Insurance On That Model 3 You Own Costs Almost As Much As That 911 You Should Have Bought Instead

Tesla's Model 3 may have cut the initial cost of owning one of the company's vehicles, but insuring even the most affordable Tesla remains surprisingly expensive.

The average Model 3 insurance cost across 150 ZIP codes is $2,814 per year, which is $35 less than the cost of insuring a Porsche 911, according to Gabi Personal Insurance Agency Inc., an online insurance shopping site.

“In the last month we had more and more people coming in with Model 3, and they were all complaining about high insurance costs,” said Gabi CEO Hanno Fichtner. “We found cheaper deals for them, but not as cheap as we thought they would be. We even had customers tell us they are returning their Model 3 due to the high running costs.”

SanJoseDriver - 8/27/2018 5:54:08 PM

0 Boost

I was quoted $1,549/year without a multi-car discount.

MDarringer - 8/27/2018 6:50:37 PM

0 Boost

That's pricey.

TomM - 8/27/2018 6:42:32 PM

+5 Boost

The cost of Insurance on a Tesla Model 3 is because of the added expense of tows. Not to the Body shop - but after the repair - the car must return to a Tesla service department to reset the computer - which NO ONE can do outside of Tesla. Since the current laws of OBDII are actually based on environmental laws - and since Tesla is NOT an ICE - they do not have make any such information available to the public. SO - even if Your state allows you to choose your own Body SHop - they cannot get the car started once it has placed itself in Limp mode.

CANADIANCOMMENTS - 8/27/2018 7:50:18 PM

+1 Boost

Insurance is HIGHLY variable based on the postal code where you live. In my own experience recently pricing ranged from $1675/year to $3300/year. Same guy, same postal code, same truck. Some insurance firms do not want business in certain areas and adjust the price accordingly. You will see the dramatic range in prices if you deal with an insurance broker.

senft - 8/29/2018 7:16:13 AM

+1 Boost

What's wrong with high premiums for a luxury vehicle? That mass market TSLA still isn't happening. Apparently Elon's obsessing about his pedophile -- the one he claimed was a peso without a scintilla of proof other than his word which, for those paying attention is close to worthless.