examples of claims that would be covered are a broken windshield, flood damage, and burglary. Comp and collision deductibles define the amount you are willing to pay if you file a covered claim. The higher the amount you’re willing to pay, the better rate you will receive on Model S coverage.
• Rural areas have lower costs – Having an address in smaller towns and rural areas of the country has definite advantages when it comes to auto insurance. Drivers who live in large cities tend to have more aggressive driving styles and longer commute times. Fewer drivers on the road means a lower chance of having an accident as well as less vandalism and auto theft.
• Driver age impacts costs – Older drivers tend to be more responsible, cost insurance companies less in claims , and usually have better credit.Teenage drivers are statistically proven to be inattentive in a vehicle so auto insurance rates are higher.
• Having a spouse pays dividends – Your spouse helps lower the price on auto insurance. Having a significant other demonstrates that you tend to be more stable financially and statistics prove married drivers get in fewer accidents.
• Safeguard your assets with liability protection – The liability coverage on your policy is the coverage that protects you if you are ruled to be at fault for causing damage or personal injury in an accident. It will provide for a legal defense which can be incredibly expensive. Liability insurance is pretty cheap compared to other policy coverages, so do not cut corners here.

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These discounts can lower your insurance rates

Car insurance companies don’t always advertise all available discounts very well, so the following is a list of a few of the more well known as well as some of the hidden credits available to you.

• Discounts for Government Workers – Having worked for a branch of the government may reduce rates when you quote car insurance on Model S coverage with some insurance companies.
• No Charge for an Accident – This one is not really a discount per se, but a few companies such as Libery Mutual, Geico and Allstate will turn a blind eye to one accident before your rates go up if your claims history is clear prior to the accident.
• Claim Free – Drivers who don’t have accidents have much lower rates in comparison with policyholders that have many claims.
• Responsible Driver Discounts – Accident-free drivers can save up to 40% or more on their car insurance quote on Model S coverage compared to accident prone drivers.
• Active Military Service – Being on active duty in the military may qualify for rate reductions.
• Sign Early and Save – Some insurance companies give discounts for switching policies prior to the expiration date on your current policy. It could save around 10% when you buy car insurance online.
• Multi-policy Discount – If you can bundle your auto and home insurance with the same company you may earn over 10 percent off each policy depending on the company.
• Fewer Miles Equal More Savings – Low mileage vehicles could earn cheaper premium rates.
• Anti-theft System – Cars equipped with tracking devices and advanced anti-theft systems help deter theft and will save you 10% or more.
• Discounts for Seat Belt Usage – Drivers who require all vehicle occupants to buckle their seat belts could save 15% on medical payment and PIP coverage.

As a sidenote, most credits do not apply to the entire cost. Most only apply to the price of certain insurance coverages like comp or med pay. Even though it appears you would end up receiving a 100% discount, that’s just not realistic.

The best insurance companies and some of the discounts can be found below.

• State Farm policyholders can earn discounts including Steer Clear safe driver discount, safe vehicle, Drive Safe & Save, anti-theft, driver’s education, passive restraint, and defensive driving training.
• American Family may include discounts for good student, early bird, multi-vehicle, Steer into Savings, and mySafetyValet.
• Geico has savings for daytime running lights, emergency military deployment, military active duty, seat belt use, federal employee, five-year accident-free, and driver training.
• 21st Century offers discounts for anti-lock brakes, automatic seat belts, theft prevention, air bags, driver training, teen driver, and 55 and older.
• Progressive may offer discounts for homeowner, multi-policy, continuous coverage, online signing, multi-vehicle, and good student.

When getting a coverage quote, ask every insurance company to apply every possible discount. Discounts might not be offered on policies in your area. To see a list of insurance companies with the best discounts, click here to view.

Can switching companies really save?

Consumers can’t ignore all the ads that claim the cheapest prices by companies like Allstate, Geico and Progressive. All the companies say the same thing about how much you will save after switching your policy.

How does each company offer you a better deal? It’s all in the words they use.

Different companies are able to cherry pick for the type of driver that makes them money. An example of a profitable customer might have to be a married male, carries full coverage, and has a short commute. Any driver that hits that “sweet spot” receive the lowest rate quotes and most likely will cut their rates if they switch.

Insureds who do not fit this ideal profile may be forced to pay higher prices which translates to business going elsewhere. The ads state “customers that switch” not “all people who quote” will save that much if they switch. That’s why companies can advertise the way they do. That is why you absolutely need to compare rate quotes every year. It’s just too difficult to predict which insurance companies will have the best prices.

Different people need different insurance coverages

When it comes to buying proper insurance coverage, there isn’t really a cookie cutter policy. Everyone’s situation is unique so your insurance should reflect that Here are some questions about coverages that might help in determining if your situation might need professional guidance.

• Am I insured when driving a different vehicle?
• What is the difference between comprehensive and collision coverage?
• What if I total my 2016 Tesla Model S and owe more than it’s worth?
• Do I need PIP (personal injury protection) coverage in my state?
• Do I need roadside assistance coverage?
• Should I get collision insurance on every vehicle?

If you can’t answer these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area. It is quick, free and may give you better protection.

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What insurance coverages do you need?

Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Policy terminology can be ambiguous and reading a policy is terribly boring. These are the normal coverages available from insurance companies.

Liability coverages – This coverage will cover damages or injuries you inflict on a person or their property that is your fault. It protects YOU from claims by other people. Liability doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 100/300/100 that means you have $100,000 bodily injury coverage, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage protects against claims such as legal defense fees, medical services, court costs and loss of income. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered claims include injuries to you and your family as well as damage to your Tesla Model S.

Since a lot of drivers carry very low liability coverage limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important.

Comprehensive insurance – This coverage pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like damage from a tornado or hurricane, damage from flooding, damage from getting keyed and falling objects. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Collision coverage – This coverage covers damage to your Model S resulting from colliding with another vehicle or an object, but not an animal. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as driving through your garage door, crashing into a ditch, sustaining damage from a pot hole and colliding with a tree. This coverage can be expensive, so you might think about dropping it from lower value vehicles. Drivers also have the option to increase the deductible to bring the cost down.

Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses like chiropractic care, prosthetic devices, surgery, hospital visits and funeral costs. The coverages can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. It covers both the driver and occupants in addition to if you are hit as a while walking down the street. PIP is not available in all states and gives slightly broader coverage than med pay

Affordable insurance is out there

There are still a few companies who do not provide rates over the internet regional insurance providers prefer to sell through independent insurance agencies. Low-cost 2016 Tesla Model S insurance can be found on the web as well as from insurance agents, so you should compare both in order to have the best price selection to choose from.

You just learned a lot of ways to shop for 2016 Tesla Model S insurance online. The key thing to remember is the more rate comparisons you have, the better your chances of lowering your prices. You may even discover the most savings is with a small mutual company. They may have significantly lower prices on certain market segments than their larger competitors like Progressive and Geico.

To learn more, take a look at these articles:

• Uninsured Motorist Statistics (Insurance Information Insitute)
• When is the Right Time to Switch Car Insurance Companies? (Allstate)
• Rental Reimbursement Coverage (Allstate)
• Preventing Carjacking and Theft (Insurance Information Insitute)

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