Why Tesla Car Insurance Will SMASH the Entire Industry to Bits?:- You know that we have almost every Tesla product that exists. Well, Tesla insurance is something that we don’t have and we own four different Teslas, some older ones, some newer ones, and an old Roadster. I don’t know which Teslas are gonna be able to be allowed to even have Tesla insurance.
We’re going to see if we can get insurance. I have all of my rates for each one of my vehicles and how much we spend right now. We have three drivers in our house. We use progressive right now. Tesla’s all across the country in many states and they just added Utah a couple of days ago.
So of course, I’m gonna jump on it. As much as I love Tesla products I also am going to do what’s best for me and my family. And through this process, we’re gonna choose whatever’s cheaper whether it’s Tesla insurance or whether it’s my current progressive policy, let’s get started, let’s go through the process.
And I hope that it is cheaper. And I hope that all of my cars work on this. I have a calculator. I have my driver’s license. I have my current policy, I have a pen. I have my phone, I have my computer.
We’ve got everything that we can potentially need. Hopefully, this insurance thing works. So first things first we’re gonna go to tesla.com/insurance on a computer. Scroll through this. It shows you a little bit about how it’s unique. Every single company is going to look at your driving history.
Tesla Driving Stats
How many people are in your house? What type of car is where you live in this zip code that you live in. And they’re going to calculate all this data to determine what your rate is. Well, where Tesla has a bit of an advantage over all of those people is that they can assess your driving habits.
There are different things that are measured that fall into your safety score. So, Tesla has real-time driving stats based off of how fast you drive, how quickly you stop in front of somebody, and how close you follow somebody.
If you ever get lane departure, there it is, forward collision warnings, hard braking, aggressive turning, unsafe following, and forced autopilot disengagement. There are a lot of different things that the car is already tracking. Some of the older cars don’t track that but the newer ones do.
So my guess is my old Roadster and maybe even our 2017 model X, aren’t going to be eligible for Tesla insurance just because they’re older and they don’t capture all of that data but I could be wrong. The cool thing is too, all of your documents can be added to your Apple wallet.
You can have all of your insurance information within the Tesla app, which I like, you can file a claim right in the Tesla app. So on paper, it looks like this should be a very easy process and a nice thing to have. You click Get Insurance. And the first thing it does is it forces you to download the app.
Yeah, I’ve seen some YouTube videos of people that have set this up in the past and they’re able to do it on their desktops. Apparently, that is not an available option anymore. So we are not going to be needing this computer anymore which means I don’t need any of that stuff.
The first thing we’re gonna do is to open up the Tesla app. Here we go, there are my solar panels. It was a cloudy day today. Didn’t get that much. I use a lot of energy,, by the way, look at that. So where you need to go on this is to your profile in the top right corner.
You can see all of the cars that we have on there except for the Roadster. And there it is. Get Tesla insurance. This is fun going through the process here in your state, Utah, with my name and address. Boom, my driver’s license somehow is already in there. Okay, next suggested address.
Policies Of Tesla cars
Okay, we’ll use that. It does show the Roadsters in there. I’m impressed. All right, let’s do add to the policy. We’re gonna do the S the X, and the Y, I don’t own Roadster number 523. I do own 1443. Wait, what? Oh, one at a time. You have to do it one at a time.
Okay, let’s start with the latest and newest car we have. This is the Tesla Model Y long-range. And this is Lincoln’s car, gonna click next on that usage. Annual miles drove nine to 12. Sure, nine to 12. Is that the lowest you can do? He doesn’t drive a ton.
Let’s say nine to 12,000 miles. That sounds safe for him. All right, submit. It’s funny is it’s only asking for my driver’s information right now. All right, the real-time safety score is a 90 in Lincoln’s car. Premium is pretty good. All right, it’s showing me all the things, done, got that.
Wow, it’s like already ready to go. We’ve only been on this for a few minutes as all the information is in there I can push the purchase policy and it’s going to purchase it right away. I’m a little confused because we have a 16-year-old that drives that car.
And then my wife sometimes drives the car where on my actual policy it does show the three different drivers. Oh, add the driver, and there we go. Will the price go up for three drivers? Still the same. And it does say on there, your premium will be adjusted monthly based on your driving behavior.
You can cancel at any time. That’s pretty sleek. Now let’s look and see what our current policy is for the Tesla Model Y we have an insurance agent that has shopped all the rates and supposedly found one of the best rates possible.
So the number is 2,656. What is 2,656 divided by 12? Woo, double, jeez. Let’s go ahead. Well, whoa, whoa, whoa, whoa, whoa. We did not look at the coverages. With our progressive one, we have bodily injury, uninsured motorists, and underinsured motorists, all at 1 million as the limit.
This one has bodily injury liability, $100 per person, $300 per accident, and property damage liability. Oh, there we go. Uninsured motor bodily injury $100,000 per person, 300,000 per accident. So yeah, it’s lower but also the coverage is lower.
We do have it higher for uninsured motorists and underinsured. So I feel like $300,000 per accident is good. Maybe we don’t need a million dollars in coverage. So in some ways, it’s not a fair comparison. When was the last time that you looked at your actual coverages? I’m thinking, oh, you can edit it.
We can edit it. Should we edit the coverages and see how much it goes up? Let’s do it. Property damage liability. What do I have on this one? (suspenseful music) I think it doesn’t even let me go that high on this. All right, we’re just gonna keep it at the lower amount. Jason, maybe we just need to cut that.
The next thing that I’ve found here is to add a vehicle. Let’s just add these vehicles in here. Let’s do the model S long-range. I drive this one a lot more. Let’s do like 18 to 20,000 a year. That sounds about right. All right, we just added the model S which takes the premium up to 264.
You know what let’s just add. Let’s just keep adding vehicles. Let’s do the model X long-range. We drive this one about 15 to 18,000 miles a year. We have about 88,000 miles on that car in five years, adding that one, now we’re up to $413. Let’s add another vehicle.
Let’s add the convertible Roadster, 1443. This one, we rarely drive like zero to 3000 a year. That is realistic on that sucker, submit. Here we go. We ran into a problem processing your premium, call one of our licensed agents at Tesla, blah, blah, blah. Oh, okay.
We broke the system so we can add the three vehicles but not the Tesla Roadster via the app. For now, we hit our limit. We have three vehicles that are current. And I think for the sake of this video, not very many of you have a Tesla Roadster, as hardly anybody has one, maybe a thousand people or less in all of America have a Tesla Roadster.
So we’ll leave that one out because I don’t think it applies to you, but I will figure it out and I’ll post on our Instagram or our Twitter what the rates were for our actual Tesla Roadster. And if Tesla would cover it let’s add up how much I spend on these.
The Tesla Model X. What’s 3789 divided by 12? Wow, that one’s $315 per month just for the Tesla model X. Ouch, wow, Tesla Model S. What’s 3635 divided by 12? 3002.92. Woo and the Tesla Model Y? What’s 302.92 plus 315.75 plus 221.33? We’re looking at a total of US $840 per month is what we spend on our three Tesla vehicles.
Wow, that’s a lot. We do have pretty high limits on these like a million dollars on some of the coverage just in case there is an accident $840 is what I’m paying right now. And Tesla insurance is going to drop that to $413.70. Wow, that is over a 50% reduction in cost. So I’m sitting here thinking I should probably do it.
I mean, $400 a month. What could I spend $400 a month on? A lot of other things. Now I’m going to screenshot this and send it to our insurance agent. ‘Cause I told him I was gonna be doing this video anyway have him look at the coverages and see if he dropped the coverages for this policy that we have to see if it would go down that low.
The other thing that I don’t know exactly how it works is that my cars are all owned under the company under what’s inside LLC. So I do have a commercial auto insurance policy and those potentially could be different rates if my insurance agent went and made them personal policies instead of on the business, then maybe that would change some things.
But for now, I’m going to buy this coverage, and then tomorrow morning I’m gonna talk to my insurance agent give him everything and just see, did we just save 50% off of our car insurance by switching to Geico? I mean switching to Tesla or is there more to the story? There we go.
Purchase Policy, buying it right now. $400, you are now covered. Putting three of my four Teslas are now covered by Tesla insurance. Thank you, Tesla insurance for coming to Utah. I hope that I never have to file a claim with you and that our cars are safe and that all of us drive safe.
I’m gonna cancel my other insurance tomorrow morning and make sure that I’m not missing anything with my insurance agent, but from what I’m seeing everything looks good, and with Tesla insurance, is the way to go. Now this rate could change every single month based on how aggressive I drive.
And if you know me or ride in my car, I do drive pretty aggressively. Let me know in the comments, what your thoughts are. If you drive a Tesla, would you get Tesla insurance? And also what things could I have missed?
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