2012 Tesla Model S Insurance Cost
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UPDATED: Mar 23, 2020
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Have you fallen victim to an overpriced auto insurance policy? Trust us, there are lots of people in the same boat.
There is such a variety of insurers to buy insurance from, and though it is a good thing to have a choice, having more insurers makes it harder to find a good deal.
It’s a great practice to compare rates on a regular basis since rates change regularly. If you had the best deal on Model S coverage two years ago you will most likely find a better rate today. Starting right now, forget anything you know (or think you know) about auto insurance because you’re about to learn the things you must know in order to save on auto insurance.
Buying cheaper insurance coverage coverage can be fairly easy. In a nutshell, every driver who is shopping for insurance coverage will more than likely be able to cut their insurance bill. Although consumers should learn how the larger insurance companies market insurance on the web because it can help you find the best coverage.
Insurance Coverage Comparison Rates
To find the best insurance coverage prices, there are several ways to compare quotes from local insurance coverage companies. The quickest method to find competitive 2012 Tesla Model S insurance rates consists of shopping online. This is very easy and can be done in several different ways.
- The recommended way to find the lowest comparison rates is a comparison rater form (click to open form in new window). This method prevents you from having to do multiple quote forms to each individual insurance coverage company. A single, simple form will get you price quotes from all major companies.
- A more difficult way to get comparison quotes is going to each company’s website to complete a price quote. For sake of this example, we’ll pretend you want to compare rates from Liberty Mutual, GEICO and Progressive. To get each rate you have to go to every website and enter your information, and that’s why the first method is more popular. For a list of links to companies insuring cars in your area, click here.
However you get your quotes, ensure you are comparing apples-to-apples coverage information on every quote. If your comparisons have different values for each quote it will be next to impossible to find the best deal for your Tesla Model S. Just a small difference in insurance coverages can result in a big premium difference. And when quoting insurance coverage, remember that comparing a large number of companies will improve the odds of getting better pricing.
Are you getting all your discounts?
Car insurance is not cheap, buy you may qualify for discounts to reduce the price significantly. Certain discounts will be applied when you purchase, but lesser-known reductions have to be requested specifically before they will apply.
- Drivers Education – Require your teen driver to enroll in driver’s education in school.
- Club Memberships – Affiliation with a qualifying organization could qualify you for a break when shopping for car insurance on Model S coverage.
- Anti-theft Discount – Anti-theft and alarm systems prevent vehicle theft and will save you 10% or more.
- Life Insurance Discount – Some companies give better rates if you take out life insurance.
- Payment Discounts – By paying your policy upfront instead of making monthly payments you can actually save on your bill.
- Sign Early and Save – Some insurance companies reward drivers for signing up prior to your current policy expiration. It can save you around 10%.
Drivers should understand that many deductions do not apply to all coverage premiums. Most cut individual premiums such as collision or personal injury protection. So even though they make it sound like having all the discounts means you get insurance for free, car insurance companies aren’t that generous. But all discounts will reduce the amount you have to pay.
Insurance companies that may have these benefits include:
It’s a good idea to ask each insurance company which discounts you may be entitled to. Discounts may not be available in your area.
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Tailor your coverage to you
When choosing the best auto insurance coverage for your vehicles, there is no best way to insure your cars. Everyone’s situation is unique and a cookie cutter policy won’t apply. These are some specific questions may help highlight if your insurance needs would benefit from professional advice.
- How much liability insurance is required?
- Does car insurance cover theft of personal property?
- Is my state a no-fault state?
- Am I covered when delivering products for my home-based business?
- Should I file a claim if it’s only slightly more than my deductible?
- Do I have coverage if my license is suspended?
Auto insurance coverage information
Having a good grasp of your car insurance policy aids in choosing the right coverages at the best deductibles and correct limits. Policy terminology can be ambiguous and reading a policy is terribly boring. Listed below are typical coverage types available from car insurance companies.
Medical expense coverage – Coverage for medical payments and/or PIP reimburse you for bills for rehabilitation expenses, funeral costs and doctor visits. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to you and your occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
Collision – This coverage will pay to fix damage to your Model S resulting from a collision with another vehicle or an object, but not an animal. A deductible applies then the remaining damage will be paid by your insurance company.
Collision coverage pays for things like driving through your garage door, rolling your car and hitting a parking meter. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to increase the deductible in order to get cheaper collision rates.
Comprehensive protection – Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims like theft, hitting a deer, damage from a tornado or hurricane and fire damage. The highest amount a car insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Liability insurance – This coverage protects you from damages or injuries you inflict on other people or property. It protects YOU against claims from other people, and doesn’t cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged property. Some companies may use one limit called combined single limit (CSL) which limits claims to one amount with no separate limits for injury or property damage.
Liability coverage protects against things such as repair bills for other people’s vehicles, legal defense fees, court costs, emergency aid and pain and suffering. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.
Uninsured or underinsured coverage – This provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
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 a good idea. Frequently these limits are identical to your policy’s liability coverage.
A little work can save a LOT of money
We’ve covered some good ideas how to reduce 2012 Tesla Model S insurance prices online. The key concept to understand is the more companies you get rates for, the better chance you’ll have of finding lower rates. Drivers may discover the lowest premiums are with a lesser-known regional company. These smaller insurers may often insure only within specific states and give getter rates as compared to the big name companies such as State Farm and Allstate.
When you buy insurance online, do not reduce coverage to reduce premium. There have been many situations where consumers will sacrifice liability coverage limits only to regret at claim time that it was a big mistake. Your aim should be to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.
- Insurance Losses by Make and Model (iihs.org)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Insitute)
- Car Insurance FAQ (Trusted Choice)
- Auto Insurance Facts and Statistics (Insurance Information Insitute)
- Teen Driver Statistics (Insurance Information Insitute)
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