Tesla Insurance Australia
Tesla Insurance Australia - November 2022 Update: Tesla has begun selling insurance to drivers in Maryland, Minnesota, Nevada and Utah, meaning you can purchase Tesla insurance in 12 states. Tesla says it plans to offer coverage in 45 countries by the end of 2022.
Tesla car insurance is more expensive than many other vehicles because of the high cost of repairs, which increases the cost of collision insurance. The price of your policy depends on the make and model of Tesla you choose, your location and driving history, and the level of coverage you choose.
Tesla Insurance Australia
The cheapest insurance company for Tesla cars is Tesla Insurance, Tesla's own insurance policy. However, it's currently only available in 12 countries, and has some limitations that not every driver will like.
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The average cost to insure a new Tesla is $3,947 per year. However, prices vary considerably depending on the insurance company you choose, as well as the model you own.
Tesla's newest model, the Model Y, is the least expensive model to insure. While it's not the most affordable car Tesla makes, it is a slightly larger crossover than the cheaper Model 3. And we found that crossovers have the lowest insurance prices.
The most expensive Tesla for sure is the Model S, with an average cost of $4,956 per year for the base model. Below, you can see a comparison of insurance costs for each new Tesla model for a model driver in Texas, based on quotes from the top five insurers (including Tesla's own service).
When we compare the largest insurers, Tesla Insurance offers the cheapest car insurance premium for Tesla coverage in Texas, with an average premium of $2,030 per year for a new Tesla – 48% lower than average. State Farm is the second cheapest and most affordable option among the insurance companies available in the country, with an average price of $2,626.
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To ensure you get the most affordable Tesla insurance premiums, we recommend getting a free online insurance quote to compare rates from different insurers.
While the average cost of insuring a new Tesla is $3,732 per year, this price varies considerably from model to model. The cheapest Tesla to insure is the Model Y, which has a typical coverage rate of just $3,057 per year.
The Model 3 sedan is Tesla's cheapest model to buy, currently starting at $44,990 before trade-ins or extras. But the premium is still quite expensive, at $3,386 per year for the latest base model.
Opting for one of the two more expensive versions of the Model 3, which have larger batteries and faster speeds, can add several hundred dollars to your insurance bill.
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The Model Y is Tesla's cheapest model to insure, with an average rate of just $3,057 per year for the base model. That's 13% lower than the average for all new Teslas.
The Model Y is a compact crossover vehicle, and these vehicles tend to be the cheapest compared to smaller sedans as well as larger, more expensive full-size SUVs.
Tesla's first mass-produced vehicle, the Model S, is also the most expensive to insure, with a typical insurance price of $4,956 per year. The Model S starts at $94,990 without discounts or extras.
Surprisingly, the premium "Pilot Mode" S model, with a top speed of 175 km/h, is less expensive to cover than the base model - though only $93 per year.
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The Model X, Tesla's premium full-size SUV, has an average insurance price of $4,275 per year. That's $759 more than the regular price on all models.
The cheapest insurance company for the Model X is the Tesla Insurance Plan, which offers a typical premium of $2,095 per year.
Tesla has begun selling insurance to customers in Maryland, Minnesota, Nevada and Utah. This brings their total footprint to 12 countries. Tesla says it plans to offer coverage in 45 countries by the end of 2022.
Rates in every state except California are determined primarily by that state's proprietary "safety score," with little or no consideration for speeding tickets or other violations.
How Much Does Tesla Car Insurance Cost?
Tesla's own insurance rates are significantly cheaper than competing insurers. The typical rate is $2,030 per year on all new Tesla models – 49% lower than the average rate.
In every state except California, Tesla Insurance uses your vehicle's safety score as the primary factor in evaluating your driving risk and ignores many of the criteria that almost all insurance companies use. Others use to determine your commission.
Drivers with high safety scores can save even more - a perfect 100 gets you 37% off the base rate.
The biggest downside to Tesla insurance is that it only offers coverage for certain non-Tesla cars. So if you are a multi-vehicle household, you may need to carry two separate car insurance policies, claim multiple policies and sacrifice a possible discount in this progression.
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Tesla's own insurance is available to Tesla owners in 12 countries. Tesla announced that it intends to sell insurance in 45 countries by the end of 2022.
While Tesla insurance rates are very affordable for almost all drivers, your rates drop even more if you can maintain a high safety score. A perfect score of 100 will cost you only $887 for a new Model 3 - a surprisingly reasonable price (average total price of $3,386 per year).
Tesla matches the pace with the addition of a five-point safety score. So if your GPA falls between 95 and 99, your rate will increase to $1,040 per year.
Overall, Tesla Safety Score works like other telematics car insurance, similar to Progressive Snapshot. It tracks your driving habits and assigns a score from 0 to 100, with most drivers getting a score of 80 or higher.
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Your safety score is calculated daily and a weighted average score based on driving time is calculated over the last 30 days.
Prices apply to 2022 Tesla Model 3 in Texas. Tesla has stated that it expects most drivers to receive a safety score of 80 or higher, so we used that as a basis for calculating the impact of premiums.
Tesla insurance in California works differently than in other states because California rates are not based on your safety score. However, Tesla's own insurance plan remains the most affordable option available in the Golden State. Its average price across all 2022 Tesla models is $2,246 per year — 42% lower than the national average and $805 cheaper than the second-best option, Camper Insurance.
Tesla car insurance is expensive because they are expensive to buy and repair. Teslas have particularly high collision insurance costs due to their high repair and maintenance costs, which are more expensive than other luxury or electric vehicles.
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That's why the cost of repairing a Tesla, even for minor damage to the fenders, can easily reach several thousand dollars. And as cars incorporate more custom components and technology, the cost per collision could continue to rise.
While the Autopilot technology built into Tesla cars is aimed at reducing collisions, Tesla's bid also affects the cost of replacing all that advanced technology after a crash.
The average cost of insurance for a Model 3 is $3,386 per year for full coverage. The cover is cheaper than the Model S or Model X, but more expensive than the Model Y ($3,057).
Tesla's in-house insurance plan is very affordable compared to other insurers - it's the cheapest option in Texas. However, it is currently only available in nine countries.
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All car insurance offers are full coverage one year policies for 30 year old drivers with good credit. Unless otherwise noted, rates are the statewide average for Texas.
Our analysis used coverage rate data from Quadrant Information Services. These rates are publicly obtained from insurance company records and are for comparison purposes only - your quotes may differ.
To receive an insurance quote by phone, call: (855) 596-3655 | Agents work 24 hours a day, 7 days a week! More than a year ago, we published an exclusive report revealing that Tesla is working on a new car insurance plan that it will begin offering to its customers in Australia and Hong Kong. It has since expanded to several other markets including North America, and Tesla seems to be building it as a "
It doesn't look like this new company can reach Tesla owners while the Model S becomes the most expensive car to insure in the US.
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Last year we published an exclusive report that revealed that Tesla is working on a new car insurance plan that it will begin offering to its customers in Australia and Hong Kong. Since then, Tesla executives have talked about working more closely with insurance companies as self-driving technology improves.
According to NHTSA, self-driving cars will almost completely eliminate human-caused traffic accidents, which account for about 90% of all car accidents in the United States. As a result, autonomous driving has the potential to save millions of lives and millions in repair costs worldwide every year. This is great for most people, with the exception of the auto insurance industry.
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