Tesla Insurance Providers - Comparison for Consideration

xdivino on 08/01/2023 - 00:19
Last edited 08/01/2023 - 13:50 by 1 other user

I've just been advised delivery incoming for a Tesla Model 3 LR that I'd put money down for back in March 2022.. been a nice long wait.

Now the insurance game to play and notably the main providers I've used in the past all saying "sorry, don't insure Tesla's" for whatever reason.

So went out and just got a list of all the Insurance provders I can easily drum up and found this listing on the Canstar website. (skipping ones where not eligible or suitable for NSW ie. RACQ/RACV etc.)

So for starters the following don't as of this posting offer up policy for Tesla it seems.
- Woolworths Insurance
- Bendigo Bank
- Bingle
- Coles
- CGU
- Huddle
- Peoples Choice
- PD Insurance
- Real Insurance

My general info
NSW, 40's, Male, Postcode 2000, Tesla Model 3 LR in White, Black interior, came with the 19" wheels at the time of ordering so not sure if this need noting as an extra but would note this.
As for insurance value, I've just logged on to the Tesla website after some price drops were noted earlier with the front page deal today on the Model Y etc. but driveaway is $84,682 for this config, admittedly higher than what I paid given the increases since but for fair comparison and simplification where agreed value is noted I've opted $85k.

(Confused on the insurance providers that offer up like for like new replacement etc. and how that works if there's agreed value in the mix etc. but maybe some insurance expert can note more info on it in the comments?)

Provider EXCESS Policy Cost
AAMI $1820 $1587
Allianz $2000 $1188
Auspost $2000 $2123
AusUNITY $1600 $1186 (named driver only) Choice of repairer
Bankwest $1700 $1934
Budget $2000 $1256 (+$250 for choice of repairer)
Commbank $1700 $1584
GIO $1645 $1650
Kogan $2500 $2500
ING $2000 $1339
NRMA $2000 $1526
Ozicare $2000 $1295
NAB $1650 $1231
QBE $2500 $2900
QANTAS $2000 $1269 + 20k QFF Points (agreed value unkown)
Suncorp $2195 $1958
VirginMoney $2000 $1353 + 10k Virgin points
Youi $2500 $2376

Rollin Weird and was lke $200pm

Automotive Insurance Tesla Inc

Comments

  • Muzeeb on 08/01/2023 - 00:30
    +6

    I'll come back to this thread in 2048 when I'm forced to get an EV.

    Cheers for the heads-up.

    • xdivino on 08/01/2023 - 11:00

      Don't forget to set reminder.
      I only just worked out that feature on here the other day, brilliant feature.

      • Muzeeb on 08/01/2023 - 11:11

        Thanks for the reminder to remind myself to remember to remind this thread.

    • JafferMoney on 10/01/2023 - 14:15

      Enjoy your regular maintenance, petrol costs and tech-poor out of date ICE car ;)

      • Muzeeb on 10/01/2023 - 14:29

        Thankyou

  • jizmo on 08/01/2023 - 00:50
    +3

    Can you do better burnouts in a EV than say an old Holden dunny door on a friday arv leaving work hitting on the office sluts?

  • Amanda3724 on 08/01/2023 - 01:00
    +1

    Thank you - this will be useful for quotes for re-insuring mine after 3 people drove into it and some crap falling off a truck cracked my windscreen in the last 12 months 😒.

    RAC have been great with all the repairs though so if they're still competitive, I'll stay with them.

    Hope you have better luck with your Tesla - you're going to love it!

    • xdivino on 08/01/2023 - 10:56

      not an option for Tesla in the model selctor, lots of providers have this per Original post.

    • lachhelix on 09/01/2023 - 17:25

      It's a total PITA to have to call them just for a quote

      • Brick Tamland on 10/01/2023 - 16:15
        +1

        They quote online now

        • lachhelix on 10/01/2023 - 17:48
          +1

          Oh just checked, thanks
          (although is 5 times more than I'm paying now💀)

          • Brick Tamland on 10/01/2023 - 18:38
            +1

            @lachhelix: Yeah, Shannons is by far the most expensive quote I've seen for my wheels.

  • payless69 on 08/01/2023 - 07:00

    Very few actually insuring,
    too many MF's trying to sell something deceptive they don't do
    and when you have an issue, loss adjusters find a way not to pay!
    Ask Elon to bring his insurance here!

    • xdivino on 08/01/2023 - 10:57
      +1

      BMW Insurance and Toyota insurance are a thing so hopefully Tesla can bring Insurance here, would be great to iron it all out single app kinda thing.

      • Muzeeb on 08/01/2023 - 11:15
        +2

        BMW is underwritten by Allianz. BMW just take their piece of the pie and do some of the leg work on your behalf.

        Toyota is underwritten by ADICA and same as above.

        Tesla would likely just use one of your already mentioned insurers above and add their slice.

        • payless69 on 08/01/2023 - 18:35

          Back in 2008 I went to Europe and insured an Opel with Allianz. Zero issues, got straight best deal 60% off as a no fault driver for 10 years plus.
          Came back to drive a Toyota with Shannons (Suncorp). 3rd party damage by a Comminsured driver but they refused to pay.
          So much for Suncorp, a mate had Tesla issues with the RACQ.

  • Adredocto on 08/01/2023 - 07:20
    +1

    Out of interest, is this sort of ptemium comparable to other ICE cars in this price bracket or extra because it's an EV?

    Ive never had a car close this sticker price so never needed to quote 😆

    • kipps on 08/01/2023 - 10:22
      +2

      M3 premium should be reduced a bit over normal ICE cars of similar price given it can’t be stolen easily with GPS tracking and has considerable safety features.

      • Mechz on 08/01/2023 - 14:13

        It is possible to shroud GPS trackers so nothing is actually safe.

    • gyrex on 21/01/2023 - 13:04

      We had a Jeep Grand Cherokee prior to taking delivery of our Tesla Model Y. The Jeep was insured for roughly the same price at around $70K and was $900/year vs the Tesla at $1100/year. Some quotes we got were close to $2K for the Tesla - there's a massive premium difference for some reason.

  • kipps on 08/01/2023 - 10:21

    Suncorp came in cheapest for me by a long way in Qld for my M3. Interested to notice that they came in quite expensive for you.

    • xdivino on 08/01/2023 - 10:58

      I was very suprised by this too, I remember doing one a year ago and Suncorp was easily by far the cheapest option, i'll re-do in another browser and or on VPN and see if it's different but might be too many on their books or something now.

      • sidesw1pe on 02/11/2023 - 23:57

        Suncorp was cheapest for my m3p last November ($1972) but this year the renewal is $3054. Quite a bit of an increase there Suncorp. Now looking for an alternative so I'll go through your list, ty.

  • sauce2k on 17/01/2023 - 21:11
    +1

    Thanks OP this will come handy. Ordered MY hoping to receive it by May.

  • arcticmonkey on 26/04/2024 - 20:26

    I'm only seeing $2500+ for tesla y

    • xdivino on 26/04/2024 - 20:36

      Must be your profile or something. I just did an example with Allianz for MY LR 2024 and got $1600 with $1500 excess valued at $77600

  • Zippy7 on 26/04/2024 - 22:19

    Thanks for this thread. It only confirms how expensive the insurance is.
    I looked at EVs last year (about 1 year ago now) and I thought the insurance was ridiculously high compared to an equivalent ICE car.
    Ended up going for a cheaper ICE and much cheaper premiums.
    I don't do much mileage on the car (under 10k kms) so wouldn't save much on fuel vs electricity (and it seems like you'd pay all plus more in insurance).
    Will keep an eye out for Tesla insurance to see if that can lower pricing in the future.

    • xdivino on 27/04/2024 - 00:33

      Lemons and Limes
      Kinda a blanket statement you’ve not really added any facts there.
      You comparing a Corolla with a Tesla or a Mercedes EV with a Suzuki Swift?
      Cheaper ice and lower premiums is nice but youll still have running costs and maintenance that will eat away at that saving no doubt
      10km tho, prob cheaper to Uber? No maintenance or fuel costs that way.

      • Zippy7 on 27/04/2024 - 09:19

        I wasn't adding facts, just making a statement agreeing with the high cost of insurance in your table.
        I was comparing a new Mazda CX-5 vs a 2016 Model S - price of vehicle was similar $45-50k, but insurance was not (1200 vs 3500)

        The other reason I was interested in an EV was because of the FBT exemption, but again the higher insurance cost eats your savings.
        I note that EV tyres appear to be significantly more expensive than normal car tyres (that might be due to the fact Tesla wheels are 18" and larger)

        Yes, cheaper to Uber, but convenient to have your own car.
        I suppose if I had a new solar system with battery, that could make charging costs negligible at home as well.

        Anyway, this is YOUR thread about insurance, I am just watching with interest.

        • xdivino on 27/04/2024 - 09:35

          Ah I see where you went wrong with the comparisons.

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