The Tesla Model 3's First Insurance Rates Are 'Excellent News'

Elon Musk

The Tesla Model 3 debuts on July 28, and the first vehicles will start making their way into American garages shortly after that. But before they hit the road, new Teslas will need what every other car in America needs — insurance. Fortunately, according to the first few Tesla fans checking out their premiums, the major insurance providers look like they have some pretty ok deals.

The Tesla Show, a podcast about Elon Musk’s electric car company, discovered on Tuesday that Geico and USAA now list the 2017 Tesla Model 3 in their systems, allowing prospective buyers and impatient preorder holders plug in their information and see what insuring a new set of wheels is going to cost them. According to a few of the first fans to check it out, it’s not that bad.

“Mine seem pretty reasonable. This is excellent news,” said Robert Murdock. Murdock tweeted out a picture of his quote from Geico, which quoted him a six-month premium of $631.87.

Dang, car insurance is expensive, but it could be worse. 

Robert Murdock

Todd Wilson, another self-described “EV enthusiast,” said that the quote he got from USAA was 20 percent cheaper than what he’s currently paying for a BMW i3, and only about five percent more expensive than what he’s paying for a 2016 Mini Cooper Clubman.

Musk has claimed that Teslas — thanks to Autopilot technology and unique factors of electric car design — will be the safest cars on the road. Other models have had extremely successful crash tests and usually get high safety ratings, which will undoubtedly help keep premiums down.

Insurance rates will vary widely, of course, depending on your location, driving record, age, occupation, marital status, and a whole host of other variables. But if you’re considering jumping on the Model 3 bandwagon anytime soon, it’s worth checking out your quote on Geico or USAA. Inverse checked a few other auto insurers — it looks like the Model 3 isn’t in the State Farm or Allstate provider’s systems instead, but it’ll surely be added in the next couple weeks in time for the car’s launch. Otherwise, things will get tricky for new owners on July 28.