Tesla is fast-becoming one of the best-known car makers in the world. With its fleet of full electric vehicles, it is known as one of the safest cars to drive. So, shouldn’t a car known for safety also be one of the cheapest cars to insure? As you’ll see, there are many factors that go into auto insurance rates and safety is just one of them.
The bottom line is that Teslas can be more expensive to insure than other common vehicles. This article will take a review of Tesla insurance costs and how you can save money.
Why Are So Many People Buying Tesla’s?
The world is moving towards electric vehicles and Tesla is leading the way. There is some novelty to it— with sleek design and cool tech features—but safety is also a factor. With lots of airbags and camera sensors, Tesla claims their cars are the safest in the world. In addition, pricing has come down to a point where more people can afford them.
Why Does it Cost More for Tesla Insurance?
Let’s take a look at some of the reasons why a car that touts safety can be expensive to insure. There are many factors, including:
A fact of car insurance is that more expensive cars cost more to repair and replace, so they also cost more to insure. When you purchase comprehensive and collision coverage, the insurance company must consider the vehicle’s value. Should you total the car, the company will have to pay out on this value, therefore, you must pay more to insure it.
All the safety features of a Tesla are great but if they break, they may cost a lot to repair. In addition, not all auto repair shops can fix a Tesla. This sort of exclusivity means that Tesla repair shops can charge some high rates for repair due to their specialization.
Another safety feature of some Tesla models is unibody construction which creates a more stable and safer vehicle. But, like other repairs the extra labor and parts (think large aluminum panels) means higher repair costs and higher insurance rates.
What is Tesla Insurance?
As a way to help its consumers, Tesla has begun to offer its owners their own auto insurance in some cases.
The Tesla insurance takes advantage of inside knowledge to help cut insurance costs for Tesla drivers. This insurance covers things that standard auto insurance companies do not, including coverage for accidents while the vehicle is in autonomous driving mode, damage to the power charger, electronic key replacement and coverage for cyber identity fraud related to the Tesla’s network to which it’s cars are connected.
For now, Tesla insurance is only available in California and is not available if the Tesla is used for ridesharing.
How To Keep Your Tesla Insurance Costs Low
No matter what type of car you drive, the best way to save money on auto insurance is to compare rates. Every company will have its own algorithm and will give you your own individual rate. InsuranceWins can help you shop around by connecting you with quotes from major auto insurers. So, get started finding a good rate for your new Tesla today!