Do you know if insurance for a Tesla costs less?

While the majority of major auto insurers will cover a Tesla,

doing so will cost you a pretty penny because the company classifies its vehicles in the luxury segment.

The annual cost of insuring a Tesla Model Y with Tesla as your insurer is $2,756, or $230 per month.

This is nearly double the cost of insuring a typical automobile.

The primary factor used by insurance companies when determining premiums is the expected repair costs after an accident,

making Tesla insurance more expensive than insurance for other makes and models because of this.

Rates for insuring a Tesla model typically exceed the national average by several hundred dollars a year, bringing the yearly total to around $2,070.

Tips From a Financial Guru Note that since Tesla only provides auto insurance,

you will not be eligible for the Home and Auto Policy Bundle, which can provide additional savings.

Tesla estimates that its customers could save between 20 and 30 percent on their auto insurance premiums thanks to these measures.

which can also increase premiums. Ultimately, it all adds up to higher insurance rates for Tesla owners.