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Is Tesla Cars Crazy Expensive Insurance? – Tesla, Inc. (NASDAQ: TSLA)



There has been a lot of talk about Tesla (TSLA) insurance prices too late, in response to the news that Tesla is announcing an impending insurance offer. In order to cope with speculation about relative Tesla insurance prices, I decided to make a comparison of the prices myself, using insurance comparison page insurify.com to generate quotes. The results speak for themselves.

Methodology

I chose 9 comparable vehicles (3 Teslas, 3 BMWs and 3 Mercedes Benzes) and rated each of the 9 vehicles in 3 regions (Dallas, TX, San Mateo, CA, and in Orlando, FL).

In each region I received several insurance notes:

  • In FL 4-5 quotes per vehicle
  • In CA, 8-9 quotes per vehicle
  • In TX, 10- 11 quotes per vehicle

For each region I excluded carriers who did not evaluate all vehicles and chose the cheapest and median price for each vehicle + area. In CA, I excluded a carrier that was not available in TX or FL and was about 50% cheaper than the next cheapest for all vehicles (to maintain regional comparability).

Driver and vehicle information and coverage levels [19659003] For all quotes, I used the same driver information:

  • 45 / M Single
  • Employee, Homeowner
  • Excellent credit, No tickets, No accidents
  • Has previous coverage for 6 years

For all cars I used the same profile:

  • Used for commuting at work
  • Driven 7,500 miles per year
  • Eid outright

For all tire levels I chose:

  • 50/100 / 50 responsibilities
  • 1000 deductible for comprehensive and collision
  • No towing or labor
  • State minimum requirements for uninsured / underinsured coverage
  • State minimum requirements for PIP / Medpay

Places

I chose to generate quotes in 3 of the major insurance markets: TX, CA and FL. Within these regions, I was looking for areas that would be typical of this value car. Within each region, I chose home addresses of around $ 750k-800k value (based on Zillow Zestimates) to try to get comparable placement rates between regions.

The particular cities I used were:

  • Dallas, TX
  • Orlando, FL
  • San Mateo, CA

Midtsize Sport Sedans

For this comparison, I decided to set model 3- the performance against the BMW M3 and MB C43 AMG. All 3 cars are equal in price and not very different in performance. I think this is probably the best comparison of the three categories, as the cars are very similar. 2018 Tesla Model 3 Performance

  • Base price: $ 59,500 (3% cheaper than competitors)
  • 0-60: 3.5s (14% faster

2018 BMW M3

  • Base price: $ 66,500
  • 0-60: 3.9s

2018 Mercedes Benz C-Class 43 AMG ]

  • Base price : $ 56.245
  • 0-60: 4.1s

Full size sports tanks

For complete sedans, I set the model S P100D up to the BMW M5 and MB E63 AMG-S These are all crazy, crazy more expensive sedans, although Tesla is faster and more expensive with a fairly large margin. 2018 Tesla Model S P100D

  • Base price: $ 135,000 (23% more expensive than competitors )
  • 0-60: 2.5s (24% faster than competitors)

2018 BMW M5

  • Base price: $ 102,600
  • 0 -60: 3.2s

2018 Mercedes Benz E-Class 63 AMG-S

  • Base price: $ 104,400
  • 0-60: 3.0s

Sport Crossover SUVs

For Crossover SUVs I model X P100D up against X6 5.0 and GLE63 AMG-S. BMW in this category is pretty much left out of both price and performance, making this a not so great comparison of insurance prices.

2018 Tesla Model X P100D

  • Base Price: $ 138,000 (32% more expensive than competitors)
  • 0-60: 2.9s (52% faster than competitors)

* 2018 BMW X6 xDrive 5.0i

  • Base price: $ 77,700
  • 0-60: 4.7s [19659058] 2018 Mercedes Benz GLE-Class 63 AMG-S

    • Base price: $ 109,700
    • 0-60: 4.1s

    My Take

    Although not perfect, this test gives some indication of relative insurance rates for Tesla models compared to similar vehicles from other brands.

    The Tesla models used in this test were, on average, more expensive and higher performance than their counterparts. It is likely that these factors affected the premiums in one way or another.

    Nevertheless, Teslas seems on average more expensive than their BMW (+ 10%) and MB (+ 20%) counterparts. But this difference averages only $ 200 to $ 400 a year when considering the cheapest options.

    Take-away here is that while Tesla cars are more expensive than comparable ICE, they are not "crazy" prices, and in some cases it is cheaper when a particular region has a carrier that has underpriced Tesla prizes compared to other carriers in the region.

    Notice: I am / we are long TSLA. I wrote this article myself, and it expresses my own opinions. I do not receive compensation for it (other than from Seeking Alpha). I have no business relationship with a company whose stock is mentioned in this article.

    Editor's Note: This article discusses one or more securities that are not trading on a large US exchange. Be aware of the risks associated with these shares.


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