Does Tesla Insurance Really Cost Less?

A Tesla is covered by the majority of well-known vehicle insurers,

However, they demand a premium that is on the higher end of the scale for matching that as they classify it as a luxury car.

The typical annual cost of car insurance for a Tesla Model Y is $2,756, or $230 per month if Tesla is your insurer.

Consequently, the insurance for the Tesla Model Y is around twice as expensive as the national average.

Teslas have higher repair costs when they are in accidents, which is why Tesla insurance is so expensive.

This is the primary determinant by which insurance companies calculate prices for specific makes and models.

Tesla models often have high auto insurance rates, often exceeding the $1,730 per year national average for comprehensive insurance.

Advice from a Money Geek Do not forget that Tesla only provides auto insurance.

Consequently, you won't be eligible for the Home & Auto Policy Bundle, which may come with additional savings to help bring down the overall price.

According to Tesla, these elements could allow drivers to save between 20 and 30 percent off the typical auto insurance premiums charged by other companies.