The insurance costs for Tesla owners will likely experience a dramatic increase. The insurance premium increase is not caused by supply chain problems or expensive maintenance costs. The number of vandalism incidents against Tesla vehicles keeps rising, which will likely push insurance premiums higher across the board.
The number of Tesla vehicles targeted by vandals has increased rapidly throughout the last few months as attackers use spray paint and fire and gunfire to damage Tesla cars. YouTube channel Wham Baam Teslacam has documented numerous instances of Tesla owners experiencing property damage for several years. Recent destructive acts against Tesla vehicles seem to target Tesla CEO Elon Musk directly rather than the vehicle owners.
Insurance companies face a significant problem due to the recent increase in vandalism incidents. The number of damage claims filed by policyholders leads insurance companies to distribute premium rate hikes to all policyholders. The coverage for vandalism exists within comprehensive auto insurance, yet multiple claims might result in increased premium costs. The ownership of a high-risk vehicle forces all Tesla drivers to pay higher insurance premiums regardless of their driving history.
Newsweek published a report that addresses the increasing worry about this trend.
The data journalist Matt Brannon from Insurify predicts that future comprehensive coverage costs may increase because of rising Tesla vehicle vandalism incidents.
CarEdge reports that Tesla stands as one of the most expensive brands to insure after Rolls-Royce and Lamborghini. The Insurify data shows that a Tesla Model 3 requires $353.50 per month for full-coverage insurance while the annual rates climbed 30% to reach $4,362. Meanwhile, the Tesla Cybertruck averages $3,813 in annual insurance costs.
Tesla owners face increasing expenses because there seems to be no straightforward solution to the situation. The situation with Kia Boys cars becoming uninsurable due to widespread thefts resembles how Tesla vandalism might cause their vehicles to become too expensive to insure.
