Tesla sales continue to grow significantly in New Zealand. A year on from our last update to this blog, Tesla revenue in New Zealand has doubled to half a billion dollars in their most recent financial year. Unsurprisingly then, there are Teslas everywhere you look on the streets today in 2023. The Clean Car Rebate that is now in full swing has certainly played a big part in the take up of electric vehicles and Tesla seems to be winning big in this segment. Read on to find out more about the latest upgraded 2023 Tesla Model 3 and how much does Tesla insurance costs in NZ.
To compare insurance prices and benefits for your Tesla, try Market Scan - it's free.
In September 2022, it set yet another record for top new vehicle registration with the arrival of more than 1,500 new Tesla Model Y in the country. It is almost exactly the same time last year in September when Tesla first challenged the usual top three best sellers in the car market by overtaking the Toyota Hilux with a record 1066 sales taking it to second place for the month for new car sales. This was impressive at that time for a number of reasons including a fully electric making the Top Three on the new car sales list for the first time and overtaking the Toyota Hilux in new car sales for the month.
Whether you're considering a Tesla for its technology, its green status or you count yourself as an Elon Musk fan and have perhaps bought shares in the company, you're certainly part of a growing group that owns a Tesla from recent car sales numbers.
If you are one of the fortunate few to have ordered a new Tesla, or if you're thinking about buying one, read on to find out more about insuring your Tesla in New Zealand. We look at whether the Tesla Insurance programme is available, the insurance companies that offer online quotes for Teslas, compare the prices and look at the key benefits of the policies.
To skip to comparing the prices and benefits of insurance for your car - try Market Scan.
Tesla cars in New Zealand
Before we jump into the insurance 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 (coming soon).
The Model Y is the latest in its lineup of vehicles. It would fall into the category of a Small SUV - an increasingly popular category with car buyers. The Model Y is the now the most affordable Tesla with prices starting at $67,500 (this has dropped $8,700 from $76,200 in 2022). The Performance model will set you back an additional $30,000 (down from $32,700) in exchange for bigger 21” wheels, larger brakes, lowered suspension, aluminum pedals, carbon fibre spoiler and a 250km/h top speed.
The upgraded Model 3 is currently available for order and delivery within a couple of months. It is no longer the most affordable model in its line up at $67,900 (down from $74,900 last year) which is $400 more than the Model Y. While the price of the Model 3 starts in the middle of the range for a new car, it quickly jumps when you select additional options such as the Long Range option ($8,300 down from $16,000 just last year - a good saving) which comes with about 100kms more in range and shaves off 1.7 seconds off the launch from 0-100km/h. Full self driving capability remains at an additional +$11,400.
The Model S and Model X are no longer available available for custom order with pricing and delivery information unavailable at the time of this updated writing. Previously prices start for the Model S was $177,822 and the Model X from $192,798 as seen on their website in October 2021.
Tesla | Type | Base spec price | Top spec price |
|---|---|---|---|
Model Y | Compact SUV | $67,500 (Oct 2023) | $97,500 (Oct 2023) |
Model 3 | Compact Sedan | $67,900 (Oct 2023) | $76,200 (Oct 2023) |
Model S | Full Sedan | $177,822 (Oct 2021) | - |
Model X | Full SUV | $192,798 (Oct 2021) | - |
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Is the Clean Car Programme still available?
Yes. The scheme introduced by the Government is to achieve its carbon neutral target for NZ by 2050. New changes were introduced on 1 April 2022 so that the discount is based on CO2 emission values. Tesla cars fall into the fully electric category and therefore are eligible for the full $7,015 rebate which is slightly down from the rebate of $8,625 last year. You can read more about this from the NZ Transport Agency (NZTA) website.
Is Tesla Insurance available in New Zealand
The much talked about Tesla Insurance which has made waves and put fear into insurance companies wondering how the wunderkind Elon Musk and his tech company is going to disrupt and takeover the insurance industry, is unfortunately not available in New Zealand. California and Texas are the pilot states where the program is currently available and uses telematics (key difference being Tesla owners do not have to install any other additional devices into the vehicle for it to work) and real-time data to price the insurance risk. Pricing comes down to six factors: (1) Driving behaviour (2) Distance travelled (3) Vehicle type (4) Home location (5) Level of cover selected (6) Multi policy discount.
Tesla New Zealand does reference a InsureMyTesla programme which is a tie up with Vero New Zealand. This is not to be confused with the Tesla Insurance programme that is available in the US. And unfortunately, it does not look like there is the kind of online seamless service that one would expect of Tesla given only an email address and a phone number on the site to find out more information. Online quoting is unavailable for this. Read on more to discover other online options in New Zealand.
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 panoramic roof and optional rental car cover. Stand out features from what we can see are the 24 months or 40,000km new car replacement benefit (most insurers offer this for under 12 months old car, except Tower which also offers a comparable benefit) and loss or damage to home charging equipment although your Home/Contents insurance should offer protection for this.
Now that Tesla cars are now common in New Zealand, all insurance companies have moved to accommodate and insure Teslas. The commonly known brands such as AA, AMI, State and Tower all offer cover for Teslas. Kiwi brands such as Protecta and Cove also offer.
Try Market Scan to compare the prices and benefits of insurance for your Tesla.
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Do insurers cover the glass roof on the Tesla?
Yes. Insurers we have 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 excess for windscreen/glass claims.
Which insurance company can I get my Tesla insured with online
Part of Tesla's appeal is this simple and seamless purchase experience. Everything is done online with ease. However, getting your Tesla insured is another story altogether but there is hope with a few good online options. If you rang up most insurance companies, there is a good chance they now offered insurance for Tesla vehicles. However, being able to get a quick and easy quote and purchase a cover online is still less common.
AA, AMI, State, Tower and Protecta insurance are the insurance companies offering online quote and purchase for Teslas. For those that are not aware, Trademe insurance also offers this and is underwritten by Tower although there are differences in pricing and benefits covered within their policies. The online quote process usually offers a quote after answering between 10 - 20 questions and before you purchase there are usually a few more questions to get through.
How much does it cost to insure a Tesla car in New Zealand
In our test using Market Scan (NZ’s fastest insurance comparison tool) for a Comprehensive cover for a 35 year old male in Auckland insuring the most popular Model 3 for $68,000 with a $500 excess and for the Model Y for $68,000 with a $500 excess we found that Protecta is generally the cheapest followed by AA.
Model Y (2023) Yearly | Model Y (2023) Monthly | Model 3 (2023) Yearly | Model 3 (2023) Monthly | |
|---|---|---|---|---|
AA | $1,978.32 | $182.25 | $2,534.15 | $233.48 |
AMI | $2,692.90 ($66,600) | $240.08 ($66,600) | $2,692.87 ($66,540) | $240.08 ($66,640) |
State | $2,830.30 ($66,300) | $252.60 ($66,300) | $2,801.39 ($400 excess) | $250.02 ($400 excess) |
Tower | $4,067.52 | $373.28 | $4,047.83 | $371.47 |
Protecta | $1,627.68 | $135.64 | $1,627.68 | $135.64 |
Based on our most recent findings, the average cost to insure a Tesla Model Y is $2,639 - the highest quote at $4,068 versus the lowest $1,628. The average cost to insure a Tesla Model X is $2,741 - the highest quote at $4,048 while the lowest was $1,628.
To find out how much it will cost you to insure your Tesla, use Market Scan for free.
Market Scan quotes are direct from insurers
So you won’t pay more with Quashed
At Quashed, we say that price is not everything but it's certainly one of the key factors when looking at an insurance policy. While Protecta comes up cheapest, does it mean that they have the policy with the least benefits and cover? Our comparison via Quashed’s Market Scan feature shows that it is not the case. It is comparable against the other better known insurers and even provides more cover against AMI’s policy when it comes to having your keys stolen and also providing for accommodation cover if you are left stranded away from home.
To find out more about Car Insurance in New Zealand, check out our Full guide to Car Insurance in NZ or read more about What you need to know when buying your child a car.
If you have a Tesla (or any car for that matter) you can use Quashed to do a quick quote and comparison of the benefits and premiums without the hassle of visiting multiple insurance sites and entering the same information multiple times. It's quick and easy with Quashed. It is also the digital home for all your insurance policies and information so you can see and manage it all in one place.
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