A recent report showed that insurance companies have significantly raised insurance premiums for Tesla EVs. Many have attributed this change to recent vandalism acts against Teslas. However, the study was made before the acts of targeted vandalism were reported. While such acts might contribute to higher rates in the future, in the short to medium term, it is more likely that insurers will pause writing new policies for Teslas.
Tesla owners have always complained that their insurance costs are higher than those for other car models. To mitigate this trend, Tesla launched its own insurance product in 2019. However, many Tesla owners have discovered that opting for Tesla Insurance is not the best idea. While the rates might be cheaper at first, Tesla hikes them as the Safety Score drops for various reasons, real or fabricated. Many owners have also complained that they had to wait months for compensation.
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