Insurance and the Tesla Effect

[CaptainJack0201]

The Tesla effect, which occurs when non-repairable battery packs cause catastrophic damage, is driving up insurance costs for Tesla cars. There is a $50 monthly increase, though, as USAA reran the price for the Equinox EV 2LT. Insurance companies accept repairable GM EVs, thus this makes more sense than the Tesla effect.

 

[gHetto Bhurdie]

I switched to Progressive. Tesla's insurance sucks!

 

[Jake_Mason87]

I have heard about this issue, damn. It is becoming a bigger problem for Tesla owners.
Do you think GM will benefit from this shift in perception? It is worth considering if Tesla needs to rethink their battery design to avoid these high insurance costs.

 

[IamOld]

The Tesla effect, which occurs when non-repairable battery packs cause catastrophic damage, is driving up insurance costs for Tesla cars. There is a $50 monthly increase, though, as USAA reran the price for the Equinox EV 2LT. Insurance companies accept repairable GM EVs, thus this makes more sense than the Tesla effect.

This is important to raise.

The "Tesla effect" you mentioned seems tp reflect growing concerns among insurers.

Especially when it comes to the cost of replacing entire battery packs.

Have you looked into whether Tesla's direct insurance options might be more competitive?

It might also be valuable to compare data on the long-term durability of both Tesla and GM EV batteries.

 

[MaddyBLue]

The Tesla effect, which occurs when non-repairable battery packs cause catastrophic damage, is driving up insurance costs for Tesla cars. There is a $50 monthly increase, though, as USAA reran the price for the Equinox EV 2LT. Insurance companies accept repairable GM EVs, thus this makes more sense than the Tesla effect.

Whoa, first time hearing about this "Tesla effect"!!!!!!
I guess it is bad it it's driving up prices for everyone.
Do you think other insurance companies will raise prices, too?
This might push more people toward other EV brands if Tesla doesn't fix the problem, right?

 

[GrantWoW2020]

Yikes!
$50 more a month??? That adds up fast, haha! I switched to GEICO, and my rate didn't go up too much. Phew, I would say. Maybe Tesla should look into this and fix the issue. LOL Do you guys know other companies that are offering better rates?