Astonishing but true according to a recent study, the majority of drivers have bought auto insurance from the same company for a minimum of four years, and about 40% of consumers have never compared quotes from other companies. With the average premium in Louisiana being $2,857, drivers could save an average of approximately 35% each year, but they won’t spend time to shop their coverage around.
If your goal is the lowest price, then the best way to get more affordable car insurance rates in New Orleans is to compare prices regularly from providers who sell auto insurance in Louisiana. Rates can be compared by following these steps.
Step 1: Take a few minutes and learn about auto insurance and the measures you can take to keep rates in check. Many policy risk factors that cause rate increases such as traffic citations and a low credit rating can be eliminated by improving your driving habits or financial responsibility.
Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give rate quotes from a single company like GEICO or Allstate, while agents who are independent can provide rate quotes from multiple insurance companies.
Step 3: Compare the quotes to your current policy and determine if cheaper Model S coverage is available in New Orleans. If you can save money and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.
An important part of this process is to make sure you’re comparing identical coverages on each quote and and to get rates from all possible companies. This ensures the most accurate price comparison and a thorough selection of prices.
If you currently have a car insurance policy, you should be able to get lower rates using the techniques covered below. Finding the cheapest coverage in New Orleans is actually quite simple. But Louisiana consumers do need to know how big insurance companies sell online and take advantage of how the system works.
The best way to get policy rate comparisons for Tesla Model S insurance in New Orleans is to know almost all companies actually pay money for the chance to compare their rates. The only thing you need to do is provide a small amount of information including how much coverage you want, if you have a valid license, if you lease or own, and how you use your vehicles. The data is submitted instantly to multiple companies and you receive quotes immediately.
To check Tesla Model S insurance prices now, click here and find out if lower rates are available in New Orleans.
The companies in the list below are ready to provide free quotes in Louisiana. To locate the best cheap auto insurance in New Orleans, we recommend you visit two to three different companies in order to get a fair rate comparison.
Three reasons car insurance is important
Despite the high cost of buying insurance for a Tesla Model S in New Orleans, paying for car insurance may not be optional for several reasons.
- Most states have mandatory insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability protection in order to be legal. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your Model S has a lienholder, it’s guaranteed your bank will have a requirement that you buy insurance to guarantee payment of the loan. If you do not keep the policy in force, the bank may buy a policy for your Tesla at a more expensive rate and require you to pay for the expensive policy.
- Car insurance preserves not only your Tesla Model S but also your assets. It will also provide coverage for medical bills for you, any passengers, and anyone injured in an accident. Liability insurance, one of your policy coverages, also pays expenses related to your legal defense if you are sued as the result of an accident. If your Tesla gets damaged, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your car definitely exceed the cost, especially when you need to use it. But the average American driver is wasting up to $850 per year so compare rate quotes once a year at a minimum to make sure the price is not too high.
Lower Your New Orleans Insurance Costs
Many different elements are taken into consideration when pricing auto insurance. Some are pretty understandable like an MVR report, but other factors are less apparent such as whether you are married and annual miles driven.
The list below includes some of the things used by insurance companies to determine rates.
Big city or small town – Living in a rural area is a good thing if you are looking for the lowest rates. Less people living in that area translates into fewer accident claims. Drivers in populated Louisiana areas have much more traffic and a longer drive to work. Spending more time driving means a statistically higher chance of an accident.
Raise comp and collision deductibles and save – Coverage for physical damage, also known as collision and other-than-collision, covers your vehicle from damage. Examples of covered claims are a broken side mirror, damage from fire, and windstorm damage. Comprehensive and collision coverage deductibles define how much you are required to spend out-of-pocket if the claim is covered. The more you’re willing to pay, the less your company will charge you for insurance.
Insurance costs and vehicle performance – The make and model of the car you are buying insurance for makes a substantial difference in how high your rates are. The cheapest insurance rates are usually for low performance passenger models, but that’s not the only thing that factors into the final price.
Higher rates for tough employers – Did you know that where you work can have an impact on rates? Occupations such as military generals, airline pilots, and emergency personnel tend to have higher rates than the rest of us in part from high stress and lots of time spent at work. Conversely, occupations such as scientists, students and retirees pay the least.
Consolidate policies and save money – Some insurance companies allow lower prices to insureds that buy multiple policies, otherwise known as a multi-policy discount. Even though this discount sounds good, it’s still a good idea to get quotes from other companies to make sure you are getting the best deal.
Insurance policy lapses increase premiums – Allowing your coverage to lapse is a fast way to bump up your insurance costs. In addition to paying higher rates, getting caught without coverage could earn you a fine, jail time, or a revoked license. You may have to submit proof of financial responsibility or a SR-22 with the Louisiana motor vehicle department to get your license reinstated.
Tesla Model S insurance loss statistics – Insurers take into consideration historical loss data for every vehicle when they set coverage costs for each model. Models that have a trend towards higher claims will cost more to insure.
The next table shows the actual insurance loss data for Tesla Model S vehicles. For each coverage category, the loss probability for all vehicles, regardless of make or model, is represented as 100. Values under 100 suggest losses that are better than average, while numbers shown that are more than 100 indicate more frequent claims or statistically larger claims.
| Vehicle 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 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
A little work can save a LOT of money
Cheaper car insurance in New Orleans can be purchased on the web and from local agencies, and you need to comparison shop both to have the best chance of lowering rates. A few companies may not offer rate quotes online and most of the time these regional insurance providers sell through independent agencies.
As you prepare to switch companies, it’s a bad idea to buy poor coverage just to save money. In many instances, someone sacrificed full coverage only to discover later that their decision to reduce coverage ended up costing them more. Your goal should be to find the BEST coverage for the lowest price.
Other learning opportunities
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Who Has the Cheapest New Orleans Car Insurance Rates for a Learners Permit? (FAQ)
- How Much are New Orleans Car Insurance Rates for a Ford Escape? (FAQ)
- Who Has Cheap Auto Insurance for Nurses in New Orleans? (FAQ)
- What Auto Insurance is Cheapest for a Mazda CX-7 in New Orleans? (FAQ)
- Who Has Affordable Car Insurance for High School Students in New Orleans? (FAQ)
- Who Has Cheap Car Insurance Quotes for Drivers with Accidents in New Orleans? (FAQ)
- Tread Depth and Tire Safety (State Farm)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)
- Parking Tips to Reduce Door Dings (State Farm)