Teslas are considered the pinnacle of electric vehicle innovation, merging sleek design with cutting-edge technology. They’re known for many advanced features, from long-range capabilities to impressive acceleration, but they’re also a symbol of eco-friendly luxury in the auto world.
For Tesla drivers, the importance of selecting an insurance company that understands the value and unique needs of electric vehicles cannot be overstated. But which insurance companies are the best for Tesla drivers in 2024?
Key findings
- For all the most common Tesla models (3, S, X, and Y), CAA offered the lowest auto insurance rates.
- The Tesla Model X had the highest rates with every insurance company.
- Pembridge had the highest rates for every Tesla model, apart from Zenith’s pricing for the Tesla Model X.
How do different auto insurance companies price insurance for Teslas?
Every insurer is unique and charges different prices for coverage depending on their database of statistics and what they have experienced when it comes to losses involving Teslas.
To show how different auto insurers price coverage for 2023 Tesla Models 3, S, X, and Y, we ran insurance quotes for a fictional 35-year-old married male who lives in CITY, has a clean driving record and drives approximately 13,000 km a year.
| Insurance Company | Tesla Model 3 | Tesla Model S | Tesla Model X | Tesla Model Y | |
|---|---|---|---|---|---|
| Aviva | $3,837 | $6,048 | $7,115 | $4,711 | |
| CAA | $3,071 | $3,609 | $4,099 | $3,204 | |
| Commonwell | $3,974 | $4,450 | $5,007 | $3,892 | |
| Intact | $3,345 | $5,017 | $6,047 | $4,308 | |
| Pembridge | $6,932 | $10,916 | $11,131 | $8,661 | |
| SGI Canada | $3,606 | $4,305 | $4,958 | $3,860 | |
| Travelers | $3,312 | $3,660 | $4,620 | $3,336 | |
| Wawanesa | $4,588 | $6,108 | $7,635 | $5,056 | |
| Zenith | $4,976 | $7,825 | $17,800 | $4,649 | |
| 1Data source: Mitch auto insurance quoter | |||||
Some companies may also offer discounts and savings for Teslas. Companies also offer battery coverage (which can hike costs and wasn’t included in our quotes), and so on.
Why are insurance rates for Teslas more expensive?
Teslas tend to be more expensive to insure than gas-powered cars because of their value and repair costs. The price of Teslas may start coming down to be more affordable in the future, but they’re currently still considered luxury vehicles.
Below are the average price ranges for Teslas, which may give you a better idea as to why these vehicles typically cost more to insure:
- Tesla Model 3: $40,000-$55,000
- Tesla Model S: $75,000-$90,000
- Tesla Model X: $80,000-$90,000
- Tesla Model Y: $44,000-$52,000
Tesla prices vary depending on the trim and options. As insurance premiums usually factor in replacement cost, the more expensive the trim and the more features your car has, the likelier your insurance costs are to go up. Working with a broker to help you find the best insurance company for your Tesla is essential in helping manage your budget.
How will auto insurance rates for Teslas change over time?
From an outsider’s perspective, Teslas and similar electric vehicles are no different than traditional gas-powered cars apart from the fuel source. Why should the insurance be any different?
Well, one feature Teslas are rolling out and improving with each passing year is autonomous driving. Current autonomous features include forward collision warning and mitigation, autopilot with lane-keeping assist, etc. Full self-driving capabilities may be on the horizon, however, and with autonomous driving comes the possibility of minimum auto insurance requirements or built-in insurance costs.
Could electric vehicles cause more dangerous collisions?
When it comes to Teslas, it’s important to think about their weight. Electric cars tend to be heavier than traditional gas ones, which can make accidents more serious, especially when they involve lighter vehicles. Take Tesla’s Cybertruck, for instance, which weighs about 7,000 pounds (about the weight of an elephant), with around 30% of that being its batteries alone. If you’re in a collision while driving a Tesla, you might be safer than the other vehicle involved, particularly if it’s not an electric one. In such cases, the other vehicle could sustain serious damage and the people inside could suffer severe injuries.
Get coverage for your Tesla from Mitch Insurance
Mitch works with some of the best Tesla insurance companies in Ontario. If you’re looking for great protection for your Tesla at an affordable price, give us a call and get a free insurance quote today.
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