Monday, June 5, 2017

Your Tesla might become more expensive to insure

The American Automobile Association is raising its rates for the Tesla Model S hatchback and the Tesla Model X crossover, Automotive News reports. The insurer cites both high claim frequencies and high claim costs when compared with other vehicles in their respective segments.

Basing its decision on data from multiple sources, including the nonprofit Highway Loss Data Institute (HLDI), AAA predicts insurance rates for Tesla electric vehicles could rise as much as 30 percent. HLDI's data claims that the Model S has 46 percent more claims than the segment average, with repairs costing more than twice the average, while the Model X has a 41 percent above-average claim rate with repair costs 89 percent higher than average.

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