How Much Does 2016 Tesla Model X Car Insurance Cost?

Sick and tired of robbing Peter to pay Paul each month for car insurance? You’re in the same situation as most other car owners.

Drivers have so many car insurance companies to choose from, and even though it’s nice to have a choice, so many choices can make it hard to compare company pricing.

Buying car insurance is quite easy. Essentially everyone who is required by state law to have insurance stands a good chance to be able to lower their premiums. But consumers benefit from understanding the way insurance companies price insurance differently.

Which Auto Insurance is Cheapest?

When shopping for auto insurance there are multiple ways to get quotes from different insurance companies. By far the easiest way to find the lowest 2016 Tesla Model X rates is to perform an online rate comparison. This can be accomplished using a couple different methods.

  1. The single most time-saving way consumers can analyze rates is a comparison rater form (click to open form in new window). This type of form keeps you from doing separate quote forms for each company. A single form gets rate comparisons instantly.
  2. A harder way to get quotes online is to manually visit each company website and fill out their own quote form. For instance, let’s say you want to compare rates from USAA, Progressive and Liberty Mutual. You would have to visit each site to input your insurance information, which is why the first method is more popular.

    To view a list of companies in your area, click here.

  3. The least recommended method to compare rates is driving to insurance agents’ offices. The internet has reduced the need for local agents unless you require the professional guidance only provided by licensed agents. However, consumers can comparison shop online but still have the advice of a local agent and we’ll touch on that later.

It doesn’t matter which method you choose, just double check that you are using exactly the same quote information with each company. If your comparisons have different values for each quote it’s impossible to determine which rate is truly the best. Quoting even small variations in limits can mean a large discrepancy in price. Keep in mind that quoting more will enable you to find lower pricing.

Don’t listen to company ads

Insurance providers like Geico, State Farm and Progressive continually stream ads on TV and radio. They all make an identical promise about savings after switching your coverage to them. How do they all claim to save you money?

Different companies have a certain “appetite” for the driver that makes them money. For instance, a driver they prefer could possibly be between the ages of 40 and 55, is a homeowner, and drives newer vehicles. A driver who matches those parameters will get the preferred rates and most likely will cut their rates substantially.

Potential insureds who don’t meet the requirements must pay higher rates which usually ends up with business going elsewhere. The ads say “customers that switch” but not “drivers who get quotes” save that much. That’s why insurance companies can make the claims of big savings. This illustrates why you absolutely need to compare many company’s rates. It is impossible to predict which insurance companies will give you the biggest savings on Tesla Model X insurance.

Factors that might impact rates for a Tesla Model X

Smart consumers have a good feel for some of the elements that go into determining your insurance rates. Having a good understanding of what influences your rates enables informed choices that could result in much lower annual insurance costs.

  • Clean credit earns discounts – Having a bad credit score is a huge factor in determining what you pay for insurance. Drivers who have excellent credit tend to be better drivers and file fewer claims than drivers with lower credit scores. If your credit score is low, you could be paying less to insure your 2016 Tesla Model X by improving your credit score.
  • Allowing your policy to lapse raises rates – Driving your car without having proper coverage can get your license suspended and you will pay a penalty because you let your coverage lapse. Not only will you pay more, failure to provide proof of insurance might get you a revoked license or a big fine.
  • Too many insurance claims drive up costs – Insurance companies provide better rates to drivers who file claims infrequently. If you file claims often, you can look forward to either a policy non-renewal or much higher rates. Your insurance policy is intended to be relied upon for major claims that would cause financial hardship.
  • Your location is important – Living in a rural area has it’s advantages when talking about insurance. Drivers who live in large cities regularly have congested traffic and longer commutes to work. Less people living in that area means a lower chance of having an accident as well as less vandalism and auto theft.
  • Rates may be lower depending on your job – Did you know your insurance rates can be affected by your occupation? Careers like doctors, executives and financial analysts are shown to have higher average rates because of high stress and lots of time spent at work. Conversely, professions such as farmers, engineers and performers pay the least for Model X coverage.

Pay less by taking advantage of discounts

Companies don’t always advertise all available discounts in a way that’s easy to find, so we took the time to find both well-publicized and the more hidden discounts you could be receiving.

  • Seat Belts Save – Using a seat belt and requiring all passengers to use their safety belts could save 15% on the medical payments or PIP coverage costs.
  • Senior Citizens – If you’re over the age of 55, you may be able to get a small decrease in premiums for Model X coverage.
  • Anti-lock Brake Discount – Vehicles equipped with ABS or steering control are safer to drive and therefore earn up to a 10% discount.
  • Student in College – Kids in college who attend school more than 100 miles from home and do not have a car may qualify for this discount.
  • No Claims – Good drivers with no accidents pay much less when compared to frequent claim filers.
  • Paperless Signup – Some insurance companies will give a small break for buying your policy online.
  • Early Signing – Select companies give a discount for switching to them before your current expiration date. This can save 10% or more.

Drivers should understand that most discounts do not apply to your bottom line cost. Most only reduce individual premiums such as liability, collision or medical payments. So even though they make it sound like all those discounts means the company will pay you, you’re out of luck.

For a list of insurance companies offering insurance discounts, click here.

Your coverage should be tailored to you

When choosing coverage for your personal vehicles, there really is not a one size fits all plan. Every insured’s situation is different so your insurance needs to address that. For example, these questions may help highlight if your insurance needs could use an agent’s help.

  • How many claims can I have before being cancelled?
  • Does my car insurance cover rental cars?
  • Do I need roadside assistance coverage?
  • Is other people’s property covered if stolen from my vehicle?
  • Does my policy pay for OEM or aftermarket parts?
  • Should I buy full coverage?
  • Am I covered when driving in Canada or Mexico?
  • Am I getting all the discounts available?
  • Do I pay less if my vehicle is kept in my garage?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area.

Specifics of your insurance policy

Learning about specific coverages of a insurance policy can help you determine appropriate coverage and proper limits and deductibles. Policy terminology can be difficult to understand and coverage can change by endorsement. Below you’ll find the usual coverages available from insurance companies.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as prosthetic devices, nursing services, funeral costs and X-ray expenses. The coverages can be used to fill the gap from your health insurance program or if there is no health insurance coverage. It covers you and your occupants in addition to being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM) – This coverage provides protection when the “other guys” do not carry enough liability coverage. This coverage pays for hospital bills for your injuries as well as damage to your 2016 Tesla Model X.

Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family.

Liability coverages – Liability coverage can cover damage or injury you incur to people or other property that is your fault. This insurance protects YOU against claims from other people. It does not cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 25/50/25 that translate to $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property.

Liability coverage pays for claims like funeral expenses, bail bonds, repair bills for other people’s vehicles, pain and suffering and emergency aid. How much coverage you buy is your choice, but buy as much as you can afford.

Collision – This covers damage to your Model X resulting from colliding with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like crashing into a building, colliding with another moving vehicle and sideswiping another vehicle. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. Another option is to increase the deductible to bring the cost down.

Comprehensive insurance – This pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive can pay for claims such as hitting a deer, damage from getting keyed, falling objects and fire damage. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Don’t break the bank

We just presented some good ideas how you can lower your 2016 Tesla Model X insurance rates. The key concept to understand is the more providers you compare, the more likely it is that you will get a better rate. You may even find the biggest savings come from the least-expected company. These smaller insurers can often provide lower rates in certain areas than their larger competitors like Allstate or State Farm.

Cheap insurance is attainable online and also from your neighborhood agents, so you should compare both to get a complete price analysis. Some insurance providers may not provide the ability to get a quote online and many times these regional insurance providers only sell through independent insurance agents.

Even more information can be found by following these links: