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Despite only recently reaching our shores Tesla has established itself as a prominent brand in Australia and has revolutionised the electric vehicle market. Regardless of which Tesla model you own, securing the right insurance policy is essential for protecting your valuable investment.
You can compare your options online right here and choose from a range of reputable Australian insurers. Kick your coverage into gear with a no-obligation quote today!
Variables related to your personal profile, as well as the vehicle and insurance you select, will have an effect on how much you pay for your car insurance policy.
However, if you’re looking for an indication of the cost of coverage for your Tesla, a policy for a 2023 Tesla Model Y Performance could cost between $3,086 and $3,569 per year (or $298 and $345 per month) with an excess of $900. There are other assumptions that factor into this calculation, including:
The above ranges were obtained from a range of car insurance companies in June 2023, so it’s crucial to consider these costs may vary from one person to another, as well as over time.
You can compare offers for both Tesla models, which are:
The condition of your Tesla, namely its age and value, significantly influences insurance costs. More valuable models among the Tesla range are likely to attract more expensive insurance premiums, as the cost associated with repairing them is greater. Newer vehicles may also have higher premiums due to their higher value and potential repair costs.
Your age, driving experience and claims history also impact insurance rates. Younger and less experienced drivers are likely to pay more in premiums, as they’re considered at a higher risk of having an accident which leads to a claim. Maintaining a clean record and avoiding accidents, driving offences and repeated minor claims can help lower your insurance costs.
Where you live will also have a big say in the insurance prices available to you. Factors like crime rates, accident frequency and population density in your area can impact the likelihood of filing a claim. Additionally, vehicles parked in garages may attract lower premiums compared to those parked on the road, as they’re exposed to fewer risks.
The level of coverage you select and your excess amount impact insurance prices. Opting for more extensive coverage, such as a comprehensive policy ahead of third party fire and theft coverage, or a lower excess will both likely lead to higher premiums. In contrast, cheaper insurance and higher excesses will obviously help you save.
Different insurers may offer various discounts and benefits that can affect your insurance prices. Some insurers provide discounts for loyalty, bundling multiple policies or having certain safety features in your Tesla. Exploring these offers and discounts can help you find competitive premiums for your car insurance.
The most basic type of optional cover available, TPPD insurance can offer protection for damage caused by your vehicle to other people's property. However, no damage to your vehicle will be covered.
A step up from TPPD, TPFT insurance can also cover damage to your vehicle sustained due to a fire or theft (or attempted theft) in addition to third-party property damage if you're in an at-fault accident.
The most extensive (and expensive) form of cover, comprehensive car insurance can also offer cover for damage to your vehicle in an accident, collision and certain weather events on top of the areas TPFT covers.
Select your car make and find out how much it may cost to insure, read helpful guides and compare quotes.
Disclaimer:
Savvy (ABN 78 660 493 194, ACR 541 339) provides readers with a variety of car insurance policies to compare. Savvy earns a commission from our partnered insurers each time a customer buys a car insurance policy via our website. All purchases are conducted via our partners’ websites. The integrity of our comparison service is unaffected by our partnerships with those businesses and our effort remains to bring further brands that do not already use our comparison service onboard.
Savvy’s comparison service includes selected products from a panel of trusted insurers and does not compare all products in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. We always recommend readers to consult the Product Disclosure Statement (PDS) of different policies before purchasing your car insurance.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.