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Tesla In-house Insurance Early Review 2019 (Updated November 2019)

November 4, 2019

Tesla recently released and then re-released their in-house EV insurance for Tesla Model 3, Model S and Model X. It is currently testing in California only, but the company just released a quote algorithm update – now with a new more affordable (more precise?) iteration. Judging by early reviews from the Reddit Tesla subforum, the algorithm update actually lead to lower prices. Some noted comments below.


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Pros: Price

User elmexiken said: “Wow….It got WAY cheaper for me. $260 yesterday $120 today. Comes with more coverage than I currently have. I’m excited to move to it.”

to which BillyBobTheBuilder replied: “Surely wait one more day ? - at this rate you’ll get $56 tomorrow!”

Other users, like Otto_the_Autopilot, were just as happy: “Geico $223, Tesla $134.”

user ss68and66: “Much better algorithm, I can confirm 20% cheaper than AAA”

user Mr_Compromise: “Tesla cut my original quote by about half (from ~$300/mo to $147/mo) for the same coverage. I am actually tempted to switch now!”

user aspyeros “Paid $466 before. Paying $269 now. Almost a 43*% saving. Wow.”

user theogravity: Definitely comparable now. Farmers: $108.33. Tesla: $112.65. This is using the same specs as my current ins plan.


Cons: Price

Others were less enthusiastic or got more mixed results:

user soapinmouth asked: “Hmm much cheaper now for me dropped from over $200 to $140. Now the question is, are the savings worth the risk of dealing with tesla customer service for claims? I might wait to hear how it goes with others first.*

user chillaban: “The price dropped by half but I noticed the property damage coverage lowered a bit and the collision and comprehensive deductibles were set at an eye watering $2000. After adjusting those to match my current coverage, end result was about the same rate as my current carrier. It’s nice to have choice in case my rate gets jacked up but not very groundbreaking.”

user SofiaIchiban: “Geico $130, Tesla $125 for same coverage. Yesterday it was $225 before algorithm update.”

user panerai388: “Tesla: $2072/year Travelers: $1869/year”

user milogoestomars: “Currently paying [with Mercury]: $96/mo. Tesla Quote: $125/mo”

user spasewalker: Tesla’s coming in about $30-40 a month more than Geico for me. Bummer!

user TeslaModel11: “Changed all coverages to match exactly… now it’s worse. $104 State Farm $153 Tesla. Can they update my algorithm too?”


Early Video Review of Coverage

A video review of the actual coverage after an accident from Youtube vlogger DragonSpawn, dating September 16:


Our take

This is the first step in a longer journey for Tesla on their mission to break down boundaries to EV adoption. Especially when autopilot and Full Self Driving become available, the in-house Tesla insurance will be more critical.

However, there are still many good reasons to go with third party insurers. First of all, the prices are often cheaper. Second, the proven track-record of customer service can be a good thing from third-party insurers. Third, there are many insurance companies that are also able to bundle in other non-Tesla vehicles, home insurance, etc – resulting in even lower prices.

We can’t make that decision for you, but the advice is the same as ever: shop around and compare different electric vehicle insurance companies. Our handy tool below will help you compare quotes from various providers.


Screenshot of the Tesla Insurance Website:


Thank you for reading, and thank you for being part of the EV revolution! ⚡️

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