As electric vehicles have become more widely adopted, one manufacturer remains the clear market leader. Teslas have become the most well-known electric cars in the country. With a number of new technologies and projects in development, it seems likely that Tesla, Inc. will remain a major force on the vehicle market for years to come.
However, you might be wondering how much it will cost you to ensure a high-end electric vehicle like a Tesla, especially if you’ve never owned one before. If you’re thinking about buying a Tesla in the near future, keep reading to learn more about how much your Tesla Model S insurance will cost.
What are the benefits of owning a Tesla?
Teslas are one of the most popular cars on the market and there are a number of reasons why. Boasting a sleek and minimalist design, they’re a great choice for anyone who cares about style. You can also skip the trip to the dealership and leave your negotiating tactics at home. You can buy a Tesla directly from the company on their website and avoid haggling with a car salesman in order to pay a fair market price for your new car.
One of the main reasons people switch to electric cars like a Tesla is for their environmental benefits and the money you can save on gas. The cost of charging your Tesla over the course of a long journey is often much cheaper than the cost of buying gas to cover the same distance. While the initial cost may be higher to buy a Tesla, there’s no doubt that you’ll save plenty of money on fuel.
Teslas also depreciate more slowly than other cars. It’s common wisdom that your car loses 20 percent of its value as soon as you drive it off the lot. However, look at auctions and sales for even used Teslas in poor condition. The prices don’t drop anywhere near as much as you might expect. A car should never be treated like an investment, but Teslas do hold their value better than most brands.
How much does it cost to insure a Tesla Model S?
Before you purchase your Tesla, you’ll probably want to make sure you can afford Tesla Model S insurance. The average insurance policy for a Model S costs around $185 per month. However, there are several ways you can get a discount on your Tesla insurance cost. Drivers with a clean record may be able to get a lower rate, though teen drivers will have to pay significantly more. The average monthly premium for a teen driver can be as high as $676.
It’s a good idea to take your time when shopping for car insurance. There are a number of insurance providers and it doesn’t cost anything for you to get a quote from as many of them as you can. You may think you’re getting a competitive rate, but there’s no way to know for sure unless you consider all your alternatives.
Insuring your Tesla is likely to be a little more expensive than a less expensive, gas-powered car. This is primarily due to the cost of part replacement and repair, though there are discounts available from many insurance providers based on factors like your age and driving record. With the ongoing environmental concerns surrounding the use of gas-powered vehicles, it’s likely that electric cars will be the way of the future. As our infrastructure begins to better support electric vehicles, cars like Tesla will become even more desirable. While Teslas may have a higher cost of ownership than other cars, Tesla owners will be the first to tell you that the benefits are worth the cost.