Do you get confused by the sheer number of insurance choices in San Antonio? Lot’s of other drivers are too. Texas people have so many choices to choose from that it can quickly become hard work to find the perfect company for you. San Antonio is a great city to live in, but expensive insurance premiums can make it hard for many drivers to meet other financial obligations.
We don’t have to point out that fact that car insurance companies don’t want you to look at other companies. People who get comparison quotes at least once a year are highly likely to buy a different policy because there is a great chance of finding a more affordable policy premium. A recent insurance study revealed that consumers who make a habit of shopping around saved over $72 a month compared to drivers who never compared rates.
If finding the cheapest price on insurance is your ultimate goal, knowing the best way to quote and compare coverages can make it easier to shop your coverage around.
Just remember that comparing a large number of companies increases the chance that you will find the best price.
The following companies are our best choices to provide free rate quotes in Texas. If more than one company is shown, we suggest you compare several of them to find the lowest auto insurance rates.
Why car insurance is not optional
Despite the high insurance cost for a Tesla Model S in San Antonio, insurance is required in Texas but also provides important benefits.
First, the majority of states have minimum mandated liability insurance limits which means state laws require a specific minimum amount of liability 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.
Second, if you have a lien on your Model S, it’s guaranteed your bank will make it a condition of the loan that you buy insurance to guarantee their interest in the vehicle. If coverage lapses or is canceled, the bank will be required to insure your Tesla for a much higher rate and make you pay for the much more expensive policy.
Third, car insurance protects not only your car but also your assets. It will also cover most medical and hospital costs that are the result of an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to have it repaired.
The benefits of insuring your Model S definitely exceed the price paid, particularly when you have a large claim. Despite what companies tell you, the average driver overpays as much as $820 a year so you should quote and compare rates at every renewal to save money.
Why Your Insurance Rates might be higher
Lots of things are part of the equation when pricing auto insurance. A few of the factors are predictable such as your driving history, although some other factors are not quite as obvious like where you live or how financially stable you are.
The items below are a few of the things used by companies to determine your prices.
- Your liability protection limits – Your car insurance policy’s liability coverage will provide protection if ever you are found liable for causing damage or personal injury in an accident. Liability provides you with a defense in court which can cost a lot. This coverage is very inexpensive compared to comp and collision, so buy as much as you can afford.
- Insurance rates and vehicle performance – The performance of the car or truck you are buying insurance for makes a big difference in your auto insurance rates. The lowest base rates tend to be for small economy passenger models, but the cost you end up paying is determined by many additional factors.
- Vehicles with better crash test results lower prices – Safer cars tend to have lower insurance rates. These vehicles reduce injuries and fewer injuries means less claims paid which can result in lower premiums.
- Incidental coverages can cost a lot – There are a ton of additional extra coverages that can add up on your car insurance policy. Things like rental car reimbursement, death and dismemberment, and additional equipment coverage may be costing you every month. They may seem good initially, but now you might not need them so think about removing them and cutting costs.
- High stress employer may mean higher rates – Did you know your car insurance rates can be affected by your occupation? Jobs such as military personnel, architects, and financial analysts are shown to have the highest average rates in part from high stress and lots of time spent away from family. On the flip side, jobs like scientists, athletes and homemakers generally pay rates lower than average.
- Don’t let your car insurance lapse – Not maintaining insurance is not a good idea and as a result your rates will increase for letting your coverage have a gap. Not only will you pay more, being ticketed for driving with no insurance can result in fines and jail time. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the Texas motor vehicle department.
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Claims statistics for a Tesla Model S – Car insurance companies take into consideration historical loss data for every vehicle when setting premium costs. Vehicles that are shown to have higher claim amounts or frequency will have a higher premium rate.
The table shown below demonstrates the collected loss data for Tesla Model S vehicles. For each coverage type, the loss probability for all vehicles, as a total average, is represented as 100. Values that are below 100 represent a good loss history, while percentage numbers above 100 indicate higher probability of having a loss or a tendency for losses to be larger than average.
Car Insurance Loss Data for Tesla Model S Models Make and 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 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Be persistent to save money
When trying to cut insurance costs, it’s very important that you do not skimp on critical coverages to save a buck or two. There are many occasions where someone sacrificed full coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. The goal is to purchase plenty of coverage at the best price, but do not skimp to save money.
You just read some good ideas how you can reduce Tesla Model S insurance prices online in San Antonio. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your rates. You may even be surprised to find that the biggest savings come from an unexpected company.
People change insurance companies for many reasons like questionable increases in premium, policy cancellation, denial of a claim or even delays in responding to claim requests. It doesn’t matter what your reason, finding a new company is easier than you think.
More detailed car insurance information can be found in these articles:
- Vehicle Size and Weight FAQ (iihs.org)
- Who Has the Cheapest Auto Insurance Rates for State Employees in San Antonio? (FAQ)
- Who Has Cheap Car Insurance Quotes for Immigrants in San Antonio? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Uninsured Drivers in San Antonio? (FAQ)
- What Car Insurance is Cheapest for a GMC Acadia in San Antonio? (FAQ)
- How Much are Car Insurance Rates for 17 Year Olds in San Antonio? (FAQ)
- What if I Can’t Find Coverage? (Insurance Information Institute)
- Electronic Stability Control FAQ (iihs.org)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Older Driver Statistics (Insurance Information Institute)