How Much is Auto Insurance for a Tesla?

Are you a Tesla fan and want to bring one of the Tesla luxury cars home? If so, you would want to know how much is the auto insurance for Tesla.

Tesla’s electric cars are considered one of the safest luxury cars even in autopilot mode. This electric car reports its quarterly accident figures at 1/3rd of other vehicles. Despite this security, buying insurance for a Tesla car can be expensive. Therefore, you should look for the best rates before buying auto insurance for Tesla. Insurance advisors like Surex can help you find the lowest car insurance rates in Calgary.

What does Tesla car insurance cost?

The cost of a Tesla car insurance is calculated taking into account various factors such as:

·        Your age

·        Driving history

·        Claims history

·        The state where you reside

·        The year and model of Tesla

·        And more

However, the average cost for auto insurance for a Tesla can range between $1550 to $3500 per year. Higher Tesla models may have lower insurance costs for having better safety features. You might also have to pay a higher deductible of around $2500 due to the high price of the car.

These are the approximate annual insurance cost for different Tesla models:

Tesla Model 3 – $1,900 to $3,200

Tesla Model S – $1,550 to $3,000

Tesla Model X – $2,200 to $3,500

Tesla Model Y – $1,900 to $3,200

Depending on your driving history and current scenarios, the cost of Tesla insurance may vary. Therefore, consult a trusted insurance advisor who can help you find the best rates from different insurers.

What does Tesla car insurance cover?

Tesla Insurance provides coverage for physical damage and personal injury as a result of car collisions, as well as accidental benefits. They also offer comprehensive protection against vehicle theft and damage caused by events other than traffic accidents.

If you want additional coverage for your Tesla, refer to the list of covers below:

·        Autonomous vehicle liability- Protects you against property damage or personal injury due to collisions in the autonomous vehicle mode, like liability cover does when you drive the car.

·        Cyber​​identity fraud expense- This coverage pays you a max amount of $15000 in the case of digital identity fraud. You can claim up to $30000 of cyber identity protection in each insurance period.

·        Wall charger cover- Covers loss or damage to the charger issued by the manufacturer. The upper limit for this coverage is $ 3,000

·        Electronic Key Replacement- This coverage pays up to $500 for your electronic car key replacement, twice in one insurance period.

·        Loan/Lease gap coverage- In case your car is stolen or damaged, you can pay the balance of your car loan to the lender with this cover.

Does Tesla insurance cover ride-sharing?

No. Like other personal insurance policies, Tesla insurance only covers the personal use of a car and does not cover commercial activities like ride-sharing.

How does Tesla insurance work?

As a Tesla driver, you can request a Tesla insurance quote as soon as you have your chassis number. Even if you’ve just ordered your car, you can get a Tesla insurance quote before the electric luxury arrives at your door

Like standard auto insurance, Tesla insurance allows you to add more than one driver to the policy. You can also add multiple Tesla vehicles to your policy.

Remember, Tesla insurance does not cover non-Tesla cars or property damage that other car insurers do.

When you file a claim for your Tesla, you will be assigned a Tesla Claims Specialist who will direct you to the Tesla Auto Body Repair Centres, where Tesla-trusted adjusters can examine the damage to your car.

Why is it expensive to insure a Tesla car?

The higher the price of a car, the more expensive it is to repair its parts. Therefore, such luxury cars are expensive to insure. The repair costs of Tesla cars are also high due to the aluminium case. The use of aluminium makes the body considerably more expensive. than other traditional automotive materials.

Is there a discount on Tesla car insurance?

Yes, many auto insurance companies in Canada offer discounts to Tesla owners. If you own a Tesla, you can claim discounts for:

·        Auto-pilot discount- Based on your car’s self-driving capabilities, Tesla offers discounts on different segments of your overall premium, such as liability, MedPay and collision protection. It does not extend to comprehensive coverage. You can expect a discount of around 10% for level 2 autonomy and a 30% discount for level 5.

·        No fines or at-fault accidents- Drivers receive a discount of 20% to 35% if they have not had any fines or at-fault accidents in the last three to five years

There are other commonly available discounts such as multi-discount policies, anti-theft discounts, no-compensation discounts, group rates, and more.

How can you save on auto insurance costs for Tesla?

Despite high safety features and low accident rates, Tesla car insurance costs can be higher than other cars. You can use the following tips to lower your Tesla insurance premium:

Package: Consider bundling other insurances such as home and auto insurance with the same insurance company

Go electronic: You can avail 5% discount on your premiums if you sign up for electronic bills and choose automatic payments from your account.

Increase your deductible: If you choose to pay more as deductible at the time of claim, you can save on your Tesla auto insurance premiums.

Ask for a Tesla auto insurance discount: Some insurance companies offer discounts for driving an eco-friendly electric vehicle or green vehicle. As a Tesla owner, you can claim such discounts.

Where can you get auto insurance for Tesla?

As with any other auto insurance quote, you can search for a Tesla insurance quote online and compare the premiums. We recommend comparing multiple offers to get the best prices. However, it is good to consult a reputable insurance advisor who can help you understand all the nuances of car insurance for an expensive car like Tesla. An experienced advisor can also get good discounts based on your driving history and current scenarios.

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