With over 18,000 Tesla cars registered across New Zealand, the demand for Tesla insurance has never been higher. Tesla's presence on New Zealand roads has expanded dramatically, with the Tesla Model Y leading the charge. As more drivers switch to electric, understanding the cost of insuring a Tesla has become increasingly important, as it is for other electric vehicles like the BYD Atto and Nissan Leaf.
We've previously outlined the comparative costs of EVs versus hybrids and vehicles that are powered by the Internal combustion engine. Here, we explore the current Tesla insurance costs in New Zealand, how prices have shifted over the past year, and what factors influence these rates.
Tesla cars in New Zealand
Before we jump into the insurance options available for Tesla cars in New Zealand, let's take a quick look at their lineup of vehicles.
The Tesla range consists of the Model 3 (the compact), Model S (discontinued), Model X (discontinued), the Model Y (the small SUV), and Cybertruck (currently not available in New Zealand).
The Model 3 is the most affordable Tesla, starting at $63,900. It falls under the compact SUV category. The Performance Model 3 is priced at $84,900 and includes upgraded features such as all-wheel drive, a 514 km range, and a 3.7-second acceleration from 0–100 km/h.
When comparing the Performance models of the Model 3 and Model Y, there are some key distinctions in driving dynamics and purpose:
The higher-spec Performance Model 3 focuses on delivering a sportier, more agile experience with its lower profile and faster acceleration, going from 0–100 km/h in just 3.1 seconds. It offers a slightly higher range of 528 km, making it ideal for those seeking speed and long-range capability in a sleek sedan package.
The Model Y Performance, while also quick with a 3.7-second 0–100 km/h acceleration, prioritises space and utility. It has a range of 514 km and is built with a higher stance and more cargo room, perfect for drivers who want SUV versatility without sacrificing speed and power.
Both models offer all-wheel drive and the capability to handle a variety of driving conditions, but the choice ultimately depends on whether you prefer the nimbleness of a sedan or the practicality of an SUV.
Vehicle | Base spec price | Top spec price (October 2024)
Model Y | $65,900 | $86,900
Model 3 | $63,900 | $84,900
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Is Tesla Insurance available in New Zealand?
The much-talked-about Tesla auto insurance, which has made waves and put fear into insurance companies wondering how Elon Musk and his tech company might disrupt the insurance industry, is unfortunately not available in New Zealand. Currently, California and Texas are the pilot states, in partnership with State National, where the programme is available. A key difference is that Tesla owners don’t need to install any additional devices in the vehicle for it to work; it relies on real-time data to price insurance risk and assess customer service. Pricing is based on six factors: (1) Driving behaviour, (2) Distance travelled, (3) Vehicle type, (4) Home location, (5) Level of cover selected, and (6) Multi-policy discount.
Tesla New Zealand references an InsureMyTesla programme in partnership with Vero Insurance New Zealand Limited. This should not be confused with the Tesla Insurance programme available in the US. Unfortunately, the level of online service one might expect from Tesla isn’t present here, as there is only an email address and phone number listed for further information—no online quoting is available.
The locally available InsureMyTesla cover, in partnership with Vero, offers the following benefits: New car replacement (up to 24 months or 40,000km), 20% standard excess reduction after 90 days, cover for loss or damage to your home charging equipment, full glass coverage including the panoramic roof, and optional rental car cover. Standout features include the 24-month or 40,000km new car replacement benefit (most insurers offer this only for cars under 12 months old, except Tower, which has a comparable benefit), and cover for loss or damage to home charging equipment. Repair guarantees from approved repairers are also included, though your home/contents insurance should provide protection for home charging equipment.
As Tesla cars are now common in New Zealand, most insurance companies have moved to accommodate and insure Teslas. Try Market Scan to compare the prices and benefits of insurance for your Tesla.
How much does it cost to insure a Tesla car in New Zealand?
Using our data, we assessed two scenarios for insuring a Tesla Model 3 and the Performance version of the Model Y for a 35-year-old male in Auckland, Wellington and Christchurch. The Model 3 has a sum insured of $66,000 with a $500 excess, while the Model Y is insured for $87,000, also with a $500 excess. These examples highlight the differences in coverage for two of Tesla's popular models in our major cities.
AUCKLAND Tesla Model 3
Lowest cost $ | Average cost $ | Highest cost $ |
|---|---|---|
$3,027 | $3,448 | $3,917 |
Tesla Model Y (performance)
Lowest cost $ | Average cost $ | Highest cost $ |
|---|---|---|
$3,399 | $3,990 | $4,469 |
WELLINGTON
Tesla Model 3
Lowest cost $ | Average cost $ | Highest cost $ |
|---|---|---|
$2,141 | $2,227 | $2,556 |
Tesla Model Y (performance)
Lowest cost $ | Average cost $ | Highest cost $ |
|---|---|---|
$2,619 | $2,868 | $3,174 |
CHRISTCHURCH
Tesla Model 3
Lowest cost $ | Average cost $ | Highest cost $ |
|---|---|---|
$2,545 | $2,875 | $3,336 |
Tesla Model Y (performance)
Lowest cost $ | Average cost $ | Highest cost $ |
|---|---|---|
$2,857 | $3,287 | $3,933 |
In analysing the insurance costs for the Tesla Model 3 and Tesla Model Y (Performance) across Auckland, Wellington, and Christchurch, the figures reveal significant regional variations.
In Auckland, the Model 3 has a range from a low of $3,027 to a high of $3,917, while the Model Y (Performance) starts at $3,399 and goes up to $4,469.
In Wellington, the Model 3 costs range from $2,141 to $2,556, and the Model Y (Performance) starts at $2,619, peaking at $3,174—making it the region with the lowest insurance costs.
In Christchurch, the Model 3 costs range from $2,545 to $3,336, and the Model Y (Performance) falls between $2,857 and $3,933.
These differences across regions highlight how factors such as regional risk assessments, repair costs, parts availability, and vehicle performance influence insurance premiums. For Kiwis, these figures underscore the importance of comparing insurance policies, as the same car can be significantly cheaper to insure depending on where you live. Finding the right balance between coverage and affordability, based on location and driving habits, remains crucial for drivers.
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How much should I insure my Tesla for?
The sum insured for your Tesla should reflect the current market value of the vehicle, including any upgrades and modifications. For newer Tesla models, it’s important to consider the replacement cost, factoring in depreciation, repair costs, and parts availability.
As we've previously mentioned, getting your sum insured right is fundamental, as it can impact your premiums.
If you’re looking at a used Tesla, it’s recommended to try Trade Me’s car valuation tool, which is free of charge. This simple, easy-to-use valuation tool helps you determine the approximate market value of your car by analysing recent sales data of similar vehicles listed on the platform.
By entering key details like make, model, year, and mileage, the tool generates a value range to give you an idea of what your car might be worth in today’s market. This tool is particularly useful when you're buying, selling, or insuring a vehicle like the Tesla Model 3.
Supercharging your Tesla insurance search with Quashed
With Quashed, you can quickly compare Tesla insurance quotes and premiums without the hassle of visiting multiple websites or entering the same details repeatedly. It simplifies the process, allowing you to manage all your policies in one convenient digital space—easy, efficient, and free.
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FAQs
Do insurers cover the glass roof on the Tesla?
Yes. Insurers we’ve asked confirm that this is covered as part of their standard glass cover within their comprehensive policy. Many insurers also offer the option to remove the excess for windscreen/glass claims.
Is insurance higher on a Tesla?
Yes, it can be, as we've shown in our blog on Electric Vehicles: Do They Cost More to Insure? Tesla insurance in New Zealand can be considered expensive compared to vehicles powered by internal combustion engines due to various factors. The advanced technology and high cost of Tesla vehicles often lead to higher collision repair and replacement costs, which insurers take into account when calculating premiums. Additionally, the limited availability of specialised Tesla repair shops can also contribute to higher insurance costs.
What are some Tesla car insurance pros and cons?
When insuring your Tesla in New Zealand, it’s crucial to weigh both the costs and benefits offered by different insurers. While some may have competitive premiums, it’s essential to consider the overall coverage provided. Quashed’s Market Scan feature simplifies the process by allowing you to compare quotes from various insurers efficiently, giving you a comprehensive overview of available options.
Is Tesla auto insurance available in New Zealand?
Tesla auto insurance is not available in New Zealand. Quashed offers a convenient way to compare insurance options for your Tesla in the country. By utilising this tool, you can easily assess the benefits and premiums provided by different insurers, ensuring you make an informed decision tailored to your needs.
