How to Insure a Tesla Roadster like a Tightwad
If buying auto insurance was as easy as it sounds on TV commercials, we'd have no problem getting the lowest rates. Unfortunately, it's not always as easy as it sounds to get the best rate. Finding good insurance for your Tesla Roadster probably leaves you feeling the same way.
Step One: Compare Multiple Rate Quotes
The old-fashioned method of shopping for car insurance included visiting several local insurance agents and being on the receiving end of a hard sell tactic. Now you can compare rates and buy a policy online!
You can compare insurance rates for a Tesla Roadster simply and quickly just by filling out one form. This allows you to quote the same coverages with multiple companies and pick the lowest rate.
To find affordable coverage for your Tesla Roadster, the first step is to click the link below and complete the short form.
Important Tip! In order to accurately compare rates for your Roadster, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: Tricks to Saving Money on Roadster Insurance
If you have completed step one above (if not, please complete that step first), then you are now ready to learn some ways to insure your Roadster that will also lower the rate you pay irregardless of which company you choose.
- The Tesla Roadster is a higher performance vehicle, but do you really need the increased speed or power? Vehicles with more moderate performance are usually cheaper to insure.
- If you're over the age of 55, check to see if you qualify for a senior citizen discount. Qualification age may vary by company
- The more a vehicles costs new, the more likely it is that repairs will cost more as well. Since the Roadster is a luxury sport coupe vehicle insurance will cost a little more.
- Before a comprehensive or collision claim is paid by your company, you have to pay a deductible first. The more you're willing to pay, the lower your rates will be. Consider raising your deductibles to $500 or even $1,000.
- Let's face it, you aren't driving a Roadster because of the fuel economy. You like the looks and performance and you'll pay a little more for insurance because you're driving a sports car.
- If your insurance company allows driver-specific car rating, you can save money by rating any teenage drivers on low profile vehicles with either no physical damage coverage or very high deductibles.
- Speeding tickets and other violations can negatively impact your insurance rates for up to three years. Get too many tickets and you'll be shopping for a new car insurance company.
- Safety features such as passive restraints and air bag systems help reduce injuries in and accident, and car insurance companies will charge lower rates if these features are present.
- Smaller claims that hardly exceed your deductible are better off not being filed with your insurance company. Policyholders with no claims enjoy lower rates than those who frequently file claims.
- Reduce your rates by buying a car that is not a hot model for car thieves. Certain makes and models are more tempting than others, and high-frequency stolen vehicles get charged a higher rate.
- How is your credit rating? The better credit you have, the less insurance will cost for your Roadster. If you have bad credit, work on improving your credit score and repair past credit problems.
- Successfully completing a driver's training class can help lower your rates if your insurance company offers that discount.
- Never allow one policy to expire without having a new policy effective the same date. This causes a lapse in coverage and if you don't have insurance for any length of time, your next policy will cost you more.
- If you own a home, you may get a break on your car insurance. Home ownership demonstrates financial responsibility.
Step Three: Buy the Best Policy
It's time to make a purchase decision based on your rate comparisions and and any policy coverage changes you wish to make. Once you are comfortable with the cost and coverages, you can finalize your purchase by paying your premium down payment.
Make sure to avoid any lapse in coverage by setting the new policy's effective date to be the same date you cancel your old policy. Otherwise you could be driving without any coverage.
If the Tesla Roadster is a new purchase and you already have car insurance, then you will have some coverage that extends to the vehicle. But if you let your old policy lapse or have never had coverage, you don't have any protection once you buy the vehicle. The coverage extended to an add-on vehicle is only as good as the coverage on existing vehicles, so if none of your current insured vehicles have full coverage, your new Roadster won't have it either. So in that case, it's important to call your agent or company directly from the dealership and have them bind coverage immediately.
At the end of buying your policy, you will be able to print out a new proof-of-insurance card to place in your vehicle. This card is required by law and must be produced if requested by law enforcement. If you are required to file an SR-22 with your state, your new insurance company will take care of that for you. If you cancel your coverage for any reason, you risk the loss of your driver's license.
Other Insurance Resources
The Insurance Information Institute has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.
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