The most common question we receive from customers is "How much will it cost to insure my Tesla?". When shopping for a new EV and especially a Tesla, buyers should consider not only price but also the coverage and service they expect to receive in the event of an accident or an issue. Your agent should be able to quote your new Tesla along with all of your vehicles, homeowner's insurance and any other policies to maximize multi-policy discounts.
While some insurance companies may charge double or triple the cost to add a Tesla to the policy, this should not be the case. Tesla vehicles are one of the safest cars on the road and the policy cost should not only reflect the safety of the vehicle, but should protect your very substantial investment.
It is also important to ask your agent the following questions to make sure you are fully aware of how your policy will respond in the event of a claim:
- Will my policy provide genuine Tesla parts in event of a claim or issue? Most policies will only use after-market parts unless you have a specific policy endorsement on your coverage.
- Does my policy provide for a new model year vehicle in the event my Tesla is a total loss? Unless you have this coverage, you may end up with a vehicle that is older and worth less than the vehicle you are driving.
- Will I have to pay out of pocket to have a windsheild replaced?
- Do I need to go to a specific service
When Tesla's first became mainstream, many companies did not have a pricing model to support what they considered an exotic vehicle. This remains true for many other carriers on the market today but there are other options for Tesla customers.