We applied for quotes from 16 popular car insurers including AAMI, Budget Direct and NRMA. All were for comprehensive car insurance policies. 4 insurers didn't insure Teslas at all and an additional 3 didn't insure the Model S. Keep in mind that prices will differ based on your driving profile – for example, your age, driving history and where you live.
Tesla Model 3. Average insurance costs for the Tesla Model 3 were $3,500. This is 157% higher than the average annual premium for a Toyota Corolla, according to our Finder Awards.
Tesla Model Y. Average insurance costs for the Tesla Model Y were $3,900. This is 193% higher than the average annual premium.
Tesla Model S. Average insurance costs for the Tesla Model S were $5,500. This is 304% higher than the average annual premium.
Tesla Model X. Average insurance costs for the Tesla Model X were $6,825. This is 401% higher than the average annual premium.
| Tesla model | Car insurance cost |
|---|---|
| Model 3 | $3,500 |
| Model Y | $3,900 |
| Model S | $5,500 |
| Model X | $6,825 |
There are a few reasons that Teslas cost more to insure than a regular car. These include:
For the first 4 years, a few things were covered under warranty – like the knobs on our steering wheel wore down and were replaced for free. But for general repairs, it's pricier. When driving on the freeway a rock flicked up and caused a 4-inch crack in the rooftop glass – the quote was $1400 to replace it. You definitely need to budget a little more for repairs.— Sarah Megginson, Head of editorial, Australia & Tesla owner
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