Tesla Model S insurance costs for a full coverage policy can range from $1,559 to more than $13,114 annually. Individual car insurance rates for Tesla Model S drivers can vary wildly depending on the model production year, your age, garaging address, driving history, coverage level, and insurer. In this article, the MoneyGeek team breaks down Tesla Model S insurance cost and coverage and provides an in-depth look at the best companies and cheapest insurers for Tesla Model S drivers.
Tesla Model S Insurance Cost
Updated: October 25, 2024
Key Takeaways
With annual rates for minimum liability coverage averaging $491 across model years, State Farm has the cheapest Tesla car insurance rates.
Along with the many coverage options available from insurers nationwide, Tesla Model 3 insurance can be purchased from the automaker directly in 12 states.
MoneyGeek analyzed data, information and 32,868 quotes for a Tesla Model S from Quadrant Information Services
Tesla Model S Insurance Rates
Why Trust MoneyGeek?
MoneyGeek analyzed several thousand Tesla Model S insurance quotes from Quadrant Information Services. For the estimates in this article, we used a sample profile of a 40 year old male with a clean driving record that drives 12K miles annualy. The sample profile was modified to generate accurate estimates for different demongraphic groups for all Tesla Model S production years from 2012-2024
To generate a national average for state minimum liability quotes, we combined state liability pricing across all states, each of which have their own unique coverage requirements. MoneyGeeks full coverage quotesw include 100/300/100 liability limites and comprehensive and collision coverage with a $1,000 deductible.
We've included a more in-depth version of our review methodology at the bottom of this page.
What Is The Average Tesla Model S Car Insurance Cost?
The average cost of Tesla Model S insurance is $243 per month or $2,912 per year for full-coverage. This estimate, which is based on a driver profile of a 40 year old male with a clean driving record, is 124% higher than the $1,296 annual full coverage average for all vehicles. The average minimum liability rate for Tesla Model S insurance is $59 per month or $702 per year for the same profile:
| Minimum Liability | $702 |
| Full Coverage | $2,912 |
Read More: Average Cost of Car Insurance
Tesla Model S Insurance Costs By Company
Across age, model year, and coverage level, Tesla Model S insurance costs can range $1,610 to $7,453 per year, depending on the insurance company you choose. The table below compares the average Tesla Model S insurance rates from several national and midize providers with the average rates for all vehicles from the same insurers:
| Allstate | $3,871 | $1,791 | 116% |
| Auto-Owners Insurance Co | $1,610 | $1,223 | 32% |
| Farmers | $4,757 | $1,929 | 147% |
| GEICO | $2,636 | $1,320 | 100% |
| Kemper | $7,453 | $2,163 | 244% |
| Nationwide | $2,049 | $1,583 | 29% |
| Progressive | $2,622 | $1,734 | 51% |
| State Farm | $1,977 | $1,262 | 57% |
| Travelers | $2,185 | $1,514 | 44% |
| USAA | $1,649 | $1,195 | 38% |
Read More: Best Car Insurance Companies
Cost of Insuring a Tesla Model S by Model Year
The year your Tesla Model S was produced impacts your insurance rates, with older vehicles typically costing less to insure. For example, while full-coverage costs an average of $5,138 per year for a 2022 Model S, the same policy costs only $3,502 on average for a 2012 Telsa Model S. Below are the average full and minimum liability rates for every Tesla Model S production year from 2012 to 2022:
| 2022 | $713 | $3,393 |
| 2021 | $717 | $3,221 |
| 2020 | $719 | $3,164 |
| 2019 | $725 | $3,144 |
| 2018 | $727 | $3,106 |
| 2017 | $703 | $3,004 |
| 2016 | $729 | $2,901 |
| 2015 | $729 | $2,798 |
| 2014 | $704 | $2,635 |
| 2013 | $729 | $2,471 |
| 2012 | $727 | $2,307 |
Tesla Model S Insurance Costs By Driver Age
Tesla Model S auto insurance rates vary greatly depending on the age of the driver. For example, while the average annual full-coverage rate for Tesla Model S insurance is $2,922 for 40 year olds, 16 year olds pay $13,114 on average for the same coverage. Belolw are the average full coverage and liability rates for Tesla Model S drivers for ages ranging from 16 to 90:
| 16 | $3,474 | $13,114 |
| 17 | $2,747 | $10,474 |
| 18 | $2,443 | $9,247 |
| 19 | $1,724 | $6,611 |
| 20 | $1,563 | $6,028 |
| 21 | $1,184 | $4,814 |
| 22 | $1,085 | $4,458 |
| 23 | $1,009 | $4,165 |
| 24 | $960 | $3,967 |
| 25 | $852 | $3,512 |
| 26 | $826 | $3,423 |
| 27 | $805 | $3,340 |
| 28 | $791 | $3,285 |
| 29 | $779 | $3,238 |
| 30 | $754 | $3,118 |
| 35 | $726 | $2,986 |
| 40 | $720 | $2,922 |
| 45 | $716 | $2,879 |
| 50 | $696 | $2,789 |
| 55 | $673 | $2,711 |
| 60 | $671 | $2,709 |
| 65 | $739 | $2,734 |
| 70 | $799 | $2,913 |
| 75 | $894 | $3,199 |
| 80 | $1,006 | $3,511 |
| 85 | $1,088 | $3,763 |
| 90 | $1,154 | $3,937 |
Is Tesla Model S Insurance Expensive?
Yes, Tesla Model S insurance is considered expensive. As previously mentioned, the $2,912 average full-coverage rate for Tesla Model S insurance is $1,616 or 124% more expenive per year than the $1,296 per year national average. After comparing Model S insurance costs with similar vehicles, below we provide a deep explanation for why Tesla Model S oweners pay signifigantly more than average for car insurance.
Tesla Model S Rates vs. National Average
All Vehicles
Average Full Coverage Rate
$1,296Tesla Model S
Average Full Coverage Rate
$2,912Premiums for Tesla Model S are:$1,616 more
This is 125% more expensive.
Why Is Tesla Model S Insurance Expensive?
While it's status as an expensive luxury sports EV with next-gen tech features is an obvious reason why Tesla Model S insurance is expensive, practical factors such the vehicle's low total-loss threshold or scarcity of aftermarket parts help provide a more complete explanation for it's high insurance rates. Below, we break down each of the major reasons why Tesla Model S insurance is expensive in detail:
High Value
With an MSRP as high as $91,630 for some 2024 models, a Tesla Model S is officially classified as a luxury electric sedan. Because of its higher than average value, it is more expensive to replace a Tesla Model S after an accident. For this reason, insurers charge costly premiums for Tesla Model S insurance to cover the higher than average financial risk of insuring the vehicle.
Expensive Repairs
At $1,047 per year, Tesla Model S repair costs are 46% higher than the national average. This is driven, in part by the fact that repairs can only done in Tesla-approved shops using factory parts. In addition to creating shortages with months long wait times, the resulting aftermarket parts and labor scarcity has lead to increasaed repair costs for a vehicle that is expensive to service to begin with. Unfortunately, the higher repair costs caused by these issuses lead to higher insurance rates.
Low Total-Loss Threshold
Even with its above average MSRPs, it is often cheaper for insurers to declare total loss on a Tesla Model S after an accident than pay for repairs. Driven by shortages in the expensive parts and specizlized labor needed to repair the vehicle, outsized Tesla Model S repair costs often overshadow even the vehicle's enormous price tag. Defined by experts as a low "total loss threshold", this dynamic is a major reason why Tesla Model S insurance is expensive.
Impressive Performance
With verified 0 to 60 times of 2.3 seconds and horsepower levels ranging from 670 to 1,020 for 2024 models, a Tesla Model S is as much a high-performance sports car as it is a luxury sedan or AI-enchanced EV. Because insurers tend to associate high performance with risky behavior, the gaudy numbers above contribute to higher Tesla Model S insurance costs.
Electric Vehicle
Compared to gas vehicles, insurnace for EVs costs $44 more per month. Along with well-cited reasons like battery costs and scarce repair shops, obscure factors like the added risk of tripping on a charging cord contribute to higher rates. Insurers also conider Model S specific factors, including an exeptional battery capacity that extends the vehicle's range, resulting in increased in miles driven and higher odds of getting into an accident.
Tesla Model S Premiums Explained
Each of these factors are based more on the vehicle model itself than other factors that are more closely related to factors related to the drivers record, demographics, or coverage choices. Below we we break each of these facttors down in more detail:
Model-Specific Cost Factor | Impact On Tesla Model S Insurance Rates |
|---|---|
Vehicle Age | Since newer cars are more expensive to replace than older models, it generally costs more to insure more recent models than older ones. For example, a 2012 Tesla Model S costs 32% less on average to insure with a full-coverage policy than a 2022 model. An exception to this rule would be rare and classic vehicles, which can be extremely costly to insure. |
Safety Features | Vehicles equipped with safety features like stability control, airbags and antilock brakes can qualify for insurance discounts since such features reduce the chances of a serious accident. Tesla Model S vehicles come with several high tech safety features like lane departure avoidance, forward collision warning, blind spot collision warning, and lane departure avoidance. |
Vehicle Size | Vehicle size has an impact on insurance premiums. Since the level of property damage tends to increase with a vehicle’s mass, insurance premiums are typically higher for larger vehicles. Partially for this reason, it costs considerably less on average to insure a Tesla Model S than it does to insure the massive Tesla Cybertruck. |
Trim Level | Vehicle models with a premium trim level tend to have a higher MSRP than base models due to upgrades like leather interior, sound systems, sunroofs, and enhanced internet and bluetooth connectivity. For this reason, such vehicles tend to be more expensive to insure than base models. For this reason, Tesla Model S Plaid owners tend to pay more for insurance than base Tesla Model S owners. |
Theft Rates | Models that are generally less popular to steal often enjoy lower car insurance rates. According to the Highway Loss Data Institute (HLDI), Tesla Model S vehicle's are some of the least-frequently stolen vehicles in their category. |
Anti-Theft Features | Vehicles with anti-theft technology like tracking devices, advanced alarm systems, and immobilizers can lower the risk of theft and thus may potentially lower insurance premiums or qualify you for additional cost-saving discounts. Tesla Model S vehicle’s come with several anti-theft features including cabin cameras (2021 Models or later), an alarm system, PIN to drive, Sentry Mode (external security cameras), and an optional manual entry mode. |
Full Description Of The Factors That Affect Car Insurance Rates
Though less purely driven by the Make/Model iteslf, below are several other factors that have a major impact on Tesla Model S car insurance:
- Your Age: Because it is more risky to provide coverage for some age groups, insurers consider how old you are when they calculate your rate. On average, drivers who are younger than 20 and (to a lesser extent) older than 60 file more claims than the rest of the population.
- Gender: Because younger men get in more accidents on average, gender (especially when combined with age) has an impact on insurance rates. For this reason, young men under 25 typically pay more for car insurance. Keep in mind that gender isn’t allowed to be used as an insurance pricing factor in six states: CA, HI, MA, MI, NC, and PA.
- Insurance Company: Insurers use complex proprietary formulas with countless different variables to calculate insurance premiums. While all insurers in applicable states take credit score into account, the weights they apply to the factors that affect pricing are different. For this reason, the cost to insure a Tesla Model S varies for insurer to insurer.
- Your Chosen Coverage The level of coverage chosen by the driver can affects how much you pay for car insurance. Drivers with higher levels of coverage, like collision, comprehensive, or increased liability limits, pay more for car insurance than drivers with state minimum liability coverage. Additionally optional coverage-level factors that impact your Tesla Model S insurance rates are discounts, deductible levels, and add-on policies, all three of which we touch on more deeply below..
- Coverage History: Drivers who have had a gap in coverage are seen by insurers as less safer or credible than drivers who have maintained consistent coverage.
- Claims History: Since drivers with more claims filed in the past, especially if recent, are more likely to file claims in the future, your claims history can have a major impact on your insurance rates.
- Annual Mileage: The more you drive, the more opportunities you have to get into an accident. Since higher annual mileage increases the likelihood you'll have an incident that requires you to file a claim, how much you drive can impact your insurance premiums, especially if you have usage based coverage.
- Credit Based Insurance Score: Because insurers in every state except California, Hawaii, and Massachusetts are allowed to adjust rates based on credit, having a poor credit score can lead to higher insurance rates for most drivers.
- Marital Status: Generally, since insurers view married individuals as more stable and less likely to engage in risky driving behavior that increases the likelihood of claims, married couples often have lower premiums than single individuals. Keep in mind that marital status is banned from being used as an insurance pricing factor in three states: HI, MA, and MI.
- Number Of Drivers In Household: Because insurers have to account for the risk factors of additional drivers in your household, especially if they are named drivers added to your insurance policy, having more drivers in your household affects your premiums.
- Your Zip Code: Local economic, demographic and environmental factors (e.g. population density, crime rates, and weather) have a major impact on the likelihood you’ll file a claim. For this reason, your zip code, or “garaging address, impacts premium costs significantly.
- State Laws And Regulations: State insurance laws have a major impact on Tesla Model S insurance costs, the most obvious of which is state mandated minimum liability levels. For example, Michigan tends to have much higher rates due to state regulations mandating higher coverage.
Effects Of Location On Tesla Model S Rates
When shopping for car insurance for a Tesla Model S, it helps to have an idea of the most affordable insurers in your state. You can use MoneyGeek’s data to narrow down your choices:
Data filtered by:Results filtered by:
State:
State:Alabama
Coverage:
Coverage:Full Coverage
| Allstate | $825 | $69 |
| Cincinnati Insurance | $581 | $48 |
| Nationwide | $709 | $59 |
Cheapest Tesla Model S Insurance
With average minimum-liabilty rates of $491 per year, State Farm offers the cheapest Tesla Model S insurance for most drivers. This minimum coverage rate applies to a 40 year old male driver with a clean driving record. Below, we break down the cheapest Tesla Model S insurance rates across various coverage levels, age groups, driving records, model years, and more.
Cheapest Tesla Model S Insurance Companies
Although State Farm offers the cheapest Tesla Model S car insurance on average, the cheapest coverage available varies depending on individual factors. The table below highlights the cheapest Tesla Model S insurers for several driving profiles:
Driver Category | Cheapest Company | Best Annual Rate | Category Annual Rate (Average) | Annual Savings |
|---|---|---|---|---|
Minimum Liability | State Farm | $491 | $707 | $216 |
Full Coverage | State Farm | $1,886 | $2,705 | $818 |
Young Drivers | State Farm | $1,078 | $1,793 | $715 |
Seniors | State Farm | $541 | $882 | $341 |
With An Accident | State Farm | $616 | $1,197 | $582 |
Cheapest For Veterans | USAA | $414 | $527 | $113 |
Read More: Cheapest Car Insurance
Cheapest Tesla Model S Insurance Coverage
The level of coverage you choose has a major impact on your Tesla Model S insurance rate. State Farm offers the cheapest average rate for Tesla Model S insurance for both state minimum liability and full coverage. Below, we break down the cheapest provider for both coverage types:
Cheapest Tesla Model S Liability Coverage
State Farm's average state minimum liability insurance rate of $44 per month for Tesla Model S insurance is 24% lower than the national average. Geico and Allstate also offer competitive minimum liability rates for Tesla Model S owners:
| USAA | $34 | $412 |
| State Farm | $41 | $491 |
| Allstate | $45 | $538 |
| GEICO | $47 | $567 |
| Travelers | $53 | $635 |
| Nationwide | $55 | $660 |
| Progressive | $58 | $700 |
| Farmers | $113 | $1,358 |
*State Farm offers lowest average minimum liability insurance rates for non-military affiliated Tesla Model S owners. Otherwise, USAA would be the most affordable option.
Best Tesla Model S Insurance Rates
Because the above list doesn't account for model production year, lower rates may be available depending on your vehicle's age. Filter the table below to find the cheapest minimum liability coverage rates for every Tesla Model S production year from 2012-2022:
Data filtered by:Results filtered by:
Model Year:
Model Year:2022
| Allstate | $555 | $46 |
| Farmers | $1,359 | $113 |
| GEICO | $563 | $47 |
| Nationwide | $694 | $58 |
| Progressive | $687 | $57 |
| State Farm | $484 | $40 |
| Travelers | $623 | $52 |
| USAA | $382 | $32 |
*USAA is only available for military veterans, active servicemembers, and their families
Read More: Cheapest Liability-Only Car Insurance
Cheapest Full Coverage Tesla Model S Insurance
With rates at $157 per month or $1,886 per year that are 35% cheaper than the competition on average, Travelers offers the cheapest Tesla Model S full coverage car insurance. Below you can see the full list of providers and rates for full coverage car insurance for a Tesla Model S:
| USAA | $130 | $1,559 |
| State Farm | $157 | $1,886 |
| Nationwide | $158 | $1,891 |
| Travelers | $179 | $2,149 |
| GEICO | $206 | $2,475 |
| Progressive | $209 | $2,504 |
| Allstate | $302 | $3,623 |
| Farmers | $367 | $4,404 |
*On average, State Farm is the cheapest insurer for non-military affiliated Tesla Model S owners seeking a full-coverage policy. Otherwise, USAA would be the most affordable option.
Read More: Cheapest Full-Coverage Car Insuance
Cheapest Tesla Model S Insurance By Age
Since younger drivers age 16-25 and seniors age 55 and up pay more for Tesla Model S insurance than average, finding the lowest rate is important for many drivers in each age range. Below, we break down the cheapest Tesla Model S insurance by age:
Cheapest Tesla Model S Insurance For Young Drivers
The cheapest Tesla Model S insurance rate for young drivers age 16-25 costs $90 per month or $1078 per year on average for minimum liability coverage from State Farm. The table below highlights the complete list of cheapest rates for young Tesla Model S drivers:
| USAA | $71 | $856 |
| State Farm | $90 | $1,078 |
| Allstate | $100 | $1,199 |
| Travelers | $112 | $1,341 |
| GEICO | $114 | $1,366 |
| Nationwide | $145 | $1,744 |
| Progressive | $170 | $2,041 |
| Farmers | $315 | $3,781 |
*State Farm is the cheapest insurer for non-military affiliated young drivers, but otherwise, USAA would be the most affordable option.
Read More: Car Insurance For Young Drivers
Cheapest Tesla Model S Insurance For Seniors
State Farm's minimum liability rate of $45 per month or $541 per year is the cheapest car insurance coverage for seniors aged 55 and up. The full list of cheap Tesla Model S insurers is highlighted below:
| State Farm | $45 | $541 |
| USAA | $46 | $548 |
| Allstate | $54 | $644 |
| GEICO | $57 | $678 |
| Travelers | $64 | $764 |
| Nationwide | $65 | $776 |
| Progressive | $71 | $857 |
| Farmers | $159 | $1,912 |
*State Farm is the cheapest insurer for senior non-military affiliated Tesla Model S owners. Otherwise, USAA would be the most affordable option.
Read More: Best Cheap Car Insurance For Seniors
Cheapest Tesla Model S Insurance After An Accident
State Farm, Allstate, and Geico tend to offer the cheapest average car insurance rates for Tesla Model S drivers after an accident. You can see the complete list below:
| State Farm | $51 | $616 |
| USAA | $52 | $626 |
| Allstate | $59 | $706 |
| GEICO | $75 | $901 |
| Travelers | $77 | $922 |
| Nationwide | $85 | $1,015 |
| Progressive | $95 | $1,143 |
| Farmers | $257 | $3,078 |
Read More: Cheapest Car Insurance After an Accident
Tesla Model S Insurance Coverage
While experts recommend buying full coverage, state minimum liability is all that's required for most Tesla Model S drivers. That said, you may have to carry personal injury protection or uninsured motorist coverage depending on where you live. If your Model S is new or leased, your lender may require additional coverage (more detail below).
COMPREHENSIVE AND FULL COVERAGE EXPLAINED
While comprehensive coverage takes care of damages to your Tesla Model S from things like theft, severe weather or environmental events, or vandalism, collision policies cover damages to your vehicle in an at-fault accident.
Basic coverage definitions
The estimates in this article are for state minimum liability coverage and/or full coverage car insurance. Below we describe each:
- Minimum Liability Coverage: Includes bodily injury liability and property damage liability coverage.
- Full-Coverage: Along with same bodily insury liability and property damage liability included in minimum liability policies, includes optional collision and comprehensive coverage.
How Does Tesla Model S Insurance Work?
Unlike many automakers, Tesla offers insurance coverage that it sells directly to consumers. For most drivers, these policies provide usage based coverage that leverages the car's existing technology to collect real-time driving data in order to calculate preimums based on metrics like like speed, braking, and autopilot.
Where Model S Owners Can Buy Insurance From Tesla
Model S owners can purchase insuranvce directly from Tesla in 12 states (standard coverage in 1 state; usage-based coverage in 11 states). Below is the complete list:
- Arizona
- California (without real-time data due to state regulations)
- Colorado
- Illinois
- Maryland
- Minnesota
- Nevada
- Ohio
- Oregon
- Texas
- Utah
- Virginia
Tesla Model S Coverage Add-Ons
Additional coverage options and add-ons for Tesla Model S drivers include:
Guaranteed asset protection
In the event of a total loss claim, GAP insurance covers the difference between your vehicle's value and what you still owe. Many lenders require this form of coverage on expensive purchases.
New car replacement
If you buy a new Tesla Model S, New car replacement coverage pays for a new vehicle if your vehicle is totaled within a certain time frame after purchase.
Mechanical breakdown insurance
Generally referred to as “MBI” coverage, this form of insurance offers protection for the repair and replacement of a wide array of parts on your vehicle in the event of a mechanical breakdown.
Glass protection
Covers damage or replacement of windshields, side windows, rear windows, or sunroofs.
Roadside assistance
Covers services like towing, lockout assistance, and flat tire changes in case of breakdowns or emergencies.
Tesla S Insurance Cost: Bottom Line
Make it a habit to compare rates from different providers if you want to find the cheapest possible car insurance. In this article, we discussed Tesla Model S insurance in depth, covering the vehicle's cost across several demographic groups and the cheapest providers.
Tesla S Insurance Rates: FAQ
Below are some common frequently asked questions about Tesla Model S insurance costs:
What company has the cheapest car insurance for a Tesla Model S?
The average cost of insurance for a Tesla Model S is $2,912 per year for full coverage, which is expensive. MoneyGeek found that State Farm offers the cheapest full coverage insurance for a Tesla Model S, averaging $1,883 per year. State Farm also is the most affordable company for minimum coverage, charging an average annual premium of $491.
What company offers the best car insurance for a Tesla Model S?
Our analysis identified State Farm as having the best car insurance for a Tesla Model S, beating other leading insurance companies such as GEICO and Nationwide. Earning a MoneyGeek score of 90 out of 100, State Farm combines cheap rates with great customer satisfaction.
Tesla Model S Insurance Ratings: Our Review Methodology
MoneyGeek analyzed data, information and 32,868 quotes for a Tesla Model S from Quadrant Information Services.
Drivers and Cars
MoneyGeek used a sample driver profile with the following characteristics to calculate the average rates for insuring a Tesla Model S:
- 40-year-old male
- Clean driving record
- 12,000 miles driven annually
We also modified the sample driver profile to determine Tesla Model S insurance rates for different age groups, driving records and model years. MoneyGeek collected data for the following model years:
- 2012
- 2013
- 2014
- 2015
- 2016
- 2017
- 2018
- 2019
- 2020
- 2021
- 2022
If data on specific model years wasn’t available, our data scientists interpolated expected rates based on how individual insurers tend to price car models year by year. Our published rates are simply estimates and may not reflect the actual rate that you’ll receive for your Tesla Model S.
Coverage Levels
Each state differs in minimum coverage requirements, so our rates are a combination of minimum coverage policies in the states where we gathered our data.
MoneyGeek’s analysis also includes average rates for a full coverage policy that includes comprehensive and collision coverage (with a $1,000 deductible) and the following increased liability coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $100,000 property damage liability per accident
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.