Tesla owners who have their vehicle insured with AAA might want to shop around as Automotive News is reporting the company is planning to hike insurance rates on both the Model S and Model X.
According to the report, AAA discovered both models have "abnormally high claim frequencies and high costs of insurance claims" compared to other vehicles in the same class. As a result, the company could raise rates by as much as 30 percent.
AAA says it noticed the issue after looking at its own data and then began exploring other sources, such as the Highway Loss Data Institute, to back up its findings. As AAA Chief Actuary Anthony Ptasznik explained, "Looking at a much broader set of countrywide data, we saw the same patterns observed in our own data, and that gave us the confidence to change rates."
Tesla disputes the findings and described the analysis as severely flawed and not reflective of reality. The automaker also said AAA "compares Model S and X to cars that are not remotely peers, including even a Volvo station wagon."
While Tesla doesn't agree with the analysis, there isn't much the company can to. In the meantime, owners can get quotes from other insurers and hopefully find a cheaper rate.
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