The Unexpectedly High Expense For One Of Tesla’s Most Popular EVs – SlashGear

According to ValuePenguin, the annual insurance cost of the Tesla Model Y in the U.S. is $3,110. That makes the Tesla Model Y more expensive to insure than most EVs such as the Ford F-150 Lightning, Polestar 2, Rivian R1T, and Hyundai Ioniq. Considering that the average cost of car insurance in the U.S. is $1,780, it means the Tesla Model Y is almost twice as expensive to insure than most cars. Only the Porsche Taycan is the more expensive EV to insure than the Model Y, with an annual cost of $3,576.

However, if we compare the Model Y with other models from Tesla, it’s actually the cheapest model to insure. More succinctly, the average cost to insure a Model S per year is $4,956, while the Model X adds up to $4,275 (via ValuePenguin). Even the cheapest Tesla vehicle, the Model 3, could cost you $300 more per year to insure than the Model Y.

In fact, you’re more likely to spend more to insure a Tesla than any other luxury car brand in the U.S., except Maserati. This is because it could cost you an arm and a leg to repair a Tesla EV. For instance, a rear-end collision repair on a Tesla Model Y could cost between $10,000 to $20,000. Nevertheless, you could spend less to cover your Model Y if you purchase Tesla Insurance, which is cheaper than other options.