Insurance for Tesla Models in Colorado

Tesla electric cars are some of the safest on the road. Based on a 2020 safety report, the rate at which Tesla drivers are crashing while on Autopilot mode is 1 accident for every 4.53 million miles driven. This is about a third of the accident rate of other vehicles.

The Tesla Model 3 has been ranked as one of the safest cars on the road today. In 2018 alone, it accomplished the lowest injury probability rating from NHTSA ever seen in any car tested.

On the flip side, insurance rates for Tesla models are quite high.

Why It Costs More to Insure a Tesla

There are several reasons for this. One is that Teslas are newer vehicles, and newer vehicles generally have higher insurance rates. Additionally, Teslas are luxury vehicles, and luxury vehicles also tend to have higher insurance rates.

Another reason Tesla rates are so high is that they're electric cars. Electric cars have a few unique risks that other cars don't have. One is that they use lithium-ion batteries, which can catch fire if damaged. Electric cars also have more expensive parts than other cars and can be difficult to repair.

Repairing a Tesla requires special training and equipment that not all repair shops have. This can drive up the cost of repairs.

All these factors combine to make Tesla insurance rates some of the highest in the country. In fact, in some states, Tesla rates are more than double the average.

How Much Does it Cost to Insure a Tesla?

On average, full coverage for a Tesla will cost you about $4,500 per year. However, other factors will determine how much you pay for insurance.

Some of these factors include:

Your Tesla Model: The Model 3 is one of the cheapest to insure, while the Model X is one of the most expensive. 

Your Driving History: As with any car, your driving history will affect your insurance rates. If you have a clean driving record, you'll likely pay less for insurance than someone with accidents or traffic violations.

Your Location: Insurance rates vary from state to state, and some states have higher rates than others. Colorado is one of the states with the highest Tesla insurance rates.

Your Insurance Company: Since Tesla rates are so high, it's important to shop around and get quotes from multiple insurers. Some insurers will be more expensive than others.

Your Coverage: The type and amount of coverage you choose will affect your rates. If you want comprehensive and collision coverage, you'll pay more than someone who only has liability insurance.

Your Deductible: The higher your deductible, the lower your rates will be.

Tesla Insurance Costs by Model

Here's a look at how much it would cost to insure some of the most popular Tesla models in Colorado:

- Tesla Model 3: $3,655 per year

- Tesla Model S: $4,852 per year

- Tesla Model X: $5,119 per year

- Tesla Model Y: $2,878 per year

- Tesla Roadster: $3,345.48 per year

It is important to note that adding trims or extra features to your Tesla will increase the cost of insurance. For example, adding the Ludicrous Speed Upgrade to a Model S may increase your rates by about $500 per year.

In addition, your rates will also be higher if you live in an area with a high crime rate or bad weather.

Tesla's Insurance Discounts

Tesla has introduced a new plan to give their drivers insurance at 20% less than what they're currently paying. The plan is called InsureMyTesla.

To get the discount, drivers must have a clean driving record and must sign up for comprehensive collision coverage. The rates are still higher than average, but it's a start.

Other discounts include:

Good driver discount: Tesla offers a good discount to drivers with a clean driving record.

Multi-car discount: Families with more than one Tesla can get a discount on their rates.

Anti-theft discount: Tesla's safety features can help you qualify for an anti-theft discount.

Airbag discount: Meant to encourage safety, this discount is given to Tesla drivers who have airbags in their cars.

Persistency Discount: Tesla gives discounts to drivers who stay with the company for an extended period.

It's unclear if Tesla will extend their discounts in other states, but it's something to keep an eye on if you're looking to save money on your insurance.

Tesla believes self-driving cars will eventually reduce rates even further, but technology is still a few years away.

In the meantime, if you're looking to insure a Tesla, be prepared to pay more than you would for a traditional car.

Tesla's Autopilot Discount

Tesla offers a discount to drivers who use their Autopilot feature.

According to Tesla, the Autopilot discount can save drivers up to 25% on their insurance rates. This is meant to encourage drivers to use the feature and help offset the technology's cost.

Shopping for Tesla Insurance

Tesla insurance rates are high, but there are ways to save. By shopping around and comparing rates, you can find an insurer that's right for you. You can also take advantage of Tesla's discounts to lower your rates.

When shopping for insurance, be sure to compare rates from multiple insurers. This will help you get the best rate possible.

You should also consider your coverage needs when looking for insurance. If you only need liability insurance, you'll pay less than someone who needs comprehensive and collision coverage.

Have Questions? Compare Rates Now

If you have questions about insuring a Tesla or would like to compare rates, we can help with your car insurance in Colorado. Our team of insurance experts is ready to help you find the right policy from some of the best insurers in the business.