Average Insurance Costs for 5 Tesla Models — They Might Surprise You

EVs can lower long-term ownership costs by eliminating expensive trips to the pump, but higher insurance premiums can gobble up those gains.

Bạn đang xem: Average Insurance Costs for 5 Tesla Models — They Might Surprise You

According to Progressive, the cost of coverage for electric vehicles tends to be higher than for gas cars because their components are more expensive to repair and replace, and fewer repair shops and technicians are qualified to work on them.

Find Out: 8 Hybrid Vehicles That Last Longer Than You Think and Are Worth the Money

Read More: The Best Car for Every Age Group, According to an Expert

Most EVs, however, are subject to the same risk-based variables that influence premiums on any vehicle — driving history, location, credit history, age, gender, claims history, vehicle make and model, and the cost of the car.

However, Tesla vehicles don’t always follow those rules. Here’s a look at the five models in the Tesla lineup and their sometimes surprising average insurance costs.

Anyone who sees a Cybertruck can’t possibly mistake it for any other vehicle on the road — in terms of its post-apocalyptic aesthetic, unconventional is an understatement.

But despite being tied for the most expensive vehicle in the Tesla lineup, it’s the cheapest of the bunch to insure. Coverage for the average Cybertruck is 22% less than that of the Model 3 despite the former costing 60% more than the latter.

Xem thêm : US Federal Reserve Board announces new appointments to its Insurance Policy Advisory Committee

According to Insurify, that has more to do with the typical driver than the vehicle itself.

Cybertruck drivers are nearly twice as likely to have excellent credit than the average EV driver. They’re also much more likely to be in their 40s, both of which reduce risk in the eyes of insurance providers.

However, the robust vehicle’s unique characteristics also lower rates with insurance-friendly features like windows with a class-4 hail rating and a dent-resistant steel body.

Consider This: 5 Luxury Car Brands the Middle Class Can’t Afford Anymore

According to Insurify, Model S drivers are roughly half as likely as Cybertruck owners to have excellent credit — but they’re about twice as likely as the typical driver nationwide across all models. That contributes to its ranking as the No. 2 cheapest Tesla to insure despite being the No. 2 most expensive to buy — the Cybertruck and Model X are tied for first.

Even so, it costs much more to insure the Model S than the national average of $2,336 for all vehicles.

According to car insurance data platform Compare.com, the extraordinary specs of the Model S contribute to its high cost of coverage — over 1,000 horsepower and sub-two-second 0-60 acceleration make insurers wince.

Story Continues