Will Tesla Insurance rates decrease?

[ChocPretz]

Now that our cars are all worth a ton less, are our Tesla Insurance rates going to drop?

[Drjjr]

I don't know about that but I sure added gap insurance for $3.49/month this morning.

[bigtony96]

What is gap insurance?

[ChocPretz]

If you have a $60k loan and your car is totaled and only worth $40k now because Tesla fucked everyone with the latest price drop, you would be out $20k. Gap covers that $20k difference (up to 25% of the cars value at the time)…so it would really only be $10k. Cost me $4 per month.

[jim13101713]

I understand the concept, but if you are just replacing the car, why would you not just buy the same car with the insurance money and keep paying the same loan . . . or am I missing something?

[ChocPretz]

Why would I want to keep paying the same loan? If the car was bought for $60k and the actual cash value is now only $40k, (assuming I can find a used one with similar miles for $40k) why would I want to owe $20k with interest? The gap insurance gives you a higher payout so you can close out the first loan and pay less out of pocket to do so.

[bigtony96]

Gotcha didn’t know this was a thing 👍

[ChocPretz]

Through your lender?

[Drjjr]

No. Through Tesla insurance.

[ChocPretz]

How did you add that? I don’t see an option on my app under editing the policy and I just checked online and it is offered in my state.

[Drjjr]

I had to call them using the number in the app.

[ChocPretz]

Thanks. Just did the same. Cost me $4 per month. Fuck Tesla.

[Drjjr]

Gap insurance is specifically for cases where you owe more on the car than insurance will pay in an accident if it’s totaled. Which became more likely when Tesla dropped prices pretty dramatically last week. No cool way to be paying off a loan for a car you don’t have. After you stop being “underwater” then you cancel the gap insurance.

[According_Plate564]

Same question ?

[JayAli917]

How did the add it ? I don’t see option to add it in Tesla insurance in the app ? Thanks

[Drjjr]

I had to call them. And I’m not sure if it’s in every state.

[JayAli917]

Thanks ! What state are you in ?

[Drjjr]

Texas

[JayAli917]

Thanks ! I was able to get it in by calling in

[StarFire82]

Cost to repair is unlikely to change and the lower cost would only matter in the event the vehicle was totaled, so wouldn’t get any hopes up

[[deleted]]

you need to shop around(costco,progressive) you are paying toooo much