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Tesla Insurance Cost


John Howard

August 10, 2021

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Tesla Insurance Cost

Tesla Insurance Cost may range between $243.37 and $317.07.

Tesla car insurance rates by model

Tesla Insurance Cost - Tesla Logo

We obtained Tesla vehicle insurance quotes from leading insurance providers and discovered that the average monthly cost to insure a Tesla may range between $243.37 and $317.07. Monthly expenses, on the other hand, vary depending on the model and year of your vehicle.

How we got these rates

Our costs are based on a single 30-year-old California driver with a clean driving record. California is one of seven states where vehicle insurance premiums are not based on gender. We chose comprehensive coverage automobile insurance with liability limits that exceed the statutory minimum requirements in California, which include:

  • 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

Your prices may vary depending on factors such as zip code, region, work type, yearly miles, and more.

How to compare car insurance for a Tesla

Most major auto insurance companies will cover your Tesla, but you should weigh the cost against coverage and other features that are essential to you. Consider the following areas.

  • Cost. Because big brands charge exorbitant costs for Teslas, obtain numerous estimates to see which firms provide the greatest deal. Consider getting insurance through Tesla’s own auto insurance to obtain exceptional prices and benefits.
  • Coverage. You may want more than just minimum coverage for your valuable Tesla, expanding protection through comprehensive, collision or agreed-value coverage.
  • Discounts. If you notice discounts for green vehicles or driver assistance features, get a quote from that provider and compare it to the overall cost of other insurers.
  • Features and perks. Many insurers provide luxury features such as agreed-value coverage, original components coverage, and high liability limits.

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Why are Teslas so expensive to insure?

When determining your insurance prices, insurance companies consider a variety of factors regarding your vehicle, and Tesla’s features tend to make the vehicle more hazardous and expensive to fix. Tesla features that influence premiums include:

  • Market value. Tesla automobiles are more expensive than other manufacturers, making them more expensive to replace if you are involved in a major accident. Buying the highest trim level or extra features might also raise the selling price.
  • The car’s cost to repair. To fix the electronics installed on your Tesla, mechanics require specific skills, and repairs may take longer.
  • Electric car parts. Electric car parts, such as batteries, can cost thousands of dollars to replace, raising the overall cost of maintenance.
  • Chances of a claim. Some insurers, such as AAA, boost their premiums on Tesla vehicles by up to 30%, claiming that Teslas generate more frequent and higher-cost claims.
  • Its safety ratings. Teslas have excellent safety ratings, which assist to keep insurance prices down. The Insurance Institute for Highway Safety (IIHS), for example, named the Model 3 a Top Safety Pick for 2021.

Insurance costs for Tesla’s competitors

If you’re not certain that buying and insuring a Tesla is appropriate for you, look for manufacturers comparable to Tesla or compare insurance for alternative brands.

Bottom line

Because of the high cost of a Tesla, insurance might be prohibitively expensive. Compare vehicle insurance quotes to discover the best deal for you.

Visit our review of Ford Insurance Cost for another car insurance review.

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