Tesla insurance cost varies depending on a number of factors such as the type of Tesla model you own, your location, driving history, and the level of coverage you opt for. However, on average, Tesla owners can expect to pay anywhere from $1,500 to $3,000 per year for insurance.
For example, Tesla Model S owners can expect to pay around $2,000 to $2,500 per year for insurance. While the Tesla Model 3 has a lower starting price, insurance costs are still relatively high, with owners paying around $1,500 to $2,000 per year.
The cost of Tesla insurance also depends on the state you live in. States with higher population densities and more accidents tend to have higher insurance rates, while rural areas generally have lower insurance costs. For example, the average cost of insurance in California is higher than the average cost of insurance in Texas.
Your driving history is also a factor that affects the cost of your insurance. A driver with a clean driving record will pay lower insurance rates than a driver with a history of accidents, speeding tickets, or DUIs.
Finally, the level of coverage you choose will also affect the cost of your insurance. Liability-only coverage, which covers only damages you cause to another vehicle or property, is the cheapest option, while comprehensive coverage, which covers damage to your own vehicle, is more expensive.
Overall, Tesla insurance is typically more expensive than the insurance for a conventional car. This is due to the higher cost of repairs and replacement parts for Tesla vehicles, as well as the high-tech features and advanced safety systems that come standard on all Tesla models.
However, despite the higher cost of Tesla insurance, many owners find the peace of mind and safety features worth the extra expense. Additionally, many insurance companies offer discounts for safety features like automatic emergency braking, which can help offset the higher insurance costs for Tesla owners.
In conclusion, the cost of Tesla insurance varies based on several factors, but owners can expect to pay anywhere from $1,500 to $3,000 per year. It’s important to compare quotes from multiple insurance companies and compare coverage options to find the best insurance coverage for your Tesla.