Are you currently shopping for the best and cheapest Tesla car insurance? Tesla owners looking to insure their electric vehicles face a unique situation. On one hand, Teslas are expensive vehicles that cost more to insure than the average car. On the other hand, their electric powertrains and advanced safety features can sometimes result in lower insurance rates. So how do you get solid Tesla coverage at the cheapest rates? Here’s a comprehensive look at the top options.
In general, insuring a Tesla costs more than insuring a comparable gas-powered vehicle. According to online quotes, insuring a base Model 3 can cost $600 to $1,000 more per year than insuring a BMW 3 Series or Audi A4. Several factors contribute to the increased cost:
Teslas do have some features that can decrease insurance costs:
Tesla’s direct repair program can also reduce costs by guaranteeing that repaired Teslas meet factory specifications using authorized parts and shops. However, some insurers don’t participate in this program yet. Overall, insuring a Tesla costs more than the average vehicle, but remains very doable.
While Tesla car insurance is pricier, owning a Tesla does provide some other financial benefits that help offset the higher premiums:
Most major insurers and even some Tesla-specialty insurers offer coverage for Teslas. But rates can vary widely, so it pays to compare quotes. Here are some top insurers to consider:
As the largest auto insurer in the U.S., State Farm offers very competitive rates in most states. They have partnerships with repair shops capable of properly fixing Teslas, and some State Farm agents have extensive experience insuring Teslas. State Farm offers standard discounts for safe driving and bundling policies.
Known for low rates and easy online/mobile claims service, Geico is another huge national insurer that’s worth comparing. Tesla owners report mixed experiences though, as some have had claims improperly handled at non-certified shops. But with affordable premiums and repair guarantee add-ons, Geico remains a popular choice.
Progressive advertises heavily and offers user-friendly online quotes and policy management. They were one of the first insurers to offer special add-on coverage for EVs and hybrids. Progressive offers typical safe driver discounts, and Tesla owners can utilize their robust network of auto body shops.
Allstate features affordable premiums and quality customer service. They offer the basics like multi-policy, safe driving, and new vehicle discounts. Allstate has recently boosted its auto technology capabilities and added networks of EV-certified repair shops across the U.S.
Farmers Insurance utilizes an extensive network of knowledgeable local agents. They provide standard discounts, plus some geared towards EV owners. Farmers recently launched a program supporting EV claims through certified repair centers with properly trained technicians and parts.
Tesla owners can benefit from Liberty Mutual’s accident forgiveness coverage and new vehicle replacement. Liberty Mutual offers enhanced total loss replacement for EVs and hybrids. Their online quote process is fast and simple. But customer satisfaction ratings are mixed.
Travelers is best known for excellent customer service and competitive rates. Their programs tailored for hybrid/EV owners include new car replacements, guaranteed repairs, and specialized expertise. Travelers Insurance also offers discounts for smart features like advanced safety tech.
Owned by Allstate, Esurance provides affordable Tesla car insurance policies online. Customers report efficient claims handling, though lower premiums sometimes mean squeezed repair costs. Still, Esurance policies come with standard discount opportunities to lower your rate.
A few insurers cater specifically to Tesla vehicles. They promote specialized expertise and programs tailored for Teslas. However, they tend to be newer providers with lower financial ratings.
Tesla now offers their own proprietary car insurance in some states. It provides basic liability and collision coverage, and rates are supposed to be adjusted based on real-time driving data. Tesla repairs are guaranteed to meet factory standards at authorized shops. But it’s not yet available nationwide.
Clearcover focuses on simple, low-cost policies sold directly online. Plans are basic but affordably priced. Clearcover offers accident forgiveness, new car replacement, and an e-surance card. However. minimal plan options and lack of bundling opportunities make it less appealing for some Tesla owners.
Part of Admiral Insurance, Elephant Auto caters to EV and hybrid owners. They promote a totally digital claims process. Elephant offers expected discounts for safety features and claims-free drivers. But again, fewer discounts and minimal plan choices limit its value for many drivers.
The key to lowering insurance costs on a Tesla or any vehicle is to shop around and compare quotes from multiple insurers. Prices can vary quite a bit between companies. It also pays off to leverage any discounts you qualify for. Here are some top ways Tesla owners can save:
Insurance costs vary across Tesla’s lineup, mainly depending on the vehicle price and repair costs. Here’s how the models compare:
There are good arguments on both sides of this debate.
In the “more expensive” camp:
However, the “less expensive” side notes:
The reality is that insuring a Tesla ends up costing most owners $500 to $1,500 more per year compared to an equivalent gas-powered luxury vehicle. But those with spotless driving records and high deductibles can potentially land rates on par with non-luxury vehicles. The insurance cost difference has narrowed in recent years as insurers adapt to EVs.
In conclusion, insuring a Tesla does cost more than the average vehicle, but it’s not exorbitant. With the right insurance provider, discounts, and deductibles, a Tesla can potentially be insured for an acceptable rate comparable to a top-trim gas car.
For many Tesla owners, the higher insurance costs are worth it for the benefits of driving a Tesla. It’s always smart to compare Tesla auto insurance quotes from multiple insurers before purchasing coverage. There are good deals to be had on Tesla insurance if you put in the effort. To compare the cheapest Tesla car insurance quotes where you live, enter your zip code and fill out a quick online application. Save now with direct Tesla insurance rates.