Cheaper 2016 Tesla Model S Insurance Cost

I can’t think of a single person who enjoys paying for insurance, particularly when their premiums are too high.

Because there are so many different company options, it’s difficult to find the right insurance company.

Choosing the best insurance company for you is not that difficult. Basically, anyone who is shopping for car insurance most likely will be able to find better rates. But drivers do need to understand the methods companies use to determine prices because it can help you find the best coverage.

The cheapest insurance price quotes online

When comparison shopping, there are several ways to compare quotes from lots of insurance companies. The easiest way by far to lower the rate you pay for 2016 Tesla Model S insurance consists of shopping online. This can be done in several different ways.

  • Probably the best way to get quotes for comparison is to use a rate comparison form (click to open form in new window). This quick form keeps you from doing separate forms for every insurance company. One form gets insurance cost estimates direct from many companies.
  • A more time consuming way to compare prices is to manually visit each individual company website and repeat the quote process. For example, let’s say you want comparison quotes from Liberty Mutual, GEICO and American Family. You would need to go to every website and enter your information, which can take a lot of time.

    For a handy list of car insurance company links in your area, click here.

  • The hardest way to compare price quotes is actually driving to and from local insurance agencies. The ability to get quotes online eliminates the need for an insurance agent unless you prefer the professional advice of a local agency. Although you can get the lowest quotes online and get advice from an agent in your area.

Which method you use is up to you, but make darn sure you compare nearly identical coverage limits and deductibles with every price quote. If you use different deductibles then you won’t be able to determine which company has the best rates. Even a minor difference in limits could skew the results. And when comparing insurance rates, know that having more price comparisons helps improve the odds of finding more affordable rates. Not every company provides online price quotes, so you need to compare quotes from the smaller companies as well.

Insurance Discounts

Some companies don’t necessarily list every policy discount in an easy-to-find place, so the list below contains both the well known in addition to some of the lesser obvious discounts that you may qualify for.

  • Include Life Insurance and Save – Larger insurance carriers have a break if you buy life insurance.
  • Early Signing – Some companies reward drivers for buying a new policy before your current expiration date. This discount can save up to 10%.
  • Use Seat Belts – Using a seat belt and requiring all passengers to buckle their seat belts could save 15% on the premium charged for medical payments and/or PIP.
  • Multiple Cars – Drivers who insure several vehicles with one company could earn a price break for each car.
  • Driving Data Discount – Drivers who elect to allow their insurance company to scrutinize when and where they use their vehicle by using a telematics device in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive might get better premium rates if they have good driving habits.
  • Full Payment Discount – If paying your policy premium upfront instead of monthly or quarterly installments you could save 5% or more.
  • New Vehicle Savings – Buying a new car instead of a used car may earn a small discount compared to insuring an older model.

Discounts lower rates, but most discounts do not apply to the entire cost. Most only reduce individual premiums such as comprehensive or collision. So even though they make it sound like you would end up receiving a 100% discount, that’s just not realistic.

To find insurers who offer insurance discounts, click this link.

Tailor your auto insurance coverage to you

When it comes to choosing adequate coverage for your personal vehicles, there is no best way to insure your cars. Everyone’s situation is unique so your insurance should reflect that For example, these questions might point out if your insurance needs will benefit from professional help.

  • Does my policy pay for OEM or aftermarket parts?
  • Am I covered when driving on a suspended license?
  • Are rental cars covered under my policy?
  • How do I file an SR-22 for a DUI in my state?
  • How can I get high-risk coverage after a DUI?
  • Am I covered when pulling a rental trailer?

If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.

Coverage specifics

Understanding the coverages of your insurance policy can be of help when determining the best coverages and proper limits and deductibles. The terms used in a policy can be confusing and nobody wants to actually read their policy. These are typical coverage types offered by insurance companies.

Collision coverage protection

Collision coverage pays for damage to your Model S caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims such as rolling your car, hitting a parking meter and crashing into a ditch. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. You can also choose a higher deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle’s occupants when other motorists either have no liability insurance or not enough. It can pay for injuries to you and your family as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses such as dental work, ambulance fees, hospital visits and X-ray expenses. They are utilized in addition to your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover all vehicle occupants as well as getting struck while a pedestrian. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive can pay for claims such as theft, damage from flooding, damage from getting keyed, fire damage and vandalism. The maximum amount your insurance company will pay is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Auto liability insurance

This coverage can cover damage that occurs to a person or their property by causing an accident. This coverage protects you from legal claims by others, and does not provide coverage for damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 100/300/100 that translate to $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability insurance covers things such as bail bonds, emergency aid and structural damage. The amount of liability coverage you purchase is up to you, but consider buying as high a limit as you can afford.