How Will Tesla Model 3 Insurance Rates Be Calculated
After news surfaced today about the car insurance rates of Tesla Model 3 I contacted my insurance agent Alan Cochrane at Allstate and asked if his insurance agency already has the rates available for the Model 3 and how much they will cost on average and all things equal. Alan wrote back and share this with me.
"Thank you for the email. It will be based on the symbol that is assigned to that car. Since insurance is now based on a form of credit/insurance score it is hard to really generalize how much a car will be in each case, but certainly if the symbol is say, 63 as opposed to 24 it will be "expensive."
So the company is going to assign a symbol to Model 3 and the price will be based on the credit/insurance score. Will it be affordable or expensive we don't know yet, but some people in the media called GEICO's Model 3 rates as good and reasonable because Model 3 is now in GEICO's system. Here is a tweet showing that.
Model 3 is now in Geico's system. You can get an insurance policy for it now. pic.twitter.com/Y8bTpjQNg1
— The Tesla Show (@TheTeslaShow) July 19, 2017
As I was reading some of the replies to this tweet I see people calling it generally affordable. Its "about 20% cheaper than what I'm paying now for our i3, and about 5% more than our 2016 Mini Clubman. Not bad," tweeted user Todd Wilson. User @OfEverything shared a screen from a tweet showing a Model 3 insurance rate at $608.89 for six months and 8,000 miles annually.
$608.89 (6 months)for 8,000 miles annually pic.twitter.com/DqYzau8EwP
— Little Of Everything (@OfEverything19) July 19, 2017
Yet for another person GEICO quoted a six months insurance premium of 631.87 dollars.
While we are talking about insurance and prices you may want to also see this story discussing what would it take to sell your Tesla Model 3 and at what price.