Tesla Insurance Rates

Tesla insurance rates monthly expenses will vary depending on your vehicle’s type and year.

Tesla car insurance rates by model

Tesla Insurance Rates - Tesla Logo

To determine the average monthly cost to insure a Tesla, we collected auto insurance quotes from major insurance providers and found that the cost can range from $243.37 to $317.07. However, monthly expenses will vary depending on your vehicle’s type and year.

How we got these rates

Our fees are calculated on the assumption that you’re a 30-year-old, non-smoker residing in California. Because gender isn’t used as a factor in insurance pricing in seven states, California is one of those places. In addition to liability limits above California state minimum standards, we elected to have full car insurance that included a substantial amount of coverage.

  • Bodily injury liability per person: $50,000
  • Bodily injury liability per accident: $100,000
  • Property damage liability: $50,000
  • Comprehensive deductible: $500
  • Collision deductible: $500
  • Medical payments: $5,000
  • Uninsured motorist bodily injury: $50,000/$100,000

The prices may be varied depending on the specific information you provide, like your zip code, region, work type, yearly mileage, and more.

How to compare car insurance for a Tesla

Tesla will be covered by most major auto insurance providers, but it will be up to you to consider additional features as well as the cost of the policy. Take a look at these places.

  • Cost. If you’re buying a Tesla from a large company, make sure to ask for many estimates to see which firms provide you the greatest deal. You may also want to explore purchasing insurance through Tesla’s own auto insurance in order to obtain unique pricing and benefits.
  • Coverage. If you have a high-value Tesla and you want more than the bare minimal insurance, you may choose comprehensive, collision, or agreed-value coverage.
  • Discounts. When you find offers for green automobiles or driver assistance features, search for their pricing. It will provide you with the option to compare quotes from many insurers so you can obtain the best possible deal.
  • Features and perks. You might test several insurers in search of luxury characteristics like value coverage, original components coverage, and high liability limits.

Why are Teslas so expensive to insure?

Insurance companies take a number of different factors into consideration when determining insurance premiums for your vehicle, and Tesla makes vehicles riskier and more costly to fix. Tesla facts that impact insurance premiums:

  • Market value. Tesla automobiles are more expensive to repair in the event of a major collision. Also, if you choose the highest trim level or add extras, the price of the car might increase.
  • The car’s cost to repair. Specialists must possess specialised knowledge to fix your car, and repairs will probably take longer as well.
  • Electric car parts. Replacing an electric car battery can cost thousands of dollars, making the repairs more expensive for the owner.
  • Chances of a claim. Certain insurers, including AAA, increase premiums on Tesla vehicles by as much as 30% to account for the fact that Tesla cars generate greater claims with a higher frequency and higher costs.
  • Its safety ratings. The insurance premiums for Teslas are greatly mitigated by the fact that they have the best crash-test scores. A clear illustration of this is the Insurance Institute for Highway Safety (IIHS) deciding the Model 3 will be a Top Safety Pick for 2021.

Insurance costs for Tesla’s competitors

For those of you who are skeptical about whether or not it is a good idea to acquire and ensure a Tesla, compare car insurance across other manufactures to find insurance providers that have similarities to Tesla.

Bottom line

Tesla’s high sticker price implies insurance costs will be high. Check with several insurance companies to discover the best insurance for you.

Visit our review of Volkswagen Insurance Rates and see the differences of both.

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Levi Jorgensen
Levi Jorgensen is the co-founder of CarInsuranceGrades.com & LifeInsuranceGrades.com. He is an avid lover of creating amazing content to educate people about life insurance. He is a life-long explorer. When he's not writing about life insurance, he builds websites, and manages local marketing campaigns for insurance agents. He's based in Columbus, Ohio with his wife and 2 children.
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