This IIHS Top Safety Pick Winner May Also Cost The Most To Insure

The Tesla Model 3, a Top Safety Pick winner, may come with a hefty price tag when it comes to insurance.

According to Insurify, the average full-coverage bill for a Model 3 is $308 a month or $3,696 annually, almost double the average.

This is despite the Model 3’s impressive safety record, with a Top Safety Pick+ rating from 2020 to 2023.

However, the car’s high repair costs, vulnerable tech, and frequent claims contribute to the high insurance costs.

EVs as a class are proving more expensive to repair, with a 25% higher repair cost compared to gas-powered cars. Tesla drivers also have a poorer driving record, with more DUI arrests and frequent crashes.

The high performance capabilities of Tesla vehicles may tempt drivers to use them beyond their skill levels, leading to more claims and higher insurance costs.

Additionally, the ongoing trade war and actual war have driven up repair and insurance costs, with a 10% increase in car prices since last year.

The use of original-equipment parts, replacement of parts rather than repair, and higher car values due to tariffs all contribute to the increased insurance costs.