Who Can Purchase Tesla Insurance
New and current Tesla owners can purchase an insurance policy in the Tesla app by tapping the profile icon located in the top-right corner and selecting Get Tesla Insurance.
If you’ve recently placed an order for a Tesla, you will need to wait until a VIN is assigned before ordering Tesla Insurance.
Other Tesla Insurance Options
Not everyone is eligible for the Tesla Insurance program, and even if you are, its still a good idea to shop around and get quotes from multiple insurance companies. As you can see in the below chart, insurance prices can vary a great deal between companies.
For example, Allstates quote for coverage for a Model S was $3,857, whereas USAA quoted $1,648 for the same coverage amounts a difference of over $1,200 per year.
Car Insurance For Tesla Model 3
Teslas are expensive, luxury vehicles, and as a result, Tesla Model 3 drivers pay an average of $609 more than the national average for full coverage insurance. However, the Model 3 is the cheapest Tesla model, and has the cheapest average insurance rates of any Tesla model on our list.
| Tesla Model 3 car insurance | Average annual premium |
|---|---|
| $2,283 |
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Plaid Vs Long Range Models
Our pick for best EV for families: Tesla Model XOur pick for best EV for long commutes: Tesla Model SOur pick for best EV for cities: Tesla Model 3Which EV is right for you:
Edmunds May 13, 2021
The Model X Plaid and Model S Plaid operate on the Tri-Motor All-Wheel Drive platform giving them better acceleration than its Long Range variants that have Dual Motor All-Wheel Drive. The Long Range variant of Model X accelerates from 0-60mph in 3.8 seconds with a top speed of 155mph. The 2021 plaid variant makes 0-60mph in just 2.5 seconds with a top speed of 163 mph.
The 2021 Model S Plaid accelerates to 60 mph in 1.99 seconds or less and boasts of top speeds of 200 mph. The Long Range variant reaches 60 mph in 3.1 seconds and a top speed of 155 mph. Model S Plaid has superior acceleration than Model X Plaid. It also costs more to buy a Model S. This explains the slightly higher insurance premiums for Model S.
Are Teslas More Likely To Be Stolen
As it currently stands, no they are notin fact, statistics are showing the opposite to be true. The Highway Loss Data Institute , which is a partner of IIHS, put the Tesla Model S and Model X on their list of vehicles that are stolen the least. This was also the case for other brands of electric vehicles, and the HLDI speculated that it may be due to the fact that electric vehicles are typically parked inside a garage or at least close to a dwelling so they can be charged, which deters thieves.
But if the worst does happen and your Tesla is stolen, there’s a potential upside: according to data from Federal Bureau of Investigations National Crime Information Center, which was released by the National Insurance Crime Bureau, of the 115 Teslas stolen between 2011 and 2018, 112 were recovered. That’s an impressive 97%. The incredible recovery rate is due in no small part to Tesla’s superior GPS tracking technology.
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Tesla Model Y Insurance Costs By Company
Tesla Model Y owners can potentially save hundreds of dollars per year by comparing car insurance quotes among multiple insurers. Among the large insurance companies we analyzed, Nationwide offers the cheapest car insurance for a Tesla Model Y. The next cheapest in our analysis was USAA. If you dont qualify for USAA car insurance as a military veteran, member or family member, try quotes from Erie and State Farm.
In addition, Tesla Insurance is available directly from Tesla.
| Company |
|---|
| $2,648 |
Why Are The Tesla Model X Plaid And Model S Plaid Expensive To Insure
Tesla Model S refresh captured with new aero wing, possible active aero, is this the Plaid+ ?? is this + ?
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Well, there are a lot of things that come into an insurers mind when insuring expensive cars. According to Allstate, the market price of a car determines how much an insurer will charge. Insurance companies also consider the costs of repairing a car in case it gets damaged during an accident.
Car insurance for the Tesla Plaid configurations is like for any other car, except youll need more coverage because these cars are high-tech. The tech systems integrated with the Tesla Plaid models are so complex that it makes the repair super expensive.
Tesla Model X Plaid and Model S Plaid are high-end vehicles, which are expensive to purchase and maintain. As such, these cars attract more insurance costs than ordinary vehicles. Compared to Model S and X, the Tesla Model 3 attracts low insurance premiums. It costs an average of $2,215 per year to insure the Model 3.
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Tesla Model Factors That Lower Auto Insurance Costs
The green wave receives a friendly welcome from Ontario car insurance providers. Discounts for hybrid vehicles are common and have been for over five years. Theres evidence that EVs receive the same acceptance. In the case of Tesla, vehicle cost generally means that its drivers fit safe demographic groups, and therefore there are some insurance advantages by association. Factors other than the Tesla vehicle itself may influence lower insurance costs.
Where hybrid vehicles often suffer from sluggish acceleration and overall power profiles that inhibit aggressive driving habits, Tesla vehicles demonstrate an almost unsettlingly quiet and fast acceleration. Normally, characteristics such as these would red-flag a model in the eyes of insurers, but to date, this hasnt been an issue.
Tesla also rides the wave of automated safety features, paving the way toward autonomous, self-driving cars. Much of the hardware exists in their vehicles. Only software updates, gradually rolling out, stand in the way of many automated driving features. The ramifications of future insurance costs remain unclear. This represents a major change in auto insurance facing the entire industry as developments from cars such as Tesla are becoming adopted by conventional carmakers.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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How Much It Costs To Insure Atesla Model X And The Cheapest Company
The carrier you choose to insure your Tesla Model X can have a significant impact on insurance costs. Progressive offers the cheapest auto insurance for this model, at $1,587 annually. Allstate is the costliest provider for a Tesla Model X, with average annual prices of $3,408. The difference means you can save as much as $1,821 per year by comparing quotes.
The Average Annual Cost of Tesla Model X Insurance by Company
MoneyGeek gathered information about car insurance rates using a sample driver profile. In this profile, the driver has 100/300/100 liability insurance with comprehensive and collision coverage.
The Average Cost to Insure aTesla Model X by Company
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Tips For Finding The Lowest Tesla Car Insurance Rates
Although the technology behind Tesla vehicles is potentially revolutionary, nothing changes in the way a smart insurance shopper finds the best rate on auto insurance. Once youve found the low-cost providers through Ratelabs calculator, consider these points to fine-tune the lowest cost:
- Right-sizing your policy through adding and removing features and options that suit your individual needs.
- Combine auto insurance and home coverage with one provider, qualifying for multi-line discounts.
- Set deductible amounts to the highest rate youre comfortable with, reducing premiums.
- Ask about insurance discounts for which you qualify. Most insurers wont apply discounts until specifically asked.
- Periodically review your coverage and rates to ensure that your policy is up to date and that a lower-cost provider has not emerged.
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How Much Does Tesla Insurance Cost Rates By Model
The average cost of car insurance for a Tesla is $3,947 per year , based on our research.
Update July 2022: Tesla has begun selling insurance to drivers in Maryland, Nevada and Utah, bringing their total footprint to eleven states. Tesla has said it intends to offer insurance in 45 states by the end of 2022.
Teslas are more expensive to insure than many other cars because of their high repair costs, which increases the cost of collision coverage. The price of your policy depends on the Tesla model and trim you choose, your location and driving history and the amount of coverage you choose.
The cheapest insurer for Tesla vehicles is Tesla Insurance, Tesla’s own insurance product. However, it’s only currently available in nine states, and it has some limitations that not every driver will love.
How Tesla Insurance Works
Tesla uses real-time driving behavior to determine your car insurance rate for most vehicles. It’s available for the Model S, 3, X and Y in all states that sell Tesla Insurance except California. California drivers can still buy Tesla Insurance, but rates won’t be based on your driving habits.
Tesla is able to collect data on your driving habits through your car without using an additional app or plug-in device.
Driving behavior tracked includes:
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Taking sharp turns at high speeds.
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How close you are to the car in front of you.
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Driver attention levels.
Based on this data, Tesla gives you a monthly Safety Score from 0 to 100, where a higher score represents safer driving.
New policyowners are given a score of 90. If you’re insuring a non-Tesla vehicle or your car doesnt have the ability to report data, Tesla uses a Safety Score of around 86.
Unlike traditional insurers, the company does not take into account your marital status, age, gender or credit history. It also doesnt use your accident or traffic violation history as a factor to determine your initial or future auto insurance rate.
Instead, Tesla uses the following factors to determine a rate:
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Driving behavior based on the Safety Score.
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Miles driven.
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Number of vehicles insured.
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Does My Tesla Insurance Cover Ridesharing
Tesla insurance is very much a personal insurance policy, which means that it doesnt cover the commercial use of your EV. Ridesharing is a commercial activity, so you will need separate rideshare insurance for it. Tesla has also announced that theyre rolling out commercial coverage for ridesharing purposes.
Is Tesla Insurance Worth The Price
If youre considering buying one, you may be asking yourself, is a Tesla worth it? The cheapest car, the Tesla Model 3, starts at $42,690.
In addition to their purchase price, car insurance costs for Teslas are greater than that of other vehicles. On average, it can cost more than double to insure a Tesla than a standard gas-powered car.
Fortunately, Tesla now offers its own insurance for its high-tech electric vehicles. Well look at whether Teslas Insurance is worth it and what other car insurance options might be better for your needs and budget.
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Auto Insurance Data Methodology
The auto insurance rates published in this guide are based on the results of research completed by Way.coms data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only your own quotes will differ. Given this, its important to go through our insurance steps form to find how much you can save with way.com
How Safe Is The Tesla Model X
The Tesla Model X has been around since 2016 and is an all-electric crossover SUV. The luxury midsize SUV is known for its long driving range, excellent acceleration and outstanding driving technology.
The National Highway Traffic Safety Administration awarded the Tesla Model X with a 5-Star Overall Safety Rating. All crash tests performed on the SUV received the highest possible safety rating.
The Tesla Model X model includes lane departure warning, enhanced autopilot system and automatic emergency braking.
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Car Insurance For Tesla Model S
The Tesla Model S is the most expensive Tesla to insure on our list, despite receiving a safety grade of superior from the Insurance Institute for Highway Safety . High insurance rates are likely due to the vehicles high-tech parts, which are typically costly to repair.
| Tesla Model S car insurance | Average annual premium |
|---|---|
| $3,802 |
How Much Is Insurance For A Tesla Model X
How much insurance for a Tesla Model X costs can depend on who you are, where you live, and the amount of coverage you choose. The average state-minimum policy cost is $810 per year or $68 per month. The state minimum liability coverage usually doesnt cover damages to your Model X, and only covers damages to others. Full coverage insurance for a Tesla Model X can cost about $4,559 per year or $380 per month. The full coverage option for this insurance is more expensive because the insurance company covers any damage to the Model X as well as provides liability coverage.
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Are There Discounts Available For Tesla Insurance
Yes. Tesla vehicle owners can qualify for many car insurance discounts provided by companies in Canada. If you bundle your home and auto insuranceby combining your house and Tesla car insurance, as an exampleyou may qualify for even better plans and prices. Your best bet is to work with a broker to ensure your policies are tailored to your needs, and that all of your options are properly explained. A broker will be sure that you get the best insurance product for your lifestyle and will help you get all the discounts you deserve to ensure your cost of insurance is reasonable!
Tesla Model X Insurance Cost
Teslas Model X is the most expensive Tesla vehicle, with a purchase price of $99,990 for the Long Range trim and $119,900 for the Plaid trim. Given the high price tag of the vehicle, it makes sense that the cost of insurance is also high. The average rate for a Tesla Model X is $3,613 per year for a full coverage policy.
While the Model X is not crash-tested by the IIHS, the National Highway Traffic Safety Administration gives it a five-star safety rating, which is the highest score possible.
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Car Insurance For A Tesla: By Model
Since Teslas are expensive, luxury vehicles, it is expensive to insure them, on average. The following average rates may be useful for comparison. However, keep in mind that your specific characteristics influence the price you pay for insurance, so your individual premiums will likely be different than the ones listed below.
Compare Tesla Insurance Rates
Be sure to get quotes from at least three insurance companies. For example, youll see above that Tesla Model 3 insurance quotes can vary in price from around 15% to nearly 200% from one company to another. Getting a quote online takes a few minutes and doesn’t come with any commitment.
Insurance.coms study found that the cheapest Tesla insurance companies include:
- Geico
- State Farm
If you live in Arizona, California, Illinois, Ohio or Texas, be sure to add the Tesla Insurance program to your shortlist of insurance carriers to compare. Tesla claims to save you as much as 60% on your Tesla auto insurance based on safe driving habits.
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Ways To Save On Tesla Model X Insurance Rates
Drivers can end up saving more money on their Tesla Model X car insurance rates by employing any one of the following strategies.
- Carpool to Work Instead of Driving Your Tesla Model X
- Buy a Dashcam for Your Tesla Model X
- Never Drink and Drive Your Tesla Model X
- Buy Your Tesla Model X with Cash, or Get a Shorter-Term Loan
- Understand the Different Types of Auto Insurance for Your Tesla Model X
Why Insuring A Tesla Is So Expensive
The more your car costs, the more expensive it is to insure. If youre in an accident and need repairs, your collision insurance will cover these costs unless the crash was someone elses fault. And if your Tesla is stolen, itll cost your insurer more to replace it than a less-expensive vehicle. Because of that, insurers will charge you more for that coverage.
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Tesla Model X Insurance Cost By Location
- Expensive: £1,168
- Cheap: £730
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How we got these rates
These rates are based on the average cost of cover for cars in the locations shown. Our research suggests SE1 is one of the most expensive locations, NE1 represents an average cost location and TD1 represents one of the cheapest locations. Updated: March 2021 .