Fun to Drive But A Nightmare to Insure

One of the major advantages that electric vehicles have over gas cars is the sum of moving parts. Electric motors use fewer parts and hence require less day-to-day maintenance. The downside? There aren’t enough traditional mechanics to service them; the technology is new and the battery, which is the primary component under the hood, is complex to repair. More reason for you to be fully aware of how to insure your Tesla.

There is no fixed market rate and hence you would have to approach a third-party insurance company to get a competitive quote. Irrespective of the Tesla model, you can insure it with the same company. Bear in mind that you will be spending roughly USD 3000, depending on the model, which is around 50% more than you would spend insuring a gas car; ore popular the car, more the insurance costs. Tesla models currently fall into the luxury car segment in most countries. The annual premiums are astronomically high and truth be told, companies are trying several tricks to avoid a Tesla customer due to the risk uncertainty.

Getting a quote isn’t easy either. Sometimes they just turn you down or ask for hard documentation. Even then, companies delay quoting by several days, citing risks & difficulties. As a result, when you do get that quote, you’re usually paying twice or thrice what you’d expected.

Currently, repair and replacement costs are very high and there’s a waiting time of few months. Something as simple as repairing the sensor for the windshield wiper can set you back over a 1000 USD. Sure, you may be thinking, “Hey, why don’t I just go to a regular repair guy and let him have a crack at it, it’ll be way cheaper.” It’s too early in the Tesla life cycle for the average mechanic, they’ll just end up re-routing you to the factory. repairs after an accident can sometimes take months. Most policies have a 30-day limit for their rental car. It is important to make sure you get a policy that gives you an unlimited time frame.

Without the right information, the process of insuring a Tesla proves to be a difficult and frustrating experience for a customer who was until then all excited about owning one. Knowing what you are up against, makes the battle easier. Give us a call before you make that purchase, allow us a little time and we will sort you out with all the right information.