Do you know if insurance for a Tesla costs less?

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

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

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

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

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

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

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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.

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

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

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

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

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