Former Tesla owners sound off on concerning trend driving them away from brand: ‘I’m out’

Tesla insurance rates have been increasing and putting electric vehicle enthusiasts in challenging financial positions. Because of that, some drivers are trading in their Teslas for other EV brands.

In a Reddit post to r/RealTesla, one driver shared their experience with unaffordable insurance on a Tesla Model Y, writing, “I’m out.”

“Just traded my Model Y for a Mustang Mach-E,” the original poster explained. “I couldn’t afford to renew my insurance, swapped car and got a $400 refund. Renewal is $800 less when that comes around. Couldn’t justify the cost.”

In the OP’s Reddit post, they said that their old Tesla was a better car. However, they just couldn’t afford to continue insuring the Model Y.

It is crucial for drivers to obtain affordable insurance rates to manage the overall costs of EV ownership. EV auto insurance is essential for legal compliance, financial protection, and peace of mind, given the potential for accidents, theft, and vandalism.

Tesla has been experiencing significant losses on its insurance program. This issue compromises the overall affordability of driving a clean-energy vehicle that doesn’t release toxic pollution into the air.

Although Tesla’s insurance costs are making its EVs inaccessible for some people, other EV brands are working to make their vehicles more affordable.

For example, Ford has offered huge discounts on its Mustang Mach-E as incentives for Tesla owners to switch to its brand. Ford’s competitive strategies with this EV model have also enticed other drivers to make the switch.

Regardless of which EV brand you choose, you can find affordable EV insurance by shopping around and comparing rates among different insurance providers. Some manufacturers and dealerships offer special insurance incentives, while the specific make and model of your EV impacts insurance costs.

Meanwhile, you can inquire about discount programs for features like paperless billing and safe driving. Then, once you’ve settled on an insurance policy, you can reap the benefits of not paying for gas and — if you opt to charge at home with solar panels — powering your personal transportation with clean, sustainable energy.

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