Own a Tesla? Here's Why an Accident Could Cost You Way More Than You Expect

Getting any vehicle repaired after an accident is a huge pain. You're left without your car for an extended time, and you might have to wait for your insurance company to approve the work.

If you own an electric vehicle (EV), getting it repaired is an even worse experience. EVs in general cost an average of $269 more to repair than gas-powered vehicles. And if your EV happens to be a Tesla, you can expect to pay a staggering $1,347 more for your repair bill compared to the average gas-powered vehicle, according to data from Mitchell.

And those high Tesla repair costs are making car insurance companies nervous.

Why Teslas are more expensive to repair

Electric vehicles, in general, are more expensive to repair than traditional internal combustion engine vehicles. And Tesla's designs and technologies may be adding to the expense, including:

• Battery designs that require complete replacement if damaged.
• Multiple underlying changes to the same vehicle model (like the Model 3) have resulted in different replacement parts for the same vehicle.
• Advanced features, like Tesla's Autopilot, involve expensive technology.

If all of that weren't bad enough, EV repairs are more complicated than traditional vehicles and often require more parts to complete the repair. All of this adds up, making Tesla's models exceptionally pricey to fix.

Insurance companies are taking notice

A recent Reuters report showed that some auto insurance companies were choosing to write off Tesla vehicles at a loss after they were involved in an accident. Many of the vehicles even had low mileage, but the cost to repair them was so high it made more financial sense to salvage the car instead of paying for repairs.

In some instances, the cost to insure a Tesla could be up to 48% higher than the national average for car insurance prices. This means Tesla owners should probably spend extra time shopping around for the best car insurance quotes.

Here are a few things to mind as you look for insurance:

• Improve your credit score: Many car insurance companies will check your credit history before writing or renewing your policy. If your credit score is good, the amount you pay for insurance could be lower.
• Bundle your insurance: You may save on your auto insurance by bundling it with renters or home insurance from the same provider.
• Adjust your deductible: Changing your deductible means you could spend more if you get in an accident, but pay less for your monthly insurance premiums. The important part is to strike a balance between lowering your premiums without taking on too much financial responsibility if your EV needs repairs.
• Find an insurer that offers EV discounts: Some insurance companies, including Travelers, offer discounts for hybrid and electric vehicles.
• Consider usage-based insurance: Sometimes, you can lower your insurance costs by allowing your insurance to track your driving habits. You may want to consider this route if you're a safe driver and drive fewer miles than the average person (say, if you work from home). Progressive says customers who save money with its usage-based insurance save $231 annually.

If you're in the market for a Tesla or EV right now, it also pays to get an estimate from your insurance company before you buy the vehicle. This will give you a better idea of the actual cost of owning a specific model and could influence the type of EV you buy.