How Much Is Tesla Model Y Insurance?

Model Y is at the low end of ticket pricing for electric cars with an estimated premium comparable to that of other tesla’s. The Tesla Model Y insurance may cost $227 or $ 2,724 annually over the national average. The Y Model could cost around $1,300. The cost-to-base yearly insurance rate is 5.7 percent over the national average of 4 percent, with a basic price of $48,000.

How do I compare insurance for the Model Y?

How Mush is Tesla Model Y Insurance Rates - Tesla Brand Logo

You may anticipate a typical premium that corresponds to the standard theft rate, coverage, and insurance options for this Tesla. Factors that contribute to this premium include the following:

  • Body type. The Model Y is a small SUV, which adds to the safety and cheap insurance costs associated with this vehicle type.
  • Fuel. This all-electric car has a range of 200–300 miles, depending on the trim level selected. You will not be charged for gasoline, but you will be charged between $10 and $13 each time you use a Tesla supercharger unless you charge at home.
  • Theft rates. Teslas are not well-known for their theft appeal, which bodes well for the anticipated premium.
  • Maintenance. This model is worth its weight in gold in terms of little maintenance, and few owners report issues with their prized electric vehicles.
  • Coverage. This no-frills SUV may just need the same coverage you’d receive with a new car, such as collision, comprehensive, or gap insurance. Despite Tesla’s cheap MSRP, you may still want luxury coverage with agreed-upon value protection, especially if you choose for the bells and whistles.
  • Insurer options. You may have fewer options for luxury insurance, but firms such as Chubb or Hagerty may be able to provide the coverage you want. Consider up-and-coming electric car insurers like as Tesla or Electric Auto.
  • Warranty. This premium model is covered by a four-year, 50,000-mile guarantee. However, Tesla has not yet stated the battery guarantee for the Model Y, whereas the long-range Model 3 has a warranty of up to eight years and 120,000 miles.

Does the Tesla Model Y qualify for discounts?

This big-name electric delivers on savings for safety. Features that might qualify for discounts:

  • Antitheft
  • Airbags
  • Antilock brakes
  • Driver assistance
  • Electric vehicle discounts

Why is Tesla Model Y insurance is so expensive?

The main factors for this model’s above-average premium include:

  • Luxury status. The Model Y is a luxury car, and that means you may need broad luxury coverage to match.
  • Electric car parts. Electrics come with high-tech features, batteries and car parts that stray from the norm, leading to more expensive repairs.
  • High ticket price. Because insurers have more value to cover, you’ll have more premiums to pay.

How reliable is the Tesla Model Y?

Since the Model Y lacks safety and reliability ratings, anticipate it to have a comparable safety profile to previous Tesla models:

  • Safety. Teslas in general are safe cars. For example, the Model 3 was an IIHS Top Safety Pick for 2019, ranking high in all safety categories except for its acceptable child seat latch system.
  • Reliability. This new sedan doesn’t have reliability ratings yet either. However, owners report high satisfaction with Consumer Reports, albeit with issues to the Model 3’s door locks and windows, and some concern over battery life for the electric chargers.
  • Recalls. You won’t find recalls with the Model Y since it’s still a new model, but other Teslas have been recalled for fairly minor issues including steering assist, seatbelts, and parking brake.

Should You Buy A Tesla Model Y?

Based on prior models, the Model Y is projected to have a low theft rate and good safety ratings. With that portfolio, you may expect an average rate for a luxury car, however, comparing insurers may result in a cheaper cost.

Checkout our car insurance review of Bentley Insurance Rates.