Tesla vehicle owners may face higher insurance premiums due to a surge in vandalism against the company’s vehicles. The rising trend of attacks could significantly increase insurance costs, which are already higher than most other cars.
What’s Happening
There have been several instances of vandalism against Tesla vehicles, including:
- Spray-painting
- Arson
- Shootings
These incidents are fuelled by mounting resentment towards CEO Elon Musk over his role with the Donald Trump administration.
Impact on Insurance Costs
Insurance experts warn that the rising trend of attacks could significantly increase insurance costs for Tesla vehicles. Matt Brannon from Insurify noted that if vandalism incidents continue, comprehensive coverage rates could increase.
Current Insurance Costs
The average annual cost to insure a Tesla Model 3 is around $4,362, according to Insurify’s data. This is significantly higher than comparable models from other brands.
Backlash Against Musk
The backlash against Musk has also negatively impacted Tesla’s sales and stock prices. The company’s stock price has taken a hit, and there has been a slump in sales across Europe and globally.
Recent Vandalism Incidents
There have been several recent vandalism incidents targeting Tesla vehicles and dealerships, including:
- A Tesla dealership in Hamilton, Canada, was extensively vandalized, affecting up to 80 vehicles
- Tesla vehicles were targeted in arson attacks in Las Vegas and Kansas City
- A Tesla Cybertruck was defaced with a swastika in New York City
Call for Advanced Security Features
These incidents have led Tesla owners to call on Musk for advanced security features. The rising costs of repairs, often not covered by insurance or subject to high co-pay fees, have added to the concerns of Tesla owners.
Why It Matters
The surge in anti-Musk sentiment has led to a series of vandalism incidents targeting Tesla vehicles and dealerships. As a result, Tesla owners may face higher insurance premiums, and the company’s sales and stock prices may continue to suffer.