Tesla Insurance Company Fka Balboa Insurance Company Review (2024)

Explore the dynamic transformation of Balboa Insurance Company into Tesla Insurance as we dissect their revolutionary approach to insurance, offering specialized coverage for Tesla owners, competitive rates, and a commitment to a sustainable future in this in-depth review.

UPDATED: Jun 14, 2024Fact Checked

Laura D. Adams

Insurance & Finance Analyst

Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...

Insurance & Finance Analyst

Daniel Walker

Licensed Insurance Agent

Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...

Licensed Insurance Agent

UPDATED: Jun 14, 2024

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

UPDATED: Jun 14, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Jun 14, 2024Fact Checked
1.7
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Tesla Insurance Company Fka Balboa Insurance Company

Average Monthly Rate For Good Drivers

$75

A.M. Best Rating:

A (Excellent)

Complaint Level:

Low

Pros

  • Specialized coverage for Tesla owners
  • Competitive rates, particularly for Tesla vehicles
  • Integration with Tesla vehicles for real-time data
  • Hassle-free claims processing
  • Access to Tesla service centers for repairs

Cons

  • Limited coverage areas (availability may vary by location)
  • Availability primarily for Tesla owners (may not be suitable for non-Tesla owners)
  • Specifics of coverage options and rates may vary, and individual experiences can differ

The article explores the transformative journey of Tesla Insurance Company, formerly known as Balboa Insurance Company, as it redefines the insurance landscape. Tesla Insurance offers a comprehensive array of coverage options, including auto, home, renter’s, life, and business insurance, catering to the unique needs of Tesla owners and beyond.

This specialized insurer stands out with competitive rates for Tesla vehicle owners, seamless integration with Tesla technology for real-time data, efficient claims processing, and access to Tesla service centers for repairs. Beyond its insurance offerings, Tesla Insurance aligns with Tesla’s vision for the future, promising further innovations.

By combining a tailored approach to insurance with sustainability initiatives, Tesla Insurance emerges as a dynamic player in the evolving world of insurance, promising a promising future for both Tesla vehicle owners and the broader insurance market.

Tesla Insurance Coverage Options

In this comprehensive guide, we delve into the diverse insurance offerings provided by Tesla Insurance Company, formerly known as Balboa Insurance Company. Here are the coverage options offered by Tesla Insurance Company:

  • Auto Insurance: Tesla Insurance provides comprehensive auto insurance coverage for Tesla vehicle owners.
  • Home Insurance: Tesla Insurance also offers home insurance policies, providing protection for your residence and personal belongings.
  • Renter’s Insurance: Tesla Insurance extends its coverage to renters, ensuring that even if you don’t own your home, your belongings are protected.
  • Life Insurance: Tesla Insurance offers life insurance policies designed to provide financial security to your loved ones in the event of your passing.
  • Business Insurance: For businesses related to Tesla or Tesla vehicle owners, the company provides tailored insurance solutions. Business insurance can vary significantly based on the specific needs of the business.

These coverage options are designed to cater to the diverse needs of Tesla Insurance customers, ensuring they have access to comprehensive and customized insurance solutions.

It’s important to note that the specific details and terms of coverage may vary, so it’s recommended to consult with Tesla Insurance directly to determine the best coverage for your individual needs.

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Tesla Insurance Rates Breakdown

Driver ProfileTesla Insurance CompanyNational Average
Clean Record$72$119
1+ Ticket$113$147
1+ Accident$148$173
DUI$194$209
Poor Credit$124$205

*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver

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Tesla Insurance Discounts Available

DiscountsTesla Insurance
Anti Theft13%
Good Student17%
Low Mileage13%
Paperless9%
Safe Driver25%
Senior Driver13%

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Let’s navigate the realm of potential cost savings when you choose Tesla Insurance Company, formerly known as Balboa Insurance Company, as your insurance provider. Here is a list of potential discounts:

  • Multi-Policy Discount: You may be eligible for a discount if you bundle multiple insurance policies, such as auto and home insurance, with Tesla Insurance.
  • Safe Driver Discount: Tesla Insurance may offer discounts for drivers with a clean driving record and a history of safe driving.
  • Good Student Discount: If you’re a student with good grades, you may qualify for a discount on your insurance premiums.
  • Anti-Theft Device Discount: Installing anti-theft devices in your Tesla vehicle could lead to a discount on your auto insurance premiums.
  • Defensive Driving Course Discount: Completing an approved defensive driving course may make you eligible for a discount on your insurance.
  • Usage-Based Insurance Discount: Tesla Insurance may offer discounts based on your driving behavior if you participate in a usage-based insurance program that monitors your driving habits.
  • Safety Features Discount: If your Tesla vehicle is equipped with advanced safety features, such as Autopilot or advanced driver assistance systems, you may be eligible for a discount.
  • Good Payment History Discount: Maintaining a consistent and on-time payment history with Tesla Insurance could lead to lower premiums.
  • Loyalty or Renewal Discount: Existing policyholders who renew their insurance with Tesla Insurance may qualify for loyalty discounts.
  • Eco-Friendly Vehicle Discount: Tesla’s commitment to sustainability may result in discounts for eco-friendly vehicle owners.
  • Military or Veteran Discount: Some insurance companies offer discounts to active-duty military personnel and veterans.

Tesla Insurance commitment to innovation, safety, and sustainability extends beyond their electric vehicles to their insurance offerings. Whether you’re a Tesla owner or considering one in the future, these discounts open doors to cost-effective insurance solutions that align with the cutting-edge values of Tesla.

How Tesla Insurance Ranks Among Providers

In this in-depth analysis, we explore where Tesla Insurance Company, formerly known as Balboa Insurance Company, stands in the competitive landscape of insurance providers. Here are some of the key competitors and players in the insurance industry that may be relevant to Tesla Insurance:

  • Traditional Insurance Companies: Established insurance giants like Geico, State Farm, Progressive, Allstate, and Nationwide are some of the largest players in the auto insurance industry. They offer a wide range of coverage options for various vehicles, including electric cars like Teslas.
  • Specialized Electric Vehicle Insurers: Certain insurance providers focus on offering insurance for electric vehicles (EVs), tailoring their services to meet the unique requirements of EV owners. Competitors in the electric vehicle insurance market include companies such as Electric Insurance Company, Metromile, and other regional EV insurance providers.
  • Technology-Driven Insurtech Companies: Several technology-driven insurance startups, known as insurtech companies, have entered the market with innovative approaches to auto insurance. These companies often leverage data analytics, telematics, and advanced technology to offer competitive rates. Examples include Root Insurance and Metromile.
  • Captive Insurers: Captive insurance companies, affiliated with automakers, are competitors for Tesla Insurance in the sense that they offer insurance for their own brand vehicles. For instance, BMW, Mercedes-Benz, and other automakers have their captive insurance arms.
  • Regional and Local Insurers: Depending on your location, regional or local insurance companies may also compete for customers looking for auto insurance, including those who own Tesla vehicles. These insurers often tailor their coverage to specific regions.
  • Peer-to-Peer (P2P) Insurance: Some emerging P2P insurance platforms allow groups of policyholders to pool their resources and share coverage costs. While this is a relatively new concept, it could be considered a potential competitor in the future.

The competitive landscape in the insurance industry is dynamic, and new entrants and changes in the market can occur over time. Additionally, Tesla’s unique approach to insurance, including its integration with Tesla vehicles and safety features, sets it apart in the market.

To assess the current competitive landscape and compare Tesla Insurance with its competitors, it’s recommended to review the latest industry reports and conduct a thorough analysis based on your specific needs and location.

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Revolutionizing Claims Handling: Tesla Insurance Company’s Approach

Streamlined Claims Filing

Tesla Insurance Company, formerly known as Balboa Insurance Company, offers multiple convenient methods for filing insurance claims. Customers can file claims online through their user-friendly website, over the phone with their dedicated customer service team, or via their mobile app.

This flexibility allows policyholders to choose the method that suits them best, making the claims process more accessible and hassle-free.

Efficient Claim Processing

One key aspect of any insurance company is how quickly and efficiently they process claims. Tesla Insurance is known for its prompt claim processing. On average, policyholders can expect their claims to be processed in a timely manner.

This quick turnaround time is crucial for customers who need to get their vehicles repaired or receive payouts for covered incidents promptly.

Customer Satisfaction With Claim Resolutions

Tesla Insurance has garnered positive feedback from customers regarding their claim resolutions and payouts. Policyholders appreciate the company’s responsiveness and transparency throughout the claims process. This positive customer experience contributes to Tesla Insurance’s reputation for excellent customer service and satisfaction.

Tesla’s Technological Frontier: Digital Innovations in Insurance

Mobile App Features and Functionality

Tesla Insurance offers a robust mobile app that provides policyholders with a range of features and functionality. Through the app, customers can easily manage their insurance policies, access digital insurance cards, and file claims directly from their mobile devices.

The app also integrates seamlessly with Tesla vehicles, providing real-time data and information that can be valuable for both insurance purposes and vehicle management.

Online Account Management Made Simple

Policyholders can take advantage of Tesla Insurance’s online account management capabilities, which allow them to access their policies, view billing information, make payments, and update their coverage preferences online.

This online portal provides a convenient and user-friendly way for customers to stay informed and in control of their insurance accounts.

Digital Tools for Informed Choices

Tesla Insurance embraces digital tools and resources to enhance the overall customer experience. These tools include online calculators to estimate insurance costs, educational resources to help customers make informed decisions, and a blog or knowledge center with valuable insights into insurance-related topics.

By leveraging technology, Tesla Insurance empowers its customers with the information and tools they need to make the right insurance choices.

Frequently Asked Questions

What factors determine the cost of Tesla Insurance premiums?

Tesla Insurance premiums are influenced by various factors, including your location, driving history, the model of your Tesla vehicle, your chosen coverage options, and more.

Does Tesla Insurance cover autonomous driving accidents?

Yes, Tesla Insurance provides coverage for accidents involving autonomous driving features, as long as they occur within the policy’s coverage limits.

Are Tesla Insurance policies available internationally?

As of now, Tesla Insurance primarily serves customers in specific regions. While they have plans to expand their coverage areas, it’s essential to check their official website or contact them directly to confirm whether they offer insurance in your location.

Can I use third-party repair shops with Tesla Insurance?

Tesla Insurance encourages policyholders to use Tesla-authorized repair centers for repairs and maintenance. While you have the freedom to choose a repair shop, using Tesla-approved facilities may ensure the use of genuine parts and expertise in handling Tesla vehicles.

How does Tesla’s Autopilot affect insurance rates?

Tesla’s Autopilot and Full Self-Driving features may impact insurance rates positively, as they enhance vehicle safety. Tesla Insurance takes into account the advanced safety features of your Tesla when determining your rates, potentially resulting in lower premiums for vehicles equipped with Autopilot.

What discounts does Tesla Insurance Company offer to policyholders?

Tesla Insurance Company provides a range of discounts that align with their commitment to innovation, safety, and sustainability. Policyholders may be eligible for cost savings based on factors such as vehicle safety features, Tesla ownership, and adherence to eco-friendly practices.

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Laura D. Adams

Insurance & Finance Analyst

Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...

Insurance & Finance Analyst

Daniel Walker

Licensed Insurance Agent

Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...

Licensed Insurance Agent

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Reviews
for Tesla Insurance

1.67 (13 reviews)
1
September 5, 2024

S3318

Deliberate bad faith - zero communications

Lemon insurance. Deliberate bad faith in handling claims with anyone other than Tesla service centers. Adjusters actively ignore and refuse to communicate with policy holders on claims for 30+ days.
1
September 20, 2023

LesterA

Customer Service is Nonexistent

I purchased a Tesla Insurance policy because the quotes I got from traditional insurers here in California were outrageously high. The rate I am paying on my 2023 Model 3 is comparable to what I was paying for my previous, non-electric vehicle. The problem is there is no customer service. At all. Right now I am trying to get a physical proof of insurance card. They don't send you one. There is no website you can go to and download it. And th...
I purchased a Tesla Insurance policy because the quotes I got from traditional insurers here in California were outrageously high. The rate I am paying on my 2023 Model 3 is comparable to what I was paying for my previous, non-electric vehicle. The problem is there is no customer service. At all. Right now I am trying to get a physical proof of insurance card. They don't send you one. There is no website you can go to and download it. And the app freezes when I try to access the documents on the app on my phone. I called the customer service number. The shortest waiting time is an hour. When it gets to that point, the call drops. I emailed them at the address they used to confirm my first payment ( [REDACTED EMAIL ADDRESS]). No response. So I have no proof of insurance and no way to get it.
2
August 11, 2023

KiranM

Bad customer service, longer wait times

Customer service is too terrible, wait times are an hour + consistently even for small things like adding a new driver and making some changes to the policy. This is in comparison to Geico that I had before which had good customer service and with a minute or so wait times. One hour+ wait times are totally unacceptable.
5
June 9, 2023

Ic3MaN

Claims are nightmare with Tesla insurance

It’s an ok insurance so far. Except when it comes to claims then it’s a nightmare. They take for ever and I mean for ever to get the car fixed. The estimate review takes the longest and if you setup to get the car fixed at a Tesla shop it’s even longer to even get an appointment to get the car in for estimate and pictures to start the process.
1
June 7, 2023

Nik_Patro

The worst insurance company you can come across

Super frustrating to be on call for hours and then the reps just aren’t helpful. The reps Could not send monthly statements for payments made nor do they provide details on how to see what is being charged and what is supposed to be refunded. This is sketchy business and poor quality of service. The worst part was when asked about other issues they just hung up on me.
0.5
May 16, 2023

Michelle Lan

Tesla Insurance review

Worst insurance company. You can not reach a person by email. They gave me too low price for a totaled car. When I asked for appraisal report, they just ignored you. When I called, the appraiser lied saying that the email sent, then said the email sitting there. Then mileage on report is wrong, they put a much higher miles on the report saying it\'s average even they have picture of the miles on the car. When I asked for update appraisal, they ...
Worst insurance company. You can not reach a person by email. They gave me too low price for a totaled car. When I asked for appraisal report, they just ignored you. When I called, the appraiser lied saying that the email sent, then said the email sitting there. Then mileage on report is wrong, they put a much higher miles on the report saying it\'s average even they have picture of the miles on the car. When I asked for update appraisal, they only send me a summary again. Then another round to ask for appraisal report continues. When we bought a new car to add on the plan with two other cars, they rejected to cover saying the VIN is not in their system, even it is a most common non-Tesla car. You will end up paying more if you switch to Tesla, and insurance claim is horrible.
1
February 1, 2023

Jessica1111

Worst Insurance Ever

Tesla Insurance is the worst insurance company I have ever used. DO NOT BUY! Here are the reasons. 1. It may be cheaper at the beginning but gets expensive over time. It focused me to continue paying $300+ premium/month when my car is in the shop for over 3 months. Other insurance company is way cheaper! 2. I had an accident in November 2022. It happened in the city area, no one other vehicle involved, no one injured and no police involved. The c...
Tesla Insurance is the worst insurance company I have ever used. DO NOT BUY! Here are the reasons. 1. It may be cheaper at the beginning but gets expensive over time. It focused me to continue paying $300+ premium/month when my car is in the shop for over 3 months. Other insurance company is way cheaper! 2. I had an accident in November 2022. It happened in the city area, no one other vehicle involved, no one injured and no police involved. The car was not drivable. I contacted Tesla insurance immediately but was kept on the line for long time. When a random tow truck showed up, the agent told me it still have one hour wait to get a tow. The agent sent me a map to search nearby certified Tesla repair shop. That was a joke. I contacted some shops on the list and no one can repair Tesla. The tow truck driver told me he has a family business that can fixed Tesla car and that's where my car is at now. 3. Today is 2/1/2023 and my car is still waiting to be fixed. Why? Because Tesla insurance has the worse customer service. The claim adjuster is irresponsive. He said the company is short-handed, but I didn't expect such delay. It took him 2 weeks to start the claim. The repair shop provided the repair quote and documents, then it took him another 2 weeks to reject the claim. Tesla come up with a new quote, the repair shop agreed immediately. Two months later, after I called Tesla insurance several times, they said they are waiting on revised quote. WTF? Nobody notify me or the shop what revision they need to provided. The repair shop said it's never so hard to contact insurance company. Normally, the insurance company should response in 48 hours. Tesla Insurance is far off the industry standard. I just hope to get the car fixed and leave Tesla Insurance ASAP.
1
January 19, 2023

PeaceMaker

Proving to be 100% LIE or SUPER SCAM

Worst insurance company if you have to deal with claims and roadside support. You could get much better support elsewhere. Insurance docs are reachable via a buggy app and if you don't have app access, best wishes to get hold of an actual human. Most of the time you can expect a hold time of more than 30 minutes. If you are ever stuck in an accident, you will get into a longer hold-up with the claims department ending up paying out of pocket to t...
Worst insurance company if you have to deal with claims and roadside support. You could get much better support elsewhere. Insurance docs are reachable via a buggy app and if you don't have app access, best wishes to get hold of an actual human. Most of the time you can expect a hold time of more than 30 minutes. If you are ever stuck in an accident, you will get into a longer hold-up with the claims department ending up paying out of pocket to third-party towing companies. Claim adjusters are the extreme hold-up use cases. They will never call you or reply to you or respond to your voicemail unless you call the claim department after waiting for a 1-hour hold-up and escalate to their boss. Still waiting on the claim result for 2 months with no lean and no other driver collisions. The irony is that vehicle is taken to the salvage yard by insurance, still waiting for the claim result. If you trust the robots to manage your insurance, hop on. Worst Insurance Company.
1
January 16, 2023

schea

Tesla Insurance is one of the worse

Tesla Insurance is the worst car insurance I ever have. I am a very safe driver. No accidents or traffic tickets in my 20+ years of driving. One day, during the software update, I closed the driver's door and the window's glass got shattered. I remembered the door didn't want to close, this could be the software locked the door preventing me from opening or closing the door. I filed the claim on that day (Nov 10, 2022) through the app. Took the c...
Tesla Insurance is the worst car insurance I ever have. I am a very safe driver. No accidents or traffic tickets in my 20+ years of driving. One day, during the software update, I closed the driver's door and the window's glass got shattered. I remembered the door didn't want to close, this could be the software locked the door preventing me from opening or closing the door. I filed the claim on that day (Nov 10, 2022) through the app. Took the car to replace the glass at the Tesla Service Center and paid out of my own pocket because the insurance didn't do their due diligence. Fast forward to January 10, 2023, after multiple emails and calls (expect 1 hour or more to get somebody on a call), still no insurance agent do the work, instead they kept changing the adjuster. This is a very small claim, imagine if I have a bigger claim? How often do you file car's insurance claim? For me, this is my first claim in 20+ years. Do not do business with this Tesla Insurance or you will be regretted. The premium you've been paying them for years, you should not get this kind of service back when you need it. - They intentionally wont process your claim as fast - Bad customer service - No website allows you to update or cancel your policy -- you will have to call them, and wait online for hour
1
December 20, 2022

bcc452

DO NOT USE TESLA INSURANCE!!!!!!!!

This is the WORST CAR INSURANCE COMPANY ON THE PLANET!!! My car was hit 4 months ago, and since then, I have sent 60 emails and called dozens of times for Tesla Insurance to respond to me MONTHS after I reach out. This is a terrible insurance company, do not get a policy through them!!!!!!!! You will save months of pain if you go with another company.
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