Tesla insurance coverage premiums are rising at greater than twice the speed of the remainder of the US auto market as a result of greater restore prices and amid elevated cases of vandalism on Tesla automobiles.
Insurance coverage on Tesla automobiles has all the time been pretty excessive, a lot in order that it inspired Tesla to launch its personal insurance coverage product to attempt to mitigate the problem.
Nevertheless, most Tesla homeowners nonetheless use insurance coverage from different suppliers.
Insurance coverage premiums within the US have been rising throughout the board during the last yr, and particularly over the previous couple of months, because the market fears the tariffs will improve auto business restore prices.
A brand new research from Insurify exhibits that the typical value of full protection has elevated by 10% yr over yr, from $2,102 to $2,302.
The research additionally factors to insurance coverage premiums on Tesla automobiles rising at about twice the speed of the remainder of the market, and the Mannequin Y premiums elevated by nearly 3 occasions the remainder of the market improve:
Three Tesla fashions noticed the sharpest improve in full-coverage insurance coverage prices between 2024 and 2025, with the charges for the Tesla Mannequin Y rising 2.9 occasions sooner than the nationwide common.
In actual fact, the research ranked the highest 10 automobiles that noticed the best premium will increase within the US:
- Tesla Mannequin Y
- Proportion improve in the price of full protection (2024–2025): 29%
- Common annual value of full protection (2025): $3,996
- Tesla Mannequin 3
- Proportion improve in the price of full protection (2024–2025): 24%
- Common annual value of full protection (2025): $4,364
- Tesla Mannequin X
- Proportion improve in the price of full protection (2024–2025): 22%
- Common annual value of full protection (2025): $4,046
- BMW 5 Sequence
- Proportion improve in the price of full protection (2024–2025): 19%
- Common annual value of full protection (2025): $3,229
- Toyota Prius
- Proportion improve in the price of full protection (2024–2025): 18%
- Common annual value of full protection (2025): $2,151
- Hyundai Santa Fe
- Proportion improve in the price of full protection (2024–2025): 15%
- Common annual value of full protection (2025): $2,241
- Honda Accord
- Proportion improve in the price of full protection (2024–2025): 14%
- Common annual value of full protection (2025): $2,623
- Hyundai Elantra
- Proportion improve in the price of full protection (2024–2025): 14%
- Common annual value of full protection (2025): $2,851
- Honda Civic
- Proportion improve in the price of full protection (2024–2025): 13%
- Common annual value of full protection (2025): $2,600
- Hyundai Sonata
- Proportion improve in the price of full protection (2024–2025): 12%
- Common annual value of full protection (2025): $2,735
The research used 97 million quotes between February 2024 and February 2025 to reach at these outcomes.
Subsequently, it’s possible that the elevated cases of vandalism in opposition to Tesla automobiles had an influence on these outcomes, but it surely’s possible that greater restore prices are having an even bigger influence.
Teslas are notoriously costly to restore after a collision, and insurance coverage firms typically salvage them due to this.
The automaker is making an attempt to handle the problem by opening its personal physique outlets to attempt to get the restore prices beneath management. It seemingly has but to have a constructive influence on insurance coverage premiums.
