Is Tesla Insurance Actually Cheaper?

Most of the big-name auto insurers do offer coverage for a Tesla,

but because they categorize it as a luxury car, they charge a premium on the higher end of the spectrum for matching that.

 The average car insurance price for the Tesla Model Y is $2,756 a year, or $230 per month when you have Tesla as your insurer,

making the Tesla Model Ys insurance roughly twice as expensive as average auto insurance.

What makes Tesla insurance so expensive is that Teslas have higher repair costs when they have accidents,

which is the main factor used by insurance providers in setting rates on particular makes and models.

Auto insurance rates tend to be quite expensive for Tesla models, with rates typically exceeding the $1,730 national average for comprehensive insurance annually.

 Moneygeek Expert Tip Keep in mind Tesla only offers car insurance,

so you will not qualify for the Home & Auto Policy Bundle, which can offer extra discounts to lower the total cost.

Tesla says that these factors could save drivers up to 20-30% off average auto insurance costs from other providers.