Cheap 2018 Tesla Model S Insurance Quotes in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 6, 2024

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Are you tired of sacrificing other expenses to pay high car insurance rates every month? Your situation is no different than many other consumers. Vehicle owners have so many insurance companies to purchase coverage from, and although it’s a good thing to have multiple companies, having more auto insurance companies makes it harder to find the best rates.

You need to get comparison quotes as often as possible because car insurance prices are rarely the same from one policy term to another. Just because you found the lowest rates on Model S insurance six months ago a different company probably has better premium rates today. You can find a lot of wrong information about car insurance online but in just a couple of minutes you can learn a bunch of ideas how to lower your car insurance bill.

Four tips to get cheap insurance premiums

It’s important that you understand a few of the rating criteria that help determine your premiums. If you have a feel for what influences your rates, this allows you to make educated decisions that can help you get big savings. Many things are part of the equation when you quote your car insurance policy. Some are obvious like an MVR report, but some are less obvious like where you live or your financial responsibility.

  • Do you have a high stress job? – Did you know your occupation can influence how much you pay for insurance coverage? Occupational choices like judges, airline pilots and miners tend to have higher premium rates in part from stressful work requirements and incredibly demanding work hours. Other jobs such as farmers, historians and homemakers generally pay rates lower than average on Model S insurance.
  • Rates can drop if you have more than one policy – Many insurers will give lower prices to people who have multiple policies with them in the form of a multi-policy discount. The amount of the discounts can be anywhere from five to ten percent in most cases. Even with this discount applied, drivers will still want to shop around to guarantee you are still saving the most. You may still find a better deal by insuring with multiple companies.
  • Vehicles with better crash test results cost less to insure – Cars with high safety ratings tend to have lower insurance rates. Vehicles built for safety reduce injuries and fewer serious injuries means less money paid by your insurance company and cheaper rates on your policy.
  • Do you need those incidental coverages? – There are many optional add-on coverages that may not really be needed on your insurance coverage policy. Coverage for things like rental car coverage, better glass coverage, and motor club memberships could be just wasting money. You may think they are a good idea when you first buy your policy, but your needs may have changed so eliminate them to save money.

Car insurance companies offer many types of discounts

Some companies don’t necessarily list all possible discounts very well, so the next list breaks down both the well known as well as some of the hidden discounts that may be available.

  • Claim Free – Insureds with no claims or accidents can earn big discounts compared to drivers with a long claim history.
  • Distant Student Discount – Youth drivers living away from home attending college and do not take a car to college could get you a discount.
  • Save with a New Car – Insuring a vehicle that is new can be considerably cheaper since newer models have better safety ratings.
  • Military Deployment Discount – Having an actively deployed family member could mean lower premium rates.
  • ABS Brakes – Cars, trucks, and SUVs with ABS and/or traction control prevent accidents so you can save 10 percent or more.
  • Paper-free Discount – Certain car insurance companies will provide an incentive for buying your policy over the internet.
  • Drive Safe and Save – Drivers who avoid accidents can save up to 40% or more on their insurance coverage quote on Model S insurance than their less cautious counterparts.
  • Multiple Vehicles – Insuring multiple cars on one policy can get a discount for every vehicle.
  • First Accident Forgiveness – but companies like Progressive, Allstate, and Liberty Mutual may permit one accident before they charge you more for coverage if you are claim-free for a certain period of time.

You should keep in mind that most credits do not apply to the whole policy. A few only apply to the cost of specific coverages such as medical payments or collision. Just because you may think all the discounts add up to a free policy, that’s just not realistic.

A few companies that may include some of the above discounts possibly include:

  • Auto-Owners Insurance
  • American Family
  • Esurance
  • Progressive
  • State Farm
  • AAA

Before purchasing a policy, check with every insurance company what discounts are available to you. Some of the earlier mentioned discounts may not apply to policyholders everywhere. To view providers that offer multiple discounts, enter your zip code here.

Advertising and insurance

Consumers get pounded daily by advertisements for insurance savings by companies like 21st Century, Allstate and State Farm. They all try to convey promises about savings just by moving your insurance policy to them.

But how can every company have lower policy pricing? Here is the trick they use.

Many companies have a preferred profile for the right customer they prefer to insure. A good example of a desirable insured may be between the ages of 40 and 55, has no tickets, and drives newer vehicles. Someone who fits that profile will get the preferred car insurance rates and will most likely pay quite a bit less when switching companies.

People who do not meet the requirements will get higher premiums and ends up with the customer buying from a different company. The trick is to say “customers that switch” not “everyone who quotes” save money. This is how insurance companies can confidently make claims like that. Because every company is different, you need to quote coverage with many companies. It’s just too difficult to predict the company that will have the best premium rates.

Do I just need basic coverages?

When it comes to choosing adequate coverage, there isn’t really a one size fits all plan. Everyone’s needs are different so this has to be addressed. Here are some questions about coverages that may help you determine if your insurance needs may require specific advice.

  • How can I get my company to pay me more for my totalled car?
  • Does coverage extend to Mexico or Canada?
  • Is there coverage for injuries to my pets?
  • What are the best liability limits?
  • What exactly is covered by my policy?
  • What is no-fault insurance?
  • Is pleasure use cheaper than using my 2018 Tesla Model S to commute?
  • Does my car insurance cover rental cars?
  • What is roadside assistance coverage?

If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, fill out your zip code. It’s fast, free and can help protect your family.

Car insurance 101

Knowing the specifics of a insurance policy can help you determine the right coverages for your vehicles. The terms used in a policy can be confusing and reading a policy is terribly boring. Shown next are the usual coverages offered by insurance companies.

Comprehensive (Other than Collision)

Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things like vandalism, a broken windshield and hitting a deer. The maximum payout your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Coverage for liability

This provides protection from damages or injuries you inflict on people or other property. It protects YOU from legal claims by others. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability coverage pays for claims such as bail bonds, court costs, medical expenses, pain and suffering and repair costs for stationary objects. How much liability should you purchase? That is a personal decision, but buy as large an amount as possible.

Medical expense insurance

Medical payments and Personal Injury Protection insurance pay for immediate expenses for doctor visits, nursing services, ambulance fees and funeral costs. They are used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. They cover both the driver and occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state and may carry a deductible

Coverage for collisions

Collision coverage will pay to fix damage to your Model S resulting from a collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims such as sustaining damage from a pot hole, colliding with a tree and damaging your car on a curb. This coverage can be expensive, so consider removing coverage from lower value vehicles. Another option is to choose a higher deductible in order to get cheaper collision rates.

Protection from uninsured/underinsured drivers

This coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. Covered claims include injuries to you and your family as well as your vehicle’s damage.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea.

Quote more. Save more.

We just covered a lot of tips how to get a better price on 2018 Tesla Model S insurance. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. Drivers may discover the most savings is with some of the lesser-known companies. These smaller insurers often have lower premium rates on specific markets than the large multi-state companies such as Allstate or State Farm.

As you prepare to switch companies, it’s very important that you do not reduce needed coverages to save money. There are many occasions where consumers will sacrifice comprehensive coverage or liability limits only to regret at claim time they didn’t have enough coverage. The proper strategy is to purchase a proper amount of coverage at a price you can afford, but don’t skip important coverages to save money.

Some companies do not provide rates over the internet and most of the time these smaller companies provide coverage only through local independent agencies. Budget-conscious 2018 Tesla Model S insurance can be bought online in addition to many insurance agents, so you should be comparing quotes from both to get a complete price analysis.

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