Last update: Tue Jan 14 2020
Many freshly-minted Tesla owners are getting quotes that are way higher than for similarly-valued ICE cars, while others are getting quotes that are lower. This seems strange to us. So is Tesla's auto insurance more expensive than similarly-priced gas cars?
In a word – no. In 2020 they cost the same or less to insure. They cost the same as any other vehicle in their price range to insure, and often way less. The partially higher quotes is because they are still a "new" phenomenon for mainstream auto insurance companies and many agents at insurance companies don't YET know how to properly value them. There is nothing inherently more expensive about electric cars to insure. In fact, they are often and should also be cheaper.
This is why we started electrade – to break down this barrier to entry for electric car adoption even further. More here. We make it easier to find cheaper insurance for your electric car with our by being the first EV-only insurance service. If you want to shop around on your own however, please find below our top 3 pieces of advice we've learned in the field.
You shouldn't be paying more. You should be paying the same – or less – in 2019.
The agent you get on the line, the state you are in, and the company will all vary, even for the same driver, vehicle, history etc. But these common factors all have an influence.
Not everyone knows electric vehicles yet. Know the benefits of insuring an electric vehicle, like better driver-assist features, lower center of gravity, better handling in bad conditions, so far demographically safer drivers, and many other upsides. Factors include:
Well... it depends on your region and the coverage you want, as does it who your local repair shops support. But if you're shopping by price try every single company and don't stop until you have a satisfactory quote. Go down the list of all top US insurers in the article linked below, and contact us if one is missing. All you need is one good quote, and a little busywork can save you large amounts of money in the long run. Also, re-negotiate your deal every time your auto insurance policy runs out. Alternatively, we can do this part for you – see below.
We disqualified ourselves, of course. :)
Implementing the special tips #1 and #2 above, our technology can find you lower auto insurance prices and better service. What happens when you build building better insurance technology around EVs?
That's what we built in Electrade. Get a quote from our specialists here
Thank you for reading, and thank you for supporting the electification of transport. ⚡️