Even after bundling it with three other cars, the lowest quote for my Model Y Performance is $390 per month. I’m a 28-year-old in West Palm Beach, Florida, with no tickets or accidents. Tesla insurance and Costco aren’t available in Florida.
This quote includes 10/20/50 coverage with a $1,000 deductible. My partner, who was in a no-fault accident three years ago, is also on the policy. I tried getting a quote with just Geico, and it was slightly lower at $347 per month, but still steep.
At this point, I’m wondering if it’s even worth it. Any suggestions?
Florida insurance is notorious for being expensive. Between no-fault laws, rampant fraud, and high-risk areas, it’s tough to get a good deal. You’re not alone in this struggle.
Progressive and Geico can sometimes be cheaper for young drivers, but your Florida location might be the main issue. Many insurers are pulling out of the state or hiking premiums because of all the risks.
I’m in Florida, and State Farm quoted me $750 for six months for a Model 3. If you’re considering options, maybe try a less performance-focused model like the Long Range or Standard Range. Performance models tend to attract higher premiums.
Have you checked what the insurance would be for a similar-priced car? Sometimes insurers treat Tesla differently because of repair costs. That could help you understand if it’s the car or your profile.
I’m in Florida, too, and considering the Model Y, but my insurance would triple. It’s frustrating because Tesla is one of the safest cars on the market.
Try an insurance broker. I was in a similar situation and managed to get a much better rate through one. They can shop around for you and sometimes find options you might miss.