Tesla makes electric vehicles for people all over the country. The company also offers insurance for its vehicles, but this exclusive insurance is only available in a few select states. In Washington, Tesla owners have to outsource to find an insurance policy for their electric vehicles. Here we describe how to get Tesla Insurance in Washington state, explain the cost, and break down why it can be so expensive to insure your Tesla.
How to Get Tesla Insurance in Washington State
You can find auto insurance for your Tesla through a variety of companies in Washington. While Tesla offers Tesla Insurance to customers in a few states, it is not yet available in Washington. Before the company provides its insurance across the nation, some Tesla owners have to find other policies to insure their vehicles. Here are a few steps to follow to get an insurance policy for your Tesla:
1. Compare Quotes
The first step to buying car insurance for your Tesla in Washington is to compare quotes from different insurance companies. This can help you compare costs and find a company that is affordable. Additionally, you can see what coverage each company offers to ensure you get the policy you want. Comparing quotes prepares you to make a well-researched choice about which policy is right for you.
2. Look For Discounts
There may be discounts available for Tesla drivers. For example, some insurance companies provide discounts for electric vehicles, so your Tesla could save you money on your policy. You might also qualify for other discounts, such as having multiple cars or being a student. Looking for companies that offer applicable discounts can help you find a high-quality policy for a lower price.
3. Bundle Your Insurance
Another way to save on insurance for your Tesla is by bundling your auto insurance policy with another policy. For example, you can find a company that bundles car and home insurance so you can save on both. Bundling your insurance is a great way to bring down the cost of insurance for your Tesla.
4. Choose a Policy
After you have explored all the options available to you, it’s time to choose a policy. Since Tesla offers its own insurance, you might try to find a policy that offers a similar amount of coverage. Additionally, it’s important to find a policy that meets the requirements for Washington state, such as meeting the minimum amount of coverage. Once you choose a policy, you can drive your Tesla with confidence.
What is the Cost of Tesla Car Insurance?
The average cost of insurance for a Tesla in the state of Washington is $1,924 per year. However, it may be more expensive depending on the make and model of your vehicle. Each Tesla model has a slightly different average cost for insurance. Here are the main differences in price:
- A Tesla Model Y costs $2,040 on average to insure.
- The Tesla Model 3 typically costs $2,115 to insure.
- A Tesla Model S averages $3,008 per year for insurance.
- The Tesla Model X costs $3,044 on average to insure.
Reasons for the Cost of Tesla Insurance
You may wonder why it can be so expensive to insure a Tesla. There are multiple factors that can influence the price of insurance. Here are a few reasons it can be costly to cover your Tesla:
High Cost of Repair
Tesla is made with specialty parts and requires specific tools for repair. This can lead to a high cost for repairs since some auto shops won’t have the tools required for the repair. Insurance companies can charge drivers more to insure their vehicles to cover the potential cost of repair in the future.
Make and Trim of the Vehicle
Tesla makes a variety of different vehicles that each have a few trim levels. While each Tesla model varies in price, the trim can also impact the cost. A more luxurious trim level can increase the cost of your insurance since the total worth of the car is higher. Similarly, a lower trim level may lead to lower prices on your insurance policy.
Your location can also impact the cost of insurance for your Tesla. If you live in Washington state, you can’t access the Tesla-specific insurance offered by the dealership. Instead, you have to rely on other insurance companies to provide coverage. This can impact the cost of your policy. Additionally, the cost of living in Washington state, and in your specific city, can lead to variations in insurance prices.
Your Driving History
Often, insurance companies refer to your driving history to determine if you are a low- or high-risk driver. If you have a clean driving record, with no collisions or few traffic tickets, you are typically considered low-risk. This can lead to lower prices. However, if you have accidents and multiple citations in your driving history, you pose a higher risk to the insurance company. This may lead the company to increase the price of your insurance policy. If you want to combat a poor driving history, consider taking a driver safety course to demonstrate your commitment to safe driving.
Amount of Coverage
The amount of coverage you choose impacts the final cost of your insurance policy. Many companies offer minimum coverage, which normally matches the minimum coverage requirements for your state of residence. Minimum coverage is the cheapest option. However, since Teslas have high repair costs, you might benefit from more robust coverage. For example, a higher coverage policy may include $50,000 for repairs, while a minimum coverage policy does not.
Finding a car insurance policy for your Tesla can be challenging, especially since Tesla Insurance is not available in the state of Washington yet. However, there are many strategies you can implement to lower the cost and find a policy that works for you. You can reach out to multiple companies, look for discounts, and choose the best policy for your budget.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.