buy Tesla is not cheap— but can it save you money over time? Of course you don’t have to stop at the gas station. There are also maintenance savings, from less frequent brake pad changes to non-existent oil changes. However, don’t forget the insurance. That can be a big expense for any vehicle, especially high-tech luxury cars like Teslas.
Are insurance costs for a Tesla different from those on other luxury cars? To find out, we teamed up with Insure.com to calculate premiums for each Tesla and their equivalents from: BMW. The numbers are based on national averages for a single 40-year-old male with a clean track record, good credit, and a 12-mile commute each day. His policy limits are $100,000 for single-person personal injury, $300,000 for all injuries, and $50,000 for property damage. This driver opted for comprehensive and uninsured motorist coverage, as well as a $500 deductible.
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Is a Tesla more expensive to insure than a regular luxury car? It depends. Here are insurance estimates for each Tesla model.
Note that Tesla offers its own in-house insurance. As of now, however, that’s only available to drivers in California.
Tesla Model 3 vs. BMW 3 Series Insurance Cost
Let’s start with some 3 on 3. The entry level Model 3 is the Standard Range Plus model, which costs an average of $2,114 to insure. BMW’s equivalent is the 330i, which costs the exact same $2,114 to insure. How to choose then? Performance is comparable; the Tesla needs 5.0 seconds to hit 60 mph and the BMW needs 5.4. The starting price for both is around $40,000. This Model 3 can travel 263 miles on a charge, while the 3 series can travel about 200 extra miles on one tank of fuel. Of course, the BMW is much less efficient at 26/36 mpg city/highway to the Tesla’s 150/133 mpg-e.
The next is the Model 3 Long Range, which costs $2,351 annually to insure. As the name suggests, this model’s driving range is much greater, with an EPA rating of 353 miles. Starting price is about $50,000, and 0-60 mph takes 4.0 seconds. Meanwhile, the comparable BMW M340i costs $2,392 to insure. The 0-60 time of the M340i is 4.2 seconds, and the starting price is about $54,500.
The range topping Model 3 Performance costs $2,307 per year to insure. It can travel 315 miles on a charge, and its 0-60 time is just over 3.0 seconds. Prices start at about $58,000. Only the mighty M3, which costs $2,749 to insure annually, stands a chance to keep up. It takes 3.5 seconds to 60 mph in Competition spec. Given its starting price of just under $70,000, the M3 makes the Model 3 Performance seems a value.
While Tesla doesn’t make a gas-powered car, BMW is making a 3-series that can run on electric power. The 330e plug-in hybrid can travel approximately 22 miles on a full charge; it costs $2,380 a year to insure, or comparable to the M340i.
Overall, the Tesla and BMW are surprisingly similar in insurance costs. It’s not until you get to the top-of-the-line Model 3 Performance model that the Tesla is the better insurance value.
Model 3 vs. Insurance Cost Winner 3 series: Tesla
Insurance costs Tesla Model S vs. BMW 7 Series
The Tesla that put the brand on the map is the Model S. This full size luxury sedan starts with the Long Range model, which costs an average of $3,673 in annual insurance. It takes about 4.0 seconds to accelerate to 60 mph and can travel 412 miles on a charge. Prices start at about $81,000. BMW’s competitor is the 7 series, for which the 740i is the entry-level model. It’s cheaper to insure at $3,078, but trails elsewhere; prices start at nearly $87,000, 0-60 mph takes about 5.3 seconds and fuel economy is 22/29 mpg. It doesn’t look too good either.
Drivers looking for speed should use the Model S Plaid. The average insurance cost is $4,143, making it one of the most expensive cars to insure. But it’s also the fastest acceleration up to 60 mph drops to 2.1 seconds. It starts at about $131,000 and can cover 315 miles for a fee. In that bracket, BMW has two options: the Alpina B7 and V-12 powered M760i. They cost $3,607 and $3,914 respectively to insure, reaching 60 mph in about 3.5 seconds. They are more expensive, with the B7 starting around $143,000 and the M760i around $158,000. Fuel economy? If you insist: the B7 gets 17/24 mpg and the M760i gets 13/20 mpg.
For those torn between all-electric and conventional power, the 745e could offer a solution. This 7-series plug-in hybrid costs an average of $3,274 to insure and offers: approximately 17 miles range on a load. Even if you don’t go for plug-in, the BMW is the clear winner in insurance costs here.
Model S vs. Insurance Cost Winner 7 series: BMW
Tesla Model Y vs. BMW X3 Insurance Cost
Tesla’s smaller SUV is the Model Y. Average annual insurance for the entry level Long distance trim costs $2,118. It starts at just over $52,000 and has a range of 326 miles. With the help of his dual-motor AWD setup, 0-60 mph acceleration lasts 4.1 seconds. BMW’s equivalent luxury compact SUV is the X3. The entry-level xDrive30i costs a lot less to insure: $1,725 on average. It’s also less expensive to buy, starting at about $45,000. It’s not that fast, reaching 60 in about 6.0 seconds, and it’s rated at 23/29 mpg.
Moving to the Model Y Performance increases the premiums to $2,227. This Tesla costs about $62,000 and has a range of 303 miles. A 0-60 time of under 3.5 seconds proves the Performance part of its name. You could go either way for a comparable X3, both of which are cheaper to insure. The X3 M40i, which costs $1,910 annually, starts at about $56,500. It reaches 60 in 4.8 seconds and gets 21/27 mpg. Then there’s the full X3M, which costs $2,074 a year to insure. Starting at just under $70,000, the X3M reaches 60 mph in 4.0 seconds and drinks premium at a rate of 13/19 mpg.
Model Y insurance cost winner vs. X3 Series: BMW
Tesla Model X vs. BMW X5 Insurance Cost
Above the Model Y is the Model X, which more spacious seating and game falcon wing doors. For 2021, the entry-level version is the Long Range, which costs $3,355 annually to insure. It can travel 360 miles on a charge and overtake 60 mph less than 4.0 seconds. This Model X is pricey, starting at over $91,000. That divides the difference between the two top versions of the X5, BMW’s equivalent SUV. The X5 M50i is less expensive to insure, at $2,528 per year. It starts at a lower price, about $83,000. BMW estimates a 0-60 time of just over 4.0 seconds, and fuel economy at 16/22 mpg.
The high end Model X is the Checkered variant. It is one of the most expensive SUVs to insure, costing about $4,025 per year. It’s also not cheap to buy; prices start at over $121,000. The range is estimated at 340 miles. However, it is very fast, launching to 60 mph in an estimated 2.4 seconds. BMW’s closest rival is the X5 M, which is relatively inexpensive at $2,993 to insure and starts at just over $105,000 to buy. It’s not that fast, necessary about 3.3 seconds at 60 . To hit. Thirst, also rated at 13/18 mpg.
note that some X5 models have no direct Model X equivalents. The entry level X5 40i costs about $2,000 a year to insure and just over $60,000 to buy. Acceleration to 60 mph takes about 5.0 seconds and fuel economy is estimated at 21/25-26 mpg. Then there’s the X5 45e plug-in hybrid, which costs $2,515 to insure and can cover 31 miles for a fee.
Model X vs. Insurance Cost Winner X5: BMW
How much does insurance on a Tesla cost?
- Tesla Model 3: $2,114-$2,351
- Tesla Model S: $3,673-$4,143
- Tesla Model Y: $2,118-$2,227
- Tesla Model X: $3,355-$4,025
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