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Buying your first Tesla? Is your insurance going to go up or down?

August 9, 2019

You may be in for an insurance premium surprise if you are buying your first Electric Vehicle (EV).

Here are the top 5 cars that first-time Tesla owners had before making the jump to EVs:

The Toyota Prius is one of the top trade-ins for new Tesla Model 3s

The top 5 trade-ins for a Tesla Model 3 that we’ll be comparing insurance rates for are:

Source: Tesla Q2 2018 update

How will the insurance change?

Insurance rates for a 31-year-old male for these vehicles in California are:

Car Insurance cost/mo before Insurance cost/mo after (Electrade on Tesla Model 3)
Toyota Prius $107/mo   $118/mo
BMW 3-Series  $145/mo $118/mo
Honda Accord $133/mo (Travelers) $118/mo
Honda Civic $121/mo $118/mo
Nissan Leaf $112/mo $118/mo

$50k/$100k bodily injury with $1k collision deductible)

Surprisingly, Telsa Model 3s are not that expensive to insure relative to the rates you were likely paying.

Thank you for reading, and thank you for supporting the electification of transport. ⚡️