Insurance experts predict that ongoing vandalism against Tesla vehicles could lead to increased insurance rates. Currently, Teslas are some of the most expensive cars to insure, with average annual costs for Model 3s reaching over $4,300. Similar historical trends, like the "Kia Boys" theft phenomenon, have shown that vandalism and theft can make vehicles uninsurable. Insurers may respond by hiking rates or refusing coverage altogether for Teslas, especially in light of crime statistics that could influence their pricing adjustments.
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.
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.
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