I’m on the market for purchasing a Tesla Model 3 LR but I’m having a huge problem when it comes to finding affordable insurance. I’ve talked to family members & colleagues & they said it’s most likely due to my age (22), I make 23 in January. I just wanted to ask is it due to age primarily or is it due to it being a Tesla? I’ve received quotes of $400+ from various companies.
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Austin area.
The wife and I are the only drivers, both middle aged with no tickets or claims, a 10 year old Honda odessy and a 5 year old model 3. I couldn’t find any place less than $1800 for 6 months.
Insurance be crazy these days.
In the UK. 14 years license, 12 years no claims. Tesla Model 3 2023 insurance quote is £678 for the year fully comp. Audi RS4 Avant 2022 insurance quote is £502 fully comp. Wild
yup.
https://www.allstate.com/resources/car-insurance/what-affects-premiums-and-rates
Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age, anti-theft features in your car and your driving record.
I just wanted to ask is it due to age primarily or is it due to it being a Tesla?
shop for non Tesla insurance.
get a Honda Civic your insurance will be higher than mine for the same car.
due to my age (22),
are you male?
that’s “strike 2”
but I’m having a huge problem when it comes to finding affordable insurance
you live in a place where lots of cars get burned up or flooded every year?
that’s “strike 3”
Major car insurance companies getting out of California
https://www.cbsnews.com/losangeles/news/auto-insurance-companies-pull-out-of-california/
Not just your age. Tesla’s are expensive to insure. They are expensive to repair and tend to be totaled out over what appears to be modest damage.
I was seriously considering purchasing one but once I called my insurance company I changed my mind. The increase in insurance premiums would have wiped out my fuel savings and them some. It just didn’t make sense in my situation.
$400 to unsure a model 3 at 22? Sounds incredible.
One way to determine if is is age or Tesla model 3 or both: get a quote on a new Honda accord hybrid.
Car insurance pricing is based on a lot of different factors including (as permitted by the state) driving history, your age, gender (it’s better to be female), marital status (cheaper if you’re married), education level, housing situation (generally it’s cheaper if you own your home), location (neighborhood) of primary residence (and that neighborhood’s crime rate), region, state and that state’s regulatory environment, and the specific car. I probably left out a few things.
At 22, you’re likely to have moderately high rates unless you live with your parents. If you live on your own, are unmarried, and have ever had an at-fault accident or gotten a DUI your rates are likely to be through the roof.
Credit score plays a huge part in your insurance premium. Have you checked with Tesla insurance?
Unless you drive a lot and are able to sell it for another one before the warranty runs out stick with ICE. Cheaper in every way.
You’re 23 in Houston? You do t need a car at all. Enjoy life without the expense, stress, and hassle
My MYLR cost me twice as much as my Polestar 2 to insure. Teslas aren’t cheap or easy to fix.
That’s insane
Perhaps you should look into getting a cheaper car. Your age is definitely a factor in insurance rates. Imagine an insurance company deciding on insuring a 22 year old who drives a new Dodge Challenger. I’m not saying they’re the same, but similar if you think about it. Any Tesla is faster than your average ICE on the road.
If you just stick to EV, look at used bolts that might be cheaper to insure.
I tried it with a cheaper car & the insurance rates are still $400+/mo plus M3 are the average price of a regular car now so I think for economical & maintenance wise, this is the best option for me
It’s both.
Tesla’s (like all EV’s) tend to be more expensive than similarly sized ICE vehicles, thus the replacement and repair costs are higher. Add to that the higher likelihood of having to total out the car if you are in an accident compared to a similar ICE vehicle, then insurance companies may factor that into the premium rates.
Then the age is a demographic factor that insurance companies use to gauge potential insurance costs. Young drivers are more likely to get into accidents, than they charge more. If you’re male, then that is another hit since men tend to have higher accident rates than women.
Rates will typically drop as the vehicle value decreases and as you get older or a major life change happens that puts you into a different insurance demographic group.