Cheap Tesla Insurance: The Ultimate Guide

Electric cars are becoming increasingly popular in recent years, especially Tesla cars. Tesla Model 3 was the best-selling electric car in the world in 2020, selling over 300,000 units worldwide. As more people are turning to electric cars, the demand for affordable and suitable Tesla insurance has become crucial. This guide will help you find cheap Tesla insurance and the things you need to know about insuring your Tesla.

Why is Tesla Insurance Expensive?

Tesla cars are expensive, and their parts are costly to repair or replace. Tesla parts are only available from Tesla authorized repair shops. This makes the insurance cost higher for Tesla cars than conventional cars. Moreover, insurance companies see high-performance Tesla cars as a greater risk, which increases the insurance cost. However, several ways will help you get cheap Tesla insurance, which we will discuss in this guide.

How Can I Get Cheap Tesla Insurance?

1. Compare Insurance Quotes

Comparing insurance quotes is one of the easiest ways to find cheap Tesla insurance. Different insurance companies have varying insurance premiums. You can request quotes from different insurers and compare their prices. Some of the popular insurance companies that offer Tesla insurance are State Farm, Geico, and Progressive. The table above shows the annual premium of Tesla Model 3 by selected insurance companies.

2. Increase Your Deductible

Another way to lower your Tesla car insurance is to increase your deductible amount. The deductible is the amount you pay out of pocket before the insurance company covers the repair or replacement expenses. Increasing your deductible amount reduces the insurance premium you have to pay. However, make sure you only increase your deductible to an amount you can afford to pay in case of an accident.

3. Choose a Safe Location to Park

The location where you park your Tesla car can affect your insurance premium. Parking in a secure garage or off-street parking is generally safer than parking on the street. A safe parking location can reduce the risk of theft or damage to your car, which may lower your insurance premium.

4. Take Advantage of Discounts

Many insurance companies offer discounts for safe drivers, good students, or drivers with multiple policies. Check with your insurance company to see if you qualify for any discounts. Additionally, some states offer discounts for electric car owners, which can help reduce the cost of Tesla car insurance.

How Does Tesla Insurance Compare to Other Insurance Companies?

Many insurance companies offer coverage for Tesla cars. Here are a few ways Tesla insurance compares to other insurance companies.

Tesla Insurance vs. Geico Insurance

Tesla and Geico are popular insurance companies that offer car insurance. Geico is known for offering affordable car insurance. However, Tesla insurance is cheaper than Geico for Tesla owners. The annual premium for Tesla Model 3 insurance is $1,542 with Geico, while it is $1,100 with Tesla insurance.

Tesla Insurance vs. Allstate Insurance

Allstate is another popular insurance company that provides coverage for Tesla cars. Allstate offers discounts for electric car owners, but their car insurance is expensive. The annual premium for Tesla Model 3 insurance with Allstate is $3,036, which is more than double the price of Tesla’s insurance.

Tesla Insurance vs. State Farm Insurance

State Farm is one of the largest insurance companies in the US. They offer affordable car insurance that includes collision coverage and liability coverage. The annual premium for Tesla Model 3 insurance with State Farm is $2,072, which is much more expensive than Tesla’s car insurance.

FAQs

1. Is Tesla insurance cheaper than conventional cars?

No. Tesla insurance is generally more expensive than conventional cars. However, several ways can help you reduce your Tesla car insurance premium, such as comparing insurance quotes, increasing your deductible, and taking advantage of discounts.

2. Does Tesla offer insurance?

Yes. Tesla offers auto insurance for Tesla car owners in California, with plans to offer insurance in other states soon.

3. What factors affect Tesla car insurance cost?

The cost of Tesla car insurance depends on several factors, such as the model of your Tesla car, your location, driving history, age, credit score, and the level of coverage you choose.

4. How can I reduce my Tesla car insurance premium?

You can reduce your Tesla car insurance premium by comparing insurance quotes, increasing your deductible, choosing a safe parking location, and taking advantage of discounts.

5. What coverage options does Tesla insurance offer?

Tesla insurance offers liability, collision, and comprehensive coverage. They also provide rental coverage, emergency roadside assistance, and uninsured motorist coverage.

Conclusion

Insuring a Tesla car can be expensive, but there are ways to lower your insurance premium. Comparing insurance quotes, increasing your deductible, and taking advantage of discounts are some of the ways you can save on Tesla car insurance. You can also consider Tesla’s insurance, which is generally cheaper than other insurance companies. Whatever you decide, make sure you choose the coverage that suits your needs and budget.