Car Insurance For A Tesla

SHOULD YOU INSURE OR NOT INSURE YOUR TESLA?

If you own a Tesla and haven’t had an accident, you might be on the fence about buying car insurance for it. Some people think that since Teslas are so expensive and have self-driving capability, insurance companies won’t pay out in case of an accident. The truth is that insurance companies will still have to pay out when accidents occur, which is why they’re covering Teslas in the first place. If your Tesla gets totaled in an accident, their rates go up just like any other company’s.

This doesn’t mean that you should definitely buy insurance for your Tesla; if you can afford to replace it easily if something happens, then it may not be worth the money. If you can’t afford to replace your car, then it would be a good idea to get some kind of car insurance. It’s best to shop around and make sure that you’re getting the cheapest coverage possible.

Teslas are safer than most cars on the road because they have so many safety features included with them. They also have self-driving capabilities, which means that they can help prevent accidents from happening in the first place. But even so, accidents do happen and they can be costly. Make sure that you know what to do if you get into an accident and that you’re insured.

HOW IS CAR INSURANCE FOR TESLA DIFFERENT FROM THE REST OF THE VEHICLES?

Car insurance for a Tesla is different from car insurance for other vehicles because the vehicle has so many features that are not common on other cars.

The two main things that make Tesla cars unique are their ability to drive themselves and their battery packs, which store energy and power the car without drawing on the car’s alternator.

Other things that make it hard to compare Tesla insurance rates are its exotic body style, which can make it hard to compare it to other vehicles; the range of its electric motors; and its high-tech safety features, such as its obstacle-detection system and automatic emergency braking.

Insurance companies a reluctant in providing their services to this car brand because of the limited statistics on their involvement in accidents and other covers.

HOW MUCH DOES A TESLA INSURANCE COST?

Insurance costs vary from state to state, but there are a few that stand out from the rest. According to NerdWallet’s analysis, the average annual cost of insuring a Tesla is $2215, which is close to 40% higher than the normal rates for insuring other cars.

Of course, the cost for insurance isn’t all about your location; it’s also about your driving record, so make sure you’re looking at rates based on your own driving history.

TIPS FOR BUYING CAR INSURANCE FOR TESLA

As with most vehicles, you will want to purchase car insurance for your Tesla to protect it in the event of an accident. However, there are some specific things you will need to consider before purchasing your policy. Here are a few tips for buying car insurance for Tesla:

• Check Your State’s Insurance Requirements

Different states have different requirements as to what types of cars need to be insured and how much coverage is required. As a general rule, however, if you own a Tesla vehicle, you will probably be required to carry comprehensive and collision coverage on it. The minimum amount of liability coverage that you should carry is also likely required in most states.

• Compare Rates with Other Car Insurance Companies

The car insurance companies that you compare your rates with should not only offer coverage on Teslas but also offer low rates and great customer service. Some car insurance companies do not even offer coverage on electric vehicles, so make sure that you call around and get quotes from several different companies before settling on one.

• Find a Company That Offers Electric Vehicle Coverage

If you are not able to find car insurance for Tesla that offers comprehensive and collision coverage, at least make sure that your company offers electric vehicle coverage. This is usually offered as a separate policy and will cover damage to your vehicle in the event of an accident. You may also want to consider purchasing additional liability and uninsured motorist coverage. This can be added to your electric vehicle policy or purchased separately depending on the company you choose.

• Ask for a No-Hassle Quote

After you have narrowed down your choices to the best electric car insurance companies, you should also ask them to send you a no-hassle quote. This is because some companies may not offer coverage on Teslas or even offer the lower rates that they advertise. In addition, some companies may require you to have an existing policy in order to see if it is a good fit for your needs.

• Keep Your Insurance Up-To-Date

You should also make sure that the insurance company that you choose adds your Tesla to their policy and doesn’t remove it from the policy when your Tesla becomes ineligible for coverage or has been destroyed or stolen. Some companies may require this as a condition of lowering your insurance rate and it is important to keep your policy up-to-date so that you can get the best rate possible.

• Get Your Tesla Registered With the DMV

If you are leasing a new Tesla, you will need to get your vehicle registered with the DMV. This is because all-electric cars must be registered with the DMV in order to drive on public roads and avoid receiving a ticket for driving an unregistered vehicle. You will also want to make sure that you are getting an LRV (limited resale value) license plate for your Tesla so that it does not become invalid when it is sold to a new owner.

• Get A Tesla Insurance Policy

If you are buying a new Tesla, you will want to make sure that your insurance company offers coverage for your new electric car. This means that they will cover the costs of any damage that it may cause to other vehicles on the road or any damage caused by an accident. You can also ask them what their policy is for property damage and personal injury liability in order to make sure that they have the right coverage in place.

WHAT INSURANCE COVERAGE DO YOU NEED FOR YOUR TESLA?

More and more people are going to be driving electric cars, which is good for our air quality. However, it may cause problems when it comes time to insure your car. Right now there are four states that have laws requiring fully-electric vehicles to be insured as if they were gas-powered cars: Hawaii, New Jersey, Connecticut, and Rhode Island. If you live in any of these states and own a Tesla or something similar, get with your insurance company right away.

Conclusion 

It’s always best to insurance such a big purchase and in most (If not all) cases, it is illegal not to insure your vehicle. Tesla’s are the future, they are new, and they are costly. Always protect your personal funds if you ever ever sued, cover hospital bills if you are in an accident or cause an accident, and just do what is right. So, we recommend getting insurance for a tesla. 

Information is not financial, insurance, nor legal advice.