TESLA Insurance
Juan Carlos LTO Juan Carlos LTO
4.52K subscribers
3,541 views
0

 Published On May 7, 2021

In this video I will talk about what determines the price of an insurance rate and why you should get a quote BEFORE you place your order for your next car, particularly a Tesla Model Y.

I want to believe I am an informed buyer but at the same time I am an EMOTIONAL car buyer. I'm old, especially in YouTube years so I have made my fair share of car buying mistakes. I bought my first car in 1992, a 1983 Ford Mustang. Since, I change vehicles every 2 years on average. To this date I have owned 19 vehicles, most of them were new car purchases. and check this out: I have never inquired about the price to insure a car before I buy it. I believe that can be a costly mistake. Our Tesla Model Y was not an exception but in this case, our insurance rate went up considerably and that is why I am making this video.

The Insurance Information Institute.org says the following says that the amount you'll pay for car insurance is impacted by a number of very different factors-from the type of coverage you have to your driving record to where you park your car. While not all companies use the same parameters, here's a list of what commonly determines the bottom line on your auto policy.

Your driving record –
How much you use your car –
Location –
Your age –
Your gender –
The car you drive –
Your credit –
The type and amount of auto insurance coverage –

The article referenced:

https://www.iii.org/article/what-dete...

What's interesting about our particular case is that NOT ONE thing changed about our situation except for, of course, the car insured. But even then, although it is a different vehicle, it is one within the same car type and even price. Our prior vehicle was also an SUV, a Lexus RX350 valued only 5 percent lower than the Tesla Model Y. It was also a vehicle with similar safety features, projected to be driven the same amount of miles per year, also parked in a garage and driven by the same 2 mature drivers. We have excellent driving records, we haven't filed any insurance claims in the last 15 years and we both possess stellar credit scores.

So how much did our insurance go up? 17.46 percent! 17.46% more to insure our Tesla Model Y Performance. 17.46% is a lot of money! I can only imagine how it can be for people with bad driving records or that the car being replaced is of considerable lesser value. what is 17.46% for us? We used to pay 82.29 per month to insure both cars, our 1989 BMW 325i which I drive to work every day and the Tesla Model Y Performance which is driven daily by my wife. Now we pay $99.70. That is $17.41 more per month for auto insurance.

We haven't looked into changing insurance companies, we like ours and we also have our home insurance with the same company. Please note that our rate for the other car didn't change at all and that the semiannual premium for the Model Y is $334.87. This premium includes the following discounts: multi-car, premium safety, tenure, multi product, good driver, anti-theft device, dual and side airbags. These discounts are a carry over from when we had the RX350.

To some of you, this may not seem much money wise but it is a big hike percentage wise. I can't help but to think about Tesla's price listing strategy on their website where the first price you see includes what they call "Potential Savings" which include all rebates applicable and projected gas savings of $4300. How silly is that? In that case they should also include any potential price increases with owning a Tesla vehicle.

Every situation is different, and you don't buy a car this expensive to save money. I will never offset the cost of sales tax alone. It would have been cheaper to keep our prior vehicle even if it was not great on gas as we owed nearly half of what we paid for the Model Y. But at the same time you want to consider everything when making a decision to buy a car, good and bad, pros and cons and that's where doing research can help a lot.

I've attempted to answer the following questions: What is the cost of insurance on a Tesla Model Y? What is the true cost to own a Tesla Model Y. What affects the cost of your insurance premium?

Please subscribe here:

   / eltiojuancarlos  

Use my referral link to receive 1,000 free Supercharger miles with the purchase and delivery of a new Tesla car, or earn a $100 award after system activation by purchasing or subscribing to solar panels: http://ts.la/juan57715


#TeslaModelY #Tesla #ModelYPerformance #TeslaModelYPerformance #2021TeslaModelY #TeslaModelYReview #TeslaTrueCostToOwn

show more

Share/Embed