Cheap 2016 Tesla Model S Insurance Cost

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Dec 17, 2019

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Searching for lower auto insurance rates for your Tesla Model S? When searching for cheaper insurance, are you overwhelmed by the dozens of auto insurance companies that you can choose from? There are such a large number of options that it can quickly become a burden to compare premium rates.

Pay discount rates these money-saving discounts

Companies that sell car insurance don’t always advertise every discount in a way that’s easy to find, so we break down some of the best known and also the more inconspicuous discounts that you may qualify for.

  • Discount for Home Ownership – Just being a homeowner can help you save on car insurance because of the fact that having a home means you have a higher level of financial diligence.
  • Discounts for New Vehicles – Adding a new car to your policy can save you some money since new model year vehicles have better safety ratings.
  • Drive Less and Save – Low mileage vehicles could qualify for better prices on cars that stay parked.
  • Air Bag Discount – Vehicles with factory air bags and/or automatic seat belt systems could see savings of up to 25% or more.
  • Driver Safety – Taking a course that instructs on driving safety may get you a small discount if you qualify.
  • Professional Memberships – Being a member of a civic or occupational organization could earn you a nice discount on your bill.
  • Drivers Education – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education in school or through a local driver safety program.
  • Distant College Student Discount – Older children who live away from home at college without a vehicle on campus may be able to be covered for less.

As a disclaimer on discounts, most credits do not apply to all coverage premiums. Most only reduce the price of certain insurance coverages like liability, collision or medical payments. Despite the fact that it seems like it’s possible to get free car insurance, companies don’t profit that way.

The best car insurance companies and a selection of discounts are:

  • 21st Century may offer discounts for automatic seat belts, anti-lock brakes, defensive driver, 55 and older, and student driver.
  • Progressive may include discounts for online signing, continuous coverage, multi-vehicle, good student, online quote discount, and homeowner.
  • State Farm offers premium reductions for good student, Drive Safe & Save, safe vehicle, anti-theft, defensive driving training, driver’s education, and multiple policy.
  • Nationwide may have discounts that include easy pay, family plan, anti-theft, Farm Bureau membership, multi-policy, defensive driving, and good student.
  • Esurance has discounts for multi-policy, anti-lock brakes, emergency road assistance, renters, claim free, safety device, and Switch & Save.
  • The Hartford includes discounts for anti-theft, good student, defensive driver, bundle, and air bag.

If you need affordable auto insurance quotes, ask every prospective company to apply every possible discount. Some of the earlier mentioned discounts may not apply to policies in your area. If you would like to choose from a list of insurance companies with discount rates, follow this link.

Tesla Model S insurance rates can be more affordable

One of the most helpful ways to save on insurance is to to have a grasp of the factors that aid in calculating the price you pay for insurance. When consumers understand what influences your rates, this enables informed choices that could help you find big savings. Many different elements are used when premium rates are determined. Some are obvious like your driving record, but other criteria are more transparent such as your marital status or your vehicle rating.

The following are some of the things that factor into your rates.

  • Does auto insurance cost more for men? – Statistics show women tend to be less risk to insure than men. However, don’t assume that men are WORSE drivers than women. Both genders tend to get into accidents at about the same rate, but the males have costlier accidents. They also get higher numbers of serious violations like driving under the influence (DUI). Males from age 16 to 21 have the highest risk to insure so they pay the highest premiums.
  • Single drivers take more risk – Having a significant other may save some money on your insurance policy. It usually means you are more mature and it’s statistically proven that married drivers get in fewer accidents.
  • Your vocation can affect insurance rates – Did you know your career choice can influence rates? Occupational choices like real estate brokers, executives and dentists tend to have higher rates than average because of high stress levels and long work days. On the flip side, professions such as scientists, students and performers generally pay rates lower than average on Model S insurance.
  • Traffic violations drive up prices – Being a careful driver impacts your car insurance rates tremendously. Drivers who don’t get tickets receive lower rates compared to bad drivers. Even a single driving citation can increase rates substantially. Drivers who have gotten dangerous violations like DUI or reckless driving are required to submit a SR-22 or proof of financial responsibility with their state DMV in order to drive a vehicle legally.

Do I need special coverages?

When it comes to choosing proper insurance coverage, there isn’t really a “perfect” insurance plan. Your needs are not the same as everyone else’s.

Here are some questions about coverages that might help in determining if your situation might need an agent’s assistance.

  • At what point should I drop full coverage?
  • Am I better off with higher deductibles on my 2016 Tesla Model S?
  • Am I getting all the discounts available?
  • What can I do if my company won’t pay a claim?
  • How do I insure my teen driver?
  • Will I lose any money if I cancel my policy before it expires?
  • Which is better, split liability limits or combined limits?
  • Do I need to file an SR-22 for a DUI in my state?
  • Why am I required to buy high-risk coverage?
  • Do I have coverage if my license is suspended?

If you’re not sure about those questions, you may need to chat with a licensed insurance agent. To find lower rates from a local agent, complete this form.

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Coverages available on your auto insurance policy

Understanding the coverages of your auto insurance policy aids in choosing appropriate coverage for your vehicles. Auto insurance terms can be ambiguous and even agents have difficulty translating policy wording.

Auto liability insurance – This coverage provides protection from damages or injuries you inflict on people or other property by causing an accident. This insurance protects YOU against other people’s claims, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see liability limits of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability can pay for things such as emergency aid, repair bills for other people’s vehicles, structural damage and funeral expenses. How much liability should you purchase? That is your choice, but buy higher limits if possible.

Comprehensive insurance – This pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive can pay for claims such as a broken windshield, falling objects, hitting a bird and damage from getting keyed. The highest amount a auto insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle from other motorists when they either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and damage to your Tesla Model S.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Collision coverage – This pays for damage to your Model S resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as colliding with another moving vehicle, hitting a mailbox and crashing into a ditch. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for things like chiropractic care, doctor visits, funeral costs, dental work and surgery. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as being hit by a car walking across the street. PIP is not an option in every state and gives slightly broader coverage than med pay

Stretch your dollar

Cost effective 2016 Tesla Model S insurance can be found from both online companies in addition to local insurance agencies, so you need to quote auto insurance with both to have the best selection. Some companies do not offer online quoting and these smaller providers only sell coverage through local independent agents.

Drivers switch companies for a variety of reasons including high prices, high rates after DUI convictions, questionable increases in premium or even policy non-renewal. It doesn’t matter why you want to switch switching companies can be easier than you think.

In this article, we covered many ideas to save on 2016 Tesla Model S insurance. The key thing to remember is the more providers you compare, the better your comparison will be. You may even discover the lowest car insurance rates come from a company that doesn’t do a lot of advertising.

More detailed auto insurance information is available in the articles below:

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