2014 Tesla Model S Insurance Rates
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UPDATED: Sep 2, 2022
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No one in their right mind likes having to buy insurance, particularly when they are paying too much.
You have multiple insurance companies to choose from, and although it’s nice to have multiple companies, too many choices makes it more difficult to get the best deal.
Vehicle Insurance Comparison
The are a couple different ways of comparing price quotes from insurance coverage companies in your area. The best way to find the lowest 2014 Tesla Model S rates consists of obtaining rate quotes online. This can be accomplished using a couple different methods.
- The most efficient way to compare a lot of rates at once is to use a rate comparison form click here to open form in new window. This form saves time by eliminating boring form submissions to each individual insurance coverage company. A single form gets you price quotes from several companies.
- A more time consuming way to shop for insurance coverage online requires you to visit each company’s website to complete their respective quote request forms. For instance, we’ll assume you want comparison quotes from GEICO, Liberty Mutual and Allstate. To find out each rate you need to visit each site and enter your policy data, which is why the first method is more popular.
For a handy list of car insurance company links in your area, click here.
Which method you use is up to you, but ensure you are comparing apples-to-apples quote information for each price quote. If each company quotes different values for each quote you will not be able to determine which rate is truly the best. Slightly different limits can make a big difference in price. Keep in mind that comparing a large number of companies gives you a better chance of getting lower pricing.
Get lower rates on Tesla Model S insurance
Companies that sell car insurance don’t list every available discount in a way that’s easy to find, so we break down some of the best known as well as the least known ways to save on car insurance.
- Discount for New Cars – Buying coverage on a new vehicle can cost up to 25% less because new vehicles have to meet stringent safety requirements.
- Own a Home – Owning a home can help you save on car insurance because of the fact that having a home requires personal responsibility.
- Multi-policy Discount – When you combine your home and auto insurance with the same company you may save 10% to 20% off each policy.
- Discount for Life Insurance – Some companies give lower rates if you buy auto and life insurance together.
- Distant Student – Youth drivers living away from home attending college and don’t have a car may be able to be covered for less.
- Seat Belt Usage – Drivers who require all occupants to buckle their seat belts can save up to 15% off your medical payments premium.
Keep in mind that most discounts do not apply to all coverage premiums. A few only apply to the price of certain insurance coverages like medical payments or collision. So even though it sounds like you would end up receiving a 100% discount, companies wouldn’t make money that way.
Car insurance companies that may have these benefits include:
Before buying, ask every prospective company which discounts you may be entitled to. Savings may not be available in your state.
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Tailor your coverage to you
When buying adequate coverage, there is no perfect coverage plan. Everyone’s situation is a little different and a cookie cutter policy won’t apply. Here are some questions about coverages that can aid in determining if your situation may require specific advice.
- Is rental equipment covered for theft or damage?
- Is my dog or cat covered if injured in an accident?
- Should I waive the damage coverage when renting a car?
- Is my Tesla Model S covered if I use it for business?
- Is my babysitter covered when using my vehicle?
- I have good health insurance, so how much medical payments coverage do I need?
- When would I need rental car insurance?
- Should I buy more coverage than the required minimum liability coverage?
- Am I covered if I hit my neighbor’s mailbox?
- Are rock chip repairs covered?
If you don’t know the answers to these questions then you might want to talk to 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.
Factors that might impact rates for a Tesla Model S
It’s important that you understand the different types of things that come into play when calculating your insurance rates. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that may reward you with better insurance rates.
The list below includes some of the factors used by your company to calculate rates.
- An active claims history can cost you – If you tend to file frequent claims, you can expect either policy cancellation or increased premiums. Car insurance companies award better rates to policyholders who do not rely on their insurance for small claims. Your insurance policy is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
- Your credit rating is important – A driver’s credit history is a important factor in your rate calculation. Therefore, if your credit history is not that good, you could potentially save money when insuring your 2014 Tesla Model S by improving your rating. Consumers who have high credit scores tend to be less risk to insure than drivers who have lower credit scores.
- Proper usage rating affects rates – The more miles you rack up on your Tesla each year the more you’ll pay to insure your vehicle. Almost all companies charge to insure your cars based on how the vehicle is used. Cars that are left in the garage can get a lower rate than those used for commuting. Verify your insurance policy is showing how each vehicle is driven, because it can save money. Incorrect usage on your Model S can cost quite a bit.
- Where you reside plays a part – Residing in a small town is a positive aspect when insuring your vehicles. Lower population means fewer accidents as well as less vandalism and auto theft. City drivers regularly have more traffic problems and longer commutes to work. Higher commute times means more change of being in an accident.
- Extra coverages can waste money – There are many extra bells and whistles you can purchase if you aren’t careful. Coverages like rental car reimbursement, better glass coverage and term life insurance may be costing you every month. They may seem good when you first buy your policy, but if they’re wasting money get rid of them and save.
- Safer cars cost less to insure – Cars with high safety ratings can get you lower premiums. Safer cars have better occupant injury protection and fewer injuries means less money paid by your insurance company and lower rates for you. If your Tesla Model S is rated at least four stars on Safercar.gov you are probably receiving a discount.
- Pay less after the wedding – Being married can get you a discount on your policy. Marriage means you’re more mature than a single person and it’s statistically proven that married drivers get in fewer accidents.
- Careful drivers pay lower rates – Your driving citation history has a huge affect on how much you pay. Careful drivers receive lower rates compared to drivers with tickets. Just one moving violation can boost insurance rates forty percent or more. Drivers who have flagrant citations like reckless driving, hit and run or driving under the influence may need to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to keep their license.
Do insurance companies bend the truth?
Insurance companies such as GEICO, State Farm and Progressive regularly use ads on television and other media. They all seem to make the same claim about savings if you move to them. How do they all make almost identical claims?
All the different companies can use profiling for the type of customer that earns them a profit. For instance, a desirable insured could be between the ages of 30 and 50, has no tickets, and has excellent credit. Any driver who fits that profile receives the best rates and most likely will save quite a bit of money when switching.
Drivers who fall outside the requirements will have to pay higher prices and ends up with business going elsewhere. The ad wording is “customers who switch” not “people who quote” save that much money. That’s the way companies can truthfully state the savings. Because of the profiling, it’s extremely important to get quotes from several different companies. It is impossible to predict which insurance company will have the lowest Tesla Model S insurance rates.
Coverages available on your car insurance policy
Having a good grasp of car insurance can be of help when determining the right coverages and proper limits and deductibles. Car insurance terms can be ambiguous and reading a policy is terribly boring. These are typical coverage types offered by car insurance companies.
This provides protection from damage or injury you incur to other’s property or people that is your fault. It protects YOU against other people’s claims, and doesn’t cover damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage pays for claims like medical expenses, funeral expenses and structural damage. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.
Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive insurance covers things like damage from getting keyed, fire damage, a broken windshield and rock chips in glass. The highest amount your car insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Uninsured and underinsured coverage
Your UM/UIM coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.
Since a lot of drivers carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is a good idea.
Coverage for medical payments
Medical payments and Personal Injury Protection insurance reimburse you for expenses like funeral costs, nursing services, ambulance fees, X-ray expenses and EMT expenses. The coverages can be used in conjunction with a health insurance policy or if you are not covered by health insurance. They cover all vehicle occupants as well as any family member struck as a pedestrian. Personal injury protection coverage is not an option in every state but can be used in place of medical payments coverage
Collision coverage covers damage to your Model S resulting from colliding with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things like hitting a mailbox, colliding with another moving vehicle, rolling your car and sustaining damage from a pot hole. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. Another option is to bump up the deductible to save money on collision insurance.
When buying insurance coverage, don’t be tempted to buy lower coverage limits just to save a few bucks. In many cases, an insured cut collision coverage only to discover later that they should have had better coverage. Your focus should be to get the best coverage possible at the best price while still protecting your assets.
We just presented many tips how you can lower your 2014 Tesla Model S insurance rates. The most important thing to understand is the more price quotes you have, the better likelihood of reducing your rate. You may be surprised to find that the most savings is with some of the smallest insurance companies. They may often insure only within specific states and give getter rates compared to the large companies like Allstate, GEICO and Progressive.
To read more, link through to the resources below:
- Distracted Driving Statistics (Insurance Information Insitute)
- Crash Avoidance Technologies FAQ (iihs.org)
- Neck Injury FAQ (iihs.org)
- Keeping Children Safe in Crashes Video (iihs.org)
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