Purchasing a Tesla or any electric vehicle (EV) can seem like an investment in the environment and sustainable technology. While the sticker price can be high depending on the model you buy, you probably hope to come out ahead in the long run, thanks to government incentives like the EV tax credit and lower fuel costs, which can offset some of the upfront costs of the vehicle. What you might not consider when calculating the financial outlay for a Tesla is how much it costs to insure.
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Insurance costs for Teslas can vary widely based on things like your car’s model, the state you’re insuring it in, and, of course, your driving record. Teslas are notoriously expensive to insure for reasons including their specialized parts, which make them more costly to repair than other types of vehicles. While the automaker offers its own in-house insurance option, which can lower the cost of insuring a Tesla in some cases, its availability is limited to a few states and doesn’t have the best reputation. Given all of these factors, if you’re in the market to buy a Tesla, it’s a good idea to include insurance costs when calculating the total ownership cost before you buy.
The 5 Most Expensive States To Insure A Tesla (According To MarketWatch)
