Cheap 2016 Tesla Model S Insurance Cost

Want the cheapest insurance rates for your Tesla Model S? Trying to find cheap insurance can be kind of frustrating for drivers who are beginners to online rate comparisons. With such a large choice of insurers available, it can easily become a chore to find cheaper coverage rates.

It’s important to take a look at other company’s rates before your next renewal due to the fact that insurance prices change frequently. Despite the fact that you may have had the lowest rate on Model S coverage on your last policy you can probably find a lower rate today. You can find a lot of wrong information about insurance online, but in just a couple of minutes you can learn the easiest ways to save money.

The purpose of this article is to tell you the most effective way to quote insurance and some tricks to saving. If you currently have a car insurance policy, you should be able to save some money using this strategy. But consumers must know how the larger insurance companies compete online and use this information to your advantage.

The easiest way to compare policy rates is to understand all the major auto insurance companies provide online access to give rate comparisons. All you need to do is give them some information including whether you have decent credit, driver ages, if a SR-22 is required, and what your job is. Those rating factors is automatically sent to many of the top insurers and you get price estimates almost instantly.

Switch companies and save? Really?

Respected companies like Progressive, Geico, Allstate and State Farm regularly use television and radio advertisements. All the ads have a common claim that you’ll save big just by moving your insurance coverage to their company. How does every insurance company give you a better price?

Companies have specific characteristics for the right customer that makes them money. One example of this type of insured could possibly be a married female, has few claims, and insures a new vehicle. A customer getting a price quote that matches those criteria will most likely get cheap prices as well as save some money.

Insureds who don’t qualify for the ideal profile will get higher prices which leads to the driver buying from a lower-cost company. If you listen to the ad wording, they say “drivers who switch” not “everyone who quotes” save that kind of money. This is how companies can truthfully make claims that they all have the best car insurance rates.

Each company has different criteria, so it is so important to compare quotes as often as possible. It’s not possible to predict with any certainty which company will have the best rates for your profile.

Insurance policy discounts you can’t miss

Insurance is not cheap nor is it fun to buy but you might already qualify for some discounts that can dramatically reduce your bill. Most are applied at the time of quoting, but a few must be asked about in order for you to get them. If you don’t get every credit possible, you could be getting lower rates.

  • Homeowners Pay Less – Simply owning a home can help you save on insurance because maintaining a house is proof that your finances are in order.
  • Early Renewal Discounts – A few companies give discounts for switching policies before your current coverage expires. You could save around 10% when you buy insurance coverage online.
  • Theft Deterent System – Anti-theft and alarm system equipped vehicles are less likely to be stolen and that can save you a little bit as well.
  • Telematics Discount – Drivers that enable data collection to track driving habits by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot could see a rate decrease if they exhibit good driving behavior.
  • Professional Memberships – Affiliation with specific professional or occupational memberships or organizations could qualify you for a break on your policy.
  • ABS Brakes – Cars, trucks, and SUVs that have steering control and anti-lock brakes can reduce accidents and the ABS can save up to 10%.
  • Discount for Good Grades – This discount may save you up to 25%. Earning this discount can benefit you well after school through age 25.
  • Multi-car Discount – Buying insurance for multiple cars with one company can get a discount for every vehicle.

One thing to note about discounts is that many deductions do not apply to the entire policy premium. A few only apply to individual premiums such as liability, collision or medical payments. So when the math indicates having all the discounts means you get insurance for free, companies wouldn’t make money that way.

A few popular companies and some of the discounts are detailed below.

  • Travelers may include discounts for save driver, multi-car, driver training, early quote, new car, and IntelliDrive.
  • 21st Century offers discounts including early bird, anti-lock brakes, teen driver, homeowners, theft prevention, and 55 and older.
  • State Farm may have discounts that include student away at school, defensive driving training, driver’s education, Drive Safe & Save, multiple policy, and good driver.
  • Geico includes discounts for five-year accident-free, military active duty, anti-theft, defensive driver, and good student.
  • SAFECO may offer discounts for safe driver, teen safety rewards, teen safe driver, bundle discounts, accident prevention training, and homeowner.
  • AAA offers discounts for education and occupation, good driver, pay-in-full, multi-car, multi-policy, and anti-theft.

If you are trying to find low cost insurance coverage quotes, ask all companies you are considering to apply every possible discount. Some discounts listed above may not apply to policyholders in your area. If you would like to see a list of companies that can offer you the previously mentioned discounts, click this link.

Insurance agents can help

When choosing proper insurance coverage for your personal vehicles, there really is not a one size fits all plan. Everyone’s situation is unique.

For example, these questions may help highlight whether you would benefit from an agent’s advice.

  • Can I afford to buy a different vehicle if my 2016 Tesla Model S is totaled?
  • Will my rates increase for filing one claim?
  • Will filing a claim cost me more?
  • When does my teenage driver need to be added to my policy?
  • I have health insurance so do I need medical payments coverage?
  • What is an SR-22 filing?
  • Does coverage extend to a rental car in a foreign country?
  • How do I insure my teen driver?

If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with a licensed insurance agent. To find an agent in your area, simply complete this short form.

Insurance coverages explained

Knowing the specifics of insurance can help you determine the right coverages at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy.

Collision coverage

This coverage will pay to fix damage to your Model S resulting from colliding with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.

Collision insurance covers claims such as backing into a parked car, sideswiping another vehicle and damaging your car on a curb. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. It’s also possible to increase the deductible to bring the cost down.

Auto liability

Liability insurance will cover damages or injuries you inflict on other’s property or people that is your fault. It protects you against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show liability limits of 50/100/50 which means a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have a combined single limit or CSL that pays claims from the same limit without having the split limit caps.

Liability insurance covers claims like funeral expenses, bail bonds, attorney fees, legal defense fees and medical services. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase higher limits if possible.

Comprehensive protection

Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like fire damage, rock chips in glass, damage from a tornado or hurricane and hitting a deer. The most your insurance company will pay is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your 2016 Tesla Model S.

Since a lot of drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Frequently these coverages are similar to your liability insurance amounts.

Medical expense coverage

Med pay and PIP coverage provide coverage for bills for doctor visits, nursing services and ambulance fees. They are used to fill the gap from your health insurance plan or if you do not have health coverage. It covers not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. PIP is only offered in select states and gives slightly broader coverage than med pay

Final considerations

Some insurance coverage companies may not offer rate quotes online and many times these regional insurance providers sell through independent agents. Affordable 2016 Tesla Model S insurance can be bought from both online companies in addition to many insurance agents, and you should compare rates from both to have the best chance of lowering rates.

In this article, we presented quite a bit of information on how to lower your 2016 Tesla Model S insurance car insurance rates. The most important thing to understand is the more rate quotes you have, the better your chances of lowering your premium rates. You may even find the lowest car insurance rates are with a company that doesn’t do a lot of advertising.

Consumers change insurance companies for a number of reasons such as policy cancellation, being labeled a high risk driver, lack of trust in their agent or high rates after DUI convictions. Whatever your reason, finding a great new company is pretty simple and you could end up saving a buck or two.

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