Teslas are high-priced luxury automobiles. As a result, Tesla car insurance in the UK is likely to be more expensive than the national average for full coverage insurance, which is $1,674 per year. While the type and model of your vehicle have an impact on the cost of your car insurance, your personal traits also play a role. Your vehicle insurance company may evaluate your age, gender, credit score, driving history, and ZIP code to decide your car insurance rate, depending on the state you live in.
What is Tesla Insurance UK?
Tesla is now a licenced broker, offering Tesla drivers insurance in Arizona, California, Illinois, Ohio, and Texas. According to the company, drivers can save 20% to 30% on insurance when compared to other providers.
Tesla car insurance in the UK is presently available for the following models: Model S, Model X, Model 3, Model Y, and Roadster.
How Tesla Insurance Works
Tesla claims it understands how drivers use its vehicles and prices insurance based on all of the vehicles’ safety features and crash avoidance systems. According to the corporation, it does not use individual driving data collected by vehicles in its pricing at this time.
Tesla provides supplementary coverage for wall chargers, electronic key replacement, and identity fraud in addition to liability, accident, and comprehensive insurance.
They include collision and liability automobile insurance reductions for the usage of autonomous driving capabilities in their initial filings, ranging from 5% to 30% depending on the amount of autonomy used. Discounts would also be available to families with multiple Teslas.
Tesla intends to sell insurance plans across the United States in the future.
Until then, keep your premiums low by comparing many vehicle insurance quotes to ensure you’re getting the best bargain possible.
How much does it cost to insure a Tesla?
According to Bankrate’s survey of quoted yearly premiums, the average cost of full coverage vehicle insurance in the United States is $1,674 per year. However, your specific automobile insurance premium is determined by a number of criteria. Providers consider the type and model of your car as a rating element in addition to criteria like your ZIP code and driving history. Because different models have varied collision statistics, parts prices, and safety features, the type of car you drive has an impact on your premium. These variables have the following effects on rates:
#1. Crash rate stats per make/model
Compared to other vehicles, Teslas have a substantially lower crash rate. Tesla recorded only one accident for every 4.41 million miles travelled by drivers who used Tesla’s Autopilot technology in the second quarter of 2023 and one accident for every 1.2 million miles driven by drivers who did not use Autopilot. According to the National Highway Traffic Safety Administration (NHTSA), one accident occurs every 484,000 miles in the United States. Car insurance rates may be reduced as a result of decreasing crash rates.
#2. Price of parts
Teslas have high-tech parts that might be expensive to replace after an accident, contributing to the high insurance premiums.
#3. Safety features
Teslas come standard with advanced safety technologies such as automatic emergency braking, frontal collision warning, blind-spot collision warning, and lane departure prevention. Several automobile insurance companies may give you a discount if your vehicle has certain safety features, as these systems can help prevent accidents.
Car insurance for a Tesla UK: by model
Because Teslas are high-priced luxury automobiles, insuring them is, on average, prohibitively expensive. The average rates shown below may be useful for comparison. However, keep in mind that the price you pay for insurance is influenced by your particular features, so your premiums will likely differ from those listed here.
#1. Car insurance for Tesla UK Model 3
Tesla Model 3 customers pay an average of $609 more for full coverage insurance than the national average because Teslas are pricey luxury vehicles. The Model 3 is, however, the most affordable Tesla model, with the lowest average insurance premiums of any Tesla model on our list.
#2. Car insurance for Tesla UK Model S
Despite obtaining an “outstanding” safety rating from the Insurance Institute for Highway Safety, the Tesla Model S is the most expensive Tesla to insure on our list (IIHS). The vehicle’s high-tech parts, which are often expensive to fix, are most likely to blame for the high insurance costs.
#3. Car insurance for Tesla UK Model X
The base price of the Tesla Model X is the highest of any Tesla Model. The average cost of full coverage auto insurance for a Tesla Model X is lower than for a Model S, which could be because the Model X is an SUV and is less likely to be driven for speed than the Model S.
Cheapest car insurance companies for Teslas
Several vehicle insurance companies offer inexpensive rates to Tesla drivers, despite the fact that insurance prices for Teslas are normally high. Out of the largest providers by market share, our experts found the cheapest car insurance carriers using an impartial procedure. We discovered these firms by evaluating just the best vehicle insurance companies on the market to ensure we’re identifying organisations with excellent service. While the following providers provide low average rates for Tesla drivers. Keep in mind that your premiums may vary depending on your specific circumstances.
Tesla features that impact insurance costs
Certain Tesla safety features may qualify for discounts from some auto insurance companies. However, because many of Tesla’s high-tech features are expensive to fix, insurance prices may rise. The features listed below may affect your Tesla insurance costs.
#1. Keycard access
Your Tesla can be unlocked with a card or with the Tesla app. While this technology is helpful, it can be costly to repair and may raise your auto insurance rates.
#2. Sentry Mode
If someone stands too close to your vehicle for too long, this feature activates cameras that begin recording. The cameras in surveillance Mode may discourage criminals. But they can be expensive to fix and may raise your insurance premiums.
#3. Bioweapon Defense Mode
A HEPA filtration system removes contaminants from the vehicle, perhaps keeping you safe during wildfires or other hazardous air conditions. However, this technology could be costly to repair, thus raising Tesla’s insurance costs.
#4. Automatic emergency braking
This feature may identify any obstacles in front of the vehicle and automatically apply the brakes to prevent an accident. This function may cut car insurance prices by assisting in the prevention of accidents.
#5. Lane departure avoidance
If the car veers out of its lane, this feature applies corrective steering. This technology has the potential to reduce car insurance costs by helping to mitigate accidents.
Other car insurance coverage for Teslas
Teslas, like ordinary gas-powered automobiles, require insurance. Even if your Tesla has self-driving capabilities, you must still meet the minimum insurance requirements in your jurisdiction. Most states require drivers to have personal liability insurance, but if you reside in a no-fault state, you’ll almost certainly need to buy it as well (PIP).
Tesla owners can benefit from a variety of supplemental coverage categories in addition to liability insurance. For example, if your vehicle runs out of gas and you become stuck, or if you get a flat tyre, having roadside assistance can come in handy. If you lease or finance your Tesla, your lessor may suggest that you get gap insurance. Which can help you pay off your loan if your new car is totaled.
Accident forgiveness is another extra policy to consider. As it may prevent your Tesla insurance rate from rising after your first accident. Because Tesla owners already pay hefty insurance costs, this coverage could be very beneficial. If your Tesla insurance rate rises as a result of an accident, a traffic infraction, or another occurrence, bear in mind that you can always switch carriers if a lower price is found.
How much does insurance cost for a Tesla?
The cost of Tesla vehicle insurance varies greatly depending on the model and trim you select. As well as other factors that are often considered when setting automobile insurance premiums. These factors include your driving record, where you live, and the quantity of coverage you have purchased.
Surprisingly, Tesla’s newest model, the Model Y, is the most affordable to insure. While it isn’t the most affordable Tesla model, it is a larger crossover than the Model 3. And we discovered that this vehicle type has the cheapest insurance rates.
According to our analysis, the Model X, Tesla’s high-end SUV, is the most expensive Tesla to insure. Below is a cost comparison of insurance for each new Tesla model for a hypothetical California driver, based on quotes from State Farm, Geico, and Progressive.
Tesla insurance costs vary by model, but owners should consider the influence of different trim levels on auto insurance premiums while selecting their vehicle. Not all insurers provide different prices based on the trim level. The difference in car cost, acceleration, and other vehicle features. However, this translates into differing prices for insurers who do take this into account.
A Tesla Model S with 75D trim, for example, may have lower insurance premiums than a Model S with P100D trim. This could be because the P100D vehicle is more expensive to replace. With a starting price of around $50,000 higher and a 0-60 mph time of under 2.5 seconds (as opposed to 4.2 seconds).
FAQs
What is the cheapest Tesla to insure?
When shopping for the cheapest insurance for a Tesla, different models have different costs to insure. The most expensive model to insure is Model Y, at an average annual rate of $2,878. The most affordable is the Model 3, at $1,712.
Do Teslas break down a lot?
No, Teslas don’t need much maintenance compared to standard vehicles. Tesla vehicles have fewer moving parts, and you don’t have to do regular fluid changes or deal with a combustion engine. Do Teslas break down a lot? According to owners, Teslas rarely break down.
Does Tesla increase electric bill?
Across all Tesla insurance products, the average charging cost per mile is 4.12 cents per mile. So, if you only charge your Tesla at home, you can expect your electricity bill to increase by about $45 each month.
