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How much does Tesla insurance cost?

Owning an innovative car comes at a cost. Features such as the aluminum body and high-tech sensors, paired with limited experience or knowledge from many mechanics, can make Tesla insurance rates higher than those of the average vehicle. However, insuring a Tesla doesn't necessarily have to be an expensive proposition. 

The average cost of Tesla car insurance comes in just below $1,000 per year, particularly for the more affordable Tesla Model 3. If you want to save on auto insurance for a Tesla, try Progressive, which offers the most affordable policies for the Model S and some of the cheapest rates for the Model X. The major insurance companies charging the most for Tesla insurance are Allmerica and State Farm.

Instead of waiting for the insurance industry to come to terms with this new technology and the intricacies of insuring electric vehicles, Tesla CEO Elon Musk announced the company would be moving into the business itself. Find below a rundown of the features offered by Tesla Insurance.

 

Getting insurance through Tesla

Tesla is in a unique position to write insurance policies for its vehicles. With a deep understanding of the vehicles' advanced technology, Tesla can adjust its underwriting practices accordingly. For instance, Tesla can better account for advanced safety features and newer technologies such as autopilot, which could give other insurance providers pause.

Owners of the Tesla Model 3, Model X, Model Y and Model S are eligible for Tesla Insurance. The company’s stated goal is to lower the cost of ownership and enhance the overall customer experience. The company says its unique understanding of its own technology and the true costs of repairs can help it bring down insurance costs for many owners. Car insurance through Tesla is currently available in California, Texas and Illinois, according to P&C Specialist

 

Tesla Insurance coverage options

Tesla drivers can benefit from a number of unique coverages, but they can also expect the basic options available from other major insurance companies, including liability coverage (bodily injury and property damage), collision and comprehensive coverage, and uninsured/underinsured motorist. Some of the other coverages offered by Tesla include gap insurance, collision deductible buyback, and total loss deductible. At present, Tesla Insurance does not offer rideshare coverage, though this may change in the future.

In another deviation from most standard insurers, Tesla is among the first to offer an Autonomous Vehicle Protection Package (though certainly not the last). This package includes liability coverage for autonomous vehicle owners, as well as wall charger coverage, electronic key replacement and identity fraud expenses.

Information on pricing is rather limited, though the company mentions the possibility of insurance discounts for those adding more than one vehicle to their policy. Tesla Insurance uses many of the same factors to rate drivers as do other insurance carriers, including driving history and garaging address. It isn’t clear whether the company plans on using its built-in telematics systems to set car insurance rates in the future, but this is an option it could explore.

At present, it would appear that Tesla Insurance can only be purchased directly through the company. However, there are a number of other great options for those looking to insure a Tesla. With The Zebra, finding car insurance is simple.

Select a model below to see average rates and to compare insurance rates by company.

 

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