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What is the Cost of Tesla Model Y Insurance?

Car insurance is undoubtedly a major investment. Hence, a car owner understandably considers various aspects before purchasing one. Let’s discuss Tesla Model Y Insurance here.

Well, when we talk about the average Tesla Model Y Insurance costs $1804 per year and $150 per month. However, the cost does depend on the coverage type you go with.

Driver Age Insurance Cost
High Risk Driver Age30 $4,114
Safe driver age 20 $3,602
At fault accident age 40 $2,544
low deductibles age 40 $2,378
Safe driver age 30 $1,912
Safe driver age 40 $1,804
Safe driver age 50 $1,644
Safe driver age 60 $1,614
High deductibles age 40 $1,510
Discount rate age 40 $1,498

Let’s go through some of the major factors playing a crucial role in Tesla Model Y Insurance cost below.

  • Your occupation - If you are a farmer, doctor, professor, engineer, officer, etc. you are likely to save up to $160 as most insurance companies do provide discounts to the potential insurance buyers of any of these professions.
  • Gender & Age - Your gender & age are other important factors playing an important role in terms of deciding your Tesla Model Y insurance quote. For instance, a 25-year-old male would be paying more premium than a 25-year-old female. The difference won’t be that huge, but it would be there.
  • Your Credit Score - If you have a credit score over 800, you can save around $250 as compared to your credit score of 600. The more your credit score is, the easier it will be for you to save on your Tesla Model Y insurance rates.
  • Your Driving Habits - Of course, your driving habits are bound to impart an impact on your car insurance cost. If your car has gone through a few accidents in the past, you will have to pay a bit more premium as compared to having no accident records.
  • Increasing the Deductibles - Increasing your deductibles is one of the easiest ways to reduce your insurance cost. The more deductibles you pay, the easier it would be for you to save your premium.
  • Choosing Low Deductibles Might Be a Bad Move - Lowering the deductibles by no means would do any good to you. When calculated, it is found that just lowering the deductible from $500 to $250 might cost you $300 more, if you are 40, and $600 more if you are 20. Seeing the difference?
  • High-Risk Driving Implies High Rates -If you are a high-risk driver, you are bound to pay more insurance premiums. In simple words, the more collisions and violations, the more premium you pay.
  • Young Drivers Pay More - Age matters a lot when it comes to insurance premium. The younger you are, the more you pay the premium. For instance, 20-year-old driver pay 50% more premium as compared to a 40-year-old driver.

As mentioned, the cost of Tesla Model Y insurance depends on several factors. If you are about to purchase one, just keep the above factors in your mind to ensure that you stay away from the hassles at a later stage.

Requirements for Tesla Model Y Insurance Quote

Well, you might be delighted to know that getting Tesla Model Y insurance is by no means difficult. It comes with a very basic set of requirements. However, you must know each of them to ensure that you don’t go through any hassles at all.

Check out the requirements to get Tesla Model Y insurance below.

  • Firstly, you will require a valid driver's license before you ask for an insurance quote
  • Your vehicle identification number is a must to get an insurance quote.
  • Lastly, your address proof or say the address where your vehicle is will be required.

As mentioned, you need not worry even a bit about the documents required for Tesla Model Y insurance. They are minimal and easy to collect and present.

Now, what after you submit all these documents? It’s better to know the entire process in advance. Check out the same below.

  • After you submit the documents, you will be explained several coverage options along with the price quotes. As mentioned, these quotes will depend on several aspects like your age, gender, driving habits, etc.
  • Once you have agreed on a specific quote, the process to insure your car will start. Usually, it takes up to 3 to 5 days for the process to be completed.

Tesla Model Y Insurance Cost for 16-to 25-Years Old

As mentioned, age plays an important role in deciding the insurance cost. Teenagers pay the most for getting a car insured. Of course, driving experience and their tendency to drive roughly are the major reasons for the same.

However, if you are young, you can opt to go with your parent's policy rather than buying your own. It would save you money, which is definitely a good thing for you. Yes, once you age a bit, and you gain some driving experience, you can get your own policy.

When it comes to Tesla Mode Y insurance rates, a 16-year-old driver pays an average cost of $12,043 annually while a 25-year-old pays an average cost of $3410 per year.

Yes, the difference in cost is quite huge, but so is the difference in age. However, age is one of the most important aspects of insurance cost, and hence, the difference is completely justified. After all, with age, both, your driving habits and your driving experience improve.

As mentioned, if possible, it’s always good to go with your parent’s policy as it is a proven way to save some bucks on insurance. You can always opt for your own policy as you get some driving experience.

Age Average Annual Rates
16 $12,043
17 $10,668
18 $9,394
19 $6,728
20 $6,005
21 $4,754
22 $4,379
23 $4,007
24 $3,761
25 $3,412
40 $2,878
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Best Ways to Save Money on Tesla Model Y Car Insurance

So, how do you save money on your Tesla Model Y car insurance cost? Well, there are several simple ways to do so. What are they? Check them out below.

  1. Explore various options - Make sure to explore various car insurance options before you select one. The more options you explore, the easier it will be for you to select the cheapest insurance for Tesla Model Y. Numerous car owners commit the mistake of not comparing the quotes, which eventually means a loss for them.
  2. Drive Safely - As mentioned, your driving habits play an important role in terms of deciding the car insurance cost for you. The more you drive safely, the less will be your insurance premium cost, and the more you will save.
  3. Increasing Deductibles -The more are your deductibles, the less premium you pay. You can calculate the maximum deductibles you can pay without disturbing your budget even a bit to ensure that your premium is quite less.
  4. Negotiate - It’s important to negotiate well and get your premium reduced as much as you can. Negotiating is one of the most efficient ways to save money on your car insurance. You can even ask for discounts. As mentioned, you can claim and avail of numerous types of discounts, and hence, do yourself a massive favor in terms of saving your car insurance cost.
  5. Maintaining the Credit Score -The more your credit score is, the less will be your insurance premium. Hence, try to maintain your credit score, and make sure to use the same to the fullest if it’s good enough to claim amazing discounts.
What Type of Insurance Coverage You Require?

Of course, you might want the cheapest insurance for Tesla Model Y, but you must know that with car insurance, the cost isn’t the only factor that you must consider. However, the Model 3 is your answer when it comes to the most affordable Tesla model.

The average price of the model ranges from $55,000 to $62,000. Of course, you need good insurance coverage to protect your vehicle. So, how do you figure out the best insurance coverage for yourself?

You can go with liability insurance, to cover your basic requirements. However, we highly recommend going with a higher level of coverage to ensure that all your coverage requirements are met.

It’s always better to go with full coverage insurance rather than comprehensive coverage. Full coverage will protect your Tesla Model Y against natural damages and thefts, while comprehensive coverage won’t.

Frequently Asked Questions
It primarily depends on your location. However, to give you a basic idea, the average Tesla Model Y insurance cost is around $2900/year.
Well, the definition of expensive varies from person to person. Yes, it is expensive as compared to other options, but you can play with coverage type to fit the same into your budget.

Selecting the best insurance for Tesla Model Y must be easy for you now. As mentioned, if you research well, selecting the best option won’t be that difficult for you.
About the Author

Andy Walker is a content writer for the AtoZ Insurance USA who specializes in the insurance and finance niches. He has been working as a freelance writer from several years, and has experience with a variety of content writing formats. Andy is a highly skilled writer who is able to produce quality content that is both informative and engaging.

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