View 2017 Tesla Model 3 Car Insurance Rates

Do you think you bought an overpriced insurance coverage policy? Trust us when we tell you many consumers are feeling buyer’s remorse and feel like there’s no way out.

Vehicle owners have multiple insurers to buy insurance from, and even though it’s nice to have multiple companies, it can be more challenging to compare rates.

It’s a good idea to compare premium rates quite often because prices are adjusted regularly by insurance companies. Even if you think you had the best rate for Model 3 insurance last year there may be better deals available now. Block out anything you think you know about insurance coverage because you’re about to find out the best methods to find better coverage at a better price.

Buying cheaper car insurance coverage is not that difficult. In a nutshell, anyone who shops for car insurance will more than likely be able to cut their insurance bill. But drivers do need to learn how the larger insurance companies price insurance differently because it can help you find the best coverage.

Why you might pay increased rates

An important part of buying insurance is that you know some of the things that help calculate car insurance rates. If you have a feel for what determines premiums, this enables you to make decisions that may result in lower rates.

The following are some of the most rate-impacting factors used by insurance companies to determine your premiums.

  • Use but don’t abuse your insurance – If you frequently file small claims, don’t be surprised to see either a policy non-renewal or much higher rates. Car insurance companies give cheaper rates to insureds who file claims infrequently. Auto insurance is intended to be relied upon for claims that pose a financial burden.
  • Youthful drivers are expensive to insure – Young drivers have been known to get distracted easily when behind the wheel therefore car insurance rates are much higher. If you’ve ever had to add a first-time driver onto a policy can increase premiums substantially. Mature drivers are more cautious drivers, cost insurance companies less in claims .
  • Where do you drive? – Driving more miles annually the higher the price you pay to insure it. Many insurance companies apply a rate determined by how the vehicle is used. Vehicles left parked in the garage qualify for better rates compared to those used for work or business. It’s a smart idea to ensure your policy correctly shows annual mileage, because improper ratings can cost you money. An improperly rated Model 3 may be costing you.
  • Discounts for multiple policies – Most larger companies allow lower prices to insureds who have multiple policies with them. It’s known as a multi-policy discount. This can amount to anywhere from five to ten percent in most cases. Even if you’re getting this discount you may still want to check prices from other companies to confirm you are receiving the best rates possible.
  • Extra coverages can cost a lot – There are many add-on coverages that sound like a good idea at the time when buying car insurance. Insurance for replacement cost coverage, high-cost glass coverage, and extra life insurance coverage could be just wasting money. They may seem like a good idea when deciding what coverages you need, but if you don’t need them remove them from your policy.
  • Don’t cancel your policy without a new one in place – Having a gap between insurance policy dates will be a fast way to drive up your policy premiums. Not only will you pay higher rates, being ticketed for driving with no insurance could earn you a fine, jail time, or a revoked license. You could then be forced to provide proof of insurance in the form of an SR-22 filing with your state motor vehicle department.
  • Your location is a factor – Residing in less populated areas of the country has definite advantages when shopping for auto insurance. Lower population means less chance of accidents as well as less vandalism and auto theft. Drivers who live in large cities have to deal with traffic congestion and a longer drive to work. The longer drive time means higher likelihood of an accident.
  • Accidents can increase costs – Even a single speeding ticket may increase your cost twenty percent or more. Attentive drivers pay less for auto insurance than bad drivers. People who have flagrant citations such as DUI or willful reckless driving may find they need to submit a SR-22 form with their state in order to prevent their license from being revoked.

Compare quotes for car insurance

When shopping for cheaper car insurance quotes, there are a couple of ways to compare prices from many different insurance companies. The best method to lower the rate you pay for 2017 Tesla Model 3 insurance is to perform an online rate comparison. This is quite simple and can be completed by using one of the methods below.

  1. One of the best ways to compare a lot of rates at once is an all-inclusive rate comparison like this one (opens in new window). This type of form saves time by eliminating separate quotes for every car insurance company. One simple form gets you coverage quotes from all major companies.
  2. Another way to compare rate quotes requires a visit to the website of each company and request a quote. For examples sake, we’ll pretend you want to compare Nationwide, Progressive and Liberty Mutual. To do that, you would have to navigate to each company’s site to input your insurance information, which can take a lot of time. To view a list of companies in your area, click here.

It doesn’t matter which method you choose, just make sure you are using exactly the same coverages and limits on every quote you get. If you have different coverage information it will be impossible to decipher which rate is best. Just a small difference in insurance coverages or limits can make a big difference in price. Just remember that having more price comparisons provides better odds of finding lower pricing.

Save $421 a year! What?

Car insurance companies such as Allstate, Geico and Progressive continually stream television and radio advertisements. All the companies convey the message about how much you will save if you change your car insurance policy to them. How is it plausible that every one can charge lower premium rates? This is the trick they use.

Car insurance companies have specific characteristics for the type of insured they prefer to insure. A good example of a profitable customer may need to be between 30 and 50, has a low-risk occupation, and drives a lower-performance vehicle. Any person who meets those qualifications will get low rates and therefore will save quite a bit of money when switching.

People who do not fit these stringent criteria will probably be forced to pay a higher premium which usually ends up with business going elsewhere. If you pay close attention to the ads, they say “drivers that switch” not “everyone that quotes” can save as much as they claim. That is how companies can truthfully claim big savings.

This illustrates why you should compare rate quotes every year. It is impossible to predict which car insurance company will provide the lowest premium rates.

Don’t miss with these discounts

Car insurance is not cheap, but you can get discounts that may help make it more affordable. Many of these discounts will be applied automatically at the time of quoting, but a few must be manually applied in order for you to get them.

  • No Accidents – Insureds who avoid accidents and claims can save substantially in comparison with policyholders that have many claims.
  • College Student – Children who are attending college and do not take a car to college can receive lower rates.
  • Drivers Education – It’s a good idea to have your young drivers take driver’s ed class in high school.
  • Discounts for Multiple Vehicles – Buying insurance for more than one vehicle with one company can reduce the rates for all insured vehicles.
  • Save over 55 – Seniors may be able to get a small decrease in premiums for Model 3 insurance.
  • Club Memberships – Being a member of a professional or civic organization can get you a small discount on insurance.
  • Lower Rates for Military – Having a deployed family member could qualify you for better premium rates.
  • Drive Less and Save – Low annual miles can earn cheaper premium rates.

While discounts sound great, it’s important to understand that many deductions do not apply the the whole policy. Some only reduce the price of certain insurance coverages like liability and collision coverage. Even though it appears you would end up receiving a 100% discount, that’s just not realistic.

A few companies that possibly offer most of the discounts above possibly include:

Before buying, ask each insurance company to give you their best rates. Some credits might not be available to policyholders in your area.

Your situation helps dictate your coverage

When choosing the right insurance coverage for your personal vehicles, there is no “perfect” insurance plan. Every situation is different so your insurance should reflect that For example, these questions can aid in determining if your situation might need an agent’s assistance.

  • Am I covered if my car is in a flood?
  • Is upholstery damage covered by car insurance?
  • Am I covered if I crash into my own garage door?
  • Does insurance cover tools stolen from my truck?
  • What are the financial responsibility laws in my state?
  • I have a DUI can I still get coverage?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies.

Car insurance coverage options for a 2017 Tesla Model 3

Learning about specific coverages of your car insurance policy can be of help when determining appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. Below you’ll find typical coverage types found on the average car insurance policy.

Collision protection

Collision coverage will pay to fix damage to your Model 3 caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things such as crashing into a ditch, backing into a parked car, scraping a guard rail and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to choose a higher deductible in order to get cheaper collision rates.

Liability coverages

This coverage protects you from damage that occurs to other people or property in an accident. It protects you from claims by other people. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property. Some companies may use one limit called combined single limit (CSL) that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like medical expenses, bail bonds, funeral expenses, structural damage and repair costs for stationary objects. How much liability coverage do you need? That is your choice, but buy higher limits if possible.

Comprehensive coverages

Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as hitting a deer, damage from a tornado or hurricane, rock chips in glass, a tree branch falling on your vehicle and damage from getting keyed. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Uninsured and underinsured coverage

Your UM/UIM coverage provides protection from other drivers when they either have no liability insurance or not enough. This coverage pays for injuries to you and your family as well as damage to your Tesla Model 3.

Due to the fact that many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Coverage for medical payments

Med pay and PIP coverage reimburse you for short-term medical expenses for ambulance fees, X-ray expenses, rehabilitation expenses, pain medications and nursing services. The coverages can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. It covers you and your occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

More quotes mean more savings

Budget-friendly car insurance can be bought online in addition to many insurance agents, so you need to shop car insurance with both to have the best chance of lowering rates. Some car insurance companies do not offer rate quotes online and many times these smaller companies only sell through independent agents.

In this article, we covered some good ideas how to get a better price on 2017 Tesla Model 3 insurance. The key concept to understand is the more companies you get rates for, the higher the chance of saving money. Consumers may even find the best price on car insurance is with some of the lesser-known companies. Some small companies can often insure niche markets at a lower cost compared to the large companies like State Farm and Allstate.

Additional detailed information can be read at these sites: