If you feel like you’re suddenly seeing that shiny metal “T” everywhere on the road, you’re not mistaken. Electric vehicles sales are soaring, and Tesla is leading the charge.
EV sales in the U.S. nearly doubled in the first quarter of 2021 compared to the same time last year, says a new report by Experian, with Elon Musk’s car company commanding a 71% share.
Tesla also recently announced that it doubled its worldwide production, shipping more than 200,000 cars in the second quarter, up from 90,000 a year ago.
But even though many Americans have decided a Tesla is worth the high sticker price, they could be in for a shock when they try to find affordable insurance for these technological and ecological marvels.
Why do Teslas cost more to insure?
While you’re going to save about $250 a month on gas, any electric vehicle will generally cost you more to insure.
Why is that? Car insurance companies come up with rates based on a whole range of factors. So even if you have a spotless driving record, live in a low-crime area and take advantage of some driving discounts, your rate is still likely to go up compared to your gas-powered car.
That’s because electric vehicles cost more outright and are more expensive to repair. The insurance company may deem you low risk to file a claim, but if anything happens to your car, it’s going to mean costly…