New guide for Tesla insurance

Banked has published a comprehensive new guide to insuring a Tesla in New Zealand.

The new resource helps Kiwis better understand their insurance options for the vehicle range, including the popular Model 3, Banked says.

The number of Teslas on New Zealand’s roads has increased significantly in recent years, thanks in part to the government’s Clean Car Discount scheme. But until recently, consumers lacked choice when it came to insurance, says Banked, suggesting that has changed and most insurers can now provide a quote, leaving Tesla owners with a competitive selection.

The personal finance information and deals website contacted 12 New Zealand providers for prices to insure a Tesla Model 3 and found that only two were unable to provide a quote.

Prices differed by as much as 60% between insurance providers, highlighting the importance of getting quotes from a range of companies when shopping for car cover, Banked adds.

The research also compares key benefits of each policy, such as new vehicle replacement cover and excess-free glass claims — an important benefit for those Teslas with glass roofs or a panoramic sunroof.

Banked’s guide also assesses InsureMyTesla — a car insurance policy tailored specifically to the Tesla range. Diving into the benefits of the Vero-underwritten policy, the resource looks at how more general car insurance policies weigh up in comparison and whether Tesla owners get greater overall value with more custom cover.