Electric vehicles are typically more expensive to purchase than their internal combustion counterparts — a major factor when shopping for a new ride.
However, what you’ll pay to insure that new sedan or utility vehicle plays a role in how much vehicle a buyer can afford. A new study by QuoteWizard, an insurance price comparison website, reveals the most expensive “popular” vehicles to insure are also EVs: the Tesla Model 3 and Model Y respectively.
The Model 3, which starts in the low $40K range, costs an average of $2,830 a year for full coverage. The Model Y isn’t far behind at $2,658. “Insurance for the Model 3 and other Tesla vehicles is so expensive because as a luxury car, Teslas are more expensive to repair and are a more enticing target for thieves,” the website noted.
The rest of the top five include: Hyundai Sonata ($2,332), Kia Forte ($2,328) and Hyundai Elantra ($2,295). While the Teslas being luxury vehicles made them the target of thieves, helping to drive upthe cost to insure them, there are other factors at play, the website noted.
Vehicles with powerful engines are typically more expensive to insure as they “more likely to be in damaging high-speed crashes than most other types of vehicles.” The cost to repair a vehicle also plays into how much an owner is charged for insurance.
Least expensive
At the other end of the spectrum is the Subaru Forester, which came in at $1,760 on average to insure. Subaru’s tend to have to have good safety records, which is an enticement for buyers who are typically more cautious drivers, less prone to collisions.
The rest of the top five of the least expensive includes: Jeep Cherokee ($1,767), Honda CR-V ($1,769), Jeep Wrangler ($1,777) and Honda Odyssey ($1,822). If you’re looking to save some money on insurance, there are a few things you can do.
First, buy a medium-sized vehicle. A common misconception is that the smaller the car, the cheaper it is to insure. Many insurers associate small cars with being faster on the road and more prone to getting into accidents.
Others might believe large cars are the perfect vehicle to drive. A midsized vehicle, like a sedan or small SUV, is the cheapest to insure in most cases, the website noted.
It can be cheaper to insure a plain car rather than a flashy one. Showy cars can be more of a target for thieves, which insurers consider when setting rates, the site added.
Mitigating factors
The average vehicle costs $1,255 to insure annually in the U.S., but several things factor into how much the end price is, including the age the vehicle, what you paid for it, engine size and what make and model it is.
The 2018 Jeep Wrangler Sahara is the cheapest car to insure in the U.S. On average, it costs $1,306.94 per year to insure this model. It’s cheap because its relatively affordable, it starts at $28,045, plus its sturdy and boasts plenty of safety features.
This article is bull. I only pay $130 per month for full coverage on my 2022 Tesla Model 3 Long Range. That’s up $30 from my 2004 Acura.
$716 per year is what I’m paying Allstate to insure my 2022 Model 3, Standard RWD. My brother pays $900 for his Model Y. Perhaps TheDetroitBureau.com is exaggerating to protect their interests.
Way to high quotes and averages. Tesla insurance is around $1600 a year.
Do you understand anecdotal evidence? I quoted insurance for a Tesla and it’s triple my 2010 Lexus and $1,600 more a year than a 2022 Lexus. In my case they’re quoting $3,600 a year for a model 3. So I could say this article is BS it costs way more. One data point isn’t going to tell the whole story.
My Model 3 insurance costs are in line with the other gas cars I own. More bs being published here.
Averages are a thing.
You probably have an exemplary driving record. And where you live can affect things greatly, if you live in an area where your car is more likely to be stolen then say out in a nice country small town, your insurance is going to be a lot higher. Many years ago I wanted to insure your car when I first got out of college in New York was going to cost me $1,600 for minimal assigned Risk insurance. I took it to Florida and I got 100k/300k insurance and also insured an old Volkswagen and the total bill was $700.
Tesla vehicles are literally some of the least stolen because they are the hardest to steal. Out of 153 that were stolen, 152 have been recovered.
I’m sure glad this article wasn’t printed on paper, because it would have been a shame to harm a tree for this load of worthless “information “. I pay just a bit over $1000 a year for my 2021 Model Y with State Farm and full coverage. Also while Teslas Do get vandalized more than other cars, they are rarely stolen and a high percentage get recovered.
Half-assed article based on one websites half-assed “research”. What most refer to as “full coverage” when purchasing insurance is really minimum requirements to be legal, which varies from state to state. The “study’s” parameters are: ” from a leading insurance company for a 30-year-old male living in Seattle with a clean driving record. This sample driver has 50/100/50 coverage with $500 deductibles for both collision and comprehensive coverage.”
1 source/insurer for quotes for one city (that’s really expensive to live in anyways)? Washington state minimums are 25/50/10, and the quote isn’t with additional coverages such as MedPay, UM, Rental, etc, so definitely not on either end of the spectrum of coverage
Disappointing and lazy journalism from writer and source.
I pay about $1100/yr for my 21 M3P. Full coverage very low ded saved full glass coverage.
I came here to say the exact same thing. I actually pay $10 less each month for my Model 3 than my previous 2018 Acura TLX. Who’s “QuoteWizard” to be the gold standard for national insurance rates? This article looks and reads like a hit job on Tesla from ICE automakers.
agreed
How do you steal a Tesla?
I was asking myself that same question. This article is darn near felonious…lol
Literally one of the only ways to do it is to use a range extender for the key. It’s why the few that do get stolen are often recovered very rapidly. Does not happen that often
Have some genius TSLA owner NOT use PIN TO DRIVE and a very well equipped and competent car thief.
Very interesting article, but ” …. there are few things you can do” ? Try “a few things you can do.” “First, by a medium-sized vehicle.” ? Try ” …. buy a medium-sized vehicle.” Also, “It’s cheap because its relatively affordable, … ” ? Yes.
I pay 107$/month for full coverage which has 100$ deductible
Not for me. I’m paying about $800 per year and it’s not minimum coverage. In fact, my new model 3 performance was cheaper to insure than the infiniti G35x it replaced. I use farm bureau insurance. My model y is a bit more expensive.
I don’t know where all these Tesla owners get their insurance. But I’ve quoted one and it’s ridiculously expensive compared to other cars. My 2010 Lexus IS about $685 every 6 months. A 2022 model 3 with the exact same coverage and estimated mileage, is $1800 every 6 months. I also quoted a 2022 Lexus IS to compare and it was only $1000 every 6 months. Maybe other insurance companies would be cheaper, but every time I’ve looked with my current car my rates would go way up.
Disagree 100% my insurance went up by a total of $60 a year for my 2021 Tesla model 3. I asked my agent why it wasn’t more and he told me it was because of the safety features included with the car.
Yeah, no. My M3 costs far less to insure than my other cars and truck and it’s not close. There’s still time to delete this trash article.
Baloney. I’m praying $650 per YEAR for my 2021 Model 3, dual motor.
Thieves love Tesla’s? Maybe vandals but not thieves, check your facts.
2021 Volvo XC40 recharge electric the most expensive car I own. 60000 loaded and it’s the cheapest car on my insurance. I have a 2018 Mercedes GLE, 2018 Audi Q3, 2018 Nissan Rogue. So not sure about this article. But I was thinking about getting a Tesla Model Y and l substituted it in for my Volvo and it was alot higher.
Wow, I must’ve done something right. My insurance for my Model 3 is $698/yr.
$716 per year is what I’m paying Allstate to insure my 2022 Model 3, Standard RWD. My brother pays $900 for his Model Y. Don’t let this article deter you.
Interesting how the insurance industry can manipulate legislature to allow them the gouge people that are interested in muscle cars and now electric call electric cars. I find it despicable that the insurance industry somearnest industry sometimes writes legislature and hands it over the wall to a senator a Congressman and says, here’s what we need you to do. All in their (insurance co) self interest as to mitigate and minimize risk, unencumbered by adequate monitoring and best interest of the consumer.
Not true. I pay no more for my 2021 Model Y than I do for our Sequoia, Santa Fe, and RAV4 with Progressive. Rates vary widely by insurer and state. As an ex Michigan resident, auto insurance rates were outrageous
This felt like an ad for the big three.
We pay $1016 per year for full coverage on our dual motor model 3 through USAA in Seattle. This is less than the 2014 Ford Focus that it replaced for the same coverage limits. This article feels like a Detroit UAW big oil hit job on Tesla.
What the… Did this person even try to get quotes on their own? Dang such lazy journalism!!!!! I pay less for my Tesla that has more coverage than I paid for my Lotus Elise!!! I am in the sub 800 mark.
This article is misleading…. I insure my model 3 and Honda with progressive (full coverage) for $120 total, both cars.
My $40k M3 costs $20 more per month than my Ford Focus that is only worth $5k. I pay less than $1.2k per year for full coverage so yeah, this article does not mirror my reality.
The largest component of auto insurance is the cost of insuring the bad drivers who own them.
This is complete BS i pay 95/mo to insure my model 3 which is the same i was paying for my camry
Interesting comments because 2 years ago when I priced Model 3 insurance it was 600 more a year than me BMW 328 which was hit and totalled. Still 400 more than the Volvo I ultimately got. 2500/yr. in a part of Phoenix which has a fair share of accidents. Business partner owns a Model 3 and was paying 2400 at the time. Either insurance industry changed its stance, claim frequency a lot less where you live or coverage less. BTW, prior to the subject accident, also hit by another car but no claim on my coverage in years.
BS article and writer. I pay $1044 a year full coverage 21 M3 long range with $100 deductible for comp and collision with Wawanesa.
Really??? Don’t know where these figures came from. I pay $900 per year for full coverage on my Model 3.
Also, Teslas are extremely hard to steal without getting caught.
100% the S560 cost more than a Tesla 3 to insure. I’m sure there are tons of cars that cost more to insure
You need to check your facts, it is almost impossible to steal a tesla. It can be tracked, can not be supercharged. Can be set up with a password to start or thumb print. What a terrible article.
You need to check your facts, it is almost impossible to steal a tesla. You need to stay out of the donut shop and spend more time doing research.
“Detroit” so i get why they spread this propaganda, my 2022 M3P brought down my insurance 25 dollar a month vs my 2020 dodge scatt pack wide body so go tesla.
Propaganda? Hardly. And automatically denouncing something with the word “Detroit” in its name would suggest where the real bias lies. We’ve been covering the EV market since the site was launched many years ago and, if anything, we’ve been highly proactive about the coming of the EV. You may disagree with the topic and substance of AN article, but then projecting that to the media outlet as a whole suggests where the actual bias lies.
Paul A. Eisenstein
Publisher, TheDetroitBureau.com
This sounds like an attack on the EV market. Misinformation and disinformation.
Clearly, you’ve not actually read our website but just found one article you disagree with. We cover EVs extensively and I think any regular reader will quite strongly disagree on any claim that we “attack” the EV market.
Paul A. Eisenstein
Publisher, Editor, TheDetroitBureau.com
I pay $5600 a year for an S, a Y, and an 2007 Acura (no collision) driven by a 20 year old with one accident. My insurance has been as high as $7800, but I shopped around. My policy is high because in Florida, they insure all cars against all drivers, but it is still way cheaper than this article purports. Florida appears to have high insurance costs due to all the olds and degenerates.
How do u steal a Tesla? This is the stupidest article on Tesla yet. My 2021 M3 insurance is 125 a month..Fake News!
I have a tesla model 3, 2020, my insurance after purchase in march 2020 was 524.49 now its 930.77. The article is not entirely false. I live in Maryland and have allstate. We must also understand it’s the average in the entire country. Thank you
Consider the source. I pay just over $800 per year for my 2021 Model Y. I have several friends that own Tesla vehicles and none pay anything close for comprehensive auto insurance to what this article claims.
Full coverage on my M3 Performance is $108/month in SoCal. I have Tesla insurance and a clean driving record.
Tesla insurance sold by Tesla is super cheap, I pay $73 a month, this article does not apply to anyone in these states.
Available in Arizona
California
Colorado
Illinois
Nevada
Ohio
Oregon
Texas
Virginia