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Intestinal worms, such as roundworms in dogs are one of the least glamorous topics on the planet. These intestinal parasites that basically use our dogsLooking to get a Tesla? There’s no denying the thrill of driving one of the most innovative and technologically advanced cars on the road. Or, perhaps you’re already shopping for insurance for your Tesla and wondering how it will be different from insurance for a fuel-powered car. Fair enough.
There ARE different considerations insurance providers take when it comes to insuring the Tesla and other electric cars. Below, we look at the aspects of a Tesla that influence its insurance price. Read on for what you need to know.
In this article
The influence of advanced parts on insuring a Telsa
One of the primary differences of a Tesla is its advanced technology and innovative features – this is why people choose them over a regular car. They’re equipped with cutting-edge autonomous driving capabilities, including Autopilot, which uses a combination of sensors, cameras, and artificial intelligence to assist with driving tasks.
While these features make Teslas safer, they also add complexity to the insurance equation. Insurance providers need to account for the increased costs of repairing and replacing these advanced systems in the case of an accident.
Speaking of accidents, get yourself prepped for the possibility with our articles: What to Do After a Car Accident: Your 10 Steps and How to Stay Safe While Waiting for Roadside Assistance.
All that electricity
Tesla’s electric powertrain is also very different from conventional vehicles.
Instead of relying on petrol or diesel, Teslas run on electricity stored in high-capacity batteries. This shift to electric power means that insurance providers need to take into account the unique risks that come with battery technology, such as the potential for fires or damage if it’s not properly charged.
Check out these Top 5 Must-Knows for Buying an Electric Car.
Insurance for a Tesla – how Autopilot plays a part
Tesla’s Autopilot is a driver-assistance technology that can help you stay in your lane and avoid accidents. But what does it mean for your insurance?
In Australia, insurers are still working through how to price Teslas with Autopilot. Some insurers are charging higher rates for these cars, while others are not.
Higher insurance
Those who charge higher rates may do so for a number of reasons. First, Autopilot is not a fully autonomous driving system. Drivers still need to be paying attention to the road when using it. This means there’s a higher risk of an accident if the driver isn’t paying attention.
Second, Teslas with Autopilot are more expensive than others. This means the cost of repairs is higher if there’s an accident. There have also been a few high-profile accidents involving Teslas with Autopilot, which makes insurers more cautious about these cars.
Lower insurance
On the other hand, some insurance providers may offer lower premiums to owners due to the advanced safety features incorporated into Tesla vehicles.
Tesla’s strong focus on this, including car safety features like collision avoidance and automatic emergency braking, significantly reduces the risk of accidents and subsequent insurance claims. As a result, you may find insurance providers that recognise the lower likelihood of accidents and offer competitive rates to suit.
The value retention consideration in Tesla insurance
Teslas benefit from their over-the-air software updates, which introduce new features and improve performance without the need for a physical visit to a service centre. This continuous enhancement of the vehicle’s capabilities translates to increased or sustained value over time.
Unlike traditional cars that may depreciate, Teslas have shown to retain their value better.
This is something to consider if you’re a Tesla owner making a market value vs agreed value decision. In the event a Tesla is written off, your insurance provider may be more likely offer a higher-than-anticipated payout to cover the replacement cost. You never know your luck…
So, is insurance for a Tesla more expensive?
Teslas are considered to be high-performance vehicles and, as such, are often more expensive to insure than other new cars. Luckily, there are still several ways you can get a lower premium. Check out this article for insights: 5 Ways To Lower Your Car Insurance Premium.
As electric cars continue to innovate and help shape the automotive industry, insurance providers are adapting to cater to the specific needs of their owners. So, if you’re lucky enough to own a Tesla or other electric car, make sure to explore your options, find the right insurance provider and enjoy the exciting journey ahead while staying protected!
We have a wealth of info on electric cars. For example, check out the below:
- Electric Cars 2023 – Expectations vs Reality
- The Latest and Greatest Safest Electric Cars
- How to Choose the Best Electric Car for You
- Top 5 Must-Knows for Buying an Electric Car
- Electric Cars vs Petrol: Truth or Dare
- Key Electric Car Questions to Ask Yourself and Your Dealer
- Revealed: Different Types of Electric Cars
Value rich month-to-month insurance
Electric car or not, getting comprehensive car insurance can be a fantastic idea because you’re financially covered for all kinds of accidents that happen on and off the road. These include but aren’t limited to collisions, fire, flood, hail, theft and vandalism.
So what about insurance for a Tesla? It stands to reason that being covered is just as important if you’re an electric car owner, right? That’s a no-brainer.
However, at the time of writing, PD Insurance offers car insurance for some makes and models of hybrid electric cars. Click below to get a quote and find out more.
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