Tesla Insurance – How Does it Compare to Normal Insurance?

Back in August, 2019, Elon Musk and the Tesla team announced that Tesla will be releasing its own competitive insurance. Tesla drivers can expect to annually pay an average of $4,400 for their vehicle. Thankfully, Tesla drivers can now save 20 to 30 percent of their normal insurance through Tesla’s personalized insurance. Comparatively, Tesla insurance is already quite expensive. On average, Tesla owners will have to spend more on vehicle maintenance than any other owner. Tesla’s built-in advanced technology, along with its aluminium body make it even more expensive to repair. The Tesla insurance offers repairs that can be done internally, therefore making it cheaper for vehicle owners that make claims. [/vc_column_text][vc_raw_js]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[/vc_raw_js][vc_column_text] As of right now, Tesla insurance is available to drivers in California that own a Tesla Model S, Model X, Model 3, or Roadster model vehicle. This is a personal-use policy, meaning that the policy does not cover ridesharing or other commercial coverage. Tesla does offer other discounts in their policy that allow drivers to discount their insurance such as:

• Good driver discount
• Loyalty discount
• Bundle policy discount
• Group rates
• Anti-theft device discount
• Air bag discount
• Safety refresher course discount

As with most insurance companies, you can save money on your auto insurance if you’re a safe driver. Tesla’s insurance will also allow users to insure their other cars under their insurance policy.

What Else Does Tesla Insurance Cover?

There’s a few other things your Tesla needs coverage for. Some insurance providers may not cover these things because they’re exclusive to the Tesla vehicles alone. Consider if you want to receive coverage on the following:

Autonomous vehicle owner liability

This policy covers any injuries or damage that occurs while your Tesla is operating in autonomous vehicle mode, or is self-driving. This coverage has the same limits as when you are operating your vehicle.

Cyber identity fraud expense

This policy covers the costs of digital identity fraud. This is likely a risk if you put your personal information into your Tesla’s personalized system. This covers up to $15,000 per incident and $30,000 per policy period.

Wall charger coverage

This policy covers up to $3,000 for damage to the electrical power charger. The coverage does not apply if the damage is from a defective part or owner misuse. As an electric vehicle owner, remember to consider this vital feature.

Electronic key replacement

This policy covers up to $500 of any lost electronic keys for a Tesla. Policy holders are limited to 2 claims per policy period.

Roadside assistance coverage

This policy covers towing and roadside assistance for your vehicle. Although this coverage is standard with all vehicles, Tesla’s specialists will know exactly how to handle your vehicle.

Loan/lease gap coverage

This policy covers leasing and loan issues if your Tesla is stolen or totalled. It’s an optional coverage, but it allows policy holders to have any leftover expenses of their lease or loan covered.

How Much Can You Save On Tesla Insurance?

Through our research, we’ve taken the same driver profile and compared the annual pricing differences. We compared the average annual policy of other popular insurance providers to that of Tesla’s. Here’s what we’ve found.

As you can see, some of the quotes are relatively similar. However, some providers may not offer the same comprehensive coverage as Tesla. Tesla says they’ll begin to expand their insurance to outside of California in 2020. They have yet to make a statement about commercial vehicle coverage. If you have questions about what coverage options you have for your Tesla, call one of our partners at Quote Purple.