Purchasing a new Tesla is an exciting experience But if you financed your Tesla through their auto loan program, there are some important requirements you need to take care of regarding insurance. Tesla acts as the lienholder for financed vehicles, so they require proof of adequate insurance listing them as an additional insured party This article provides complete guidance on where and when to send your Tesla insurance documents to stay compliant with your loan terms.
Overview of Insurance Requirements with Tesla Financing
When you finance a new or used Tesla vehicle, the loan is issued by Tesla Finance LLC. They hold a lien against the vehicle title until your loan balance is paid off. This gives Tesla a financial interest in the car. To protect that interest, Tesla requires all financed customers to maintain auto insurance on their Tesla at all times.
Within 30 days of delivery, Tesla will send a letter requesting you mail proof of insurance documentation. This includes your full insurance policy packet listing Tesla Finance as the loss payee and additional insured party. You need to send updated documentation any time you renew your policy or switch insurance providers as well.
Meeting these obligations is a condition of your loan agreement. Failure to send current insurance paperwork can result in fees or other complications. So it’s important to understand Tesla’s insurance requirements for financed vehicles.
Where to Mail Your Tesla Insurance Documents
To submit your proof of insurance to Tesla Finance, you must mail your documents to:
Tesla Finance
PO Box 15430
Wilmington, DE 19850
This PO box is the designated and exclusive address for sending all insurance-related paperwork to Tesla. Do not mail documents to other Tesla addresses or their corporate headquarters. Only use PO Box 15430 for any correspondence regarding insurance requirements for your financed Tesla.
When You Need to Send Tesla Your Insurance Paperwork
There are two main instances when you must mail updated insurance documents to Tesla Finance:
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Within 30 Days of Delivery: Shortly after purchasing your Tesla, you’ll receive a letter from Tesla Finance requesting your full insurance policy packet. This includes your ID cards, declarations page, and any endorsement forms. You need to mail these within 30 days of taking delivery.
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When You Renew or Change Policies: Any time your insurance renews or you alter coverage, Tesla requires an updated declarations page showing they are still listed as an additional insured party. This includes switching insurance providers. Make sure Tesla has your latest policy paperwork on file.
Always mail updated documents promptly to avoid any risk of gaps in coverage on file. Tesla may charge fees if required paperwork is not received in a timely manner.
What Documents to Send Tesla Finance
When initially requested, you need to mail your complete insurance policy packet to Tesla Finance. This includes:
- Insurance ID Cards
- Declarations Page listing Tesla Finance as Additional Insured and Loss Payee
- Endorsement Forms naming Tesla Finance as Additional Insured and Loss Payee
- Full Insurance Policy Document
Make photocopies of the full packet before mailing for your records. At renewal time or when switching insurers, you just need to send the updated declarations page. But the first submission should include complete documentation.
Contacting Tesla Financial Services with Questions
If you have any questions or concerns about Tesla’s insurance requirements for your financed vehicle, you can contact their financial services team:
Phone: 877-973-7652
Email: financing [at] tesla [dot] com
Mail: PO Box 15430, Wilmington, DE 19850
A Tesla finance representative can explain specific insurance needs, verify if documents were received, and answer other questions about your auto loan account.
Tips for Meeting Tesla Insurance Requirements
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Inform your insurance agent at purchase that Tesla Finance needs to be listed as additional insured and loss payee. Request they expedite sending declarations.
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Provide the Tesla finance address to your insurer at renewal so documents are automatically sent.
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Mail using certified or tracked mail so you can confirm documents are received.
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Photocopy the complete policy packet before mailing to Tesla Finance.
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Contact Tesla Finance immediately if your policy is cancelled or not renewed to avoid any penalties.
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Make all loan payments on time and meet all financing terms to keep your account in good standing.
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Consider adding gap insurance for an extra layer of auto loan protection.
Meeting Tesla’s insurance requirements protects your financial interest in your new vehicle while also satisfying the terms of your loan agreement. Follow the guidance in this article to successfully submit documents and avoid any unnecessary complications. Driving off the lot in your new Tesla is just the first step – make sure you take care of the financing details too!
Frequently Asked Questions
What coverages does Tesla require?
At minimum 100/300/50 liability, uninsured motorist matching your liability limits, and comprehensive and collision coverage with deductibles under $1,000.
When will Tesla send the request for proof of insurance?
Typically within 1-2 weeks of you taking delivery of your Tesla. Add Tesla as additional insured as soon as possible.
Can I email my Tesla insurance documents?
No, Tesla requires original paperwork mailed to PO Box 15430. But you can email questions to financing [at] tesla [dot] com.
What happens if I change insurance and don’t update Tesla?
Tesla may charge a force-placed insurance fee if a lapse in coverage occurs. Promptly mail any new policy paperwork.
How do I remove Tesla as lienholder when I pay off my loan?
Contact Tesla Finance for details on releasing the lien interest. You can remove as additional insured once the title is clear.
What address do I mail the documents to?
Tesla Finance
PO Box 15430
Wilmington, DE 19850
This is the only appropriate address for sending your Tesla insurance paperwork. Be sure to use this PO box to avoid any delays or issues.
Following Tesla’s insurance requirements for your financed vehicle is important. Use this guide to submit documents correctly and keep your auto loan account in good standing.