EV Car Insurance Premiums - Tesla Vs Other EVs

vitb1 on 24/08/2022 - 11:43
Last edited 24/08/2022 - 14:11

Thinking of joining the EV movement, but been comparing insurance premiums for the different EVs.
The online sources I have looked at claim EVs in general attract a higher premium, but the major insurance providers that I've looked at consistently quoted a much much higher premium for Tesla compared to an equally priced EV of another brand.
E.g. RACWA (cheapest one I've found so far)
Tesla Model 3 SR+ with $650 excess is $976.22 (Agreed value ~$58000)
Kia EV6 GT-line RWD with $650 excess is $616.47 (Agreed value ~79000)
Anyone know why this might be the case?

Edit: Sorry, forgot to mention that the premium price includes the online discount, low emission discount, and membership discount.

Automotive Car Insurance Electric Vehicle Insurance

Comments

  • prisonmike on 24/08/2022 - 11:50

    Keen to know as well

  • Nugs on 24/08/2022 - 11:51

    parts pricing?
    tesla drivers crash more often?
    .

    • vitb1 on 24/08/2022 - 12:11

      tesla drivers crash more often?

      Lol.. I did consider that as a possible reason - not necessarily the driver's skills, but drivers relying on the self-driving program, which hasn't been perfected yet?

    • djones145 on 24/08/2022 - 13:26
      +2

      parts pricing prolly
      Kia may be easier to get and also have cross over parts with other Kia's
      also with tesla they prolly have alot of electronics and sensor built into the different parts of the car )like windscreen, bumpers etc) and replacing them cost alot even for small damage

    • netjock on 24/08/2022 - 14:56

      Elon premium. Since his got money to buy Twitter funded by buyers, buyers can fund excess profits too.

  • Therage on 24/08/2022 - 12:01
    +3

    I only know from someone I know who had an accident in his Tesla and there is basically no choice in repairers where we live and the prices were crazy. Likely something to do with it

  • navrock1 on 24/08/2022 - 12:24
    +4

    Sharing someone else's experience but my thinking is that Tesla does not have much servicing support in Australia compared to many Kia, Hyundai etc dealers who would fix your car. Someone I know had a semi major crash and it was just cheaper to give him a new car. I believe because of this issue Tesla also has its own insurance in places like the US.

    EVs in general will be more expensive to insure as they are made of aluminium shells that will open like a can at anything small

    • vitb1 on 24/08/2022 - 13:03

      Don't know why you got negged..
      The first part makes complete sense.
      Second part still doesn't account for the discrepancies between Tesla and everyone else.

  • EnergicAU on 24/08/2022 - 13:59

    I just did this last night. RACWA online has a $100 discount for online and also a 25% discount for low emissions.

    As an example:
    $108.80p/m RAC 2022 Tesla Model Y $500 excess covering $78k agreed + free windscreen cover + unlimited hire car

    Currently paying $184.77p/m AAMI 2014 BMW X3 $550 excess covering agreed $27,800 (no hire car no windscreen)

    Edit: sorry thought you were asking about ev vs non ev

    • brendanm on 24/08/2022 - 14:09
      +1

      Currently paying $184.77p/m AAMI 2014 BMW X3 $550 excess covering agreed $27,800 (no hire car no windscreen)

      That seems wildly excessive.

      • EnergicAU on 24/08/2022 - 17:17

        Yeh just did a claim earlier this year prob that's why

  • Franky23 on 24/08/2022 - 14:03
    +1

    That's bloody cheap insurance!

    • netjock on 24/08/2022 - 14:57

      I think too. But it is the up front pricing of the car that is the killer.

  • ozzie freddo on 24/08/2022 - 19:14

    My Hyundai Ioniq EV (2020, 38kWh) is $750pa with RACV. Was $660 last year. $1,000 excess.

  • [Deactivated] on 25/08/2022 - 17:32

    From what I understand Tesla's have expensive and first party only parts, and the choice to get them repaired by Tesla or Tesla. Other manufacturers have more established repair networks and parts processes which mean insurers can play different repair shops off each other for cost, and the parts are reasonably priced / available.

    It's quite possible they're pricing the risk of people doing silly things with autopilot, though I think that would be less likely to be the main reason.

  • mybrains on 14/01/2023 - 17:29

    Suggest it could be affected by the Lithium Ion (NCM) battery risk of fire during collisions jacking up the price. You no doubt heard of the Samsung S7 phones having issue and EVs using mainstream NCM batteries can have nasty fires. By the way there is alternate Lithium tech thats not so bad when damaged (called LFP or LifePO4). This is often used in entry model EVs due to less range and cheaper cost

    Just look up nail test to see how each type of Lithium battery chemistry reacts e.g.

    NCM vs BYD blade (LFP)
    https://www.youtube.com/watch?v=CGQwqWqzkNA

    and just think you have thousands of these suckers under your feet in an EV

    • changyang1230 on 11/03/2024 - 14:58
      +1

      Except this hasn’t really resulted in any known EV fire from collision so far in Australia.

      Of the handful of “EV fires” reported in media, most are from known dodgy batteries. I haven’t come across a single EV catching fire from accident in Australia yet.

    • Bigboomboom on 12/03/2024 - 12:15

      This has nothing to do with battery chemistry. Model 3 SR+ uses CATL LFP battery but insurance is more expensive than a costlier EV6 GT-Line with bigger, NCM battery.

  • Devinp on 09/03/2024 - 21:56
    -1

    Giga pressed car body, unrepairable, one crush will send the car to junkyard and pollute 1mil tons of water.

Login or Join to leave a comment
Login Join