Lower Your 2024 Tesla Model S Insurance Cost

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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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Searching for lower insurance rates for your Tesla Model S? Are you kicking yourself for buying overpriced insurance? Trust us, there are lots of people in the same boat. Big-name insurance companies like Allstate, Progressive and GEICO all claim big savings with fancy advertisements and it can be hard to ignore the promise of big savings and do the work needed to find the best deal.

Compare free insurance coverage price quotes

Lowering your 2024 Tesla Model S insurance coverage rates is actually easier than you may think. All that’s required is to invest a few minutes to compare rate quotes to find. This is very easy and can be done using a couple different methods.

One of the fastest ways to get the best comparison quotes is to use a rate comparison form. This method prevents you from having to do boring form submissions for every prospective company. One simple form compares rates from multiple low-cost companies.

A more time consuming way to analyze rates consists of visiting the website for each individual company to request a price quote. For examples sake, let’s say you want to compare rates from Progressive, Allstate and Travelers. In order to get each rate, you would have to visit each site and repeatedly enter your information, which is why most consumers use the first method.

You can use whichever method you prefer to find lower rates, just ensure you’re using equivalent information for every quote you compare. If you have different deductibles you will not be able to find the best deal for your Tesla Model S.

How your Model S insurance premiums are determined

Many different elements are used when you get a price on insurance. Most are fairly basic like your driving record, but others are less obvious like your vehicle usage or your vehicle rating.

  • Premiums are lower the older you get – Older insureds are proven to be safer behind the wheel, statistically cause fewer accidents and get fewer tickets. Youthful drivers are known to be easily distracted when driving and because of this, their auto insurance rates are much higher.
  • Do you know you’re credit history? – A driver’s credit score will be a significant factor in your rate calculation. People that have excellent credit scores tend to be more responsible and file fewer claims than drivers with lower ratings. If your credit is not that good, you could be paying less to insure your 2024 Tesla Model S by improving your rating.
  • Vehicles with better crash test results are cheaper to insure – Safer cars get lower rates. Vehicles built for safety have better occupant injury protection and fewer serious injuries translates directly to fewer claims and thus lower rates.
  • Lower premiums with theft deterrents – Choosing a vehicle with advanced anti-theft systems can help lower your premiums. Theft prevention features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help stop vehicle theft.
  • Pay more by driving carelessly – Only having one ticket can increase rates by twenty percent. Drivers with clean records tend to pay less for car insurance as compared to those with violations. Drivers unfortunate enough to have careless tickets like DWI, reckless driving or hit and run convictions may need to submit a SR-22 or proof of financial responsibility with their state in order to legally drive a vehicle.

Earn discounts to get lower-cost auto insurance quotes

Some providers don’t necessarily list every discount in a way that’s easy to find, so we researched both the well known in addition to some of the lesser obvious credits available to bring down your rates. If you are not receiving all the discounts possible, you’re paying more than you need to.

  • Telematics Discount – Insureds who allow their auto insurance company to scrutinize their driving habits by installing a telematics device like Allstate’s Drivewise could see a rate decrease if they show good driving skills.
  • Seat Belt Usage – Drivers who require all occupants to fasten their seat belts can save a little off the PIP or medical payment premium.
  • Safe Driver Discounts – Insureds without accidents may receive a discount up to 45% on Model S coverage than their less cautious counterparts.
  • Life Insurance – If the company offers life insurance, you could get better premium rates if you take out auto and life insurance together.
  • Multi-car Discount – Purchasing coverage when you have multiple cars or trucks on the same auto insurance policy qualifies for this discount.
  • Discount for Good Grades – Excelling in school may save you up to 25%. You can use this discount normally up until you turn 25.
  • New Vehicle Savings – Adding a new car to your policy can save up to 30% since new vehicles have better safety ratings.
  • Pay Early and Save – If you pay your bill all at once instead of paying each month you could save up to 5%.
  • Defensive Driver Discount – Successfully completing a class that teaches defensive driver techniques may get you a small discount if your company offers it.
  • Sign Online – Many insurance companies will give a small break for signing up on their website.

It’s important to understand that most discounts do not apply to the overall cost of the policy. A few only apply to the price of certain insurance coverages like comp or med pay. Despite the appearance that you could get a free auto insurance policy, companies wouldn’t make money that way. But all discounts should help reduce your premiums.

To see a list of auto insurance companies that offer discounts, enter your zip code here.

Tailor your insurance coverage coverage to you

When buying adequate coverage, there really is not a “perfect” insurance plan. Coverage needs to be tailored to your specific needs so your insurance should reflect that Here are some questions about coverages that might point out if your situation might need an agent’s assistance.

  • Does medical payments coverage apply to all occupants?
  • Is my babysitter covered when using my vehicle?
  • How do I insure my teen driver?
  • What if I total my 2024 Tesla Model S and owe more than it’s worth?
  • Why am I required to buy high-risk coverage?
  • What is medical payments coverage?
  • Are rock chip repairs covered?
  • Do I pay less if my vehicle is kept in my garage?
  • Should I file a claim if it’s only slightly more than my deductible?

If you can’t answer these questions, you might consider talking to a licensed agent. To find an agent in your area, complete your zip code. It is quick, free and can provide invaluable advice.

Specific coverage details

Learning about specific coverages of your insurance policy can be of help when determining the right coverages and proper limits and deductibles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. Listed below are typical coverage types found on the average insurance policy.

Uninsured or underinsured coverage

This gives you protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked.

Liability auto insurance

Liability coverage can cover injuries or damage you cause to other people or property in an accident. It protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 50/100/50 that translate to $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property.

Liability insurance covers claims such as legal defense fees, medical expenses, structural damage, bail bonds and emergency aid. The amount of liability coverage you purchase is your choice, but buy higher limits if possible.

Collision insurance

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

Collision coverage pays for claims such as crashing into a building, crashing into a ditch, scraping a guard rail, colliding with another moving vehicle and colliding with a tree. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to choose a higher deductible in order to get cheaper collision rates.

Comprehensive protection

This covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like hitting a deer, a broken windshield, damage from getting keyed, damage from a tornado or hurricane and vandalism. The highest amount your insurance company will pay is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Medical expense coverage

Coverage for medical payments and/or PIP reimburse you for expenses like hospital visits, chiropractic care, X-ray expenses, doctor visits and ambulance fees. They are often used to cover expenses not covered by your health insurance policy or if you do not have health coverage. They cover you and your occupants and also covers being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage

Buy online or local, you save

In this article, we covered some good ideas how to shop for 2024 Tesla Model S insurance online. The key thing to remember is the more rate comparisons you have, the better your chances of lowering your premium rates. Drivers may discover the best price on insurance coverage is with a company that doesn’t do a lot of advertising. Smaller companies often have lower premium rates on specific markets as compared to the big name companies such as Allstate, GEICO and Progressive.

When getting insurance coverage quotes online, don’t be tempted to sacrifice coverage to reduce premiums. In many instances, an insured dropped collision coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy a smart amount of coverage for the lowest cost.

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