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The Model 3 is Tesla’s first foray into the mass market. While it’s cheaper than its other models, it’s still classified as a luxury electric car, so insurance is on the pricey side compared to other sedans. The reason is simple: Insurers have to assume more risk than they would for a standard mid-priced sedan, with its custom parts and high speeds.
The average monthly car insurance premium for the Tesla 3 is a surprising $277 a month, which comes to $3,319 a year. At a starting price of $52,990, the Tesla 3 is the cheapest Tesla to insure, though you might want to increase your maximums to fully protect this luxury car.
When you’re shopping around for an insurer, think about these factors:
The rate you’re offered reflects your driving history, credit, location, and the ins and outs of the car you drive. For a Tesla Model 3, your premium may also be affected by these factors:
Providers care about the person driving the car, too. When determining your premium, they consider your driving history, including any violations, accidents and claims. If your driving record is clean or free from major violations in the last 3 to 6 years, you may score a better rate. Insurers will also look at your credit history, where you live and who else will be driving the car.
Depending on your provider, the Model 3 might qualify for several discounts. These discounts may help to offset the high cost of electric car insurance and ensure you get the most value for your money. As you’re researching, ask if these safety discounts apply.
The Model 3 has garnered a solid reputation for safety. It has received top marks across various safety ratings in North America, Australia and Europe. Features like lane assist, automatic obstacle detection and automatic braking contribute to its high safety performance.
The Model 3 is also incredibly efficient. If you drive around 20,000 kilometres a year, you can expect to pay $355 annually to drive the car. Compare that to the $2,480.00 per year to drive a similar gas vehicle, and you can see how the savings can pile up over the lifetime of the car. As for battery life, the base Model 3 Standard Plus travels around 402 km on a full charge under ideal conditions. If you opt for the long-range battery, that number increases to 518 km.
The Tesla Model 3 is a luxury sports car, which doesn’t make it the most wallet-friendly car on the market. It tends to be on the pricier side to insure, but you may be able to cut down costs with discounts for safety features and defensive driving. Plus, as a bonus, Tesla offers a solid warranty program.
Compare providers and policies to find the best value to cover your Tesla Model 3.
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