Why is Tesla Model Y insurance so expensive?
Hey guys,
I live in Victoria and I’ve been thinking about buying a new Tesla Model Y.
But then one of my friends who bought a BYD Sealion 7 instead of the Tesla told me the main reason was insurance costs.
So I started checking quotes myself and honestly I got shocked.
The cheapest quote I could find was around $3400/year with RACV, and everywhere else was close to $4000.
I’m 34M, never had any accidents or insurance claims, got my licence at 21, and I’ve been driving a Corolla with comprehensive insurance for the last 8 years.
I honestly didn’t expect Tesla insurance to be THIS expensive.
Can someone explain why? Is it because repairs are expensive or parts take too long or something else?
When I buy a car, I usually keep it for 7–10 years, so insurance costs matter a lot to me long term.
Would love to hear from other Tesla owners in VIC and what you guys are paying.
PS: I live in Kalkallo, 3064