Tesla Model Y Insurance Cost

The Model Y is priced at the low end of the electric car spectrum, with a premium comparable to other Tesla’s. The Tesla Model Y insurance cost may rates $227 per month or $2,724 per year, which is approximately $1,300 more than the national average. The yearly insurance cost-to-base automobile price ratio is 5.7 percent with a base price of $48,000, which is higher than the national average of 4 percent.

How do I compare insurance for the Model Y?

Tesla Model Y Insurance Cost - Tesla Logo

A regular premium will be charged to match this Tesla’s typical theft rate, coverage, and insurer options. Factors influencing this premium include:

  • Body type. The Model Y is a small SUV, which adds to the safety and cheap insurance rates of this automobile type.
  • Fuel. Depending on the trim level, this all-electric car has a range of 200 to 300 miles. You won’t pay regular petrol costs, but you will pay between $10 and $13 each time you use a Tesla supercharger, unless you charge at home.
  • Theft rates. Tesla’s aren’t recognized for being easy to steal, which bodes well for your projected premium.
  • Maintenance. This model is worth its weight in gold in terms of little maintenance, and few owners report issues with their prized electric vehicles..
  • Coverage. This no-frills SUV may just require the same coverage you’d receive with a new car, such as collision, comprehensive, or gap insurance. Despite the Tesla’s cheap MSRP, you may still want a luxury coverage with agreed-upon value protection, especially if you choose for the bells and whistles.
  • Insurer options. You may have fewer options for luxury insurance, but firms such as Chubb or Hagerty may be able to provide the coverage you want. Consider up-and-coming electric car insurers like Tesla or Electric Auto.
  • Warranty. This premium model is covered by a four-year, 50,000-mile guarantee. However, Tesla has not yet stated the battery warranty for the Model Y, whereas the long-range Model 3 has a warranty of up to eight years and 120,000 miles.

Does the Tesla Model Y qualify for discounts?

This well-known electric provides savings in exchange for safety. Discounts may be available for the following features:

  • Antitheft
  • Airbags
  • Antilock brakes
  • Driver assistance
  • Electric vehicle discounts

Why is Tesla Model Y insurance cost so expensive?

The main factors for this model’s above-average premium include:

  • Luxury status. Since the Model Y is a luxury vehicle, you may require comprehensive luxury coverage.
  • Electric car parts. Electrics come with high-tech features, batteries and car parts that stray from the norm, leading to more expensive repairs.
  • High ticket price. Because insurers have more value to cover, you’ll have more premium to pay.

How reliable is the Tesla Model Y?

Since the Model Y doesn’t have safety and reliability ratings yet, expect a similar safety profile to other Tesla models:

  • Safety. Teslas are generally safe vehicles. The Model 3, for example, earned an IIHS Top Safety Pick for 2019, rating well in all safety areas save its acceptable child seat fastening mechanism.
  • Reliability. This new sedan does not yet have any dependability ratings. Owners, on the other hand, express high satisfaction with Consumer Reports, despite difficulties with the Model 3’s door locks and windows, as well as some worry over battery life for the electric chargers.
  • Recalls. Since the Vehicle Y is still a new model, there will be no recalls, although previous Teslas have been recalled for minor faults such as steering assist, seatbelts, and parking brakes.

Should You Buy A Tesla Model Y?

Based on prior models, the Model Y is projected to have a low theft rate and good safety ratings. With that portfolio, you may expect an average rate for a luxury car, however comparing insurers may result in a cheaper cost.

Checkout our rates review of Infiniti Car Insurance Rates.