Auto Insurance Rates for a Tesla Model S in Lubbock

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Discount Tesla Model S insuranceIf you want to save money, the best way to find affordable quotes for Tesla Model S insurance in Lubbock is to do a yearly price comparison from different companies who sell insurance in Texas. This can be done by following these guidelines.

  1. Spend some time learning about how auto insurance works and the modifications you can make to prevent expensive coverage. Many policy risk factors that drive up the price such as traffic violations and a low credit rating can be amended by improving your driving habits or financial responsibility.
  2. Compare rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can give quotes from a single company like Progressive or State Farm, while agents who are independent can give you price quotes for a wide range of companies.
  3. Compare the quotes to the premium of your current policy to see if you can save by switching companies. If you can save money and switch companies, make sure coverage is continuous and does not lapse.
  4. Provide written notification to your current company to cancel your current policy and submit payment and a completed application to the new company. As soon as you have the new policy, keep your new proof of insurance paperwork in an easily accessible location in your vehicle.

An important note is that you'll want to compare the same level of coverage on every quote and and to get quotes from as many different companies as possible. This ensures a fair price comparison and the best price quote selection.

Amazingly, most consumers kept their policy with the same company for more than four years, and about 40% of consumers have never taken the time to shop around. The average driver in Texas can save hundreds of dollars each year, but most undervalue the actual amount they would save if they changed companies.

Shopping around for the lowest cost insurance in Lubbock is simple if you know the tricks. If you have insurance now or just want to reduce your rates, you will benefit by learning to find better prices and still have adequate protection. Comparison shoppers just need to use the best way to get comparison rates over the internet.

The majority of larger companies allow consumers to get price estimates directly from their websites. Getting Tesla Model S insurance prices online is easy for anyone as you simply type in your coverage preferences on the page. Once you submit the form, the quote system pulls your credit score and driving record and gives you a price quote based on many factors.

Using the web to get rate quotes for Tesla Model S insurance in Lubbock helps simplify price comparisons, and it is important to compare as many rates as possible if you want to get cheap prices.

To find out how much you can save on insurance, visit the companies below or click here to submit a quote request to multiple companies at once. If you currently have coverage, we recommend you replicate coverages and limits identical to your current policy. Doing this guarantees you are getting rate quotes for the exact same coverage.

The companies shown below have been selected to offer free quotes in Texas. To get the best cheap car insurance in Lubbock, it's a good idea that you compare several of them to find the lowest auto insurance rates.

Choosing the best vehicle insurance in Texas is an important decision

Even though it's not necessarily cheap to insure a Tesla in Lubbock, paying for insurance may not be optional for several reasons.

  • Just about all states have minimum liability requirements which means the state requires a specific minimum amount of liability protection in order to get the vehicle licensed. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If your Tesla Model S has a lienholder, almost every bank will have a requirement that you have full coverage to protect their interest in the vehicle. If you do not keep the policy in force, the bank or lender will purchase a policy for your Tesla at a significantly higher premium and force you to pay for the expensive policy.
  • Insurance safeguards your Tesla Model S and your assets. It will also cover hospital and medical expenses incurred in an accident. Liability insurance also covers legal expenses in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.

The benefits of buying insurance more than cancel out the cost, especially with large liability claims. An average driver in America overpays more than $700 annually so compare quotes from several companies once a year at a minimum to be sure current rates are still competitive.

Eight Things That Affect Your Insurance Premiums

Multiple criteria are part of the calculation when you quote your car insurance policy. A few of the factors are predictable like a motor vehicle report, although some other factors are not as apparent such as whether you are married or how financially stable you are.

The list below includes some of the things used by insurance companies to determine your prices.

More policies can equal more savings - Many insurance companies allow better rates for people who consolidate policies with them such as combining an auto and homeowners policy. This can amount to ten or even up to twenty percent in some cases. Even if you're getting this discount drivers will still want to check prices from other companies to make sure you are getting the best deal. Consumers may save even more by buying from different companies

Prevent theft and save - Buying a car with a theft deterrent system can save you a little every year. Anti-theft features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help prevent your vehicle from being stolen.

Prices are impacted by vehicle performance - The performance level of the car you are buying insurance for makes a substantial difference in determining your rates. Small economy passenger vehicles normally have pretty low rates, but other factors influence the final cost greatly.

Drivers with responsible credit save - An insured's credit score is a large factor in calculating your car insurance rates. If your credit history is not that good, you could pay less to insure your Tesla Model S by taking the time to improve your credit score. Drivers who have very high credit ratings tend to file fewer claims and have better driving records than drivers with bad credit.

Add-on coverages push up prices - Insurance policies have a lot of extra bells and whistles that may not really be needed on your Model S policy. Insurance for personal injury protection, high-cost glass coverage, and Farm Bureau memberships are probably not needed. These may sound like a good investment when talking to your agent, but now you might not need them so think about removing them and cutting costs.

Amount of liability protection - A critical coverage on your policy, liability insurance will afford coverage if you are determined to be liable for physical damage or personal injury to other. Liability provides legal defense coverage which can cost thousands of dollars. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.

Higher rates for tough occupations - Jobs such as military generals, architects, and medical professionals generally pay higher rates than the rest of us because of intense work-related stress and lengthy work days. On the flip side, occupations like actors, engineers and the unemployed have the lowest average rates.

High car insurance claims frequency drives up prices - If you file a lot of claims don't be surprised to see either policy cancellation or increased premiums. Insurance companies in Texas give better rates to policyholders who file claims infrequently. Auto insurance is intended for more catastrophic claims.

Insurance losses for a Tesla Model S - Insurers use past insurance losses when determining insurance costs. Vehicles that tend to have higher loss trends will cost more to insure.

The table below demonstrates the insurance loss data for Tesla Model S vehicles. For each policy coverage type, the claim amount for all vehicles, regardless of make, model or trim level, is considered to be 100. Percentage numbers below 100 suggest a better than average loss history, while percentage numbers above 100 indicate a higher chance of having a claim or statistically larger losses.

Tesla Model S Insurance Loss Statistics
Specific Tesla Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Tesla Model S 4dr Electric 2WD 324 116 208 39 46 104
Tesla Model S 4dr Electric 4WD 333
BETTER
AVERAGE
WORSE

Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years

Get lower-cost Tesla Model S insurance in Lubbock with discounts

Some providers don't always publicize every discount available very clearly, so below is a list a few of the more well known and also the more inconspicuous discounts that may be available.Save money with discounts

  • Driving Data Discount - People who choose to allow data collection to look at vehicle usage remotely such as Progressive's Snapshot might see lower rates if they have good driving habits.
  • Discounts for New Vehicles - Putting insurance coverage on a new Model S can get you a discount because new model year vehicles are generally safer.
  • First Accident Forgiveness - This one isn't a discount, but a handful of insurance companies will turn a blind eye to one accident before your rates go up so long as you are claim-free before the accident.
  • Distant Student Discount - Older children who live away from home at college without a vehicle on campus may be able to be covered for less.
  • Defensive Driver - Taking time to complete a driver safety course could possibly earn you a 5% discount depending on where you live.
  • Multi-policy Discount - If you can bundle your homeowners and auto insurance with the same company you will save 10% to 20% off each policy.
  • Early Payment Discounts - If paying your policy premium upfront instead of monthly or quarterly installments you may have a lower total premium amount.
  • Discount for Passive Restraints - Factory options such as air bags may qualify for discounts of more than 20%.

It's important to understand that most credits do not apply to the entire cost. The majority will only reduce specific coverage prices like comp or med pay. So despite the fact that it appears having all the discounts means you get insurance for free, you're out of luck.

Companies and a summarized list of policyholder discounts are:

  • American Family has savings for multi-vehicle, mySafetyValet, good driver, good student, defensive driver, accident-free, and bundled insurance.
  • State Farm may include discounts for student away at school, defensive driving training, driver's education, multiple autos, safe vehicle, and multiple policy.
  • 21st Century offers discounts including 55 and older, defensive driver, homeowners, automatic seat belts, driver training, student driver, and teen driver.
  • Travelers may offer discounts for good student, multi-car, continuous insurance, save driver, payment discounts, student away at school, and driver training.
  • GEICO may have discounts that include military active duty, seat belt use, multi-vehicle, air bags, driver training, and multi-policy.

Before purchasing a policy, check with every prospective company to apply every possible discount. Depending on the company, some discounts may not apply in Lubbock.

How to know if you need help

When selecting the right insurance coverage, there isn't really a "best" method to buy coverage. Your needs are unique to you.Higher deductibles save money

For instance, these questions can help discover whether you might need professional guidance.

  • Is my ex-spouse still covered by my policy?
  • Do I need medical payments coverage since I have good health insurance?
  • When should I have rental car coverage?
  • How does medical payments coverage work?
  • Does insurance cover tools stolen from my truck?
  • Am I covered when pulling a rental trailer?
  • What is the minimum liability in Texas?
  • Am I covered if hit by an uninsured driver?
  • Should I rate my vehicle as business use?
  • Why do I only qualify for high-risk insurance?

If you don't know the answers to these questions but a few of them apply then you might want to talk to a licensed insurance agent. If you don't have a local agent, fill out this quick form. It's fast, free and may give you better protection.

Do I need an agent?

Some consumers just prefer to buy from a licensed agent and we recommend doing that Experienced insurance agents can point out coverage gaps and help submit paperwork. The biggest benefit of comparing insurance prices online is that you can find the best rates but still work with a licensed agent. And supporting local agencies is important particularly in Lubbock.

Find insurance agent in LubbockTo help locate an agent, after submitting this short form, your insurance data is transmitted to agents in your area who will give you quotes and help you find cheaper coverage. It makes it easy because there is no need to contact any insurance agencies because prices are sent directly to your email. If you wish to compare prices from a particular provider, feel free to navigate to their website and give them your coverage information.

If you are wanting to find local Lubbock agents, you should know the different types of agencies and how they function. Insurance agents in Lubbock are considered either independent agents or exclusive agents. Both can provide insurance policies, but it's important to know how they are different since it may influence your selection of an agent.

Independent Insurance Agencies or Brokers

These agents are appointed with more than one company so they have the ability to put coverage with an assortment of companies and find you the best rates. If you want to switch companies, they can switch companies in-house and you don't have to find a new agent. When comparing rate quotes, you should always get insurance quotes from at a minimum one independent agency to have the most options to choose from. Many independent agencies also insure through additional companies that you may not be familiar with that can offer cheaper rates than bigger companies.

The following is a list of independent agencies in Lubbock that may be able to give free insurance quotes.

View more Lubbock agents

Exclusive Insurance Agencies

Agents that elect to be exclusive can only provide one company's prices like American Family, State Farm, and AAA. They usually cannot provide other company's prices so always compare other rates. Exclusive insurance agents are well trained on their company's products which helps them sell insurance even at higher premiums. Consumers often buy from the same agent for years mainly due to loyalty to the company and strong financial ratings.

The following are Lubbock exclusive agents willing to provide comparison quotes.

View more Lubbock agents

Finding the right auto insurance agent should depend on more than just the quoted price. You should also get answers to these questions.

  • Is the coverage adequate for your vehicle?
  • Does the quote include credit and driving reports?
  • Do they specialize in personal lines coverage in Lubbock?
  • If your car is totaled, how to they determine the replacement cost?
  • Will one accident increase rates?
  • How long has their agency been in business in Lubbock?

After getting acceptable answers for all questions you ask and a good coverage price, you may have found a car insurance agent that meets the requirements to properly insure your vehicles. But keep in mind it's your policy and you can terminate coverage when you choose so don't assume that you are permanently stuck with a specific agent indefinitely.

Which auto insurance company is best in Lubbock?

Insuring your vehicle with a good quality insurance company can be rather challenging considering how many companies there are in Lubbock. The company rank data shown below can help you select which car insurance providers you want to consider purchasing from.

Top 10 Lubbock Car Insurance Companies Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. Titan Insurance
  10. AAA Insurance

Top 10 Lubbock Car Insurance Companies Ranked by Value

  1. Mercury Insurance
  2. Travelers
  3. American Family
  4. AAA Insurance
  5. Safeco Insurance
  6. Progressive
  7. The Hartford
  8. The General
  9. 21st Century
  10. Esurance

Lower rates by being persistent

You just learned some good ideas how to lower your Tesla Model S insurance rates in Lubbock. The key concept to understand is the more times you quote, the better your chances of lowering your car insurance rates. Consumers may even find the biggest savings come from some of the smallest insurance companies.

People who switch companies do it for many reasons like policy cancellation, denial of a claim, delays in responding to claim requests and even high prices. No matter why you want to switch, finding a great new company is pretty simple and you could end up saving a buck or two.

As you restructure your insurance plan, don't be tempted to skimp on coverage in order to save money. Too many times, an insured dropped liability coverage limits only to regret that they should have had better coverage. Your strategy should be to buy the best coverage you can find at an affordable rate, but do not skimp to save money.

Much more information about auto insurance in Texas is located on the following sites: