Insurance company Zurich has forged an agreement with Tesla, becoming the electric vehicle (EV) brand’s preferred insurance provider in Australia.
The agreement will allow existing and new Tesla owners to access the InsureMyTesla offering, which has been created specifically for Model 3 and Model Y owners and provided solely by Zurich.
Like other Tesla features, the insurance product is available to Australian owners via the Tesla smartphone app.
InsureMyTesla covers all vehicle repairs, including glass, charging equipment, and batteries, using Tesla’s accredited repair network.
There’s excess-free windscreen and glass cover, which also covers Tesla products’ expansive glass roofs.
Third-party liability cover is also included, which covers collisions with uninsured vehicles, legal costs and expenses, and disability modifications.
Zurich Australia and New Zealand CEO Justin Delaney said the idea behind organising a specialised deal with Tesla was to make the transition to EVs easier for Australian drivers.
“EV uptake in Australia is rapidly growing … ensuring these customers receive quality insurance protection is critical for supporting the national transition journey,” he said.
The company has already worked with Tesla overseas, acting as the manufacturer’s preferred insurance provider in Switzerland since 2016.
Zurich says individual policy pricing will vary depending on several factors relating to the individual customer, their vehicle and requirements, but the average cost for a middle-aged Model 3 owner could be around $1400, depending on location.
A recent report from the Insurance Council of Australia (ICA) found EVs cost more to insure than combustion-powered vehicles, not only due to the higher price of parts – especially batteries – but the resources required to fix them.
To reduce these costs and lessen the gap between the two types of vehicles, the ICA has recommended greater government investment towards EV-specific training for vehicle mechanics, as well as continual reviews of standards affecting the car insurance industry.
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