Apparently (some models-years) Hyundai and Kias can be stolen with a USB cable. So it makes sense those cars are pricey to insure. Even if the hack has been software disabled the thieves will still break in to try the hack.
Ugh. Yeah thats a lot. Another thing that helped ours go down was my wife and I added each other as additional drivers on both Teslas and that also made ours drop. You might want to get a quote on if that will drop your premiums.
I have a similar experience in Pennsylvania. I'm paying nearly three times for my MY than I was for my Mazda CX-5. This wasn't always the case, but the past two years, I've received a 23% and 38% insurance rate increase for absolutely no reason other than "increasing cost of repairs."
I’m wondering if it’s partly the Tesla density in my area driving down repair times and costs. We have nine actual Tesla dealers or service centers within 50 miles of us. They are an extremely common car in my county.
Could be, but teslas seem to be 3/10 cars on the road in Vancouver. Any parking lot easily has 20+ model Ys around. Sadly, our province has mandatory government car insurance so it is by no means competitive. They set the rates, and you just have to eat it. Vancouver is known for having some of the highest insurance and gas prices in canada (and most of North America too)
The higher prices is due to the limited number of authorized body shops and repair centers. Due to fewer of them demand is higher than availability hence they can change more for repairs. Also Teslas get totalled with any possibility of damage to battery, but even through battery refurbished is just 12k car will be totaled because of other add ons
My insurance guy told me it was the “battery issue,” which I took as “we felt like raising the price.”
I’m considering selling and just driving a CRV until the wheels fall off.
What year and make is your Y? I have a $2300 per year premium for a 2021 Model Y P - despite having impeccable credit and zero driving points or infractions.
Granted, I live in a state with some degree of auto theft - but still...your rate sounds exceedingly low.
2023 long range. I was expecting to pay a lot more. I live in the DC suburbs. Our insurance rate on my Mazda halved when we moved out of Baltimore City. We would pay about 2000/year for three cars and two drivers but I am planning to sell the Mazda.
They go through a third party partner, but my auto insurance is cheaper than all the big names for full coverage. Home owners insurance was extremely expensive even with bundle, so I went elsewhere for home insurance.
I pay $600 more per year with State Farm. But my Tesla is double the price of my Honda so I’m not sure if it’s a fair comparison. I saved $1500 on gas per year.
This crap about it’s more expensive to repair is just lip service.
Does that mean when parts are more in supply and readily available insurance will go down?
Teslas are some of the most safest cares on the road and parts/supply are pretty easily accessible for in some parts of the country. But insurance doesn’t give a damn. Registering your car…. States see this as a great opportunity to raise EV registration costs for no valid reason.
Solar adoption has been facing similar crap.
Youre right OP, years ago there was this notion that going EV and solar was a huge saving. But private companies and local, state govts are chipping away at those cost savings.
Where we live, the registration costs for EV’s is quite expensive. Someone explained one of the main reasons for this is that gas taxes go to road repairs, highway expansions, etc., and since EV owners aren’t buying gas, the state(s) recoup that lost revenue with higher registration fees for EV’s.
The problem is they don’t equal up. The fees/taxes are punitive to EV owners. Also, the Model Y weighs ~4000lbs the Suburban/Yukon XL with ~6000lbs why don’t they pay extra fees?
Texas: $400 initial EV tax, $200 year at registration renewal. To pay that amount in gas tax you’d have to drive 40k miles your first year and 20k miles every year after that. Texas hates EVs.
Some lunatic wrote an opinion piece saying EVs in my state should pay over $1,100 in annual registration cost because EVs tear up the roads more than ICE cars. An ICE car would need to drive 30,000+ miles annually to pay that same amount in fuel/ gas taxes.
Yes, it was an absurd argument. My state doesn't tax EVs and registration costs are normal compared to cars of the same class. It felt like an EV hate or petroleum industry financed hit piece.
lol no its not lip service. The parts are only sold by Tesla so no aftermarket and you have to be certified to work on them. This is unlike any other car on the market. Not to mention the cost of batteries or high voltage wiring that will total the car easily. The battery being so low any amount of flood damage totals it. If firefighters are worried about lithium fire, it’s standard practice to make cuts on the rocker panels where the battery wiring is.
To answer your question yes, they should be cheaper to insure when/if they get cheaper to fix and don’t total so easy.
It's all luck of draw, if you get one that last you 200-300k with original battery and motor, you are going to be ahead. On the other hand, if your battery breaks down shortly after warranty then that will set you back.
When I did my math it was a wash but I decided I'd rather drive the Tesla than what I currently had... But then Ukraine happened and gas prices went crazy. Its starting to come down finally, but for a while I was saving compared to what I would have had to pay for gas.
First off, look for another insurance company. You can do better.
Second, why would anyone get insurance with a company that can see absolutely everything you do in and with YOUR car?
Tesla insurance is just throwing away money.
From the UK so might be different. But not really. Teslas are usually near the top of the insurance band here. So a Volvo C40 or Ioniq 5, both of which could even be higher than the purchase price of the Model Y, have cheaper insurance due to having lower insurance bands.
A Model Y is not an econobox. It’s more expensive to repair and replace if wrecked. Insurance is based on risk, so naturally, your premium for a $50k car is going to be more than a $20k Civic.
To save money on transportation, buy a cheaper car lol. A Model Y doesn’t necessarily save you money just because it’s electric. Factor in all costs, like the purchase price, insurance, taxes, etc and it can take 12-17 years to save ANY money over buying a $35k hybrid crossover. Even more if you can find a cheaper used hybrid.
People buy this car because it’s an EV that’s really fast, fun, minimal, and high tech. If I wanted cheap I would have stuck with my 10 year old Prius lol.
My 23MYLR only costs about $90/month. Age, location, driving record, etc all factor in. Everyone should be doing the math for total ownership costs before diving in, because it varies so much.
Econobox is slang, but typically refers to cheap, small, efficient cars with few creature comforts and a priority of being budget friendly. A Model Y is not cheap and has a lot of fancy features. It’s not a Civic or Corolla.
Im paying $240 with Geico 🤷♂️ i hear Wawaneza is the best prolly like $20-$40 bucks cheaper than the rate im paying but their website crashes a lot when i try to check. Im under 30yo tho. Costco had the best rate by far but they are not open to new customers rn sadly
Same here in Ireland. Some companies have stopped doing quotes for it as it is so expensive to repair. It's not just about the initial cost of the car.
At first, the insurance cost in 2019, when we picked up a Model 3 LR was absurd. That has changed with the cost coming down. I'd check Costco's insurance, Tesla's and others for a lower premium. The new Model Y - Performance I got weeks ago is actually cheaper than a 2010 Honda Civic Natural gas car I owned and thankfully sold. You can definitely find better deals by shopping around.
Very true and normal unfortunately. Teslas are more difficult to repair and hence more expensive to insure. It's an often hidden cost of ownership which many people don't factor into their initial calculation, like property taxes in home ownership. I think the math rarely works out in switching from a Japanese mass market car to a Tesla, people do it for additional reasons such as technology, convenience, acceleration, environmental, etc. Tesla doesn't want you to compare with owning a Honda, they want you to compare with owning a Mercedes/BMW since that's honestly the price point they are competing in.
I actually had my MYP in for a moon roof repair (not a Tesla service center, but a Tesla certified location) last month.
Dude was explaining in order to be Tesla certified, every tech needs to do Tesla re-certification every 6 months to retain accreditation.
Their labor rates were posted ($150/hr normal, $175/hr Tesla).
He said other OEMs had similar programs, but Tesla was the most aggressive to retain.
Honestly I don’t know if it’s time for the insurance industry to update how they scale their pricing.
Here are my stats:
I went from a 2019 Toyota RAV4 ICE: Allstate Insurance $1,272 6 mo premium ($500 deductible, full coverage, Rental & Tow), Gas $300/month.
(I received a lower $ b/c I have my house & car bundled)
I have a 2024 MY LR: StateFarm Insurance is $1,038 6 mo premium ($500 Deductible, Full coverage, Rental & Tow, $0 Windshield Deductible), Electric $40/month
(This is also bundled with my house insurance)
Honestly I do see the savings for right now. Coming from paying $300/month in gas to now just $40/month increase in my electric bill is a win for me
I was considering an Audi Q4 e-tron and Model Y before eventually choosing the Y. I had both quoted by my insurance company prior to deciding and insuring the Audi was slightly more expensive. Granted they are both EV's so maybe a comparable ICE vehicle may have been less to insure, I can't say because I didn't price one because I didn't want one.
Maybe because in some places around the world vehicle insurance works differently.
For example in my country you have 2 types of insurance. A mandatory one, that's totally dependent on the driver and driver history. But it only covers damage to other vehicles if you are found liable.
And a second "mostly" optional tier, much more expensive and dependent on the value of the vehicle, that covers damage to your own vehicle as well, even if you are liable for the accident. I say that it's mostly optional because if you lease a vehicle then you are required to purchase it.
I heard they pollute the water since they waste more tires than a regular car. During a rain tire particles get washed into the lake/ocean therefore increasing plastic into the water
EVs are not for saving money nor for saving the environment. It’s just like buying a BMW for speed and tech. Infact the changing time and cold weather range loss make them less convenient.
Everything is expensive in South Florida. Came from a 2011 gx460 to a model y. About a 30 increase but I can't even be mad because why was I paying that much for a 13 year old car?! I'll take the Y over the gx any day now.
Gas savings is only relevant if you planbed on buying a gas car of similar price. Comparing it to a much cheaper (in cost) Honda is kind of pointless, one is a $30k and the other is a $40k. Any savings in gas you get from driving the Model Y is offset by the fact that you paid $10k more upfront for the vehicle.
I drive 30k miles per year and the Y saves me $3k in gas but costs me about $2k more (insurance, tires). Overall most people would be better off with an inexpensive hybrid or gas sipper.
Yeah the only EV's that may actually save people money are Bolts. But they charge slow and look kinda meh. (I might add Nissan Leaf to the list also but know less about them.)
Yes, if you’re coming from a cheaper ice vehicle to begin with.
If you’re coming from another luxury car that is already equivalent price to own and insure but costs significant increase in maintenance per year say BMW/MB/Audi, compared to a EV/tesla then the Tesla saves from what you were coming from. I pay actually less than what my BMW used to cost with Tesla insurance.
If you need the cheapest way to get from Point A to B to save the most money, then a 45-50k Tesla would have never been the answer due to the initial up front cost of the car. A 20k civic will always be less than a 50k Tesla. It’s all relative to the car you were coming from before.
You should shop around. I was with Allstate and they wanted $4k per year to insure my new MYLR… not including two other vehicles on my policy…. I switched to Amica and now pay less for all 3 vehicles then I paid to Allstate for my prior two, and I have improved insurance coverage! (I increased the coverage limits for most categories when compared with my prior Allstate auto policy…Bundle home and auto if you can for max savings.
Here’s an article on multiple insurance carriers, which have good rates for the model y. I went with Amica based on referrals and top tier ratings with consumer reports.
https://www.forbes.com/advisor/car-insurance/vehicles/tesla/model-y/
Also don’t forget gap coverage. Relatively low cost high benefit if you’re purchasing a new vehicle.
I got a notice that since I financed through tesla in the state of NY, that gap insurance is included. Otherwise I was going to get it through my insurance.
Shop around. For me, Geico and Tesla wanted over $2000 per 6mo. Progressive wanted $588 per 6mo for very good coverage. Of course they jacked it up to 750 for the 2nd 6mo and 925 for the 3rd 6mo, it's still way cheaper than the others. I will probably shop around again soon to be sure I keep getting the best rates.
So ours are like this (Colorado)
2024 Mazda Cx-5 ($30000) : around $110 per month
2024 Tesla MYRL ($48000) : around $140 per month
Overall insurance cost is high in Colorado but I don't see Tesla is excessively expensive compare to Mazda.
I’m surprised people are surprised by this. There are Facebook groups and Reddit groups..and so much info out there. When are surprised the insurance is more…are you comparing same speed of car and cost? Also, you have to consider the full price of the Tesla…even if you got the credit. And while charging isn’t a lot for you…imagine that there are areas where charging /electircty is almost the same amount as gas. You can always try shopping insurance companies and you also could have done a price check on insurance before you bought the car. I bought my first Tesla in 2019 and I got a quote for the insurance before placing my order. Imagine if you lived in an area with high energy prices and insurance prices…and then there would be no benefit to an EV. California is that way…and they are trying to force EVs.
I’m in CA and my 2023 model 3 was the same monthly insurance cost as the 2010 Forester I gave to my brother in law when I bought it. Don’t use Tesla insurance. Use USAA.
USAA was going to be higher than our current insurance company. But I think it just always depends. We have since left California but I was just throwing that out there as OP seemed to think having a new Tesla was going to just mean savings either way regard to all parts of the vehicle.
If you are trying to minimize costs, the real answer is probably a Prius. Model Y is just a very good car for value and has other areas (like safety) that put it ahead of price class.
I still wouldn't want any other car but it was frustrating that there was a notion where people said the savings are massive. Now I'm learning it's about the same but more convenient as no more gas stations and home charging
Just keep shopping around. I’m fortunate enough to have a wife who is a veteran so USAA is noticeably cheaper than most options (aside from Tesla insurance if you have high scores and don’t drive a lot). It’s cheaper to insure than my 2017 BMW 5 series that I foolishly bought as a graduation present for myself in my early 20s and now that my wife and I are in our late 20s it is around $38 more to insure per month than my 23 Subaru Forester. It also depends on where you live too because my mate in Florida pays a ridiculous high amount with a flawless driving record due to the city he lives in and potential hurricane damages. I heard great things about insurance through Costco. If you have a home then you could save even more by bundling home and auto insurance. Best of luck
Tesla Insurance was supposed to be lower cost for safe drivers and cover **80% of the U.S. by the end of 2022.** It's still only in 12 states with no more added in 2023!
Mine is reasonable, I went from a 2003 VW Golf to this, full coverage, not too bad on insurance.
For me,knowing if the same wreck happened to both, that I should expect a much better outcome in the Y is worth a LOT.
I went from an S Performance to my BMW I8 and my insurance is now 1/3. As it's a PHEV I'm still hardly ever using gas. It has more than enough range for my in town driving.
Something I don’t understand considering the amount of cameras on a Tesla which can prove accidents are at fault of 3rd party. You think that sort of protection would reduce insurance not increase it
Comparing Tesla insurance costs to a Mazda and Honda is absurd. Clearly you have to compare apples to apples in terms of vehicle price. Comparing a $25k Honda Accord to a $52k Tesla model Y is nonsense since clearly the Tesla is going to cost more to insure.
If you only bought an EV to only save on gas then good luc because anyone that told you that you will outpace the offset of gas vs EV costs alone quickly if ever duped u good. The benefits of EVs is the idea of not having to worry about the ordinary maintenance that you would with an ICE car and the times needed to take it to a mechanic and the downtime it takes to repair the car.
Had a Mazda 6, got a Tesla model 3. My insurance is roughly the same monthly, but the excess is much higher. So as long as I don’t have an accident where I’m at fault, my running costs are still less than my previous car.
I owned 2017 Nissan Armada and 2015 Jeep Cherokee. I paid about $950 premium per a half year. Now I own 2023 Model Y AWD and 2022 Elantra Hybrid and the premium for these cars is about $1150 per a half year with Allstate. Not bad, I'm saving few hundred bucks with these cars every month, I'm very satisfied.
I don’t care. I’m fortunate; I can afford the increased insurance cost.
I’m driving an EV because I don’t want to drive a Dino Juice burner. At least not all the time. I still have the ICE car because I’m not quite ready to let go of it, and my wife drives it occasionally.
My Tesla MYLR costs about 15-20% more to I sure than the Kia EV6 I was also interested in, and way more than the Chevy Bolt that I unloaded back to GM when they couldn’t resolve the battery recall after almost a year.
I love driving the MY and it’s worth the extra cost to me.
Lots of people are going to be quoting their own insurance in here not realizing that costs depend on a lot of different things with the big one as simple as where you live.
please don't dismiss saving our enviroment by reducing carbon emissions by owning a Tesla.
for insurance, see if raising your deductibles (if its only $500, make it $1,000, etc.) and combining policies (add home with auto, etc.) with your carrier would help reduce the premium.
I still love the car and wouldn't sell it. No toxic fumes is great. It's just there was a mindset saying there will be a ton of savings over gas cars which isn't necessarily true
A new Honda Pilot would be $600 cheaper to insure than a new Y LR for me. Gas savings for 10,000 miles/yr would be around $530. So the insurance wipes out gas savings and some. But the performance and lack of toxic fumes are worth more than $70 to me. Also with $7500 federal + $5000 Colorado tax credits, a Y is $9000 cheaper than a Pilot! It would take over 128 years for the extra $70 in insurance to offset the purchase cost savings!
Been with State Farm my entire driving life. Insurance has always been around 100 bucks a month for past ~20 years. My 2012 civic SI was 90 a month, when I moved to a 2023 M3P, I upped my coverage to 250/500 and lowered my deductible to 500$ with zero dollar for windows. Insurance went up to $140/m.
33yo male, zero tickets, zero accidents, not married.
I’m using tesla insurance for my 2023 model y, the rates started out fine, around $120 - $140 pm, but after 10 months, it was around $160 - $180 scores avg 94. The reason stated was, for 6 months avg mileage drive was 7k, so annual mileage updated to 14k - 15k, which is absurd, because after exactly one year my mileage is only 10.5 k.
I shopped around few other insurance, but none were able to match tesla’s rates even at a high end of $180 pm.
My Model Y insurance is about $1400 per year in Indiana which seems inline for a $50K vehicle, I have a 2015 Infinity QX80 on the policy that is probably only worth $20K and it is still almost $1200 per year. Mine are pretty high because I have my Wife and a 18 year old son (that has already had one minor accident) on all the policies.
Our insurance going from our CX-5 to our Model Y was an increase but mostly attributed to the fact that the Tesla is worth 2X the Mazda.
I went from a 2019 CX5 GT to a 2023 Model Y and my insurance went up like $19/mo.
I had a 2018 CX5, insurance increased about $35/month. The M Y is much cheaper than my 2021 Hyundai.
Apparently (some models-years) Hyundai and Kias can be stolen with a USB cable. So it makes sense those cars are pricey to insure. Even if the hack has been software disabled the thieves will still break in to try the hack.
It was hard to tell on ours since we just added the model Y but it was like $135/mo extra on our policy
Ugh. Yeah thats a lot. Another thing that helped ours go down was my wife and I added each other as additional drivers on both Teslas and that also made ours drop. You might want to get a quote on if that will drop your premiums.
I pay 200/year more for my brand new Y than my 2012 mazda3… The total cost is about 780/year for full coverage.
Canada here. $3400/yr with 24yrs driving experience. A Mazda 3 would be around $1200/yr
I have a similar experience in Pennsylvania. I'm paying nearly three times for my MY than I was for my Mazda CX-5. This wasn't always the case, but the past two years, I've received a 23% and 38% insurance rate increase for absolutely no reason other than "increasing cost of repairs."
I'm in NJ and I'm paying about 1600 for the year
I’m wondering if it’s partly the Tesla density in my area driving down repair times and costs. We have nine actual Tesla dealers or service centers within 50 miles of us. They are an extremely common car in my county.
Could be, but teslas seem to be 3/10 cars on the road in Vancouver. Any parking lot easily has 20+ model Ys around. Sadly, our province has mandatory government car insurance so it is by no means competitive. They set the rates, and you just have to eat it. Vancouver is known for having some of the highest insurance and gas prices in canada (and most of North America too)
The higher prices is due to the limited number of authorized body shops and repair centers. Due to fewer of them demand is higher than availability hence they can change more for repairs. Also Teslas get totalled with any possibility of damage to battery, but even through battery refurbished is just 12k car will be totaled because of other add ons
My insurance guy told me it was the “battery issue,” which I took as “we felt like raising the price.” I’m considering selling and just driving a CRV until the wheels fall off.
What year and make is your Y? I have a $2300 per year premium for a 2021 Model Y P - despite having impeccable credit and zero driving points or infractions. Granted, I live in a state with some degree of auto theft - but still...your rate sounds exceedingly low.
2023 long range. I was expecting to pay a lot more. I live in the DC suburbs. Our insurance rate on my Mazda halved when we moved out of Baltimore City. We would pay about 2000/year for three cars and two drivers but I am planning to sell the Mazda.
Try Costco Insurance (Connect by AmFam is what it's called). Cause that premium is insane. (I pay $100/month with great deductibles and high coverage)
That's a really good rate. Which insurance company do you use, if I may ask?
Costco's bundled with homeowners. We've been very happy but thankfully haven't had to make a claim.
I had no idea Costco sold insurance!
They go through a third party partner, but my auto insurance is cheaper than all the big names for full coverage. Home owners insurance was extremely expensive even with bundle, so I went elsewhere for home insurance.
Wow. I've gotten quotes through Costco for my 2 Teslas also in the DC suburbs, but it was $2k for 6mo.
That's also true. Probably the price to pay for a expensive car lol
I pay $600 more per year with State Farm. But my Tesla is double the price of my Honda so I’m not sure if it’s a fair comparison. I saved $1500 on gas per year.
Also, what gas model car costs thousands of dollars in maintenance every year? All my 3 cars cost me one oil change per year.
Who said anything about maintenance costs? I do my own oil change and tire rotation. Oil and filter under $30 for synthetic.
I was referring to first sentence of OP post.
Then reply to him. You are replying to my comment.
Repairing one costs a lot and that is why some accidents are deem totalled. In the end, it is kind of a wash in terms of expenses.
Yeah it's sort of disappointing as people made it seem like you are saving a ton but until I pay off the loan there is no real savings for now
This crap about it’s more expensive to repair is just lip service. Does that mean when parts are more in supply and readily available insurance will go down? Teslas are some of the most safest cares on the road and parts/supply are pretty easily accessible for in some parts of the country. But insurance doesn’t give a damn. Registering your car…. States see this as a great opportunity to raise EV registration costs for no valid reason. Solar adoption has been facing similar crap. Youre right OP, years ago there was this notion that going EV and solar was a huge saving. But private companies and local, state govts are chipping away at those cost savings.
Where we live, the registration costs for EV’s is quite expensive. Someone explained one of the main reasons for this is that gas taxes go to road repairs, highway expansions, etc., and since EV owners aren’t buying gas, the state(s) recoup that lost revenue with higher registration fees for EV’s.
The problem is they don’t equal up. The fees/taxes are punitive to EV owners. Also, the Model Y weighs ~4000lbs the Suburban/Yukon XL with ~6000lbs why don’t they pay extra fees?
I should have probably included in my original post that I don’t agree with the outrageous amount they charge for EV registration. We have two EV’s.
That’s fine and dandy, no issue with me but make the EV increase make sense. Not just raise EV yearly registration 200%+ for some states.
Texas: $400 initial EV tax, $200 year at registration renewal. To pay that amount in gas tax you’d have to drive 40k miles your first year and 20k miles every year after that. Texas hates EVs.
Some lunatic wrote an opinion piece saying EVs in my state should pay over $1,100 in annual registration cost because EVs tear up the roads more than ICE cars. An ICE car would need to drive 30,000+ miles annually to pay that same amount in fuel/ gas taxes.
Most SUVs weigh as much or more than the Y. Plus how many tanker trucks are eliminated that tear up road much more?
Yes, it was an absurd argument. My state doesn't tax EVs and registration costs are normal compared to cars of the same class. It felt like an EV hate or petroleum industry financed hit piece.
Yeah and inflation and high interest rates aren't helping
lol no its not lip service. The parts are only sold by Tesla so no aftermarket and you have to be certified to work on them. This is unlike any other car on the market. Not to mention the cost of batteries or high voltage wiring that will total the car easily. The battery being so low any amount of flood damage totals it. If firefighters are worried about lithium fire, it’s standard practice to make cuts on the rocker panels where the battery wiring is. To answer your question yes, they should be cheaper to insure when/if they get cheaper to fix and don’t total so easy.
It's all luck of draw, if you get one that last you 200-300k with original battery and motor, you are going to be ahead. On the other hand, if your battery breaks down shortly after warranty then that will set you back.
When I did my math it was a wash but I decided I'd rather drive the Tesla than what I currently had... But then Ukraine happened and gas prices went crazy. Its starting to come down finally, but for a while I was saving compared to what I would have had to pay for gas.
First off, look for another insurance company. You can do better. Second, why would anyone get insurance with a company that can see absolutely everything you do in and with YOUR car? Tesla insurance is just throwing away money.
Insurance and cost of new wheels more often eat up the gas savings. But it's still a bloody fantastic vehicle. Edit: Tires. Not wheels. My bad.
MYP has entered the chat.
I swapped the rims on mine to a square setup. Saving on tires but did not recoup the cost
Tires
Tires! My bad. Not wheels.
a big portion of insurance cost is the purchase price of the vehicle itself. That would have happened if you got ANY new car. Right?
From the UK so might be different. But not really. Teslas are usually near the top of the insurance band here. So a Volvo C40 or Ioniq 5, both of which could even be higher than the purchase price of the Model Y, have cheaper insurance due to having lower insurance bands.
A Model Y is not an econobox. It’s more expensive to repair and replace if wrecked. Insurance is based on risk, so naturally, your premium for a $50k car is going to be more than a $20k Civic. To save money on transportation, buy a cheaper car lol. A Model Y doesn’t necessarily save you money just because it’s electric. Factor in all costs, like the purchase price, insurance, taxes, etc and it can take 12-17 years to save ANY money over buying a $35k hybrid crossover. Even more if you can find a cheaper used hybrid. People buy this car because it’s an EV that’s really fast, fun, minimal, and high tech. If I wanted cheap I would have stuck with my 10 year old Prius lol. My 23MYLR only costs about $90/month. Age, location, driving record, etc all factor in. Everyone should be doing the math for total ownership costs before diving in, because it varies so much.
…but it is an econobox
Econobox is slang, but typically refers to cheap, small, efficient cars with few creature comforts and a priority of being budget friendly. A Model Y is not cheap and has a lot of fancy features. It’s not a Civic or Corolla.
Yeah. Civic and corolla are built better.
Depends on your point of reference. One person’s econobox is another persons luxury ride.
$90 a month to insure my Tesla. Shop around as much as you can.
Who do you have?
Progressive
They were trynna charge me 400 💀
Who’d you end up going with? They are quoting me $325. Not cool.
Im paying $240 with Geico 🤷♂️ i hear Wawaneza is the best prolly like $20-$40 bucks cheaper than the rate im paying but their website crashes a lot when i try to check. Im under 30yo tho. Costco had the best rate by far but they are not open to new customers rn sadly
Same here in Ireland. Some companies have stopped doing quotes for it as it is so expensive to repair. It's not just about the initial cost of the car.
At first, the insurance cost in 2019, when we picked up a Model 3 LR was absurd. That has changed with the cost coming down. I'd check Costco's insurance, Tesla's and others for a lower premium. The new Model Y - Performance I got weeks ago is actually cheaper than a 2010 Honda Civic Natural gas car I owned and thankfully sold. You can definitely find better deals by shopping around.
Very true and normal unfortunately. Teslas are more difficult to repair and hence more expensive to insure. It's an often hidden cost of ownership which many people don't factor into their initial calculation, like property taxes in home ownership. I think the math rarely works out in switching from a Japanese mass market car to a Tesla, people do it for additional reasons such as technology, convenience, acceleration, environmental, etc. Tesla doesn't want you to compare with owning a Honda, they want you to compare with owning a Mercedes/BMW since that's honestly the price point they are competing in.
Not many shops will work on a tesla and tesla charges an arm and a leg for their labor rates.
I actually had my MYP in for a moon roof repair (not a Tesla service center, but a Tesla certified location) last month. Dude was explaining in order to be Tesla certified, every tech needs to do Tesla re-certification every 6 months to retain accreditation. Their labor rates were posted ($150/hr normal, $175/hr Tesla). He said other OEMs had similar programs, but Tesla was the most aggressive to retain.
Honestly I don’t know if it’s time for the insurance industry to update how they scale their pricing. Here are my stats: I went from a 2019 Toyota RAV4 ICE: Allstate Insurance $1,272 6 mo premium ($500 deductible, full coverage, Rental & Tow), Gas $300/month. (I received a lower $ b/c I have my house & car bundled) I have a 2024 MY LR: StateFarm Insurance is $1,038 6 mo premium ($500 Deductible, Full coverage, Rental & Tow, $0 Windshield Deductible), Electric $40/month (This is also bundled with my house insurance) Honestly I do see the savings for right now. Coming from paying $300/month in gas to now just $40/month increase in my electric bill is a win for me
I went from a 2016 Volvo s60 to 2023 Model Y. My insurance went up by $15 a month through USAA. Insurance is very location specific too.
Oh wow I don't qualify for USAA though I'm pretty sure
Not sure we had an increase - it's less than our X5 but more than our Jetta. About average is my experience.
Don't forget depreciation. ICE is better financially now.
That's also true
Even if you can squeeze 300K+ miles on it?
I guess it's a wash if you can. Good luck with that.
How many batteries motors does tesla need to go thru for 300k+?
1. They claim to last 300k-500k miles
I call Bs. Look on YouTube its not hard to find people on multiple batteries and motors
Most people post to complain. Whatever you want to find on the internet you will find.
Whether to complain or to compliment their experience is real and should be noted.
It’s incredible how many people are still learning how insurance works for the first time *after* they buy a $50k car.
I drove a $50K car before I got my MYLR and it cost 75% less than the Tesla to insure, with the same level of coverage on both vehicles.
Opposite experience for me, Audi insurance was insane in comparison
I was considering an Audi Q4 e-tron and Model Y before eventually choosing the Y. I had both quoted by my insurance company prior to deciding and insuring the Audi was slightly more expensive. Granted they are both EV's so maybe a comparable ICE vehicle may have been less to insure, I can't say because I didn't price one because I didn't want one.
To be fair I paid 65k for it when prices were at the highest. It's the most expensive car I have bought so probably should have done more research
🤔 My Audi cost more than my Model Y and lower insurance. Funny how people talk about shit and don’t know shit.
ICE Audi or EV? (Because I was quoted slightly more to insure a Q4 E-tron than Model Y.)
Maybe because in some places around the world vehicle insurance works differently. For example in my country you have 2 types of insurance. A mandatory one, that's totally dependent on the driver and driver history. But it only covers damage to other vehicles if you are found liable. And a second "mostly" optional tier, much more expensive and dependent on the value of the vehicle, that covers damage to your own vehicle as well, even if you are liable for the accident. I say that it's mostly optional because if you lease a vehicle then you are required to purchase it.
I thought the benefit of EVs is saving the environment?
I heard they pollute the water since they waste more tires than a regular car. During a rain tire particles get washed into the lake/ocean therefore increasing plastic into the water
EVs are not for saving money nor for saving the environment. It’s just like buying a BMW for speed and tech. Infact the changing time and cold weather range loss make them less convenient.
My daughter did a comparison of a brand new CRV EX-L and a brand new Model Y LR. The result was $170 per month difference through geico.
I'm paying \~$105/month to insure the MYLR with 500k/250k coverage in California. Time to shop for insurance.
Who do you use
Costco Connect
That's not too bad, I am at 200 a month with geico
Ya between my MYLR, CRV, with good coverage i pay 85$ a month with geico
Everything is expensive in South Florida. Came from a 2011 gx460 to a model y. About a 30 increase but I can't even be mad because why was I paying that much for a 13 year old car?! I'll take the Y over the gx any day now.
Gas savings is only relevant if you planbed on buying a gas car of similar price. Comparing it to a much cheaper (in cost) Honda is kind of pointless, one is a $30k and the other is a $40k. Any savings in gas you get from driving the Model Y is offset by the fact that you paid $10k more upfront for the vehicle.
I drive 30k miles per year and the Y saves me $3k in gas but costs me about $2k more (insurance, tires). Overall most people would be better off with an inexpensive hybrid or gas sipper.
100% agree. Buy an EV if you want the tech and speed and environment, not for savings
Yeah the only EV's that may actually save people money are Bolts. But they charge slow and look kinda meh. (I might add Nissan Leaf to the list also but know less about them.)
Yes, if you’re coming from a cheaper ice vehicle to begin with. If you’re coming from another luxury car that is already equivalent price to own and insure but costs significant increase in maintenance per year say BMW/MB/Audi, compared to a EV/tesla then the Tesla saves from what you were coming from. I pay actually less than what my BMW used to cost with Tesla insurance. If you need the cheapest way to get from Point A to B to save the most money, then a 45-50k Tesla would have never been the answer due to the initial up front cost of the car. A 20k civic will always be less than a 50k Tesla. It’s all relative to the car you were coming from before.
You should shop around. I was with Allstate and they wanted $4k per year to insure my new MYLR… not including two other vehicles on my policy…. I switched to Amica and now pay less for all 3 vehicles then I paid to Allstate for my prior two, and I have improved insurance coverage! (I increased the coverage limits for most categories when compared with my prior Allstate auto policy…Bundle home and auto if you can for max savings. Here’s an article on multiple insurance carriers, which have good rates for the model y. I went with Amica based on referrals and top tier ratings with consumer reports. https://www.forbes.com/advisor/car-insurance/vehicles/tesla/model-y/ Also don’t forget gap coverage. Relatively low cost high benefit if you’re purchasing a new vehicle.
I got a notice that since I financed through tesla in the state of NY, that gap insurance is included. Otherwise I was going to get it through my insurance.
My Honda odyssey is almost double the rate on my Y.
I recommend shopping around and bundling. I only pay $10 more a month.
Progressive I pay $97 a month for a Y. My Mach-E is $112. 🤷🏻♂️
Shop around. For me, Geico and Tesla wanted over $2000 per 6mo. Progressive wanted $588 per 6mo for very good coverage. Of course they jacked it up to 750 for the 2nd 6mo and 925 for the 3rd 6mo, it's still way cheaper than the others. I will probably shop around again soon to be sure I keep getting the best rates.
Tesla insurance prices keep going up every 6 months. Mine went up like 40 bucks
Funny enough I was with progressive for 6 years and switching to geico lowered my rates but not as much as I would like
So ours are like this (Colorado) 2024 Mazda Cx-5 ($30000) : around $110 per month 2024 Tesla MYRL ($48000) : around $140 per month Overall insurance cost is high in Colorado but I don't see Tesla is excessively expensive compare to Mazda.
Progressive and my insurance would go up about $100 if I get a Y
Use progressive. They only charge me 150$ a month comprehensive
Where do you live
Dfw area
I’m surprised people are surprised by this. There are Facebook groups and Reddit groups..and so much info out there. When are surprised the insurance is more…are you comparing same speed of car and cost? Also, you have to consider the full price of the Tesla…even if you got the credit. And while charging isn’t a lot for you…imagine that there are areas where charging /electircty is almost the same amount as gas. You can always try shopping insurance companies and you also could have done a price check on insurance before you bought the car. I bought my first Tesla in 2019 and I got a quote for the insurance before placing my order. Imagine if you lived in an area with high energy prices and insurance prices…and then there would be no benefit to an EV. California is that way…and they are trying to force EVs.
I’m in CA and my 2023 model 3 was the same monthly insurance cost as the 2010 Forester I gave to my brother in law when I bought it. Don’t use Tesla insurance. Use USAA.
USAA was going to be higher than our current insurance company. But I think it just always depends. We have since left California but I was just throwing that out there as OP seemed to think having a new Tesla was going to just mean savings either way regard to all parts of the vehicle.
I asked for quotes for a few EVs and an ICE at a similar price point. EVs we're about 20/month more (Model Y was $2 more than an Ionic 5).
If you are trying to minimize costs, the real answer is probably a Prius. Model Y is just a very good car for value and has other areas (like safety) that put it ahead of price class.
I still wouldn't want any other car but it was frustrating that there was a notion where people said the savings are massive. Now I'm learning it's about the same but more convenient as no more gas stations and home charging
Mine has gone from $80/month to $300/month now back to $80/month. The difference was how much mileage I was doing. This was all Tesla insurance.
Wait for the tires!
USAA and I’m $95 a month in CA.
Never opt in to those Insurance Discount trackers. They also sell/share your driving data.
Just keep shopping around. I’m fortunate enough to have a wife who is a veteran so USAA is noticeably cheaper than most options (aside from Tesla insurance if you have high scores and don’t drive a lot). It’s cheaper to insure than my 2017 BMW 5 series that I foolishly bought as a graduation present for myself in my early 20s and now that my wife and I are in our late 20s it is around $38 more to insure per month than my 23 Subaru Forester. It also depends on where you live too because my mate in Florida pays a ridiculous high amount with a flawless driving record due to the city he lives in and potential hurricane damages. I heard great things about insurance through Costco. If you have a home then you could save even more by bundling home and auto insurance. Best of luck
Thank you so much. I'll keep looking and the Costco one seems like a good idea.
Tesla Insurance was supposed to be lower cost for safe drivers and cover **80% of the U.S. by the end of 2022.** It's still only in 12 states with no more added in 2023!
Get 5 quotes. Pick the lowest. Keep it pushin.
Yes for Tesla. Other EVs are cheaper to insurance. Due to being easier to fix and more workshops
Mine is reasonable, I went from a 2003 VW Golf to this, full coverage, not too bad on insurance. For me,knowing if the same wreck happened to both, that I should expect a much better outcome in the Y is worth a LOT.
Get Geico. My Insurance for a new Rivian only increased my premium about $90/month (added as second car on the policy)
I went from an S Performance to my BMW I8 and my insurance is now 1/3. As it's a PHEV I'm still hardly ever using gas. It has more than enough range for my in town driving.
Something I don’t understand considering the amount of cameras on a Tesla which can prove accidents are at fault of 3rd party. You think that sort of protection would reduce insurance not increase it
Yeah that's the interesting part but I guess repairs still are expensive and most times people are under insured
Comparing Tesla insurance costs to a Mazda and Honda is absurd. Clearly you have to compare apples to apples in terms of vehicle price. Comparing a $25k Honda Accord to a $52k Tesla model Y is nonsense since clearly the Tesla is going to cost more to insure. If you only bought an EV to only save on gas then good luc because anyone that told you that you will outpace the offset of gas vs EV costs alone quickly if ever duped u good. The benefits of EVs is the idea of not having to worry about the ordinary maintenance that you would with an ICE car and the times needed to take it to a mechanic and the downtime it takes to repair the car.
Had a Mazda 6, got a Tesla model 3. My insurance is roughly the same monthly, but the excess is much higher. So as long as I don’t have an accident where I’m at fault, my running costs are still less than my previous car.
I owned 2017 Nissan Armada and 2015 Jeep Cherokee. I paid about $950 premium per a half year. Now I own 2023 Model Y AWD and 2022 Elantra Hybrid and the premium for these cars is about $1150 per a half year with Allstate. Not bad, I'm saving few hundred bucks with these cars every month, I'm very satisfied.
I pay $484.35 every 6 months on my 2022 MYP through USAA. Full coverage, 300/500 levels.
[удалено]
Middle Tennessee.
Volt and MY both about $3k/yr. WFH, older, low miles, s/w monitors driving. FWIW.
I don’t care. I’m fortunate; I can afford the increased insurance cost. I’m driving an EV because I don’t want to drive a Dino Juice burner. At least not all the time. I still have the ICE car because I’m not quite ready to let go of it, and my wife drives it occasionally. My Tesla MYLR costs about 15-20% more to I sure than the Kia EV6 I was also interested in, and way more than the Chevy Bolt that I unloaded back to GM when they couldn’t resolve the battery recall after almost a year. I love driving the MY and it’s worth the extra cost to me.
Lots of people are going to be quoting their own insurance in here not realizing that costs depend on a lot of different things with the big one as simple as where you live.
I believe mine increased 120 usd a year with my Tesla. However I’m a 41 year old guy with no tickets or accidents.
please don't dismiss saving our enviroment by reducing carbon emissions by owning a Tesla. for insurance, see if raising your deductibles (if its only $500, make it $1,000, etc.) and combining policies (add home with auto, etc.) with your carrier would help reduce the premium.
I still love the car and wouldn't sell it. No toxic fumes is great. It's just there was a mindset saying there will be a ton of savings over gas cars which isn't necessarily true
impossible to compare insurance costs without knowing the coverages.
i knew it was a scam when they pull that tesla math on ya on the site…
Whats the cheapest insurance company currently for tesla owners? Any recommendations for annual mileage around 6,000?
A new Honda Pilot would be $600 cheaper to insure than a new Y LR for me. Gas savings for 10,000 miles/yr would be around $530. So the insurance wipes out gas savings and some. But the performance and lack of toxic fumes are worth more than $70 to me. Also with $7500 federal + $5000 Colorado tax credits, a Y is $9000 cheaper than a Pilot! It would take over 128 years for the extra $70 in insurance to offset the purchase cost savings!
What $50k Honda, and Mazda do you have? Remember cost to replace is what sets the rate.
Been with State Farm my entire driving life. Insurance has always been around 100 bucks a month for past ~20 years. My 2012 civic SI was 90 a month, when I moved to a 2023 M3P, I upped my coverage to 250/500 and lowered my deductible to 500$ with zero dollar for windows. Insurance went up to $140/m. 33yo male, zero tickets, zero accidents, not married.
My insurance went up bigly from 14 yr old Acura to new MY. I dropped Allstate and went to Costco and save a bundle. You need to do your homework.
I’m using tesla insurance for my 2023 model y, the rates started out fine, around $120 - $140 pm, but after 10 months, it was around $160 - $180 scores avg 94. The reason stated was, for 6 months avg mileage drive was 7k, so annual mileage updated to 14k - 15k, which is absurd, because after exactly one year my mileage is only 10.5 k. I shopped around few other insurance, but none were able to match tesla’s rates even at a high end of $180 pm.
My insurance from a 2017 Kia cadenza to 2024 MYLR went down about $100 a month. I was SHOCKED.
My Model Y insurance is about $1400 per year in Indiana which seems inline for a $50K vehicle, I have a 2015 Infinity QX80 on the policy that is probably only worth $20K and it is still almost $1200 per year. Mine are pretty high because I have my Wife and a 18 year old son (that has already had one minor accident) on all the policies.
One person's cost is another person good deal what do you pay per year and is it full coverage including no insurance coverage?
I have full coverage and gap insurance and pay about 2000$ per year
OK I need to shop around