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Insurance costs for Tesla cars in Russia are rising rapidly, with premiums for some insurers surpassing 500,000 rubles ($6,900). The high costs are due to difficulties determining the cost of damage and an absence of regulated price levels for spare parts. Additionally, full, proper repair options for Teslas are limited to small local shops. Some car rental companies have been forced to remove Tesla cars from their fleets as insurance partners refuse to cover them or charge prohibitive prices. Despite these high costs, insurance for Tesla vehicles has decreased by around 10% since April 2022.
The cost of Tesla insurance in Russia has increased to 800,000 rubles
The cost of insurance on a Tesla car in Russia with some insurers may now exceed 500,000 rubles, Vidomosti writes. In 2022, the average insurance check for Model 3 and Model Y was about 100,000 rubles, and in 2023, the policies will reach 500-800,000, said one of the commercial operators of the brand. An interlocutor in another company that cooperates with insurers from the top 10 in the casco market confirmed that the cost of policies has increased again.
“In 2023, we were forced to get rid of almost all Teslas in the fleet – our insurance partners either refused to insure them at all, or set prohibitive tariffs that do not allow us to remain within the framework of profitability per car,” said another representative of the car rental company in a long operating lease.
Such a high price is due to the complexity of settling insurance cases. Due to the lack of a recommended retail price in the country, it is extremely difficult to estimate the amount of damage at the official level, and the cost of spare parts is not regulated by anything. Another reason is the impossibility of normal, full-fledged repair of Tesla cars. Currently, only a small local repair is possible for them without problems.
But in relation to April 2022, the cost of the insurance for these electric cars has even decreased by about 10% at the insurer — a year ago, due to the shortage, the price of the basket of spare parts rose sharply (by 32% on average).
