Insuring Your Tesla or Other Electric Vehicle

Insuring your Tesla or other EV and what you should knowAre you thinking of getting a Tesla or another electric vehicle? You aren’t alone. Two years from now, electric vehicles could make up about four in every five car sales.

But driving an electric vehicle such as a Tesla still requires the same planning and research as any other car.

Insuring your electric vehicle is essential to protecting yourself and your vehicle. But are you aware of the considerations and options of insuring an electric vehicle?

This post will offer advice and considerations for drivers looking to buy Tesla car insurance or other electric vehicles.

Understanding EV Car Insurance

Electric vehicles differ from regular cars, so as you’d expect, the insurance is slightly different too. EV cars tend to come with a higher purchase price, which you’ll need to factor in when it comes to insuring the car.

It means your car is likely to be more expensive to repair. However, those costs will decrease as electric vehicles become more popular with the public.

Costs aside, on paper, you won’t see much difference between the sort of coverage on an EV insurance policy compared to a standard car policy.

They are covered by most major insurance, and the policy will include things like injury, collision, and liability, as you’ll have seen before if you’ve bought car insurance previously.

One exception to this is high-tech models such as Teslas. Since these cars have exceptionally advanced technology, like as self-driving, most insurance packages will include additional coverage for that element.

However, the most advanced electric vehicles come with additional safety features too. That will work in your favor when shopping for the cheapest insurance.

Types of Coverage Available

You can opt for standard auto insurance for your car or more comprehensive coverage. Before you decide what you need, here’s a list of the specific things you can expect to choose as part of your policy.

Bodily Injury Liability

This coverage will pay the medical costs for anyone else injured in an accident. You may see limits to the value of medical expenses covered.

In Texas, that’s around $30,000 you’ll need per person. But you should consider a higher amount as medical costs from an accident could be far greater.

Property Damage Liability

Property damage will cover the costs of repairing property after an accident. You’ll find variances in the amount covered, but most US states require a specific minimum.

Again, in Texas, the minimum is a relatively low figure of $25,000, so you may want higher coverage to ensure you aren’t left with extortionate bills that you struggle to pay.

Collision Coverage

Collision coverage is normally part of a more comprehensive insurance package but is highly recommended. It will cover damage to your in a collision, no matter where the fault lies.

Other Optional Coverage

When buying a policy, you’ll want to ensure you’re covered for other scenarios. That includes theft, vandalism, and weather events.

Factors Impacting Your Insurance Cost

There is no median insurance cost for an electric vehicle because you depend on multiple factors. Here is a list of what elements will affect your EV insurance costs:

Your Driving HistoryLearn more about the difference between EV & Tesla coverage from standard cars and insurance

Do you have an unblemished record on the road?

That’s something any insurance will want to establish before providing a quote. If you are new and inexperienced or have a history of claims from collisions where you were at fault, expect to pay a higher premium.

Your Vehicle Use

If you plan to do high miles in your car, your premium will reflect that, and you may pay more than someone who only intends to use their car occasionally. Similarly, city vs. rural driving may impact your quote.

Your Location/Geography

Where you live and store your car will impact your premium. Do you live in a neighborhood with a high crime rate for vehicle theft? Do you park your car on a public street or in a locked garage? Do you live in Harris County versus Galveston County. Houston, being the 4th largest city in the US does cause Harris to rate higher.

The Price and Condition

Your insurance company will want to know the likely costs of repairs or replacements. So the price, age, and condition of your electric vehicle will partly determine your insurance costs.

Additional tech features on a premium car like a Tesla will change your premium, as will advanced safety features.

Steps to Getting the Best Value Insurance

The best insurance for your electric vehicle is not necessarily the cheapest quote. It depends on what cover you get on a policy – always compare apples with apples!

Your focus should be on finding a policy that offers the best value for your money AND that covers you and your vehicle, completely. You don’t want to have your car totaled and have a gap and owe on a totaled car! Here are some tips to help you do that:

Consider Annual Payments

Monthly payments for your car insurance are tempting. And depending on your budget, it may make financial sense to spread the cost over a year. But you’ll often find you get a discount if paying upfront for the entire year.

Lower Your Mileage

It’s often difficult to estimate the miles you’ll drive in a year. But you could commit to public transport for longer journeys, reducing your mileage and giving you a cheaper insurance quote.

Alter Your Deductibles

Your deductibles are the costs you incur before your insurance kicks in. By opting for higher deductibles, you’ll lower your monthly insurance premiums.

Book a Safety Course

If you lack driving experience, you could help reduce your premiums by undertaking an advanced driving course. Choosing a course in safe driving may help lower your risk from the insurer’s perspective.

Tesla Car Insurance: Get a Quote Now

Electric vehicle ownership is rising, and understanding EV and Tesla car insurance is essential in protecting your purchase and finances.

We’ve outlined a few considerations and options available to EV drivers when insuring their cars and common questions and steps to take when shopping for EV insurance. It’s now time to take that next step.

If you’re looking for insurance to drive a Tesla or other electric vehicle in Texas, you’re in the perfect place. We are an independent agency, so our experts can find you the best value deal – head here to start a quote now.

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at Kicker Insures Me is here and ready to make the process as painless as possible. We look forward to meeting you!