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Tesla Auto Insurance

As gas prices continue to rise, more people are turning to electric cars as an eco-friendly way to save money. Several car manufacturers, including Nissan and BMW, now offer a line of electric cars. However, very few have sold as well as Tesla.

Due to their relative novelty and lack of safety data, electric cars can be challenging to insure. Many insurance companies are reluctant to insure electric vehicles until better data arrives. This means that prices can vary a lot between different companies. If you’re looking for Tesla car insurance, you’ll have to do more shopping around than you would for traditional car insurance.

Tesla: Why All The Hype?

Tesla offers four different car models, ranging from sedans, SUVs, and sports cars. Their main appeal is a sleek look, stylish trimmings, and a full range of automated safety features.

The hardware for these safety features is present in all current Tesla models. Unfortunately, Tesla has been slow to roll out the software needed for these features to function fully.

Electric cars are the cars of the future. Not only are they cleaner than diesel or gas cars, but they are at the forefront of driverless technology. While previous versions of electric cars were sluggish and had poor power profiles, new Teslas can accelerate from 0-100 km/h in just over 3 seconds. This (combined with their low price) makes them an attractive option for tech and car enthusiasts.

Average Insurance Rates for Tesla Vehicles in Canada

Several factors influence insurance rates for Teslas in Canada. Many insurance companies offer discounts for hybrid and electric vehicles. This is because people who typically buy these cars are older and have a lower risk demographic profile. Insurance companies also like Tesla’s automated safety features.

Unfortunately, Teslas also have features that can raise monthly insurance rates. There have been several high-profile incidents where the autonomous driving AI failed. Some of these failures have resulted in collisions. Also, because so few Teslas are insured, insurance companies are unable to form a clear picture of how risky Teslas actually are.

Most Popular Tesla Vehicles

Unlike other car manufacturers, Tesla has simplified its car offerings into four model types:

  • The Model S is Tesla’s flagship car. There are two models, the Long Range, and the Performance. They both come with all-wheel drive and Autopilot as standard. The self-driving upgrade offers several useful extras. These include Smart Summon, self-parking, and traffic-light recognition.
  • The Model 3 is the affordable Tesla option. It’s a four-door sedan that comes in three versions, Standard Range Plus, Long Range, and Performance.
  • The Model X is Tesla’s SUV option. It is capable of seating up to seven people. It comes in two models and three different seating configurations.
  • The Roadster is the iconic Tesla car and is due for a reboot in 2020. It has a removable glass roof and, according to Tesla, will reach a top speed of 250 mph.
  • The Model Y is the mid-point between the Model 3 and Model X. it’s a compact SUV that is uniquely poised to take control of the electric compact SUV market. The release date is expected to be Fall 2020.

Do Tesla’s Have a Good Safety Rating?

The Tesla Model 3 has been rated 5/5 by the NHTSA, the highest possible rating. It also rated very highly in all of the sub-categories, including front collisions, side collisions, and rollovers. Other Tesla models have not yet been reviewed by the NHTSA, so it’s difficult to say how safe they are.

Despite an impressive rating by the NHTSA, Teslas have been plagued by other safety issues. There are numerous reports of Teslas catching fire. Some of these were the result of a collision, but others have no obvious cause. The NHTSA is currently investigating Tesla over claims that it used software updates to hide potential battery issues.

A major problem with battery fires is that many firefighters are incapable of putting them out. They are resistant to traditional firefighting methods such as foam or dry chemicals. Any Tesla that catches fire has to be completely written off (since an electric fire can reignite days after it was put out).

Compare & Save on Car Insurance Today!

If you’ve decided to go eco-friendly and high-tech, Tesla is one of the best options you have. Finding good, affordable insurance for Teslas can be difficult. We recommend using the MyChoice aggregator to get quotes from several different insurance companies.

While many people will only look at monthly rates, we sort our quotes by coverage, limits, and deductibles as well. This lets you compare similar quotes while also allowing you to see the big picture. By comparing every aspect of an insurance quote, you’ll be able to find the best one for your specific needs.

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