If you own a Tesla Model Y and feel like your insurance is unusually high, you might be right. A new study published by MoneyGeek of changes to the auto insurance policy rates drives will pay in 2021 finds that for the most part premiums will decline. But not if you drive a Tesla Model Y. That model was found to have the highest insurance cost among all automobiles. Tesla's newest model has an average cost more than double the average for all vehicles.
Most of the differences in insurance policy premiums are not related to the specific car you drive. Your age, credit score, marital status, place of residence, driving record, and other factors can move the policy cost up or down much more than your choice of vehicle. Although one's personal situation accounts for significant changes to a policy premium, MoneyGeek found the overall average cost of insurance for the Tesla Model Y to be $2,878 per year (not every six months). If your demographics are favorable to insurance company risk factors you will pay less. If you are "twenty-nothing" with a DUI and two speeding tickets under your belt who is casual about bill paying and you live in a place where cars are often vandalized, crashed or stolen, be prepared to pay much more.
The Tesla Model Y costs more than twice as much to insure as a Ford F-150 or Toyota RAV4. The study found, "Certain car models can be extremely expensive to insure, but most car models will alter a driver’s rates by less than a few hundred dollars per year. For example, the top-selling sedan (Toyota Camry), truck (Ford F-150) and SUV (Toyota RAV4) models in the country all cost our sample driver an average of $1,181 to $1,276 to insure. On the other hand, sports cars and electric car models can be much more expensive to insure than the average car. MoneyGeek found that the most expensive car to insure is a Tesla Model Y. The cheapest car model to insure is a Jeep Patriot."
Here is a list of the Tesla Models' Average Insurance Costs Per Year According to MoneyGeek
Tesla Model Y: $2,878
Tesla Model S: $2,402
Tesla Model X: $2,368
Tesla Model 3: $1,712
Torque News has reached out to MoneyGeek's researchers for more data on why the Model Y is so expensive. Check back for more details soon. Here is the full study.
John Goreham is a long-time New England Motor Press Association member and recovering engineer. Following his engineering program, John also completed a marketing program at Northeastern University and worked with automotive component manufacturers. In addition to Torque News, John's work has appeared in print in dozens of American newspapers and he provides reviews to many vehicle shopping sites. You can follow John on Twitter, and view his credentials at Linkedin