Tesla electric vehicles (EVs) can save owners money on long-term costs, but higher insurance premiums can offset those gains. According to Progressive, EV insurance premiums are higher due to more expensive repairs and fewer qualified repair shops. However, Tesla’s insurance costs don’t always follow traditional rules. The article analyzes the insurance costs of five Tesla models, revealing surprising results. The Cybertruck, despite being the most expensive, has the lowest average insurance costs. This is due to drivers having excellent credit and being more likely to be in their 40s, reducing risk. The Model S, despite being expensive to buy, has lower insurance costs due to its extraordinary specs, which make it a lower-risk vehicle. The Model X, despite being priced similarly to the Cybertruck, has higher insurance costs due to its specs and fewer drivers with excellent credit. The Model Y, an affordable luxury vehicle, has higher insurance costs due to its advanced technology and premium materials. The Model 3, the lowest-priced Tesla, has the highest insurance premiums due to younger, less experienced drivers and fewer excellent credit scores.
