I’m not an expert on insurance, so I mostly copied the coverage I had for my other cars with a different company. I switched to Tesla insurance because it’s cheaper. Does this coverage look okay?
I removed roadside assistance since I already have AAA. I couldn’t find GAP insurance, but I think I need to call Tesla to add it. Can someone explain what collision deductible buyback and total loss deductible waiver are, and how they’re different from GAP insurance? Thanks!
It’s good that you’re asking because many people don’t fully understand their insurance coverage. Tesla insurance has a lot of details people might miss.
No liability is a liability.
Huxley said:
No liability is a liability.
He does have liability under a combined single limit (CSL). It covers both bodily injury and property damage up to $300k.
Huxley said:
No liability is a liability.
He does have liability under a combined single limit (CSL). It covers both bodily injury and property damage up to $300k.
I’m sending you a direct message with a question.
Huxley said:
No liability is a liability.
I combined the coverage under CSL. Here’s what I selected.
Huxley said:
No liability is a liability.
I combined the coverage under CSL. Here’s what I selected.
I see you have liability and property damage combined, but I’m concerned about the $3500 uninsured motorist property damage (UMPD). That’s quite low.
@Spencer
$3500 is the UMPD limit, but since you have collision coverage, UMPD only really helps with covering the collision deductible. In some states, you can’t buy both for the same car.
@Spencer
The $3500 is a state-mandated limit.
Yes, California sets that as the maximum. See this state guideline.
@Spencer
From what I understand, the $3500 UMPD covers damages if I don’t want to use my collision coverage deductible.
Huxley said:
No liability is a liability.
I think CSL might not be common in some states, which causes confusion.
CSL includes liability for both bodily injury and property damage. People saying you don’t have those coverages are mistaken. The coverage you chose seems reasonable, but whether it’s ideal depends on your personal situation.
@RasmusSniddler
What do you mean by personal situation?
Zephyr said:
@RasmusSniddler
What do you mean by personal situation?
Factors like whether your car is financed or leased, whether you own a home, and what assets you have to protect. For example, $300k CSL is a solid minimum if your car is financed. You should aim to have enough coverage to protect yourself in case of a lawsuit after a major accident.
@RasmusSniddler
I own a house and the car is financed.
Consider raising your deductibles if your bank allows it. A $1000 collision deductible can save you money on premiums. Also, increase MedPay limits if possible. For liability, $300k is decent, but if you own a home, think about adding a $1m umbrella policy to cover higher risks.
@Onyx
Raising your collision deductible is good advice, but keep the comprehensive deductible low. It’s cheaper and covers things out of your control.
Zayn said:
@Onyx
Raising your collision deductible is good advice, but keep the comprehensive deductible low. It’s cheaper and covers things out of your control.
That’s a good point. My comprehensive deductible is $500 because I park in a garage, so the risk of claims is lower.
@Onyx
How does MedPay work when my wife and I have great health insurance? We have no copays, and ER visits are $50.