Tesla owners might soon face increased insurance rates due to Elon Musk's political activities.
- Tesla is currently among the priciest car brands when it comes to insurance costs.
- Insurance companies caution that premiums might rise shortly due to activists damaging Teslas because of CEO Elon Musk's political involvement.
- Owners can do nothing except sell their vehicles.
Tesla owners, prepare yourselves. Your insurance costs might rise significantly soon. This isn’t due to parts becoming scarcer; rather, driving a Tesla has become more hazardous in the Dogecoin era championed by Elon Musk compared to what it was merely half a year back.
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Recently, Tesla owners have become victims of vandalism. This includes incidents where their vehicles have been damaged. spray-painted , set on fire , having windows shattered and even being shot And everything seems to point back to Tesla's contentious CEO, Elon Musk.
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Vandalism of Teslas isn't anything new. This issue dates back almost as far as Tesla itself and has become such a common occurrence for the brand that it even led to the creation of popular YouTube channels dedicated to it. Wham Baam Teslacam This scenario highlighted people damaging the vehicles long before Elon Musk embarked on his political journey. However, nowadays, the acts of vandalism aren't directed at the car owners; instead, they're intended as messages for the company’s leader, who isn’t easily approachable for a casual conversation.
Why is this significant for insurance rates? Because damage to vehicles often leads to a comprehensive claim filed with the driver’s personal insurer. Insurers generally react to higher numbers of claims by increasing premiums for the entire risk group, which here includes all Tesla owners.
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Should vandalism incidents concerning Teslas keep increasing, even those careful Tesla owners who've never been penalized for speeding might witness significant hikes in their insurance premiums just because their vehicles have turned into prime targets.
A new report by Newsweek outlines the specifics:
"If vandalism involving Tesla vehicles continues to rise and doesn't go back down, we could see rates rise for comprehensive coverage in the future," [said Matt Brannon, a data journalist at Insurify.]
Shannon Martin, an insurance analyst at Bankrate, pointed out that if included, vandalism damage would be addressed under the comprehensive section of your car insurance policy. Although vandalism claims usually have less influence on premium increases compared to those from collisions, they still hold the potential to affect your rates, she noted.
Tesla owners won't be pleased if their insurance costs increase. According to reports, it is the priciest luxury car brand when it comes to insurance premiums. CarEdge , trailing closely after Rolls-Royce, Lamborghini, Bentley, McLaren, Maserati, and Aston Martin.
It’s pretty wild to consider—that small Tesla competing with luxury vehicles when it comes to insurance rates. price tag like that of a house .
According toInsurify's data provided to Newsweek , amounts to $353.50 each month. This is not an insignificant sum—as a matter of fact, you could secure a 72-month loan for a brand new 2025 Nissan Sentra with a smaller monthly payment. If insurance costs keep increasing, owning a Tesla might become unaffordable for numerous drivers who could instead opt for a more upscale vehicle at a similar or even lower total cost.
Here's more:
"As of February 2025, the Tesla Model 3, Model Y, and Model X remain the priciest electric vehicles to insure," he stated. According to Insurify, the comprehensive insurance costs for a Tesla Model 3 rose by 30% over the past year, now amounting to $4,362 per annum.
"The cost exceeds that of the equivalent Mercedes-Benz A-Class by 25 percent. In 2025, the yearly average expense for comprehensive car insurance coverage for the Tesla Cybertruck was recorded at $3,813," Brannon noted.
What actions can car owners take in such situations? After all, spare parts did not suddenly increase in price, and it’s not their fault that their vehicles have been targeted by vandals. According to activists, the solution is straightforward: sell your car However, in truth, for those who want to keep their vehicle, the response is quite clear: "Not much."
The whole situation has an unpleasant smell. Kia Boys fiasco involving a car manufacturer's error that resulted in customers bearing the brunt of the consequences. As a result, numerous Hyundai and Kia models were affected. entirely uninsured by certain insurers , leading to a class action settlement regarding the disputes with the automaker about rising insurance premiums.
Realistically, Tesla owners who want to continue to be Tesla owners better buckle up. As protests against the automaker continue and vandals target both Tesla equipment And with privately-owned cars, situations might deteriorate further before improving—at least as long as Musk leads a life involving dual lifts. part-time CEO and part-time head of state .