Tesla, Car of the Future—but Maybe Not so for Younger Drivers
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Electric cars are becoming more popular every year. After all, many states are making regulations about gas-powered cars. Plus, these days people are inspired to make more environmentally friendly choices.
The Tesla company name is now synonymous with electric vehicles. When Elon Musk and a group of engineers started the company in 2003, they wanted to prove the benefits of electric cars, according to Futurism. Ever since then, the company has been known for its innovation in the market.
So because of that, one might think that Tesla would be the most popular electric vehicle, especially among younger drivers. Interestingly, our data here at Jerry shows that the Chevy Bolt is actually the most popular electric vehicle choice for drivers ages 18-20.
A Tesla Model 3
What Jerry data reveals about Tesla
Jerry analyzed more than 5,000 electric vehicle quotes from a sample of over 1 million insurance quotes from June 2020 to June 2021.
Despite Tesla’s branding as “futuristic,” it appears this make is doing better with users of all generations except for youngest users.
While the data shows that the Chevy Bolt is most popular among 18- to 20-year-olds, Tesla was the most popular with every other age group.
In fact, it seems that the Chevy Bolt is increasingly popular with younger generations, while Nissan is more popular with older generations. Tesla is consistently popular across all age demographics.
The data further shows that Volkswagen E-Golf and Nissan-Leaf have the oldest drivers, while Ford Mustang Mach-E and Chevy Bolt have the youngest drivers.
Why younger drivers might be choosing Chevy over Tesla
So is there a reason why younger drivers are choosing the Chevy Bolt over Tesla vehicles? While we don’t have an official survey that reveals the reasons why younger drivers prefer the Chevy Bolt, it could be linked to car insurance expenses.
Our data shows that both Volkswagen E-Golf and Tesla are the most expensive to insure, while the Chevy Bolt is the cheapest to insure.
According to our data, the average monthly insurance premium for the Chevrolet Bolt is $194, while Tesla has a monthly average of $226. The Volkswagen E-Golf is slightly above that and has the most expensive average monthly premium at $227, while the Nissan Leaf comes in at $210.
Why are Teslas more expensive to insure?
Teslas are considered a luxury vehicle, which means the premiums tend to be higher, according to Car and Driver. But the car insurance cost for each person will also depend on a number of factors, including driving history, the Tesla model, and how much coverage is chosen.
As Car and Driver points out, due to the high-tech nature of Teslas, a driver may need to purchase additional coverage for the car.
Save on car insurance with Jerry
Whether you have a Tesla or another car and feel you are paying too much for car insurance, Jerry can help you get the best rate.
The app compares quotes from up to 50 different insurance companies for you in under a minute, without any long forms to fill out.
Jerry will send you quotes that compare to your current coverage—and as a licensed broker, it takes care of your insurance needs from start to finish. The app also monitors your car insurance rate every six months on an ongoing basis.