I had full coverage on a leased 2023 Tesla Model Y with Mapfre, costing around $7,000 a year. My other car, a 2023 Dodge Challenger, was $1,600 a year, and my 2020 motorcycle was $500, so my total was $9,100 annually. The Tesla’s premium recently doubled, so I decided to end the lease early to cut down on that cost.
I expected my premium to drop by $7,000 since I removed the Tesla, but now my annual premium is still at $5,100—$4,600 for the Challenger and $500 for the motorcycle. Nothing else changed: no additional drivers or change in mileage. Why did I only save $4,000 when I was aiming for a $7,000 reduction?
When you first set up the policy, the Tesla might’ve been listed as your primary vehicle, and the other cars could’ve gotten a discount as secondary vehicles. By removing the Tesla, the Challenger became the primary car, and you probably lost a multi-vehicle discount.
It might be worth calling customer service to get them to walk through the new pricing with you.
The number of vehicles on a policy affects the rating. Removing one means the remaining cars might be seen as getting more use, increasing the premium.
Always a good idea to check on the impact of changes before making them. There are a lot of factors that go into how they calculate rates.
Sky said: @Denny
Makes sense. I guess I’ll have to see how I can prove I’m not driving them more.
Sadly, that’s not how it works. They’ll rate it based on the car count on the policy, not how much you say you’ll drive them.
Also, if the motorcycle is on a separate policy, it might not have been affected, but you probably lost a multi-vehicle discount on the main policy when the Tesla was removed. In most places, those discounts apply at the policy level, not household-wide.
One idea: get a cheap daily driver and make the Challenger a pleasure-only car. But definitely check with your insurance first and see what that does to your rates. Also, look around for other quotes from different companies to see if you can do better.