2020 Tesla Model S Car Insurance Rates in 2024

Looking for better insurance rates for your Tesla Model S? Trying to come up with a payment for pricey insurance can overdraw your savings account and make it tough to pay other bills. Companies like Progressive, State Farm and GEICO all claim big savings with TV and radio ads and it can be hard to ignore the propoganda and take the time to shop coverage around.

You should take the time to compare prices at least once a year because prices fluctuate regularly. Just because you found the best rate on Model S insurance on your last policy there may be better deals available now. Block out anything you think you know about insurance because I’m going to let you in on the secrets to one of the quickest ways to eliminate unnecessary coverages and save money.

Learn how to lower your insurance rates

Lots of factors are considered when you get a price on insurance. A few of the factors are predictable such as your driving history, but some are not as apparent like your vehicle usage or how financially stable you are. When buying car insurance it’s important to understand some of the factors that come into play when calculating the rates you pay for car insurance. If you understand what controls the rates you pay, this helps enable you to make changes that will entitle you to cheaper rates.

Listed below are some of the most common factors utilized by car insurance companies to help set your rates.

• When should you file a insurance claims? – Car insurance companies provide lower rates to people who are claim-free. If you’re an insured who likes to file claims you can expect much higher rates or policy non-renewal. Your car insurance is intended to be relied upon for claims that pose a financial burden.
• Long commutes cost more – The higher the miles on your Tesla in a year the higher your rate. Most companies rate vehicles based upon how the vehicle is primarily used. Vehicles used primarily for pleasure use cost less to insure as compared to vehicles used primarily for driving to work. A policy that improperly rates your Model S may be costing you higher rates. Verify your car insurance coverage correctly shows the correct usage, because it can save money.
• Teenage drivers are expensive to insure – More mature drivers are viewed as being more responsible, are lower risk to insure , and are generally more financially stable. Teenage drivers tend to be less responsible when at the wheel of a vehicle therefore car insurance rates are much higher.
• Urban residents pay more – Having an address in less populated areas of the country is a good thing when trying to find low car insurance rates. Urban drivers tend to have traffic congestion and longer commute times. Fewer drivers and short commutes translates into fewer accident claims in addition to lower liability claims
• Small coverages can add up – There are quite a few additional extra coverages that may not really be needed on your car insurance policy. Insurance for things like personal injury protection, accident forgiveness, and additional equipment coverage may be costing you every month. You may think they are a good idea when deciding what coverages you need, but if you’ve never needed them in the past remove them and pocket the money.
• Use one insurance company and save – The majority of insurers provide lower prices to buyers that have more than one policy. It’s known as a multi-policy discount. Discounts can be ten percent or more. Even if you already get this discount, consumers should still check prices from other companies to verify if the discount is saving money. Drivers may still save even more even if you have your coverage with different companies.
• Get cheaper costs if you’re married – Having a significant other may earn you lower rates when shopping for car insurance. It means you’re more mature and it’s proven that drivers who are married file infrequent claims.

The best way we recommend to get policy rate comparisons is to know the fact car insurance companies actually pay money for the chance to provide you with a free rate quote. All you need to do is give the companies some data including whether the vehicles are used for commuting, an estimate of your credit level, how much you drive, and if the car is leased. Your details is then submitted to many of the top insurers and they return quotes quickly.

Save 15 percent in 15 minutes? Is it for real?

Consumers can’t escape the ads for cheaper insurance from the likes of State Farm, GEICO and Progressive. All the companies try to convey promises of big savings if you get a free insurance coverage quote and switch your insurance coverage to their company.

How does each company lower your prices? It’s all in how they say it.

Most companies look for specific characteristics for the type of customer that will add to their bottom line. A good example of this type of risk profile should be over the age of 50, has never had a claim, and drives a vehicle with a low ISO rating. A customer that meets those criteria receive the lowest rate quotes and is almost guaranteed to save a lot if they switch.

Potential insureds who do not fit the requirements will probably have to pay higher prices and business not being written. If you listen to the ad wording, they say “drivers who switch” not “everybody who quotes” save that much when switching. This is how companies can truthfully make the claims of big savings. Different companies use different criteria so drivers should compare quotes as often as possible. It’s just not possible to know the company that will have the best prices for your profile.

Cheaper insurance coverage quotes with discounts

Some companies don’t list every available discount very well, so the below list has both well-publicized and the more hidden credits available to you.

• Distant Student – Any of your kids living away from home attending college and do not have a car may be insured at a cheaper rate.
• ABS Brakes – Cars, trucks, and SUVs with ABS braking systems or traction control can stop better under adverse conditions and earn discounts up to 10%.
• Auto/Life Discount – Insurance companies who offer life insurance give lower insurance coverage rates if you buy life insurance.
• Policy Bundle Discount – If you have multiple policies with the same company you may earn up to 20% off your total premium.
• Drive Safe and Save – Insureds without accidents can save up to 40% or more on their insurance coverage quote on Model S insurance than less cautious drivers.
• Switch and Save Discount – A few insurance coverage companies give discounts for switching companies prior to your current policy expiration. The savings is around 10%.

Don’t be shocked that some credits don’t apply to the entire cost. Most only cut individual premiums such as liability and collision coverage. Even though it may seem like having all the discounts means you get insurance for free, it just doesn’t work that way.

To view insurance companies with significant discounts, enter your zip code here.

Tailor your auto insurance coverage to you

When it comes to choosing proper insurance coverage for your personal vehicles, there really is not a perfect coverage plan. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions could help you determine if you might need an agent’s assistance.

• Do I have coverage if my license is suspended?
• Am I covered by my employer’s commercial auto policy when driving my personal car for business?
• Am I covered when driving in Canada or Mexico?
• How does medical payments coverage work?
• Can I still get insurance after a DUI?
• When would I need additional glass coverage?
• Am I missing any policy discounts?
• Is my camper covered by my car insurance policy?
• Do I need higher collision deductibles?

If it’s difficult to answer those questions but you know they apply to you then you might want to talk to an insurance agent. If you want to speak to an agent in your area, complete your zip code. It’s fast, free and can help protect your family.

Coverage specifics

Having a good grasp of a auto insurance policy can be of help when determining the right coverages at the best deductibles and correct limits. Policy terminology can be confusing and reading a policy is terribly boring. Shown next are typical coverage types available from auto insurance companies.

Coverage for collisions

This pays to fix your vehicle from damage from colliding with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for things such as hitting a parking meter, sustaining damage from a pot hole, hitting a mailbox and driving through your garage door. This coverage can be expensive, so consider removing coverage from older vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.

Comprehensive or Other Than Collision

This coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as fire damage, damage from flooding, damage from a tornado or hurricane, hitting a bird and hail damage. The maximum amount a auto insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Liability coverages

Liability insurance provides protection from injuries or damage you cause to a person or their property in an accident. It protects YOU from legal claims by others, and doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see limits of 100/300/100 which means $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged property.

Liability insurance covers things such as medical expenses, repair bills for other people’s vehicles and loss of income. The amount of liability coverage you purchase is your choice, but you should buy higher limits if possible.

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as damage to your Tesla Model S.

Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Medical costs insurance

Medical payments and Personal Injury Protection insurance kick in for expenses for things like doctor visits, ambulance fees, nursing services, surgery and funeral costs. They are often used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to both the driver and occupants in addition to being hit by a car walking across the street. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Be a Smart Shopper

When getting insurance coverage quotes online, it’s very important that you do not skimp on critical coverages to save a buck or two. There have been many cases where an accident victim reduced comprehensive coverage or liability limits only to find out they didn’t have enough coverage. Your focus should be to purchase plenty of coverage at the lowest possible cost while still protecting your assets.

Throughout this article, we presented some good ideas how you can save on 2020 Tesla Model S insurance. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your premium rates. Consumers could even find that the best price on insurance coverage is with some of the lesser-known companies. They often have lower premium rates on specific markets compared to the large companies like Progressive or GEICO.

Cheap 2020 Tesla Model S insurance is definitely available online in addition to local insurance agencies, so you should compare both to have the best selection. There are still a few companies who do not provide online quoting and most of the time these smaller companies only sell coverage through independent agencies.