Model 3 Insurance Costs May Make You Think Twice About Buying A Tesla CarBuzz News Features New Cars Used Cars Sell My Car Shopping Tools Car Reviews Car Finder Compare Cars Best Cars Car Dealerships Used Car Reviews Car Advice Home News Model 3 Insurance Costs May Make You Think Twice About Buying A Tesla
Model 3 Insurance Costs May Make You Think Twice About Buying A Tesla
Aug. 27, 2018 11:05 AM ET by Jared Rosenholtz / 7 Comments Tesla's "affordable" model isn't so affordable to insure. Let's face it, Tesla isn't like a "normal" car manufacturer. For better or worse, Tesla is different, and owning one is a unique experience in itself. When the company first rolled out its semi-autonomous Autopilot feature, insurance rates for Tesla models plummeted because crash rates decreased by around 40%. It didn't take long before we started to see people abuse the Autopilot system and blame it for accidents, causing insurance prices to go up. Combine that with higher than average repair costs and buying insurance for a Tesla has become quite expensive. Even Tesla's affordable Model 3 sedan isn't cheap to insure. CarBuzz Automotive News reports that the average cost to insure a Tesla Model 3 is $2,814 per year, which is just $35 less than insuring a Porsche 911. This data comes courtesy of Gabi Personal Insurance Agency Inc., an online insurance shopping site. "In the last month we had more and more people coming in with Model 3, and they were all complaining about high insurance costs," says Gabi CEO Hanno Fichtner. "We found cheaper deals for them, but not as cheap as we thought they would be. We even had customers tell us they are returning their Model 3 due to the high running costs." CarBuzz Insurance costs do range drastically depending on the area, and Model 3 costs ranged from $1,958 to $3,644 per year. For reference, insurance for a Chevrolet Volt Premiere costs around $2,102 and $2,068 for a Honda Civic LX. The Model S and Model X are even more expensive, with insurance costs for the 75D versions averaging around $3,410 per year, almost as much as an Audi R8 ( $3,519 per year). The biggest contributor to the high insurance costs are the Tesla-specific body shops, where damaged Tesla cars are taken. The dream of an "affordable" Tesla has hit many snags, including the continuous delay of the base $35,000 model. For now, the long-range Model 3 is the only version available and you'll likely pay high insurance costs for it. Tesla CarBuzz CarBuzz Tesla Tesla Join The Discussion
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Tesla Model 3 Jared Rosenholtz Editor-at-Large After graduating with an MBA, Jared pursued his love of cars by becoming an automotive journalist. An internship with CarBuzz grew into his current position as Editor At Large. Jared now spends most of his time evaluating new vehicles and chasing the latest news stories in the automotive industry. When he’s not attending Cars & Coffee events on the weekend, Jared loves to watch NFL football and cruise around with the top down in his German convertible. Contact Jared @Carsnbites @jar_rosenholtz LoginSign Up Home News Features Car Reviews Car Advice 2021 CarBuzz Awards New Cars Used Cars Future Cars Compare Cars Sell My Car Car Dealerships Buy Here Pay Here Used Car Reviews Popular Tags Cars # Video # TOP # Spy Shots # Reveal # Rumor # Auto Show # Supercar # Tuning # Car Culture # Industry News # Motorsport Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Make Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Car Type SUVs Crossovers Sedans Coupes Trucks Sports Cars Wagons Vans Hatchbacks Convertibles Small Cars Luxury Cars Electric Cars Hybrid Cars Future Cars By Price Up to $15K $15K - $25K $25K - $35K $35K - $45K $45K - $55K $55K - $75K $75K - $100K $100K - $200K $200K - $300K Above $300K Back To Top