We have answers! Buying insurance for your Tesla is not really that different from insuring other vehicle, but there are a few things you need to know.
Your current insurance company may not insure you.
The Tesla line up of vehicles have become more affordable over the last few years but they are still considered to be luxury vehicles. To insure your Tesla, you might need to look for a company that is comfortable insuring luxury vehicles as not all insurance carriers consider themselves a market for for luxury vehicles. Other brands of luxury vehicles include Porsche, Lamborghini, Ferrari, and Bentleys.
How much with insurance cost?
Due the luxury status the cost to insure your Tesla will most likely be more than you are paying on your current car. Car and Driver estimates that the average cost to insure a Tesla is $4539/year (the price you pay will depend on multiple factors such as your driving record, your coverage limits, etc.). Before you purchase your new Tesla it is best to make sure you current insurance company will insure you and get a quote so you will know how much your insurance will be.
I highly recommend that you look at purchasing the highest liability limits you can afford. You can read more about liability limits on our previous blog post, the Truth about Minimum Limits. You also want to make sure you have uninsured motorist coverage. In the state of Texas the minimum liability limits are $30,000 per person/$60,000 per accident/$25,000 property damage. This means that if someone hits your Tesla that only carries the minimum property damage liability limit of $25,000, they will not have enough insurance to cover your Tesla. You should also purchase comprehensive, collision, and rental reimbursement coverage for your car.
Hanby Insurance serves all of Texas. Our agency headquarters is located in Rockwall, Texas. We represent multiple insurance carriers to find you the best coverage for your Tesla at a great rate. Please do not hesitate to reach out to us today if you have any questions. We are here to help you!