Who is Tesla?
Tesla, Inc., founded in 2003 by engineers Martin Eberhard and Marc Tarpenning, has revolutionised the automotive industry with its innovative electric vehicles (EVs). Headquartered in Palo Alto, California, Tesla aims to accelerate the world’s transition to sustainable energy.
Under the leadership of CEO Elon Musk, Tesla expanded its lineup to include popular models like the Model S, Model 3, Model X, and Model Y. Each vehicle combines cutting-edge technology with a sleek design, making them highly sought-after vehicles and status symbols. Tesla vehicles cater to a wide range of drivers, whether they are individuals seeking high performance and cutting-edge technology, or families needing spacious, safe, and eco-friendly transportation. Each model is designed with user-friendly features and advanced safety systems, making them suitable for daily commutes, family outings, and road trips.
How Much Does a Tesla Cost to Insure?
The cost of insuring a Tesla will vary as each driver's circumstances are unique. To determine how much you'll pay for your Tesla insurance, insurance providers consider a range of factors to tailor your premium. These include the insurance group your Tesla model falls into, your age, your driving history, and even where you live. To give you an idea of the price differences, we've provided a breakdown of the average Tesla owners can expect to pay for the most popular Tesla models.
| Model | Average Price |
|---|---|
| Tesla Model S | £2,527 |
| Tesla Model X | £2,478 |
| Tesla Model 3 | £2,445 |
| Tesla Roadster | £2,527 |
How Can I Get Cheaper Tesla Insurance
No one wants to pay over the odds for their car insurance, and whether you drive a luxury Tesla model like the Model S, or you own a more standard Model Y SUV, there are some straightforward techniques drivers can apply to keep costs down.
- Pay annually: Paying for your insurance upfront often works out cheaper than choosing to pay in monthly instalments. Drivers who pay monthly also face additional costs such as interest and administration fees which will bump up their costs.
- Always shop around: You should never settle for the first quote you receive for your car insurance. Instead, compare as many quotes as possible and take advantage of deals exclusive to new customers.
- Increase your excess: The more you choose to pay in the event of a claim, will influence how much you pay for your premiums. The higher your excess, the lower your premium will be. However, always ensure it's an amount you can afford.
- Improve security: Teslas are highly sought-after vehicles which makes them high-risk for theft and damage. Enhancing the security of your Tesla can not only provide peace of mind but may also lower your insurance premiums. Drivers can enable a "PIN to drive" feature, install tracking devices, and regularly update their software to help reduce insurance costs.
- Build on your no-claims: The more years you have without needing to claim, the better for your insurance premiums. Building on your no-claims will significantly reduce your premiums over time.
What Factors Influence the Cost of Tesla Car Insurance?
Insurance providers use a range of factors to determine the cost of your car insurance. Here's what will influence your premiums.
- Vehicle type: Your Tesla insurance is influenced by the model and insurance group it falls into. For example, the Tesla Model S is in group 50, making it one of the most expensive cars on the road to insure. By comparison, the Standard Range Plus Tesla Model 3 is in insurance groups 36-50 depending on the variant. Essentially, the lower the group, the more affordable your insurance premiums are likely to be..
- Where you live: Your premiums are also affected by where you live. Drivers who live in rural areas are less likely to be victims of theft or accidental damage, which means lower premiums than drivers who live in urban areas, where the risk of crime and accidents is higher.
- Your age and experience: Older drivers typically enjoy lower premiums compared to younger, less experienced drivers. This is because younger drivers are regarded as higher risk, and statistics indicate that they are more likely to file claims, resulting in higher insurance costs.
- How much you drive: If you spend a lot of time behind the wheel then this will be reflected in your premiums. The amount you drive is an indication of how likely you are to be involved in an accident. Therefore, the fewer miles you drive the cheaper your insurance will be.
- Your driving record: If you have convictions, points on your licence, or a history of insurance claims this will impact the cost of your Tesla insurance. If you have a clean license then you'll be rewarded with lower premiums.
- Type of cover: Whether you need comprehensive cover, third-party or a telematics policy, the cost of cover will vary for each type of policy. Generally, you can expect to pay more for a fully comprehensive policy but this isn't always the case, so remember to compare policies when insuring your Tesla.