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Tesla owners overpay for car insurance in California

July 24, 2019

Automatic Emergency Braking, Side Collision Avoidance, Lane Departure Warning - shouldn’t all these features make it cheaper to insure your Tesla?

Yes, it should, and it does (electrade.app if you want to skip to it ;) )

Facts:

These are literally record breaking safety ratings. Furthermore, check out the most recent accident rate statistics:

In the 2nd quarter, we registered one accident for every 3.27 million miles driven in which drivers had Autopilot engaged. For those driving without Autopilot but with our active safety features, we registered one accident for every 2.19 million miles driven. For those driving without Autopilot and without our active safety features, we registered one accident for every 1.41 million miles driven. By comparison, NHTSA’s most recent data shows that in the United States there is an automobile crash every 498,000 miles. Source: electrek.co

Translation: Teslas are nearly 7x safer than other cars. Shouldn’t your car insurance be significantly cheaper then?

We think so too, which is why we’ve launched Electrade, a service specifically tailored to the insurance needs of electric vehicle owners. In partnership with Clearcover (our underwriter), insurance quotes for electric cars and Teslas in particular are 15-20% cheaper than the competition.

The cost of repairing a Tesla can be higher than for a car from other manufacturers, but these costs should come down over the next few years as Tesla’s service becomes a priority, and more 3rd party parts become available. At 7,000 new Teslas on the road every week, we know this is in the works.

The average insurance premium for a Tesla Model S is $227 a month or $2,724 a year. With Electrade, our quotes come in closer to $180 a month or $2100 a year (a $500 savings).

Check us out, our simple form will get you a money-saving quote in no time: Electrade.app (and yes, we are working on an app too)


Thank you for reading, and thank you for supporting the electification of transport. ⚡️

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