Tesla Model S Car Insurance

Edited by Alyssa DiCrasto

Reviewed by Rob Deming

Last updated: August 31, 2023

The average cost to insure a Tesla Model S is $4,048 a year. However, the price you’ll pay for Tesla Model S insurance will depend on the year and trim level of your specific Tesla Model S. Other factors, like where you live, will also affect your rates.

What does it cost to insure my Tesla Model S?

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Why you can trust Rate Retriever

Our rates are based on public rate filings obtained by analytics company First Interpreter. While we may partner with some of the carriers you see on our site, we maintain editorial independence and it does not affect the rates you see. Read more about our rating methodology or see our rigorous editorial policy. 

Last updated: August 31, 2023

Is it expensive to insure a Tesla Model S?

Based on the average cost of car insurance, it can be said that a Tesla Model S is indeed expensive to insure compared to other cars. The annual cost for Model S insurance is around $4,048, which is almost twice as much as the average cost of car insurance overall, which is approximately $2,123. The reason behind the higher insurance cost for Model S might be its higher value and greater expenses for repairs and replacement parts. Additionally, the trim level of the vehicle can also affect insurance rates, with higher trim levels often costing more to insure due to their increased value and features. Therefore, the specific features of the Model S, such as its advanced technology and luxury, may contribute to the higher insurance costs.

Average Annual Premium by Trim Level for a Tesla Model S

Tesla Model S insurance cost by year

In 2023, the average cost of insurance for a Tesla Model S varied depending on the model year. For a 2019 model, the average annual premium was $3,686, while for a 2023 model, it increased to $4,048. This suggests that, on average, insuring a newer Tesla Model S in 2023 was more expensive compared to an older model from 2019. However, it’s important to note that these figures only represent the average costs and do not take into consideration other factors that may influence insurance prices, such as the driver’s personal history.

Average Annual Premium by Model Year for a Tesla Model S

Annual rates for a single 35-year-old male, estimated using public rate filings sourced from First Interpreter. Rates do not represent actual quotes. Accurate as of July 2023. 

Best car insurance companies for your Tesla Model S

The table below shows an average of how much it costs to insure a 2023 base model Tesla Model S at popular insurance companies for a single 35-year-old male with a clean driving record. The listed companies provide coverage in a large portion of the US, but might not be available near you.

Click here to see what it would cost to insure your Tesla Model S at top providers near you >

Annual rates for a single 35-year-old male, estimated using public rate filings sourced from First Interpreter. Rates do not represent actual quotes. Accurate as of July 2023. 

How expensive is it to insure a Tesla Model S compared to other Electric Sedans?

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How can you save money on insurance for your Tesla Model S? 

While the vehicle you drive plays a key role in the price you pay for insurance, other factors like where you live, your age, driving record, and more will also factor into the price of your premium. Because of this, the best way to save money on car insurance is to compare personalized rates from several insurance companies to find the cheapest premium for you. You should also see if you qualify for any discounts like a homeowner, multi-vehicle, or good driver discount.

Your Tesla Model S may also be eligible for discounts at certain insurance companies depending on the safety ratings and features that come with your model year and trim level.

How much should I expect to pay to insure my Tesla?

Personalized rate estimates at the top insurance companies in your state

Your rates will vary based on where you live, your age, and other factors like your driving record

Frequently asked questions

How much is insurance on a Tesla Model S?

The average annual cost of car insurance for a 2023 Tesla Model S with base trim is $4,048. However, the price you'll pay for car insurance will vary based on where you live, what coverage you want, and personal factors like your age and credit score.

Is Tesla Model S expensive to insure?

Yes, the Tesla Model S is expensive to insure, costing nearly double the average cost of car insurance.

How can I get cheaper car insurance?

One way you can try to get cheaper car insurance is simply to get quotes from multiple providers. This will help you determine what company has the cheapest rates for you based on your needs and driver profile. You can also check with your provider to see if there are any discounts you qualify for or can reasonably earn.

Methodology

Rate Retriever rates are based on public rate filings obtained by analytics company First Interpreter. This data comes from the rating plans insurance carriers submit to each state’s department of insurance. Rating plans detail how each carrier calculates premiums using factors such as location, age, gender, and driving record, and they ensure that insurance premiums are both fair and competitive. 

For the data on this page, we made the following assumptions: a 35-year-old single male with a clean driving record and Good credit score. We adjusted this profile by vehicle make, model, trim, and year to determine the rates you see on this page.

These rates are not actual quotes and should only be used for comparative purposes. Your rates can vary significantly based on your unique driver profile. 

About Rate Retriever

At Rate Retriever, our mission is to make the way you shop for insurance transparent and fair through user-friendly tools that respect your privacy and deliver reliable, comprehensive results 

So we took everything we hated about comparing insurance quotes online – the spam, the long questionnaires, the limited choices, the inaccuracy of quote prices – and threw it out the window, favoring a short form that more accurately estimates what you’ll pay at each of the top insurance providers near you. 

Rate Retriever is an independent company that is not owned by an insurance provider, nor do we provide insurance ourselves. This independence allows us to be your free and impartial insurance research tool, helping you make the best decisions for your insurance needs.  

We may earn a commission when you click one of the links or call one of the providers listed on our site; however, we do not allow our partnerships to influence which information we provide.