On average, the cost of Tesla car insurance ranges from around $2,900 – $4,050 a year. However, the price you’ll pay to insure a Tesla depends on the specific year, model and trim level of your vehicle as well as a number of personal factors including where you live and your driving record.
What does it cost to insure my Tesla?
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Over the last several years, electric vehicles (EVs) have become increasingly popular. While many car manufacturers are producing EVs, Tesla continues to be the most popular brand. In 2022, Teslas accounted for 65% of all EV sales in the U.S.
If you own a Tesla or are thinking about buying one, you might be wondering about the cost of Tesla insurance. Because Teslas have specialty parts and can be expensive to fix, they often have higher insurance premiums than some gas-powered vehicles.
In this article, we’ll look at the average cost of auto insurance for a Tesla and share which companies have the best car insurance for Teslas.
Based on our analysis of recent rate data, the average cost of Tesla insurance ranges from $2,880 to $4,050 per year, which is roughly $240 to $337 per month.
However, the cost of car insurance for a Tesla depends on a variety of different factors. Your location, age, credit score, claim history, and driving record are some of the personal criteria that will impact your rate.
There are also several policy-related factors that affect the cost. For example, your coverage limits and deductibles will determine your insurance premium, as well as the specific model, year, and trim of your Tesla.
It’s also important to note that the insurance company you choose will affect the cost of your Tesla insurance. Auto insurance companies charge different rates for the same types and amounts of coverage. Before you buy Tesla insurance, you should shop around and get quotes to find the most affordable policy for your situation.
To get started, you can take our short quiz to see how much you can expect to pay to insure your Tesla.
The Tesla model you purchase can have a big impact on the cost of your car insurance policy. According to our data, the Model 3 has the lowest average premium and the Model X has the highest average premium. In general, Teslas with a higher MSRP have higher average car insurance rates.
In the table below, you can see the average cost of car insurance for 2022 Tesla models:
|Tesla Model 3||2,879|
|Tesla Model Y||3,088|
|Tesla Model S||4,048|
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.
Tesla’s Model Y was the highest-selling EV in 2022. The Model Y Long Range offers 330 miles of range on a single charge, and goes 0-60 in less than five seconds. This model starts at $50,490.
The Model S Long Range is known for its exceptional range. The car has an EPA estimated range of 405 miles on a single charge. It’s also one of Tesla’s fastest models, going 0-60 in just over three seconds. The latest model S starts at $88,490.
Before you purchase Tesla insurance, it’s important to compare several car insurance companies. The best Tesla car insurance company is different for everyone, depending on your location, budget, and the type of coverage you want. Based on our analysis, these are the best and cheapest car insurance providers for various Tesla models:
If you don’t want to purchase car insurance on the private market, you can also get insurance through Tesla, which underwrites its own policies. Tesla insurance rewards safe driving habits and calculates your premium based on real-time driving behaviors. Everything is controlled through the Tesla app, so you don’t have to install a telematics device in your vehicle.
You can purchase a car insurance policy through the Tesla app, manage your policy, and view your premium anytime. If you get into an accident or your vehicle gets damaged, you can also file claims through the mobile app.
Tesla insurance is currently available in the following states:
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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