Tesla Insurance Review: Costs and Coverage (2022)

car insurance for tesla models tends to be quite expensive with rates typically higher than the national average of $1730 per year for comprehensive coverage.

A 2017 report from the Highway Loss Data Institute (HLDI) concluded that owners of a Tesla were more likely than the average driver to be in an accident. Another HLDI study found that Tesla models are significantly more expensive to repair after collision and comprehensive claims.

Reading: How good is tesla insurance

tesla insurance cost factors

Monthly premiums change with any carrier, but are particularly variable with tesla insurance. the company uses an unusual method, setting its own insurance rates based on the following factors:

  • tesla model: More affordable cars like the tesla y model are often cheaper to insure than higher-end cars like the x model.
  • Location: Rates will vary depending on the state you live in, but may also change within your state based on the presence and severity of risk factors.
  • Miles Driven: Those who rack up a lot of miles on their vehicles are likely to end up paying higher rates for tesla insurance.
  • deductible: Drivers who choose a low insurance deductible will pay higher monthly rates for auto insurance. however, they will pay less up front for car repairs.
  • Coverage Elected: Those who select broader coverage or have high limits on their Tesla insurance plans are likely to pay more. however, they will receive higher benefits if they have to file a car claim, which is why it’s worth it for many tesla drivers.
  • safety score: There are five main components to the “safety score” calculated by tesla. These factors are the number of forward collision warnings you receive per 1,000 miles, how many times the tesla autopilot system must disengage, and the number of times you experience hard braking, aggressive turns, and unsafe following.
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    Tesla says it doesn’t use factors like your age, gender, credit score, and marital status when setting its rates. this is different from most providers and may be attractive to certain drivers.

    tesla security score

    Tesla claims that it personalizes car insurance rates based on your driving behavior by using real-time monitoring through its app. The program, called Safety Score, gives lower rates to drivers who practice good habits, but will also penalize drivers with bad habits.

    driving behaviors to avoid include sudden stops, speeding and using the phone while driving. Each month, the app issues a security score that will affect your rate for the following month. while tesla insurance introduced this as a revolutionary way to set rates, it’s more or less a typical insurance telematics program.

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    Please note that Tesla Safety Score and real-time monitoring are not currently available in California. your rates may be calculated on more standard factors if you are a resident of the golden state.

    tesla insurance discounts

    tesla insurance lists a single savings opportunity on its website: a 12% discount for insuring more than one vehicle on your policy. There are also mentions online of an autopilot discount that can lower your rates if you have a tesla with strong self-driving capabilities.

    While these were the only tesla insurance discounts mentioned, it’s worth contacting an agent to make sure there aren’t any other potential savings. Many insurers offer auto insurance discounts for having a clean driving record and for having certain safety features on your vehicle.

    See also: Not sure if youre a life insurance beneficiary? Heres how to find out

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