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Tesla Model Y Car Insurance Cost


John Howard

June 24, 2021

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Tesla Model Y Car Insurance Cost

How Much is Tesla Model Y Car Insurance?

Tesla Model Y Car Insurance
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The yearly Tesla Model Y car 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. The Model Y is priced at the low end of the electric car spectrum, with a premium comparable to other Tesla’s. The Model Y may cost $227 per month or $2,724 per year, which is approximately $1,300 more than the national average.

How do I compare insurance for the Model Y?

You can expect a standard premium to match this Tesla’s standard theft rate, coverage and insurer choices. Factors that play into this premium:

  • Body type. The Model Y is a compact SUV, which contributes to this car type’s safety and low insurance rates.
  • Fuel. This fully electric vehicle boasts a range between 200 and 300 miles, depending on the trim you choose. You won’t pay usual gas prices, but you’ll pay between $10 to $13 each time you use a Tesla supercharger, unless you charge at home.
  • Theft rates. Teslas aren’t known for their theft appeal, which is positive news for your expected premium.
  • Maintenance. This make shows its worth in miniscule maintenance, and few owners report problems with their cherished electric cars.
  • 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 as 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 guarantee 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

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Why is insurance so expensive for the Model Y?

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

  • Luxury status. The Model Y is a luxury car, and that means you may need broad luxury coverage to match.
  • 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 does not yet have safety and reliability ratings, anticipate it to have a comparable safety profile to previous 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 doesn’t have reliability ratings yet either. However, owners report high satisfaction with Consumer Reports, albeit with issues to the Model 3’s door locks and windows, and some concern over battery life for the electric chargers.
  • Recalls. You won’t find recalls with the Model Y since it’s still a new model, but other Teslas have been recalled for fairly minor issues including steering assist, seatbelts and parking brake.

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.

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