Tesla Insurance Reviews 2023

Overview

• No of reviews: Clearsurance (8), BBB (2,000), Trustpilot (1,376), Consumer Affairs (542), Total (3,926)
• No of ratings: Cleasrurance (1.6), BBB (1.5), Trustpilot (2.3), Consumer Affairs (3.8), Avg Rating (2.3)
• Address: Tesla Road, Austin, TX 78725
• Tesla Insurance Phone number: (888) 765-2489

If you’re a Tesla owner, you may have heard about Tesla insurance. This auto insurance product is specifically designed for Tesla electric cars and promises to provide comprehensive coverage at an affordable price. In this review, we’ll take a closer look at Tesla insurance, its history, pros and cons, coverage, and cost.

History on Tesla Insurance

For many years, Tesla owners have dealt with disproportionately high insurance premiums for their vehicles. This issue has been a significant concern for the company. It undercuts Tesla’s argument that its electric vehicles are the safest in the industry, and its Autopilot driver-assistance system helps drivers avoid crashes.

In response, Tesla launched its InsureMyTesla program in Australia and Hong Kong in 2016. The program was designed to offer fair rates that correlate to the risk of the car to provide affordable and appropriate insurance for Tesla owners. Following the success of this program, Tesla expanded the program into North America in 2017.

In North America, Tesla partnered with Liberty Mutual Insurance Company and Aviva to offer the InsureMyTesla program in the U.S. and Canada, respectively. This partnership enabled Tesla to provide competitive and customized insurance coverage to its customers in North America.

In April 2019, technology entrepreneur Elon Musk announced his intention to offer a “much more compelling” insurance option to Tesla owners. Just four months later, Tesla Car Insurance was launched in California.

Know More About Tesla Insurance

Tesla vehicles are known for their advanced technology and safety features, and with Tesla Insurance, customers have access to tools that can help them drive even safer. Tesla Insurance offers competitive rates and customized coverage to its customers, and getting a quote is as easy as downloading the Tesla App.

According to Tesla, drivers can purchase a Tesla insurance policy in as little as one minute. This streamlined process is possible because the company has access to a vast amount of data on its vehicles and drivers, allowing them to offer competitive rates and customized coverage.

Tesla Insurance Availability

Tesla Insurance is currently available in selected states across the United States

• Arizona
• California*
• Colorado
• Illinois
• Maryland
• Minnesota
• Nevada
• Ohio
• Oregon
• Texas
• Utah
• Virginia

*Insurance using real-time driving behavior is not available in California.

However, it’s worth noting that availability may vary based on factors such as state regulations and insurance laws. Tesla has not yet announced plans to expand the availability of its insurance product to additional states, but this could change in the future.

How to Get Tesla Insurance

Getting Tesla Insurance is a straightforward process. Whether you’re a current Tesla vehicle owner or looking to purchase a Tesla for the first time, the process is simple and can be done directly through the Tesla app.

To purchase a Tesla Insurance policy for your Tesla vehicle, sign into your Tesla app and tap the profile picture icon in the top-right corner of the screen. From there, select ‘Get Tesla Insurance’ and follow the prompts to purchase your policy.

If you’re a new Tesla vehicle owner, you can purchase a policy in the Tesla app before taking delivery of your vehicle, as long as you have an assigned VIN in your Tesla Account.

In addition to insuring your Tesla vehicle, Tesla Insurance also offers the ability to insure non-Tesla vehicles by adding them to your policy. If you’re a current policyholder and would like to add a non-Tesla vehicle to your policy, simply contact Tesla Insurance to make the necessary arrangements.

For non-Tesla vehicle owners in California, Tesla Insurance also offers the ability to insure them by adding them to your policy. This allows you to consolidate your insurance coverage under a single policy, simplifying the process and saving you money on your premiums.

Tesla Insurance Review: Customers Reviews and Ratings

Since Tesla Insurance is a relatively new offering, it can be difficult to find customer reviews for the insurance product. However, it’s worth looking at the overall reviews of Tesla to understand how the company treats its customers.

According to the Better Business Bureau (BBB), which rates companies on their responsiveness to customer complaints, Tesla has a C- rating and has not been accredited. This is partly due to the relatively high number of complaints received by BBB from Tesla customers.

Furthermore, A.M. Best, a credit rating agency focused on the insurance industry, has given State National Insurance Company an A financial strength rating. This rating is considered to be excellent and reflects the company’s ability to meet its ongoing insurance obligations to policyholders.

Likewise, regarding customer service, Tesla has received mixed customer reviews since its launch in 2019. Some customers have praised the company for offering competitive rates and customized coverage, while others have criticized it for its lack of transparency and poor customer service.

Cost of Tesla Insurance

Tesla cars are generally more expensive to insure than traditional petrol-powered cars due to their higher price point and advanced technology. Moreover, repairing a Tesla can be more expensive than repairing a conventional car, as the parts and labor required for repairs may be more costly.

The average car insurance for a Tesla cost around $3947 annually or $329 monthly. Tesla insurance, owned by Tesla, is the most affordable insurance provider for Tesla vehicles as compared to other famous insurance provider such as GEICO, Allsate.

Tesla Insurance by Model

Tesla currently offers four different models of electric vehicles. All Tesla models are fully electric and feature advanced technology, such as over-the-air software updates, autopilot, and advanced safety features. Owners of Tesla vehicles usually pay higher car insurance premiums due to the higher costs of parts and maintenance.

Here’s an overview of Tesla Insurance for different models:

Tesla Model S

Tesla Model S is a highly advanced and innovative electric vehicle that is designed to appeal to luxury car buyers who value performance, style, and sustainability. The Model S comes withhas top-of-the-line safety features, such as autopilot, collision avoidance, and automatic emergency braking. The Model S is the most expensive Tesla model to insure.

Here are the average rates for Tesla Model S:

Tesla Model X

The Tesla Model X is another premium vehicle with advanced technology, exceptional performance, innovative design, and its signature falcon-wing doors. The Model X is also an expensive vehicle to insure because of the larger horsepower engine, faster acceleration, and larger cabin size.

Here are the average rates for Tesla Model X:

Tesla Model Y

The Tesla Model Y is a compact electric SUV with a wide range of advanced features like an electric powertrain, spacious interior, autopilot, and over-the-air software updates. The Model Y is the cheapest Tesla model to insure.

Here are the average rates for Tesla Model Y:

Tesla Insurance Discounts

Tesla offers a range of insurance discounts for Tesla owners who use their Tesla Insurance policy. The discounts offered by Tesla are:

• Multi-Car Discount
• Auto-Pilot Discount
• Good Driver Discount
• Good Student Discount
• Air-Bag Discount
• Defensive Driving Course Discount
• Group Discount
• Anti-Theft Device Discount
• Auto-Loan/Lease Gap Coverage

Note: The discounts offered by Tesla insurance can vary depending on the state.

Customer Service and Claims

Customers with Tesla can get full advantage of the Tesla App, which allows them to get a quote in as little as one minute. Many appreciate the convenience of this process and the ability to manage their insurance policy alongside their vehicle.

However, some customers have complained about the lack of transparency around how the company determines insurance rates. Tesla uses real-time driving behavior data to determine rates, but customers have expressed frustration at not being able to access or understand this data.

Tesla also has authorized repair shops for Tesla vehicles, which could potentially streamline the claims process for Tesla owners. It is important to note that Tesla Insurance currently has a low rating and many complaints with the Better Business Bureau, indicating potential issues with customer service and claims handling.

Conclusion

Tesla Insurance is a relatively new but competitively priced insurance provider, offering comprehensive coverage and claim management for Tesla owners in limited U.S. states.

Tesla uniquely understands its vehicles, technology, safety, and repair costs, eliminating traditional insurance carriers’ additional charges. It tracks real-time driving behavior over factors like credit score and history.

Tesla Insurance provides a convenient monthly payment and reflects Tesla’s active safety and advanced driver assistance features, which come standard on all new Tesla vehicles. On top of that, Tesla insurance also provides a wide range of discounts for car owners.

Hence, Tesla insurance can be a great choice for Tesla owners as it offers some of the cheapest rates with reliable service.

Sources

BBB

Tesla Insurance

Insurance Business

Tesla Discounts