Tesla Owners Brace For Soaring Insurance Costs And Even Bans As EV Attacks Escalate
Spate of attacks fueled by Elon Musk’s behavior risks inflating already high premiums for Tesla drivers, insurance industry warns
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- Insurers say the recent attacks on Tesla vehicles could inflate premiums.
- The EVs have been targeted in response to Elon Musk’s DOGE activities.
- Teslas could even be blacklisted by insurance companies, report says.
Tesla owners across America are living in fear of having their EVs trashed by activists lashing out at CEO Elon Musk’s controversial DOGE efficiency drive that has cost thousands of federal jobs. But even drivers whose Teslas aren’t targeted by vandals could find themselves with a nasty shock further down the line.
Insurers are warning that the attacks could raise premiums for all Tesla drivers and potentially even lead to cars like the Model 3, Model Y and Cybertruck being blacklisted by insurance companies.
Related: Tesla Angel Investor Fed Up With Musk Wants to Let People Sledgehammer Her Model S
Although Teslas have been the victim of vandalism before, with the actions often captured on the cars’ own cameras, these new widespread attacks are far more numerous and more serious. The EVs are getting shot at, set on fire and spray painted – the kind of thing that costs thousands to put right, if it can even be put right at all. In some cases owners will be expecting their insurance companies to shell out for brand new cars.
And it’s only logical that, on their part, insurance companies will want to modify their risk data and increase their premiums to avoid losing millions of dollars if the attacks continue. That’s a situation some in the insurance industry have already envisioned.
“If vandalism involving Tesla vehicles continues to rise and doesn’t go back down, we could see rates rise for comprehensive coverage in the future,” Matt Brannon, a data journalist at Insurify, told Newsweek.
This is bad news for Tesla owners, who already pay more to insure their cars than owners of rival EVs do – around $800 more for a Model 3, according to Newsweek’s investigation. And things could get even more expensive if fewer insurance companies are willing to even entertain offering cover, deeming the risk too high.
More: Tesla Owners’ Personal Info Leaked On DOGEQuest Site, Musk Responds
“As we have learned from the 2023 TikTok theft trend targeting certain model Kias and Hyundais, if these types of losses continue, carriers could refuse to offer coverage for Tesla vehicles altogether,” Bankrate’s insurance expert, Shannon Martin, suggested to Newsweek’s reporters.
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