Cheap 2015 Tesla Model S Car Insurance Rates
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UPDATED: Nov 16, 2018
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Buyers have many options when searching for affordable Tesla Model S insurance. You can either spend your time driving around to get rate comparisons or utilize the internet to find the lowest rates. There are more efficient ways to buy insurance so we’re going to tell you the absolute fastest way to price shop coverage for your Tesla and obtain the lowest possible price from both online companies and local agents.
It’s important to compare prices every six months because insurance prices tend to go up over time. Just because you found the best deal on Model S coverage last year other companies may now be cheaper. Don’t believe everything you read about insurance out there, but I’m going to show you some guaranteed methods to stop overpaying for insurance.
How to get free auto insurance quotes online
Getting a cheaper price on 2015 Tesla Model S insurance isn’t really that difficult. Drivers just need to take time to get quotes to see which company has affordable car insurance quotes. Rate comparisons can be done using one of these methods.
- The best way to find low rates is an all-inclusive rate comparison click here to open form in new window. This type of form keeps you from doing multiple quote forms to each individual auto insurance company. In just a few minutes this one form compares rates from auto insurance companies with the best prices. It’s definitely the quickest method.
- A slightly less efficient method to find more affordable insurance is to take the time to go to each individual company website to request a price quote. For sake of this example, we’ll pretend you want rates from Progressive, State Farm and GMAC. You would have to spend time on each company’s site and repeatedly type in your coverage information, which explains why we recommend starting with the first method.
For a handy list of car insurance company links in your area, click here.
Whichever method you choose, be sure to compare nearly identical information with each company. If the quotes have higher or lower deductibles it will be next to impossible to determine the best price for your Tesla Model S.
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Take policy discounts and save
Insuring your vehicles can cost a lot, but companies offer discounts that many people don’t even know exist. Some discounts will apply when you complete an application, but a few need to be inquired about before you will receive the discount.
- Discounts for Federal Employees – Having worked for a branch of the government could qualify for a slight premium decrease on Model S coverage with select insurance companies.
- Distant Student – who are enrolled in higher education away from home and do not have access to a covered vehicle could get you a discount.
- Discounts for Good Drivers – Insureds without accidents may save up to 50% more on Model S coverage compared to accident prone drivers.
- Safety Course Discount – Taking part in a class that teaches safe driver techniques could cut 5% off your bill and easily pay for the cost of the class.
- Safety Restraint Discount – Drivers who always wear seat belts and also require passengers to use their safety belts may be able to save a few bucks off the personal injury premium cost.
- Theft Deterent – Cars and trucks that have factory anti-theft systems can help prevent theft and will qualify for a discount on a car insurance quote.
- Early Signing – A few companies offer discounts for switching to them prior to your current policy expiring. You could save around 10% when you buy car insurance online.
- Homeowners Savings – Just being a homeowner can earn you a little savings because of the fact that having a home is proof of financial responsibility.
- Military Rewards – Being on active duty in the military could be rewarded with lower prices.
A quick disclaimer, most discount credits are not given to all coverage premiums. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. If you do the math and it seems like all the discounts add up to a free policy, company stockholders wouldn’t be very happy. But all discounts will help lower the cost of your policy.
A few of the larger companies and some of the premium reductions they offer are outlined below.
- GEICO offers premium reductions for good student, anti-theft, five-year accident-free, anti-lock brakes, federal employee, multi-policy, and daytime running lights.
- USAA includes discounts for annual mileage, driver training, vehicle storage, good student, military installation, and safe driver.
- Progressive has savings for online quote discount, good student, multi-vehicle, continuous coverage, and multi-policy.
- American Family has discounts for good student, bundled insurance, multi-vehicle, mySafetyValet, defensive driver, Steer into Savings, and good driver.
- Esurance offers discounts including renters, Pac-12 alumni, good driver, anti-theft, Switch & Save, safety device, and anti-lock brakes.
- Farmers Insurance discounts include switch companies, teen driver, mature driver, bundle discounts, pay in full, multi-car, and distant student.
- State Farm offers discounts for passive restraint, safe vehicle, defensive driving training, accident-free, and Drive Safe & Save.
Double check with all companies you are considering which discounts you qualify for. Some of the discounts discussed earlier may not be offered in your area.
Components of your Tesla Model S insurance premiums
A large part of saving on insurance coverage is knowing some of the elements that go into determining your insurance coverage rates. If you have a feel for what controls the rates you pay, this enables informed choices that could result in cheaper rates. Lots of factors are part of the calculation when you get a price on insurance. A few of the factors are predictable like your driving record, although others are less obvious such as your marital status or how financially stable you are.
- Credit rating impacts premium prices – Having a good credit rating will be a significant factor in determining your rates. People with very good credit scores tend to be better drivers and file fewer claims as compared to drivers with poor credit. So if your credit rating could use some work, you could potentially save money when insuring your 2015 Tesla Model S if you clean up your credit.
- Are males or females drivers cheaper? – Statistics show that females tend to be a little less risky than males. Now that doesn’t mean men are worse drivers. Both genders have auto accidents in similar percentages, but males have accidents that have higher claims. In addition to higher claims, males also have more aggressive citations like reckless driving and DUI.
- Your liability insurance limits – Liability insurance is the coverage that protects you in the event that you are responsible for damages from an accident. This coverage provides for a legal defense which can cost thousands of dollars. It is affordable coverage as compared to coverage for physical damage, so insureds should have plenty of protection for their assets.
- Obey driving laws and save – A bad driving record has a huge affect on how much you pay. Just one chargable violation could increase your next policy renewal by as much as twenty percent. Drivers with clean records have lower premiums than people who have multiple driving citations. Drivers who have received serious violations such as DUI or reckless driving may need to submit a SR-22 form with their state DMV in order to drive a vehicle legally.
- You may save more by bundling policies – Most major insurers give better rates to people who consolidate policies with them such as combining an auto and homeowners policy. Discounts can amount to five, ten or even twenty percent. Even if you already get this discount, it’s always a smart idea to check prices from other companies to guarantee you are still saving the most.
Which policy gives me the best coverage?
When choosing proper insurance coverage for your vehicles, there really is no “perfect” insurance plan. Everyone’s situation is a little different.
These are some specific questions may help you determine if your situation could use an agent’s help.
- How much liability insurance is required?
- When should I remove comp and collision on my 2015 Tesla Model S?
- How can I find cheaper teen driver insurance?
- Can I afford to buy a different vehicle if my 2015 Tesla Model S is totaled?
- When would I need additional glass coverage?
- I have health insurance so do I need medical payments coverage?
- Is my cargo covered for damage or theft?
- Is my trailer covered?
- Do I need medical payments coverage since I have good health insurance?
- Does my 2015 Tesla Model S need full coverage?
If you’re not sure about those questions, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, complete this form. It’s fast, doesn’t cost anything and can help protect your family.
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Coverages available on your policy
Having a good grasp of your policy can help you determine which coverages you need for your vehicles. Policy terminology can be ambiguous and even agents have difficulty translating policy wording.
Comprehensive or Other Than Collision
This covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things such as hitting a bird, damage from getting keyed, hitting a deer and rock chips in glass. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Medical costs insurance
Med pay and PIP coverage reimburse you for expenses for things like dental work, chiropractic care, surgery, X-ray expenses and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. It covers you and your occupants and will also cover getting struck while a pedestrian. PIP coverage is not universally available and may carry a deductible
This gives you protection when other motorists either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants as well as damage to your Tesla Model S.
Since many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is a good idea.
This can cover damage that occurs to people or other property. This insurance protects YOU against other people’s claims, and doesn’t cover your own vehicle damage or injuries.
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. You commonly see values of 25/50/25 which stand for $25,000 bodily injury coverage, $50,000 for the entire accident, and $25,000 of coverage for damaged propery.
Liability coverage protects against things such as repair costs for stationary objects, structural damage, medical expenses, medical services and loss of income. How much liability should you purchase? That is up to you, but buy as large an amount as possible.
Collision coverage protection
This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.
Collision coverage pays for things like hitting a parking meter, colliding with another moving vehicle, crashing into a ditch and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Another option is to increase the deductible to get cheaper collision coverage.
Power to the consumer
When buying insurance coverage, you should never skimp on coverage in order to save money. There have been many cases where an insured dropped liability coverage limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your goal is to purchase plenty of coverage at a price you can afford, but do not sacrifice coverage to save money.
We just presented many ideas to reduce 2015 Tesla Model S insurance car insurance rates online. The key thing to remember is the more rate quotes you have, the higher your chance of finding the cheapest car insurance. Consumers may even find the best price on insurance coverage is with a smaller regional carrier.
Some insurance companies don’t offer rates over the internet and these regional insurance providers provide coverage only through independent agents. Budget-conscious 2015 Tesla Model S insurance can be sourced online in addition to many insurance agents, so compare prices from both in order to have the best chance of saving money.
Much more information about insurance coverage can be read at these links:
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- State Car Insurance Guides (GEICO)
- Choosing a Car for Your Teen (State Farm)
- Auto Insurance FAQ (Farmers Insurance)