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The article originally published in 16/07/2022.
We all know that Reddit is a community of remarkable people that share valuable things and information with Internet users. As ‘The Washington Post‘ says, “Who Needs Tesla Analysts When There’s Reddit?”
If you have a question regarding Tesla, Reddit may have an answer for you. This article will discuss the top-rated Tesla insurance options on Reddit in 2023 that are both affordable and of high quality.
Table of Contents
Best Tesla Insurance by Reddit users
The prices and collective data for Tesla Insurance are based on the years 2019 to 2023. However, pricing is subject to fluctuate due to a variety of variables.
TESLA INSURANCE
Tesla announced Tesla Insurance in 2019, a competitively priced insurance offering designed to provide Tesla owners with up to 20% lower rates, and in some cases, as much as 30%. Tesla Insurance offers comprehensive coverage and claims management to all the customers. According to a Reddit user, it is the best and Cheap Tesla Insurance available for Tesla.
A Reddit user named u/Nibbs17 recently shared their Tesla Model 3 insurance quote from Tesla in Ohio. The user also mentioned that although it was not explicitly listed, uninsured motorist coverage is included in their comprehensive coverage for Ohio.
Pros of Tesla Insurance
- Tesla Insurance does include uninsured motorist coverage.
- Tesla insurance is owned by Tesla but is underwritten by another insurance company.
- Tesla repairs happen mostly at service centers but can also occur at 3rd party sites.
- Tesla is offering such cheap insurance because they don’t have to pay the swindling middleman that’s jacked up the repair quote because it’s going through insurance.
- Tesla’s insurance has access to real-time data on its drivers’ behavior and vehicle performance, including technology, camera recordings, and sensor readings. This allows them to estimate accident risk and repair costs quickly and accurately.
- Tesla Insurance offers insurance premiums that are 20% to 30% lower than its competitors.
Well, that’s not all, recently a Reddit user shared his Tesla Insurance experience…
However, there are also some Cons of Tesla Insurance that one should take care of :-
Cons of Tesla Insurance
- Tesla Insurance policies are currently only available in selected states.
- In Liability coverage, if you are at fault in a Tesla accident, costs can be very high.
- If you are in an accident where the other car has multiple passengers, it can get costly, as medical expenses are insanely high.
- Filing a claim from the Tesla app is hectic as there is no contact information given as such. You need to file a claim from the browser only.
- Introduction of late night driving after 10pm on Tesla insurance
Why should I opt for Tesla Insurance?
Tesla Insurance growing since launch and has reportedly revealed strong Q4 2022 results. For Tesla vehicles, some insurers impose a comparatively high premium.
One reason for Tesla’s lower insurance premiums is the access to real-time data and historical data on electric car repair costs. By incorporating insurance into its product lineup, Tesla can reduce the overall cost of owning its vehicles and Tesla Insurance does cover other cars.
Tesla has recently launched its real-time driver data insurance product in Nevada. It is now available in eight states. Tesla has stated that it plans to provide insurance in 45 states by the end of 2023. Tesla Insurance is now available in twelve states:
- Arizona
- California (No real-time driver data)
- Colorado
- Illinois
- Maryland
- Minnesota
- Nevada
- Ohio
- Oregon
- Texas
- Utah
- Virginia
STATE FARM
State Farm is the second most popular Tesla Car Insurance provider among Reddit users. People who are dissatisfied with the Tesla Insurance quote or find it to be significantly higher are more likely to choose State Farm. State Farm Insurance is less expensive than Tesla Insurance.
A Reddit username ‘reefine’ who has been voted up 521 times says, ‘He Has State Farm Insurance currently for his Tesla Car’
- He Got quoted $258.89/mo for identical coverage on Tesla Insurance, currently paying $218.33/mo for a Model S with State Farm
- Got quoted $211.34/mo for identical coverage on Tesla Insurance, currently paying $167.25/mo for a Model 3 with State Farm.
He also mentioned that ‘He also got a free Glass replacement with State Farm’. A Tesla Windshield is an expensive deal to replace it and can cost you over $1000 easily.
Pros of State Farm
- State Farm is famous for its quick claim’s inspection and payout process.
- It gives generous discounts, including two programs for safe driving and the other for young drivers.
- It has personalized customer service.
- It has fewer complaints.
- State Farm ranked highest in individual insurance customer satisfaction three years in a row in 2014, 2015 and 2016.
⏩Also Read: [100% Safe]: How to Clean Tesla White Seats for a Luxurious Shine
Insurance Comparison for Drivers Who Caused an Accident with Injury
Cons of State Farm
- If you have poor credit, then this isn’t the right choice, as Average rates for drivers with poor credit are not competitive.
- Must submit personal information to get a quote from State Farm
- Collision repair professionals aren’t impressed by its claims processes.
GEICO
The third one on our list is Geico, which is a personal favorite of Reddit users when it comes to Tesla. A Reddit username asethskyr says Results vary wildly.
“Liberty Mutual’s quote was five times Geico’s quotes for me. I had been with them for around twelve years, so I asked them for a more competitive quote, and it dropped down to four times. Other people have gotten reasonable quotes from them.
I think part of it was that the Tesla Model 3 wasn’t in their preset dropdown, so they rated it like a luxury sports car or something.”
Pros of Geico
- Geico Tesla insurance quotes are fairly priced and cheap compared to others.
- Geico gives Superior rates for drivers even with poor credit.
- Geico is an A++ financial strength rating, its highest possible rating for customer satisfaction.
Car Insurance Comparison for Drivers with Poor Credit
Cons of Geico
- The most common complaint of Reddit users regarding Geico is that the price suddenly shoots up without warning.
- It doesn’t have Tesla Model Y on their Insurance List as per Reddit users.
- Relatively high rates for drivers with a DUI conviction
- Generally, not well-regarded by collision repair professionals
Comparision: Tesla insurance vs others
In a comparison of the Largest Auto Insurers, Tesla gave the cheapest auto insurance cost in Texas, 48% less than the average car insurance companies. Meanwhile, State Farm was the second-most affordable alternative.
Remember, an insurance quote depends on your age, previous record, city and state. Insurance is a rather complex game, and so you can get anywhere from $40/month to $300/month for the exact same coverage from multiple companies, or it can go even higher.
A user on the Reddit conducted an impressive price comparison between Tesla Insurance, USAA, and GEICO. The comparison was based on a profile that included a 2018 Tesla Model 3 RWD and a 2022 Tesla Model 3 Performance.
⏩Also Read: Tesla’s New Model 3 Performance goes 0-60 mph under 3s
This comparison is based on the user profile, check the user profile below.
If you’re interested, you can read the entire comparison and scenario on Reddit here.
Final thoughts
We have compared Tesla Insurance, State Farm, and Geico, and determined that Tesla Insurance is the top choice, offering the best coverage at the lowest cost. If Tesla Insurance is available in your state, it will be your only option. Otherwise, you can consider State Farm or Geico based on their pricing and comprehensive coverage options. We recommend comparing different insurance providers and their coverage options to find the best fit for your needs.
FAQs
Why is Tesla insurance so high?
The cost of car insurance specially Tesla cars is high due to the price of buying and repairing them. Teslas’ high repair costs and maintenance costs make collision coverage more expensive compared to other luxury vehicles or electric vehicles.
A Tesla does not have many aftermarket parts available. The parts can only be ordered from Tesla, so most regular parts stores cannot even order them. They can only be obtained directly from Tesla. In addition, no one outside of Tesla knows how to repair them.
What is the best insurance for Tesla Model Y?
The Model Y is the most affordable Tesla to insure, with an average annual cost of $3,057 for the base model. It is even less expensive than the Tesla Model 3.
What is the best insurance for Tesla Model 3?
The Model 3 sedan is the least priced Tesla model to purchase, but insurance costs are still relatively high at $3,386 per year for the newest basic model.
