Car Insurance for Tesla

Compare instant online car insurance quotes for your Tesla in one place today.

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, updated on February 16th, 2024       

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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!

Tesla Model Y

How much does it cost to insure a Tesla in Australia?

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:

  • Comprehensive car insurance
  • 40-year-old male driver living in Sydney (postcode 2000)
  • Average distance driven per year of 15,000km
  • No modifications or accessories
  • Maximum period without making a claim (no-claim bonus Rating 1)

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:

  • Model 3
  • Model Y

What factors can influence car insurance prices for my Tesla?

The age, value and condition of your model

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 and driving experience

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.

Your location

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.

Type of cover and excess you choose

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.

How you use your car (and how much you use it)

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.

Types of car insurance for Tesla

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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.

Tesla Model Y

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