Considering Model Y 2024, but

[keith6014]

I was considering a Model Y but I got sticker shocked by potential insurance cost.

GEICO. State: NJ. $500 deductible. Additional car. 6 months. Total : $2100.

To compare,
2024 Model X: $2200
2024 Toyota Sienna: $1520
2024 Rivian R1S: $1490

Is this normal for a Model Y?

[runner3081]

Tesla's are prohibitively expensive to repair, weigh a ton and easy to wrap around a telephone pole with acceleration.

[sanman101]

exactly why I cancelled my order. For comaprison, I pay 650 a year for my current vehicle (old).

[Jack FFR1846]

Bring a "normal car" to a body shop and they can get replacement body parts from a dozen aftermarket suppliers or from the manufacturer. Bring a Tesla to a body shop and if they are not an approved Tesla shop, nobody will sell them any Tesla parts. At a Tesla approved shop, you might see 100 cars waiting to be repaired and your car will be scheduled for next May. The insurance company will have a limit on time to repair and this will be too long. So a normal 2 week repair becomes a total. That's why Tesla insurance costs so much.

If you buy an Audi EV, like a $100k e Tron GT, you'll likely pay half what the Model X costs for insurance. I can drive to the Audi dealer right now that's 8 miles away and order a left front fender to fix it myself. Go to a Tesla repair center and try to do this. They may laugh or they may just ignore you and walk away.

[illumination]

Just to clarify, the title is different than the post. Is it a quote for a Model X or Model Y?
A Model X is way more expensive than a Toyota Sienna, so that makes some sense it would cost more to insure just based on the car's value.

But electric cars are usually more expensive to repair, many have a unitized construction that doesnt lend itself to easy bodywork.

[keith6014]

I heard these stories few years ago during the pandemic. Surely, things have gotten better. Model Y is one of the top selling cars. I would expect by volume, repairs, parts, insurance, etc... would be much cheaper.

[keith6014]

Just to clarify, the title is different than the post. Is it a quote for a Model X or Model Y?
A Model X is way more expensive than a Toyota Sienna, so that makes some sense it would cost more to insure just based on the car's value.

But electric cars are usually more expensive to repair, many have a unitized construction that doesnt lend itself to easy bodywork.

The title is for Model Y. I put quotes for Model X, Rivian, and Sienna for comparison. Connect insurance (Costco affiliated) quoted me a cheaper Model X quote

[arcticpineapplecorp.]

I was considering a Model Y but I got sticker shocked by potential insurance cost.

GEICO. State: NJ. $500 deductible. Additional car. 6 months. Total : $2100.

To compare,
2024 Model X: $2200
2024 Toyota Sienna: $1520
2024 Rivian R1S: $1490

Is this normal for a Model Y?

agree that teslas are more expensive to fix.

Also $500 is a low deductible.

how much lower would the insurance be if you raised the deductible to $1000?

also, NJ I believe charges higher for insurance, especially if you're close to Phila. Lots of uninsured (or underinsured) drivers out there. Those of us fiscally responsible people wind up subsidizing those others who wish to get away with paying nothing in life.

[illumination]

Just to clarify, the title is different than the post. Is it a quote for a Model X or Model Y?
A Model X is way more expensive than a Toyota Sienna, so that makes some sense it would cost more to insure just based on the car's value.

But electric cars are usually more expensive to repair, many have a unitized construction that doesnt lend itself to easy bodywork.

The title is for Model Y. I put quotes for Model X, Rivian, and Sienna for comparison. Connect insurance (Costco affiliated) quoted me a cheaper Model X quote

I guess I dont understand the workaround. Why not just compare the insurance quote for the car you're actually intending on purchasing, a Model Y?
A Model Y is a much different car than the Model X. Just the gullwing doors alone on the X are probably fueling much of the insurance increase.

I have no doubt though, Teslas are more to insure than cars of similar cost. Tesla also has their own insurance program available because this has been an issue.

https://www.tesla.com/support/insurance

[Gecko10x]

Strange that a Model Y is more than Rivian R1S, which is ~50% more expensive vehicle.

Obviously insurance is highly local, but in my experience I haven't seen Teslas to be much more than other vehicles. We currently pay <$700 / 6-mo policy on a 2021 Model Y in WA. A few years ago it was under $600 in WV. Maybe try shopping other insurers?

[dsmclone]

For comparison sake. Both same coverage $1k deductible
$500,000 each person,$500,000 each accident,$250,000 each accident
$250,000 each person,$500,000 each accident
$250,000 each person,$500,000 each accident
I also have an umbrella through the same company

2021 Kia Telluride SXP $52k MSRP
$562/Year

2023 Tesla Model Y LR $52k (before $7,500 Tax credit)
$852/year

With that said, the Tesla will run mid 12's, has tech that actually improves over time, and doesn't require any service except tire rotation.

I like the Telluride a lot, super nice interior, and it's been rock solid but it will be my last ICE vehicle. After driving the Tesla, every ICE vehicle I drive feels extremely dated. With the difference in Insurance, I'm not saving a ton of money by driving an EV but I enjoy driving a lot more with an EV.

[wealthbeaver]

Check with Tesla Insurance first as a base and compare rates with other providers. The uptick in insurance cost may not be that bad and gas savings will definitely assuage the pain. IMHO, it's a net plus financially speaking.

That being said, as others have said, driving Tesla MY is a game changer from driving other ICE cars. If you like tech, it's basically a smart device with wheels...and it keeps getting better via software updates. How many other ICE cars will improve their features AFTER PURCHASE with OTA software updates?

[beardsicles]

Just buy an Ioniq 5, honestly. It's a way nicer car.

[hunoraut]

Get a quote from another provider?

Though also with Geico and standard parameters, im getting $1700 for Model Y AWD, $1850 for R1S AWD, and $1250 for Siena Hybrid AWD.

Which makes sense for the relative performance and price between the 3.

My actual provider where I actually live have much more competitive rates for Tesla (same as a basic family sedan). Though we also have a trillion Teslas here so parts and servicing is easy, which might influence total repair cost.

[momvesting]

We left Geico after almost 20 years for this reason. Progressive had much more reasonable rates for our Model Y.

[NYCaviator]

Tesla was much more expensive for us to insure than a luxury SUV. I believe it’s a combination of it being a more performance oriented vehicle, you have to get it repaired at a Tesla approved facility, and EVs tend to get totaled out when involved in more minor incidents vs an ICE vehicle that isn’t as electronic and complex.

That being said, Teslas are fantastic and I won’t buy another ICE car after owning one. If I had to buy a new car tomorrow, it would be another Tesla without a doubt.

[TomatoTomahto]

That being said, Teslas are fantastic and I won’t buy another ICE car after owning one. If I had to buy a new car tomorrow, it would be another Tesla without a doubt.

I owned a Tesla Model X for 8 years. I won’t buy another ICE car, but I probably won’t buy another Tesla either. My Mercedes EQS SUV is only a few weeks old, but it’s a much nicer car (albeit more expensive, also).

[MadHungarian]

Then there's also the annual tab costs. Here in WA State, i think it'd be about $1000 / year just for tabs. That's MUCH MUCH more than i pay for tabs + gas with my current old ICE car. The EV fee alone is about what i currently pay for gas / year.

[MadHungarian]

So I almost just about bought a Tesla Model Y this weekend. Part of the thinking was that my car sits in my garage 6 days/week and only gets driven 1500 miles/year, so an EV seemed like the perfect car for that scenario. And the Model Y is about the same size/cargo capacity as my 15-year-old Subaru Forester, so it should've been a nice fit.
But then i discovered that EV's (at least of the Tesla sort) have nasty insurance & licensing annual operating costs, and the bad thing for me is that these are fixed operating costs -- they remain the same regardless of how few miles you drive. Unlike with an ICE, where the operating costs are more driven by how much you drive. That surprised me. I had expected an EV would be a more efficient choice for a very-low-mileage use case, but that doesn't seem to be the case. Bleah.
I guess i'll continue to hold onto my old 2009 Forester for a few more years, keep it in its climate-controlled garage, keep up the basic maintenance on it, and hope nothing major wears out for awhile.

[dsmclone]

So I almost just about bought a Tesla Model Y this weekend. Part of the thinking was that my car sits in my garage 6 days/week and only gets driven 1500 miles/year, so an EV seemed like the perfect car for that scenario. And the Model Y is about the same size/cargo capacity as my 15-year-old Subaru Forester, so it should've been a nice fit.
But then i discovered that EV's (at least of the Tesla sort) have nasty insurance & licensing annual operating costs, and the bad thing for me is that these are fixed operating costs -- they remain the same regardless of how few miles you drive. Unlike with an ICE, where the operating costs are more driven by how much you drive. That surprised me. I had expected an EV would be a more efficient choice for a very-low-mileage use case, but that doesn't seem to be the case. Bleah.
I guess i'll continue to hold onto my old 2009 Forester for a few more years, keep it in its climate-controlled garage, keep up the basic maintenance on it, and hope nothing major wears out for awhile.

Yeah, it would be pretty idiotic to buy any new car if you're only going to drive 1,500 miles a year.

[dsmclone]

Then there's also the annual tab costs. Here in WA State, i think it'd be about $1000 / year just for tabs. That's MUCH MUCH more than i pay for tabs + gas with my current old ICE car. The EV fee alone is about what i currently pay for gas / year.

How much of that $1000 has to do with it being an EV and how much of that has to do with the price of the car?

[henry]

So I almost just about bought a Tesla Model Y this weekend. Part of the thinking was that my car sits in my garage 6 days/week and only gets driven 1500 miles/year, so an EV seemed like the perfect car for that scenario. And the Model Y is about the same size/cargo capacity as my 15-year-old Subaru Forester, so it should've been a nice fit.
But then i discovered that EV's (at least of the Tesla sort) have nasty insurance & licensing annual operating costs, and the bad thing for me is that these are fixed operating costs -- they remain the same regardless of how few miles you drive. Unlike with an ICE, where the operating costs are more driven by how much you drive. That surprised me. I had expected an EV would be a more efficient choice for a very-low-mileage use case, but that doesn't seem to be the case. Bleah.
I guess i'll continue to hold onto my old 2009 Forester for a few more years, keep it in its climate-controlled garage, keep up the basic maintenance on it, and hope nothing major wears out for awhile.

So by my math, you drive about 30 miles a day for just one day a week. Keep your Forester. When it comes time to replace your Forester, I would just get a very inexpensive used car (ICE or EV, whichever you like).

[Strummer]

Tesla owner here. I would recommend getting quotes from a variety of carriers. My best option turned out to be going through Connect by American Family Insurance, which is affiliated with Costco.

[209south]

Surprised to see this. I've had a Tesla Model 3 for 6 years - the first 3 in NJ now in FL - insurance rate was very much inline with the Audi S4 I replaced. Repairs to the body DO cost more but Progressive covered fully with no impact on my rates. Other operating costs like fuel and maintenance are WAY lower than ICE. Tesla all the way!

[MadHungarian]

. . .

So by my math, you drive about 30 miles a day for just one day a week. Keep your Forester. When it comes time to replace your Forester, I would just get a very inexpensive used car (ICE or EV, whichever you like).

Yep, that's just about exactly it. I seem to have turned into your classic Sunday driver in recent years. I fill up my gas tank once / month. So gas prices (no matter how high) don't really directly impact me too much. The fixed annual operating costs dominate the picture. Our local EV licensing surcharge alone is something like $300/year, which is just about what i pay for gas / year. Pending breakdowns, it looks like that Forester might last longer than me!

But i still hear the siren song** of the fancy brand-new vehicle once in a while, and i thought a nice new (semi) self-driving Model Y with all the latest safety features & creature-comforts might be just what the doctor ordered. And no nasty oil changes, no worrying about gas getting stale in the tank, etc. Ah but i fear i just can't financially justify it with my low miles. So now i'm disappointed, especially after taking a very nice demo drive in a Model Y.

(**Unfortunately, the taxman hears that siren song too!)

[NYCaviator]

Is this normal for a Model Y?

In my experience, yes. Teslas are performance vehicles that tend to have high repair costs. These two things make them more expensive to insure. Even a small fender bender can result in a lot of damage.

I'm surprised the Rivian is cheaper to insure though. I like Rivian, but I would be more concerned about parts availability and repair times with a Rivian than I would with a Tesla. They are still a startup company and you just don't see too many of them out on the road. Plus, they are a lot more expensive than the Tesla to buy, so that's a consideration when comparing insurance costs.

[OrangeKiwi]

Then there's also the annual tab costs. Here in WA State, i think it'd be about $1000 / year just for tabs. That's MUCH MUCH more than i pay for tabs + gas with my current old ICE car. The EV fee alone is about what i currently pay for gas / year.

Only in the Seattle metro, where RTA Tax applies. Otherwise, a new Model Y would have less than $400 car tax per year.

https://www.factorywarrantylist.com/reg ... ngton.html

Also, I shopped for car insurance recently and the price difference for full coverage between a brand new highlander hybrid platinum, RX, and Model Y was only $20 per month.

At $0.11 per kWh and the differences in insurance/tire costs/oil change/annual car tax, the money saved from not having to purchase gas was negligible. And the lower purchase price of the Model Y ($20k+ for the cars we compared) will be offset by the battery depreciation and replacement costs, I presume.

The driving experience, software quality, and time saved by avoiding dealerships when purchasing and time/effort saved during oil changes made me lean towards Model Y.

[Mayacallie]

Tesla has their own insurer that, I’m told, has much better rates than average.
I bought a model S in 2018 that my State Farm policy in Florida charged a little over $500/year. Now that the car is 6 years old, my rate is almost $1000/year. The insurers have had to adjust with expenses

[Axon]

I purchased my Model Y in 2023 when Tesla dropped the prices.

I love everything about it except the outrageous insurance prices. Car insurance, as we all know, has gone wild in the past 18 months, and those rising prices don't seem like they're going to slow down. I know Tesla has its own insurance, but I'm not in a state where I can take advantage of that.

I'd tread carefully if you're conscious about monthly overhead. If I could do it again, I'd buy a used Camry or Corolla and drive it until the wheels fall off. The depreciation of the value of the car was sharper than I ever could have anticipated, and the insurance makes me nauseous. The car does drive incredibly well and I love the "just what I need" centralized screen. But I wish I had not locked myself into this accelerating debt machine; my car payment and insurance costs more monthly than my son's college tuition to a local small college.

[dsmclone]

As far as insurance, I'm probably a good example of the costs.

I have a 2021 Kia Telluride SXP-Which had a sticker of $52k MSRP when new
I have a 2023 Tesla Model Y LR-Which had a sticker of $52k MSRP before $7,500 tax incentive

Both have the exact same coverage

The Kia is $562/year
The Tesla is $852/year

THIS WAS AFTER SHOPPING AROUND The price is totally understandable, the Tesla is a higher risk vehicle than the Kia. When I had sports cars, they were also more expensive. I find myself driving a lot more aggressive in the tesla, because it's fun. It's also more likely to be totaled than the Kia.

The Tesla is a rocket, the Kia is a typical ICE V6 family cruiser.

So about $300/year more for the Tesla.

Last year, I got two standard services done on the Kia compared to one tire rotation on the Tesla. The two services on the Kia cost a combine $250 and 3 hours of my time, the tire rotation on the Tesla cost $0 and 30 minutes of my time. I did spend $3 on washer fluid on the Tesla.

I have software that runs all the charging costs and at the end of the year, the Tesla saves me a little money compared to the Kia, but the driving experience of an EV is what sells me.

[TravellingTechOnFire]

How is it that such a *seemingly* intelligent audience isn't wise enough to simply shop for good insurance rates?

I own a Tesla. The carrier that I was with offered some absurdly high premium. I just changed carriers and insurance is pretty similar to just about any other car of similar value.

Under $500/6 months, and with a 20 year old driver on the policy.

Shop around a bit, it's not that hard.

[FrugalProfessor]

I've owned a Model Y for a little over a year now.

Bought it new. From day 1, I only carried liability. Liability-only on a Tesla costs no more/less than any other car.

It is our primary car. My 17 year old drives it daily. We put 1k miles/month on it. We drive defensively. If we crash, I'd rather crash in this car than a less safe vehicle.

I prescribe to the Charlie Munger philosophy of not insuring things I can easily afford to replace. I can easily afford to replace a <$40k Model Y (after $7500 federal tax credit). The gov't is paying for over 15% of the replacement cost on the replacement vehicle.

Insurance premiums = true actuarial cost (excluding fraud) + fraud + insurance company overhead + insurance company profits + insurance company taxes.

Why not self-insure and simply bear only the true cost if you can stomach the risk?

By self insuring, you also have the option to not fix a cosmetic issue that would otherwise cost $5k to replace. This optionality is valuable, assuming vanity isn't an issue.

No regrets. Drive like you don't have collision insurance. Hopefully it works out favorably. If not, it's just money. On average, you'll come out far ahead by self insuring. Not always, of course.

For reference, we pay $85/mo for liability only insurance on our three cars (1 tesla and two beaters) thanks to our teen drivers. $1M umbrella adds another $26/mo. Recently ditched Geico for State Farm to save $1,340/year.

[4nursebee]

How is it that such a *seemingly* intelligent audience isn't wise enough to simply shop for good insurance rates?

I own a Tesla. The carrier that I was with offered some absurdly high premium. I just changed carriers and insurance is pretty similar to just about any other car of similar value.

Under $500/6 months, and with a 20 year old driver on the policy.

Shop around a bit, it's not that hard.

AMEN

State Farm works for us, 3rd Tesla

[OrangeKiwi]

I've owned a Model Y for a little over a year now.

Bought it new. From day 1, I only carried liability. Liability-only on a Tesla costs no more/less than any other car.

It is our primary car. My 17 year old drives it daily. We put 1k miles/month on it. We drive defensively. If we crash, I'd rather crash in this car than a less safe vehicle.

I prescribe to the Charlie Munger philosophy of not insuring things I can easily afford to replace. I can easily afford to replace a <$40k Model Y (after $7500 federal tax credit). The gov't is paying for over 15% of the replacement cost on the replacement vehicle.

Insurance premiums = true actuarial cost (excluding fraud) + fraud + insurance company overhead + insurance company profits + insurance company taxes.

Why not self-insure and simply bear only the true cost if you can stomach the risk?

By self insuring, you also have the option to not fix a cosmetic issue that would otherwise cost $5k to replace. This optionality is valuable, assuming vanity isn't an issue.

No regrets. Drive like you don't have collision insurance. Hopefully it works out favorably. If not, it's just money. On average, you'll come out far ahead by self insuring. Not always, of course.

For reference, we pay $85/mo for liability only insurance on our three cars (1 tesla and two beaters) thanks to our teen drivers. $1M umbrella adds another $26/mo. Recently ditched Geico for State Farm to save $1,340/year.

While I agree with your conclusion, one benefit of full coverage is that you don’t have to spend time and money on lawyers attempting to get paid what you should, and that unpredictable cost is the insurance company’s problem.

[Eno Deb]

I highly recommend to shop around. Until recently I had a 2018 Model 3. When I got it I insured it with Geico since I also used them for another car and they made a reasonable offer for the Tesla (a little over $600 per 6 months). About two years later, they suddenly increased the price to over $900/6 months on renewal. I called to discuss it and the agent told me that they had changed their policies for Tesla (but didn't give me a reason) and this was now the best price they could offer. So I shopped around and landed on Progressive, which sold me very similar coverage for again a little over $600. For whatever reason Geico is apparently just not Tesla-friendly.

[onourway]

Our Model 3 is $100/year more than insuring our minvan.

[Axon]

How is it that such a *seemingly* intelligent audience isn't wise enough to simply shop for good insurance rates?

I own a Tesla. The carrier that I was with offered some absurdly high premium. I just changed carriers and insurance is pretty similar to just about any other car of similar value.

Under $500/6 months, and with a 20 year old driver on the policy.

Shop around a bit, it's not that hard.

Where did you look? I did shop around a bit and several of the majors were the same, but I doubt my search was exhaustive.

[TravellingTechOnFire]

How is it that such a *seemingly* intelligent audience isn't wise enough to simply shop for good insurance rates?

I own a Tesla. The carrier that I was with offered some absurdly high premium. I just changed carriers and insurance is pretty similar to just about any other car of similar value.

Under $500/6 months, and with a 20 year old driver on the policy.

Shop around a bit, it's not that hard.

Where did you look? I did shop around a bit and several of the majors were the same, but I doubt my search was exhaustive.

I ended up with Nationwide. Another option is to find a good independent broker in your area who may be able to check dozens of companies for you, and serve as the middle man to ensure you always have the best rate and coverage. I used one in the past with good results....the rate was the same as what I would get going directly with said company so they must have gotten some kind of kickback. I've seen some people get good results from Costco too if you haven't checked that option.

[beernutz]

Just buy an Ioniq 5, honestly. It's a way nicer car.

Why do you think so?

[sink]

How is it that such a *seemingly* intelligent audience isn't wise enough to simply shop for good insurance rates?

I own a Tesla. The carrier that I was with offered some absurdly high premium. I just changed carriers and insurance is pretty similar to just about any other car of similar value.

Under $500/6 months, and with a 20 year old driver on the policy.

Shop around a bit, it's not that hard.

Also a happy Tesla owner. I have two teens on my policy and the cost was no more than the Toyota it replaced.
I have had our first Model 3 13 months and could not be happier. Zero issues with the car. I want to get another Model 3 and sell our last ICE.

[Boglelicious123]

Get a quote from another provider?

Though also with Geico and standard parameters, im getting $1700 for Model Y AWD, $1850 for R1S AWD, and $1250 for Siena Hybrid AWD.

Which makes sense for the relative performance and price between the 3.

My actual provider where I actually live have much more competitive rates for Tesla (same as a basic family sedan). Though we also have a trillion Teslas here so parts and servicing is easy, which might influence total repair cost.

+1

Insurance quotes are wildly inconsistent across providers. Getting 1 quote then saying “I can’t buy this car!” is silly