Tesla vehicles are popular for their cutting-edge technology. However, its best upside also becomes its worst downside. Yes, owning a Tesla gives you advanced functionalities and powerful electric performance. However, these premium features are also the reason behind the higher insurance costs for Tesla. If you are planning to buy an electric car from the famous brand or if you already own one, knowing the insurance prices is a big help.
This article provides a detailed overview of the average costs of insurance and the factors that influence them.
Average Insurance Cost by Tesla Model
Based on Value Penguin, the following are the average insurance prices for a Tesla per month:
- Model Y: $255 a month
- Model 3: $282 a month
- Model X: $356 a month
- Model S: $413 a month
Likewise, Bankrate says the following are the average minimum coverage insurance prices for a Tesla per year:
- Model Y: $833 a year
- Model 3: $795 a year
- Model X: $841 a year
- Model S: $805 a year
Similarly, Bankrate lists the following prices as the average full coverage insurance prices for a Tesla per year:
- Model Y: $3,836 a year
- Model 3: $3,537 a year
- Model X: $5,591 a year
- Model S: $5,553 a year
Why is Tesla Insurance Expensive?
On average, Tesla vehicles are more expensive to insure than most conventional cars. Specifically, the higher insurance prices are due to high repair costs. Since the electric vehicles by Elon Musk are high-tech, they require a significant amount to fix and maintain. Also, only Tesla-approved repair shops are allowed to service them. This often leads to higher costs for the owners because of the intricate training and equipment necessary for repairs. In fact, models from the American company cost a lot more to insure than other electric vehicles from competing brands.
Does Tesla Offer its Own Insurance Program?
Yes, Tesla does have an in-house insurance program. And at some point, its prices are more affordable than those of third-party insurance providers. Similarly, it’s competitive for good drivers as it uses telematics. The company bases your insurance premium on your monthly Safety Score. The higher your safety score is, the lower your insurance rate drops. Also, Tesla’s insurance products are only available in the following 12 states:
- Arizona
- California
- Colorado
- Illinois
- Maryland
- Minnesota
- Nevada
- Ohio
- Oregon
- Texas
- Utah
- Virginia
What This All Means For You
This guide makes you understand that insurance for a Tesla isn’t cheap. You need to consider several factors to limit your insurance expenses. Similarly, there are plenty of options to choose from.
Final Tips
Before buying any insurance, it’s best to ask around, find bundled insurance deals, and maintain a clean driving record.
Great Job Prince Addams & the Team @ Our Culture Source link for sharing this story.
