Compare Tesla Model 3 Car Insurance

In 2020 the Tesla Model 3 became the most popular electric car in Europe. No other electric model even came close. It is the smallest and cheapest of the Tesla range, offering better acceleration and range than any other entry-level electric car.

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Every vehicle falls into one of 50 insurance categories. The Tesla Model 3 is in the most expensive groups which makes it more important than ever to shop around for the most affordable deals.

Several factors are used by insurance companies to calculate the cost of your insurance. For an average 30-year-old driver, the cheapest will be in quieter areas of Scotland and the north while the most expensive will be in the major cities and London in particular. Even the lowest rates could be several times higher than the insurance for a standard petrol car.

What are the main factors?

Your age is important. The younger the driver, the higher the premium. Location matters: London is generally the highest, followed by big cities, with market towns and rural areas being the cheapest. Engine size and type make a difference. A Tesla Model 3 Long Range auto 4d costs more to insure than a Tesla Model 3 Standard Range Plus auto 4d. Considerations that relate to the individual are: annual mileage, driving history, no-claims discount, credit, marital and employment status. Factors relating to the car itself include its age and model, its anti-theft features, its safety rating and its safety provisions.

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There are lots of ways to keep your insurance costs low. If you pay annually in one lump sum, you avoid any interest charges. Limiting your mileage and increasing your car's safety and security measures is also well worth doing.

But the one thing you should put at the top of your list is to shop around. And not just when you buy your Tesla Model 3. You should consider changing your insurer every year. It's a highly competitive industry so your existing insurer may offer you discounts to convince you to stay while others may offer similar benefits to encourage you to switch.

Whatever your situation, switch wisely, switch well and switch with Free Price Compare.

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Several factors influence the cost of insuring your Tesla Model 3. Understanding these can help you make informed decisions and potentially lower your premiums.

What factors influence the insurance premiums for a Tesla Model 3?

1. Car Value and Model: The Tesla Model 3 is a high-value vehicle, which can lead to higher premiums. In the UK, it typically falls into insurance groups 48-50 (out of 50), indicating higher insurance costs.
2. Safety Features: Tesla's advanced safety features can help reduce premiums. The Model 3 has a 5-star Euro NCAP safety rating, which insurers view favourably.
3. Driver's Profile: Your age, driving history, and location all play a role. For instance, a driver in London might pay more than one in a rural area due to higher accident and theft rates.
4. Mileage and Usage: How often and how far you drive affects your risk profile. Lower mileage can lead to lower premiums.
5. Security Features: Tesla's built-in security systems, like GPS tracking, can help reduce theft risk and lower insurance costs.

Fact: According to the Association of British Insurers, the average car insurance premium in the UK in 2022 was £471. However, due to its high value and performance, Tesla Model 3 insurance costs are typically higher than this average.

While comprehensive cover provides extensive protection, there are additional extras you might consider for your Tesla Model 3.

What optional extras can you add to Tesla Model 3 car insurance?

1. Roadside Assistance: Covers breakdowns and emergencies. Particularly useful for electric vehicles if you run out of charge.
2. Rental Reimbursement: Covers the cost of a rental car while your Tesla is being repaired.
3. GAP Insurance: Covers the difference between your car's value and the amount owed on finance if it's written off.
4. Keycare Insurance: Protects against the loss or theft of your Tesla's key fob, which can be expensive to replace.
5. Personal Injury Cover: Provides additional coverage for medical expenses resulting from an accident.

Fact: The UK's Association of British Insurers reports that the average car insurance claim in 2021 was £3,000. Given the higher value of Tesla vehicles, having comprehensive coverage and relevant extras can provide crucial financial protection.

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