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Best and Cheapest Tesla Insurance Upvoted by Reddit Users In 2022

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cheapest Tesla Insurance by Reddit

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?” 

You have a question about Tesla, then Reddit has an answer. In this article, we will talk about Best and Cheapest Tesla Insurance Reddit users upvoted the most in 2022. 

Cheapest Tesla Insurance by Reddit users

The prices and collective data for Tesla Insurance are based on the years 2019 to 2022. However, pricing is subject to fluctuate due to a variety of variables.

TESLA INSURANCE

Cheapest Tesla Insurance - Cheap 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 customer. 

According to a Reddit user u/dgcaste, it is the best and Cheap Tesla Insurance available in California by the time. He says,

“When I went to purchase my P3D three months ago I got quotes from several different insurance agencies. USAA wanted $240 a month and Geico was about $200. Since I had nothing to lose, I rolled with Tesla’s insurance (only available in CA for now…more on that in a second) and got a quote for $113! I have great coverage on my insurance. That is probably the least I’ve ever paid for a car, and my next most expensive car was half the price of this one. My driving history is pretty clean right now but I’ve had several collisions claims over the last 5-6 years and I have gotten pulled over for speeding probably 7-8 times in that span. Just nothing in the last 2 years or so.”

Cheapest Tesla Insurance quote
Source @Imgur Via Reddit

You can read his whole experience with Tesla Insurance on Reddit here

He has stated several points that make Tesla Insurance the best and lowest of all:-

  • Collision deductible comes down from $500 to $100 at only $12 a month. 
  • 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.

Well, that’s not all, recently a Reddit user shared his Tesla Insurance experience…

tesla insurance users

Cons of Tesla Insurance

  • Tesla Insurance policies are currently only available in selected states.
  • In Liability coverage, if you are at fault in an 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. 

Why should I opt for Tesla Insurance?

For Tesla vehicles, some insurers impose a comparatively high premium. One factor is that there is still a dearth of historical data regarding the price of electric car repairs. By vertically integrating insurance into its offering, Tesla brings down the price of owning its products.

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 2022. Tesla Insurance is now available in nine states:

  • Arizona
  • Colorado
  • Illinois
  • Nevada
  • Ohio
  • Oregon
  • Texas
  • Virginia
  • California (No real-time driver data)

STATE FARM

Cheapest Tesla Insurance - State Farm Insurance

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. 

Tesla insurance State farm
Via Reddit

  • State Farm is famous for its quick claims 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.

Insurance Comparison for Drivers Who Caused an Accident with Injury

state farm tesla insurance comparision 1

 

Rates are based on liability coverage of 100/300/100 with collision and comprehensive insurance

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

Cheapest Tesla Insurance - Geico Insurance

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”

  • 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

Geico poor credit insurance

 

Rates are based on liability coverage of 100/300/100 with collision and comprehensive insurance

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

Geico Tesla Insurance

 

Via Reddit

Final thoughts

After comparing Tesla Insurance vs. State Farm vs. Geico, we believe Tesla Insurance is the clear winner, providing the best insurance coverage at the lowest cost. If Tesla Insurance is offered in your state, it will be your sole option. Otherwise, you can select State Farm or Geico based on pricing and full coverage.

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.

tesla-insurance-state-farm-geico-comparision

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.

Frequently asked questions

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.

Shashank
Shashank is an experienced tech blogger. He has completed his master's in business administration, but his heart lies in technology, gadgets & anime. He is basically creative in nature and his one of favorite thing is capturing nature closely whenever he gets the free time.

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