How can I save on Tesla car insurance?
There are many factors which affect the price you pay for Tesla car insurance. There are some that you don’t have much choice in - such as your age, postcode, and driving history. But there are several ways in which you could bring down your insurance cost:
Pay your insurance upfront
When you compare Tesla car insurance, you’ll have a choice of paying the quotes you get either monthly or annually. Paying the full annual cost upfront is ultimately the cheaper option, so it’s worth doing it if you can. This is because monthly payments have interest added on - whereas paying your Tesla insurance upfront could save you 38%(2).
Keep an eye on your mileage
Clocking up a huge amount of miles will push up the price of your insurance, so it’s a good idea to keep your mileage down. It’s also important to give your insurer an accurate estimation of how far you plan to drive. You can get this information by comparing the mileage on your last two MOT certificates. To give you an idea, our data shows that the average annual mileage is 6,600 miles(2).
Park your car securely
Parking your Tesla in the right spot could help save on your insurance. For instance, if you park on the street, it’s at greater risk of being vandalised, stolen or hit by a careless driver. Parking off-road - especially in a secure garage - is your safest option… And could knock a few quid off your policy.
Shop around and compare quotes - don’t just accept your renewal price
Insurance companies are in competition with each other, and you can use this to your advantage. The best way to get the right deal is to shop around, comparing different quotes for your Tesla. According to our data, the best time to shop is 18 days before renewal(2).
Looking for more ways to pay less for your Tesla cover? Check out these top tips for cheaper car insurance.
(2)Based on Confused.com data, December - February 2024.
What group is my Tesla in?
If you're thinking about buying a Tesla, it's a good idea to work out how much your car insurance is likely to cost. To give you an indication, check the Tesla model’s car insurance group.
There are 50 car insurance groups, and all models will fall into one of these. The groups are ranked in terms of risk to insurers, with higher groups meaning higher insurance costs. Most Teslas will generally be in higher insurance groups.
These are some of the factors affecting a car’s insurance group:
- The value of the car: More expensive cars usually fall into higher groups.
- Its security features: Anti-theft features will help cars fall into lower groups.
- Its repair costs: If a vehicle is more costly to fix, it’ll be found in a higher group.
- The car’s power: Vehicles with fast acceleration and high top speeds are statistically at higher risk of being involved in a collision. As such, they’re likely to be in higher groups.
- How safe the car is: If a car has more safety features - such as ABS brakes - a collision will be less likely. Safer cars are usually found in lower groups.
Car insurance group checker
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Page last reviewed: 24/06/2024
Reviewed by: Louise Thomas
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