The annual cost of full coverage car insurance on a Tesla Model Y ranges from $1,222 to $8,992. Rates vary greatly based on the car's production year, driver age, location, driving history, coverage level and insurer. This article breaks down Tesla Model Y insurance costs and provides insights into the best and most affordable options.
Tesla Model Y Insurance Cost
Updated: April 14, 2025
Key Takeaways
GEICO offers the most affordable annual rate of $488 for minimum coverage across all model years.
On average, insuring a Tesla Model Y costs $607 annually for minimum coverage and $2,054 for full coverage.
MoneyGeek analyzed data and 896 quotes for a Tesla Model Y from Quadrant Information Services, ensuring a thorough understanding of insurance costs for this vehicle.
Tesla Model Y Insurance Rates
What Is the Average Tesla Model Y Car Insurance Cost?
The average cost of full coverage insurance for a Tesla Model Y is $171 per month or $2,054 per year, based on a 40-year-old male with a clean driving record. Minimum coverage costs about $51 per month or $607 per year.
| Minimum Coverage | $607 |
| Full Coverage | $2,054 |
Tesla Model Y Insurance Costs by Company
Tesla Model Y insurance costs range from $1,216 to $2,993 annually, depending on age, model year and coverage level. Below is a table comparing average Tesla Model Y insurance rates with the averages for all vehicles from several national and midsize providers.
| Allstate | $2,769 | $1,807 | 53% |
| Auto-Owners | $1,398 | $1,226 | 14% |
| Farmers | $2,993 | $1,951 | 53% |
| GEICO | $1,216 | $1,332 | -9% |
| Kemper | $2,836 | $2,208 | 28% |
| Nationwide | $1,654 | $1,587 | 4% |
| Progressive | $2,599 | $1,740 | 49% |
| State Farm | $1,578 | $1,267 | 24% |
| Travelers | $2,610 | $1,518 | 72% |
| USAA | $1,596 | $1,198 | 33% |
Read more: Best Car Insurance Companies
Cost of Insuring a Tesla Model Y by Model Year
The year your Tesla Model Y was produced impacts your insurance rates, with older models often costing less. For example, a 2020 model costs $2,018 annually for full coverage compared to $2,107 for a 2022 model. Below are the average full and minimum coverage rates for every production year.
| 2022 | $616 | $2,107 |
| 2021 | $616 | $2,043 |
| 2020 | $622 | $2,018 |
Tesla Model Y Insurance Costs by Driver Age
Tesla Model Y insurance rates vary widely based on driver age. For example, 40-year-olds pay an average of $2,056 annually for full coverage, while 16-year-olds pay $8,992. Below are the average minimum and full coverage rates for drivers across ages.
| 16 | $2,790 | $8,992 |
| 17 | $2,301 | $7,346 |
| 18 | $2,013 | $6,502 |
| 19 | $1,427 | $4,614 |
| 20 | $1,284 | $4,207 |
| 21 | $1,027 | $3,392 |
| 22 | $938 | $3,124 |
| 23 | $870 | $2,918 |
| 24 | $825 | $2,774 |
| 25 | $724 | $2,463 |
| 26 | $703 | $2,416 |
| 27 | $687 | $2,362 |
| 28 | $676 | $2,324 |
| 29 | $666 | $2,291 |
| 30 | $643 | $2,196 |
| 35 | $625 | $2,110 |
| 40 | $618 | $2,056 |
| 45 | $612 | $2,018 |
| 50 | $597 | $1,948 |
| 55 | $580 | $1,882 |
| 60 | $580 | $1,876 |
| 65 | $621 | $1,942 |
| 70 | $674 | $2,073 |
| 75 | $749 | $2,278 |
| 80 | $846 | $2,522 |
| 85 | $909 | $2,707 |
| 90 | $957 | $2,839 |
Tesla Model Y Insurance Rates Explained
Several factors affect car insurance rates based on a driver’s profile. Insurers also consider the vehicle itself. Below is a breakdown of how your car impacts insurance costs.
Tesla Model Y Rates vs. National Average
All Vehicles
Average Full Coverage Rate
$1,296Tesla Model Y
Average Full Coverage Rate
$2,054Premiums for Tesla Model Y are:$758 more
This is 58% more expensive.
Value
The Tesla Model Y, an electric crossover SUV with an MSRP of $54,130, has higher insurance costs due to expensive repairs and parts.
Performance
With 295 to 455 horsepower and a 0-to-60 time of 4.4 seconds, the Tesla Model Y is a high-performance vehicle. Insurers see this as a higher risk, increasing insurance costs.
Fuel type
Electric cars like the Tesla Model Y often have higher insurance costs due to expensive battery replacements and limited repair shop options.
Vehicle age
Newer Tesla Model Ys typically cost more to insure than older ones. However, collector and classic vehicles can also be very expensive.
Trim level
Higher trim levels add premium features, raising the MSRP and insurance costs. The Tesla Model Y’s Long Range and Performance trims cost more to insure than the base model.
Cheapest Tesla Model Y Insurance
GEICO offers the cheapest annual minimum coverage rate of $488 for a Tesla Model Y, based on a 40-year-old male driver with a clean record. Below is a breakdown of the most affordable car insurance across coverage levels, age groups, driving records, model years and more.
Cheapest Tesla Model Y Insurance by Coverage Level
The coverage level you choose greatly affects your Tesla Model Y insurance rate. GEICO offers the most affordable minimum and full coverage rates. Below is a breakdown of the cheapest providers for each type.
Cheapest Tesla Model Y Minimum Coverage
State Farm and GEICO offer the lowest monthly minimum coverage rate for a Tesla Model Y at $41 monthly. Other affordable options include Allstate at $47, Nationwide at $52 and Travelers at $55.
| USAA | $32 | $388 |
| GEICO | $41 | $488 |
| State Farm | $41 | $490 |
| Allstate | $47 | $563 |
| Nationwide | $52 | $622 |
| Travelers | $55 | $662 |
| Farmers | $59 | $711 |
| Progressive | $71 | $847 |
*GEICO offers non-military-affiliated Tesla Model Y owners the lowest average minimum coverage insurance rate. USAA is the most affordable option for military-affiliated drivers.
Best Tesla Model Y Insurance Rates by Model Year
The above list doesn't account for the model year, so you might find lower rates based on your vehicle's age. Use the table below to filter and find the cheapest minimum coverage rates for every Tesla Model Y production year.
Data filtered by:Results filtered by:
Select
Model Year:2020
| Allstate | $563 | $47 |
| Farmers | $706 | $59 |
| GEICO | $490 | $41 |
| Nationwide | $624 | $52 |
| Progressive | $854 | $71 |
| State Farm | $497 | $41 |
| Travelers | $668 | $56 |
| USAA | $402 | $34 |
*USAA is available only to military veterans, active service members and their families.
Cheapest Full Coverage Tesla Model Y Insurance
GEICO offers the cheapest full coverage for a Tesla Model Y at $102 monthly or $1,222 annually. Explore the complete list of full coverage insurance providers and rates below.
| GEICO | $102 | $1,222 |
| USAA | $127 | $1,519 |
| State Farm | $129 | $1,547 |
| Nationwide | $129 | $1,553 |
| Progressive | $213 | $2,560 |
| Travelers | $214 | $2,565 |
| Allstate | $220 | $2,641 |
| Farmers | $232 | $2,782 |
Cheapest Tesla Model Y Insurance by Age
Younger drivers aged 16 to 25 and seniors 55+ often face higher insurance costs for the Tesla Model Y. Below is a breakdown of the cheapest options by age.
Cheapest Tesla Model Y Insurance for Young Drivers
State Farm offers the cheapest car insurance for young adults at $1,068 annually or $89 monthly for minimum coverage. Below is the complete list of the lowest rates for Tesla Model Y drivers aged 16 to 25.
| USAA | $66 | $794 |
| State Farm | $89 | $1,068 |
| GEICO | $94 | $1,131 |
| Allstate | $102 | $1,227 |
| Travelers | $116 | $1,393 |
| Nationwide | $137 | $1,647 |
| Farmers | $156 | $1,870 |
| Progressive | $207 | $2,479 |
*State Farm is the cheapest insurer for young non-military-affiliated drivers. USAA is the most affordable option for military-affiliated drivers.
Cheapest Tesla Model Y Insurance for Seniors
State Farm offers the cheapest car insurance for seniors aged 55 and up at $45 monthly or $538 annually. Check the full list of affordable Tesla Model Y insurers below.
| USAA | $42 | $509 |
| State Farm | $45 | $538 |
| GEICO | $48 | $573 |
| Allstate | $55 | $663 |
| Nationwide | $61 | $734 |
| Travelers | $66 | $794 |
| Farmers | $80 | $963 |
| Progressive | $88 | $1,062 |
*State Farm is the cheapest insurer for non-military-affiliated senior drivers. USAA is the most affordable option for military-affiliated drivers.
Cheapest Tesla Model Y Insurance After an Accident
For Tesla Model Y drivers, State Farm, Allstate and GEICO offer the cheapest car insurance after an accident. See the complete list below for more details.
| USAA | $48 | $581 |
| State Farm | $51 | $615 |
| Allstate | $62 | $745 |
| GEICO | $64 | $764 |
| Nationwide | $79 | $950 |
| Travelers | $80 | $965 |
| Farmers | $117 | $1,404 |
| Progressive | $118 | $1,410 |
*State Farm provides the lowest rates for non-military-affiliated, at-fault Tesla Model Y drivers. USAA is the most affordable option for military-affiliated drivers.
Tesla Y Insurance Cost: Bottom Line
Regularly compare car insurance rates to get the best deal. This guide covers Tesla Model Y insurance costs by demographic and highlights the cheapest options.
Tesla Model Y Insurance Rates: FAQ
Below are answers to common questions about the costs of insuring a Tesla Model Y.
What company has the cheapest car insurance for a Tesla Model Y?
GEICO offers the cheapest insurance for a Tesla Model Y, with an annual minimum coverage rate of $488.
What is the average cost of car insurance for a Tesla Model Y?
The average annual insurance cost for a Tesla Model Y is $607 for minimum coverage and $2,054 for full coverage.
Tesla Model Y Insurance Ratings: Our Review Methodology
MoneyGeek analyzed data and 896 Tesla Model Y insurance quotes 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 X:
- 40-year-old male
- Clean driving record
- 12,000 miles driven annually
We also modified the sample driver profile to determine Tesla Model X 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 estimated rates based on how insurers typically price car models each year. The published rates are estimates and may not reflect the rate you'll receive for your Tesla Model Y.
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 includes average full coverage policy rates with comprehensive and collision coverage (with a $1,000 deductible) and increased liability 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, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.