From 2010-2016, auto insurance premiums rose some 33 percent and they’ve climbed even higher over the past few years. Many variables determine your car insurance premiums, such as age, driving record, and geographic location. However, the car you choose could have a drastic impact.
Car insurance rates are rising considerably and premiums for the Tesla Model S are higher than most cars.
Financial news, commentary, and analytical website pointed out today’s 25 cars that cost the most to insure. As expected, many of the most expensive rates were for large or midsize luxury vehicles. The more expensive the vehicle, the better chance it will cost you more to insure. The Tesla Model S is the most expensive car to insure on the new list, with average annual rates at $1,789.48 and average annual collision rates at $1,310.40. – insideevs.com
Tesla vehicles are not only classified as luxury, they’re also all-electric, which pushes the price up further, so repair costs are a lot more. Less accidents and less chance of injury mean lower premiums.
Sports cars and other fast cars can be more expensive to insure for reasons similar to the above. If drivers don’t exercise caution and restraint or are unfamiliar with handling such power, it can lead to accidents.
Tesla is currently working with insurance companies in order to set up plans to curtail these high rates for its vehicles.