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Jerry Data & Research
Cheapest Tesla Car Insurance (Oct 2024)
Cheapest Tesla Car Insurance (Oct 2024)
Compare 50+ top insurance companies including Progressive, Travelers, AAA, Nationwide (and more!) to find the best and cheapest car insurance for your Tesla.
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Quotes from top insurance companies
R.E. Fulton
Licensed Insurance Agent —Senior Content Writer
Reviewed by Josh Damico, Vice President Insurance Operations
Edited by Lina Zhang, Licensed Insurance Agent, VP of Operations
What's on this page?
- How much does Tesla car insurance cost?
- How to find the cheapest Tesla car insurance quote?
- Insurance costs for popular Tesla models
- What factors affect Tesla car insurance rates?
- How can I lower the cost of my Tesla car insurance?
- FAQs
- Methodology
- Meet Our Experts
Load full table of contents
How much does Tesla car insurance cost?
While Tesla might be relatively new compared to other car manufacturers, it dominates the electric vehicle (EV) market. You won’t find any hybrids here–Tesla is all in when it comes to creating sustainable, fully electric cars. From sedans and SUVs to an upcoming Cybertruck, you can find an option that works for you.
After hours spent researching Tesla insurance rates, we can tell you it costs an average of $95 per month to insure your Tesla EV. This means Tesla owners pay -- for insurance based on the
national average
.How much you pay for insurance depends on which model you have, the vehicle year, where you live, and your driving history, so getting a
car insurance quote
relies on multiple details. The only way to truly understand how much your car insurance will cost is to compare car insurance quotes.How to find the cheapest Tesla car insurance quote?
Fortunately, you won’t have to pull out a calculator or spend hours getting quotes since Jerry can do the hard work of research for you. In fact, Jerry has helped 0 Tesla owners save an average of $1,695 on their car insurance premiums.
Let’s look at some real-life examples Jerry found while researching how much Tesla owners pay for insurance.
| Date | Car | Insurance Company | Premium (monthly) | Customer Details | Insurance coverage |
|---|---|---|---|---|---|
October 2, 2024 | Tesla Model 3 | Clearcover | $92 | Marvin, 31 | • 100,000/300,000 Liability • Comp / Collision |
September 30, 2024 | Tesla Model Y | Progressive | $84 | Blake, 42 | • State Minimum Liability • Comp / Collision |
September 29, 2024 | Tesla Model 3 | Infinity | $400 | Clyde, 43 | • State Minimum Liability • Comp / Collision |
September 14, 2024 | Tesla Model Y | Plymouth Rock | $203 | Winifred, 28 Watchung, NJ | • 50,000/100,000 Liability • Comp / Collision |
September 14, 2024 | Tesla Model 3 | Safeco | $173 | Lottie, 26 | • State Minimum Liability • Comp / Collision |
Last Updated Oct 2, 2024The best car insurance companies for Tesla drivers
Insurance isn’t a case of one-size-fits-all when it comes to finding the best insurance company for your Tesla because how much the insurance premium costs depends on where you live, If you have a clean driving record, how much insurance coverage you need, and even your marital status. Fortunately, you can take advantage of Jerry's hard work to help you review coverage options.
Let’s look at how much Tesla owners pay based on different insurance companies using the chart below:
| Insurance Company | Overall Rating | Price | Claims Experience | Customer Service |
|---|---|---|---|---|
| Safeco | 4.6 | 4.4 | 4 | 4.5 |
| Travelers | 4.5 | 4.2 | 4.4 | 4.5 |
| Progressive | 4.3 | 3.9 | 3.9 | 4.3 |
| AAA | 4.2 | 4 | 3.8 | 4.4 |
| Allstate | 4.2 | 3.6 | 3.8 | 4.2 |
| USAA | 4 | 3.5 | 4.5 | 4.2 |
| State Farm | 4 | 3.4 | 3.8 | 4.2 |
| Farmers | 4 | 3.4 | 4.1 | 3.9 |
| Geico | 3.9 | 3.3 | 3.9 | 4 |
Liberty Mutual | 3.7 | 3.2 | 3.5 | 3.7 |
How'd we get these scores?
Jerry's experts conducted one of the largest car insurance surveys in the United States. We surveyed 15,000 policyholders, in all 50 states, over the span of 18 months. These policyholders hold insurance policies with 87 different insurance companies. We surveyed policyholders to gauge their satisfaction with their insurance carriers in: policy cost, customer service, buying and renewal experience, as well as claim experience. These scores were all reported by real customers of the insurance companies.
How'd we get these scores?
Jerry's experts conducted one of the largest car insurance surveys in the United States. We surveyed 15,000 policyholders, in all 50 states, over the span of 18 months. These policyholders hold insurance policies with 87 different insurance companies. We surveyed policyholders to gauge their satisfaction with their insurance carriers in: policy cost, customer service, buying and renewal experience, as well as claim experience. These scores were all reported by real customers of the insurance companies.
Insurance costs for popular Tesla models
One thing that affects the cost of car insurance is which Tesla model you own. Here are some reasons the model can impact your specific rate:
- Safety features: Tesla loves high-tech features like park assist and Tesla Vision, which help keep you safe and save you money on insurance.
- Vehicle value: Electric vehicles (EVs) are on the more expensive side, thanks to those lithium batteries, while demand remains high, which drives up the prices of everything.
- Engine size: The Model 3 comes in at under 500 horsepower, compared to the Model X’s impressive 1,020 horsepower, something insurance providers take into account. Engines with more power are considered riskier, affecting your insurance premium.
- Availability of replacement parts: Tesla voids the warranty if you take your vehicle to a non-Tesla mechanic, so you cannot shop around for lower offers. It also means a limited number of suppliers for both parts and repairs, all of which add to your bill.
- Cost of repairs: Since Tesla vehicles rely on high-tech options and more expensive parts like lithium batteries, your insurance company will charge you more to offset any bills they must pay if you file a claim.
Let’s look at the average cost for car insurance coverage on Tesla models:
| Car | Average State Minimum Insurance Cost | Average Full Coverage Insurance Cost |
|---|---|---|
Tesla Model 3 | $100 | $223 |
Tesla Model X | $97 | $250 |
Tesla Model Y | $94 | $220 |
Tesla Model S | $84 | $228 |
Every state sets its own
minimum coverage insurance
, the legally required basic insurance you need as a driver. Usually, this includes basic liability insurance
, which covers bodily injury and property damage liability, though some states require extras.You can opt for additional items with
full-coverage insurance
, which adds options like collision
and comprehensive coverage
. This helps with your medical or repair bills, which aren’t covered by minimum insurance.
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Sean S.
Tesla Model S insurance costs
As one of the earliest EVs on the market, the
Model S
has been around a block or two, but that doesn’t mean it can’t keep up with newer models. The average Tesla Model S insurance is $228 per month if you want full coverage and $79 per month if you go with the state minimum coverage.Which trim you have affects insurance costs. A trim level just means the different versions available for that car model since each trim offers its own combo of features. You get two choices for the Model S, the base or the Plaid version:
- S Base: Starting MSRP $86,380, the base model gives you the longest range of any Tesla at over 400 miles on a full charge, dual motors for 670 horsepower, and nice extras like a 17-inch touchscreen infotainment system. You also get options like Enhanced Autopilot and plenty of safety features.
- S Plaid: This trim is the powerhouse of Tesla and features a starting price to match at $106,380 MSRP. Thanks to a triple motor, you’ll get an amazing 1,020 horsepower, though you’ll get an average of only 396 miles of range, slightly lower than the base model. Still, if you’re looking for a vehicle with that extra punch and extreme acceleration, then the S Plaid is it.
Your repair and replacement costs are slightly more for the Plaid trim, so insurers consider them a higher risk.
In the table below, you’ll find real quotes for Model S driver from Jerry to better understand how your driver profile impacts your cost.
| Car | Insurance Company | Premium (monthly) | Customer | Insurance coverage |
|---|---|---|---|---|
| Tesla Model Y | Progressive | $84 | Steve, 42 | • State Minimum Liability • Comp / Collision |
| Tesla Model Y | Allstate | $304 | Elmer, 38 | • 50,000/100,000 Liability • Comp / Collision |
| Tesla Model 3 | AAA | $145 | Jean, 40 | • 100,000/300,000 Liability • Comp / Collision |
| Tesla Model 3 | Travelers | $184 | Harvey, 35 | • State Minimum Liability • Comp / Collision |
| Tesla Model 3 | Nationwide | $187 | Emma, 35 Nolensville, TN | • 100,000/300,000 Liability • Comp / Collision |
Last Updated Oct 3, 2024Tesla Model 3 insurance costs
The Tesla Model 3 is the most affordable vehicle in Tesla’s lineup, but that doesn’t mean they skimp on the features. You also get to pick from more trims than the Model S, so you can prioritize options that are important to you. You get a lot of bang for your buck with the Model 3.
Based on our research, Tesla Model 3 owners pay an average of $223 for full-coverage insurance. Of course, remember that your costs will differ since insurance companies consider many variables when ringing up that insurance bill, including where you live, how old your car is, and your driving behavior. How much coverage you opt for also affects your cost.
Which trim option you pick for the Model 3 makes a difference for your insurance premium. Here are your options when it comes to the Model 3 trim levels:
- Base (RWD): As the only model that uses rear-wheel drive (RWD), the Base model starts at $43,380 MSRP and gives you 272 miles on a full charge. It also has the slowest acceleration of the three trims, thanks to a modest 271 horsepower engine, but it will get you where you need to go. Its 15-inch touchscreen helps with navigation, though the Model 3 does not offer Apple CarPlay or Android Auto smartphone integration. This trim is a great choice if you want an affordable and reliable EV for everyday use.
- Performance: For a starting MSRP of $54,880, you’ll get 315 miles of range with this trim and faster acceleration thanks to dual motors with a combined 455 horsepower, plus all-wheel-drive (AWD). You also get some nice extras, like six additional speakers and a subwoofer. However, the bulk of the extras focus on the motor and battery capacities.
- Long Range: As the name implies, you can get the most out of your battery with the Long Range at 333 miles, so this trim is a great choice if you like to travel or want to avoid range anxiety. You get a slightly slower acceleration with a 425-horsepower engine, but you’ll barely notice as you add up those miles on a single charge. You also get the better audio system offered by the Performance trim, but it’s really about that battery range. With a starting MSRP of $48,880 this trim gives you a good balance between affordability, practicality, and performance—that sweet middle spot between the Base and Performance trims.
In the table below, you’ll find real quotes for Model 3 driver from Jerry to better understand how your driver profile impacts your cost.
| Car | Insurance Company | Premium (monthly) | Customer | Insurance coverage |
|---|---|---|---|---|
| Tesla Model Y | Progressive | $84 | Steve, 42 | • State Minimum Liability • Comp / Collision |
| Tesla Model Y | Allstate | $304 | Elmer, 38 | • 50,000/100,000 Liability • Comp / Collision |
| Tesla Model 3 | AAA | $145 | Jean, 40 | • 100,000/300,000 Liability • Comp / Collision |
| Tesla Model 3 | Travelers | $184 | Harvey, 35 | • State Minimum Liability • Comp / Collision |
| Tesla Model 3 | Nationwide | $187 | Emma, 35 Nolensville, TN | • 100,000/300,000 Liability • Comp / Collision |
Last Updated Oct 3, 2024Tesla Model X insurance cost
The Tesla Model X has a lot in common with the Model S, but offers the extra room and cargo capacity of an SUV, as well as a noticeably higher price. It’s also the most futuristic design of any of Tesla’s lineup. This model is a good place to start if you want an EV version of an SUV and a unique design.
You’ll be looking at an average monthly insurance cost of $250 for full coverage and $97 for state minimum coverage if you own a Model X. However, your specific cost will depend on details like your driving history and more.
As with the Model S sedan, the Model X SUV comes in two trims:
- X Base: For a starting MSRP of $101,380 you can get up to 348 miles of range with this SUV, and dual motors give you a combined 670 horsepower. You can pick from the square or round steering wheel, and the rear doors are wing doors that open horizontally instead of vertically (think Back to the Future). You also get other futuristic options like Summon, plus multiple safety features.
- X Plaid: Starting $111,380 MSRP, this trim is all about power. You get triple electric motors that give you a whopping 1,020 horsepower, while the battery keeps you going for up to 333 miles on a single charge. You still get the 17-inch touchscreen display and 22 speakers throughout the interior, but the biggest difference is the horsepower. If you want a combination of futuristic design and power, then you’ll want to consider the X Plaid trim.
Let’s see what insurance can cost for a Model X based on real-world owners:
| Car | Insurance Company | Premium (monthly) | Customer | Insurance coverage |
|---|---|---|---|---|
| Tesla Model Y | Progressive | $84 | Steve, 42 | • State Minimum Liability • Comp / Collision |
| Tesla Model Y | Allstate | $304 | Elmer, 38 | • 50,000/100,000 Liability • Comp / Collision |
| Tesla Model 3 | AAA | $145 | Jean, 40 | • 100,000/300,000 Liability • Comp / Collision |
| Tesla Model 3 | Travelers | $184 | Harvey, 35 | • State Minimum Liability • Comp / Collision |
| Tesla Model 3 | Nationwide | $187 | Emma, 35 Nolensville, TN | • 100,000/300,000 Liability • Comp / Collision |
Last Updated Oct 3, 2024Over 4,000,000 customers and counting
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Tesla Model Y insurance costs
If you’re interested in an SUV but don’t want the more futuristic extras like wing doors that come with the Model X, then you’ll want to consider the Model Y. Probably one of the biggest perks this SUV offers is the optional third row of seats—a nice extra for families. It’s also one of the few fully electric SUV options on the market, so it’s a nice alternative to hybrid models.
Like any higher-end vehicle, choosing the Model Y will add to your insurance premium. You’re looking at an average of $220 per month if you want full coverage car insurance for a Model Y versus $94 per month for state minimum coverage.
The Model Y gives you three options when it comes to trim levels:
- Y Base: For a starting MSRP of $52,630 you can get an affordable, down-to-earth electric SUV in Tesla’s Model Y Base. Tesla is trying out the new 4680 battery cells on this trim, which are supposed to store more electricity and cost less. You’ll get 279 miles out of a full charge, while the motor gives you 470 horsepower.
- Y Long Range: Add $2,000 for a starting MSRP of $54,630, and you’ll get an extended 330-mile range compared to the Base trim. While this trim only offers 384 horsepower, it also adds the optional third row of seats for longer family road trips.
- Y Performance: While you get 303 miles of range with this trim, starting at $58,630 MSRP, you also get faster acceleration and better handling. The engine gives you 456 horsepower as well, so you’ll get a lot more power behind you with this trim.
Let’s see what insurance can cost for a Model Y based on real-world owners:
| Car | Insurance Company | Premium (monthly) | Customer | Insurance coverage |
|---|---|---|---|---|
| Tesla Model Y | Progressive | $84 | Steve, 42 | • State Minimum Liability • Comp / Collision |
| Tesla Model Y | Allstate | $304 | Elmer, 38 | • 50,000/100,000 Liability • Comp / Collision |
| Tesla Model 3 | AAA | $145 | Jean, 40 | • 100,000/300,000 Liability • Comp / Collision |
| Tesla Model 3 | Travelers | $184 | Harvey, 35 | • State Minimum Liability • Comp / Collision |
| Tesla Model 3 | Nationwide | $187 | Emma, 35 Nolensville, TN | • 100,000/300,000 Liability • Comp / Collision |
Last Updated Oct 3, 2024Are Teslas more expensive to insure?
Compared to the average cost of other cars, Tesla vehicles cost -- to insure.
Cheapest Teslas to insure
Fortunately, some models don’t cost as much when it comes to insurance. The cheapest Tesla to insure is the 2022 Model X, with an average monthly premium of $21 for state minimum coverage and an average of $328 for full coverage.
| Car Make | Average Monthly State Minimum Insurance Cost | Average Monthly Full Coverage Insurance Cost |
|---|---|---|
2022 Tesla Model X | $84 | $328 |
2022 Tesla Model S | $84 | $229 |
2013 Tesla Model S | $84 | $252 |
2018 Tesla Model 3 | $84 | $181 |
2023 Tesla Model Y | $84 | $233 |
Most expensive Teslas to insure
Of course, other Teslas cost more for insurance premiums. The most expensive Tesla model to insure is a 2015 Model S, with an average monthly premium of $125 for state minimum coverage and an average of $262 for full coverage.
| Car Make | Average Monthly State Minimum Insurance Cost | Average Monthly Full Coverage Insurance Cost |
|---|---|---|
2023 Tesla Model 3 | $141 | $240 |
2021 Tesla Model Y | $132 | $216 |
2019 Tesla Model X | $127 | $241 |
2012 Tesla Model S | $126 | $179 |
2015 Tesla Model S | $125 | $262 |
Always keep in mind that how much you pay for insurance ties to variables like your location, your driving behavior, how much coverage you choose, and so on, which is why you need to find insurance quotes based on your needs. For example, living in
Los Angeles, California
, is definitely going to give you a higher insurance rate than a rural town. Don’t rely on the average estimate–see what different companies offer for your rate to help find the right insurer.What factors affect Tesla car insurance rates?
- Vehicle cost: Collision and comprehensive coverage are more for electric vehicles and higher-end brands like Tesla.
- Vehicle age: That shiny new car is more expensive to insure thanks to new tech and a higher value.
- Cost of parts: Electric vehicles tend to have more expensive parts, especially batteries. Plus, Tesla does not allow for non-brand parts since it voids the warranty, so you can’t shop around as easily when it comes to repairs.
- Your age: If you are under 25, insurers will charge you more since you have less driving experience, while senior drivers often see increased insurance rates once they turn 75.
- Your driving record and claims history: If you have aclean driving record, you’ll pay less for insurance than a driver with multiple tickets, accidents, or other driving violations.
- Where you live: If you live in an area with higher crime rates or a big city, you can expect your rate to be higher than someone who lives in a lower-risk area.
Here are a few specific factors that impact auto insurance rates for Tesla:
- Materials: Teslas use more expensive materials, like lithium batteries and non-standard parts, so repair costs are higher.
- Safety: Teslas give you many safety options, such as Tesla Vision and parking assist, so those bring your cost down.
- Mechanics: You must use a Tesla-certified mechanic for repairs if you want your warranty to stay intact, so you can’t shop around for better prices. This means repairs are more expensive, which affects your insurance rate.
- Luxury brand: Any luxury brand will cost more when it comes to insurance, while electric vehicles (EVs) add to the expense.
Tesla insurance cost for young drivers
Teen drivers
between 16 and 19 years pay the highest insurance rates out of any age group. If you have a teen driver who owns a vehicle, you’ll want full coverage
for them to offset the higher accident rate.
Sarah (24 years old)
Coverage50,000 per person
100,000 per accident bodily injury
Comp / Collision
Plainsboro Township, NJ
Tesla Model 3$141
per month
Clearcover
Margaret (24 years old)
Coverage50,000 per person
100,000 per accident bodily injury
Comp / Collision
Tesla Model 3$375
per month
Tesla insurance cost for senior drivers
Car insurance rates increase once you are past retirement age, usually at age 70 to 75.
Car insurance rates for seniors
tend to be higher since older drivers have higher accident rates, and are more susceptible to serious injuries if involved in a collision, which means higher medical expenses and increased costs for insurance providers. All of these reasons up insurance premiums.
Lester (74 years old)
Coverage100,000 per person
300,000 per accident bodily injury
Comp / Collision
Tesla Model 3$84
per month
Isabelle (76 years old)
$475
per month
Antonio (70 years old)
Coverage100,000 per person
300,000 per accident bodily injury
Comp / Collision
Tesla Model Y$115
per month
Tesla insurance cost for drivers with driving violations
Tesla insurance costs also depend on your driving record. Tesla drivers without violations or at-fault accidents pay the least, but you’ll see an increase in your coverage if you have any of the following on your record in the last three to five years:
- Speeding tickets
- DUIs
- At fault accidents
- Reckless driving
- Driving on a suspended license
Cheapest car insurance for Tesla drivers with a speeding ticket
If you have one ticket on your record for driving less than five miles over the speed limit, it probably won’t impact your Tesla insurance premiums. However, multiple tickets or extreme speeding will affect your rate. Fortunately, Jerry can still help Tesla drivers with multiple speeding tickets save when finding car insurance.
Cheapest car insurance for Tesla drivers with a DUI
If you have a
DUI conviction
on record, you want to get multiple quotes before picking an insurance company since that will make a big difference. You will still be able to find something affordable, but signing with the first company that pops up a search can result in much higher than necessary rates. Jerry can make the process easier if you need car insurance with a DUI on your record.
Mittie (38 years old)
$86
per month
Cheapest car insurance for Tesla drivers after an accident
Your car accident and claim history has one of the biggest impacts on your insurance rate. If you’ve been in an at-fault accident recently or had multiple claims, you might see a big increase in your premium. Let Jerry help you find affordable insurance if you were in an accident.
| Accident type | Car | Insurance Company | Premium (monthly) | Customer | Insurance coverage |
|---|---|---|---|---|---|
["Not At Fault","At Fault With No Injury"] | Tesla Model Y | Progressive | $84 | Gavin, 42 | • State Minimum Liability • Comp / Collision |
["At Fault With No Injury","Not At Fault"] | Tesla Model 3 | Allstate | $393 | Alexander, 44 | • 100,000/300,000 Liability • Comp / Collision |
[] | Tesla Model 3 | AAA | $183 | Ina, 25 | • 50,000/100,000 Liability • Comp / Collision |
["At Fault With No Injury","Not At Fault"] | Tesla Model 3 | Nationwide | $187 | Barry, 35 Nolensville, TN | • 100,000/300,000 Liability • Comp / Collision |
[] | Tesla Model S | Mercury | $186 | Carolyn, 49 | • 50,000/100,000 Liability • Comp / Collision |
Last Updated Oct 3, 2024Cheapest car insurance for Tesla drivers with other driving violations on their record
Beyond speeding tickets or DUIs, violations like reckless driving and
driving on a suspended license
usually increase your car insurance rate. Let’s look at some of the more common driving violations and how we helped Tesla drivers save on insurance.| Violation | Car | Insurance Company | Premium (monthly) | Customer | Insurance Coverage |
|---|---|---|---|---|---|
Illegal Turn | Tesla Model 3 | Bristol West | $213 | Hunter, 31 Avenel, NJ | • 25,000/50,000 Liability |
Defective Equipment | Tesla Model 3 | Allstate | $72 | Chase, 32 Kent, WA | • State Minimum Liability |
Failure to Obey Signal | Tesla Model 3 | Progressive | $86 | Dean, 41 Tenafly, NJ | • 25,000/50,000 Liability |
Cell Phone | Tesla Model 3 | Travelers | $130 | Angel, 29 | • 100,000/300,000 Liability • Comp / Collision |
Careless Driving | Tesla Model S | Safeco | $138 | Catherine, 49 | • 100,000/300,000 Liability • Comp / Collision |
Driving on Sus. License | Tesla Model S | State Auto | $318 | Darrell, 28 Winfield, IL | • 100,000/300,000 Liability • Comp / Collision |
Failure to Obey Signal | Tesla Model 3 | Mercury | $136 | Gerald, 31 Morganville, NJ | • 100,000/300,000 Liability • Comp / Collision |
Improper Passing | Tesla Model 3 | Allstate | $213 | Shane, 38 | • 100,000/300,000 Liability • Comp / Collision |
Last Updated Sep 28, 2024How can I lower the cost of my Tesla car insurance?
Let’s look at ways you can save money when insuring a Tesla vehicle:
- Shop around:Comparison shop for insurance coverageto check quotes from multiple insurers so you know what the best price is for you. Jerry makes this process easy by gathering quotes from more than 50 major insurance companies in minutes so that you can see multiple rates. Once you find a better deal, Jerry can even help you sign up for your new policy and cancel the old one.
- Opt for an older or less expensive model: If you’re buying a Tesla, research insurance rates for different models ahead of time. Purchasing a small used sedan instead of adding your name to the waitlist for the upcoming Cybertruck can save you money on insurance.
- Bundle your insurance policies:Bundling your home and auto insurancewith the same provider often means discounts.
- Participate in a telematics program: Some insurance companies use technology to track your driving habits. You could qualify for car insurance discounts if you show you are a safe driver.
- Reduce your coverage: If you have an older vehicle, opt toreduce coverageon it to lower your bill. No sense in going all in for a car that is so old it will fall apart after an encounter with a pothole.
- Raise your deductible: The deductible is the amount of money you agree to pay out of pocket before any collision or comprehensive insurance coverage helps with your claim. Even a tiny increase in your deductible reduces monthly insurance payments.
FAQs
Does Tesla have their own insurance?
Yes, Tesla offers an insurance option if you live in one of the
twelve states
where the coverage is currently available. You can sign up for their insurance through the Tesla app or their website
. The plan is a telematics program, which means they use technology to track real-time driving behavior and reward you for good driving habits. You can even review your stats through the Safety Score beta program
Are Teslas more expensive to insure?
Compared to other brands, yes. Tesla car insurance rates are often above average thanks to being classified as a luxury brand, stricter limitations on available repair shops, and more expensive repairs. Insurance companies increase your premium to offset potential claims that will cost them more.
What kind of insurance coverage do I need for my Tesla?
You at least need the state minimum based on where you live in order to drive legally, but this varies by state. Different states require specific types of coverage, so you might need
uninsured motorist
coverage, personal injury protection (PIP)
, and other options based on your state insurance laws
.Due to higher repair costs, it’s a good idea for any Tesla owner to get full-coverage insurance, including basic liability coverage, collision coverage, and comprehensive insurance. If you purchase a new Tesla with a car loan, your lender will require full coverage insurance for your Tesla until the loan is paid off. Anyone buying a new vehicle should look at
gap insurance
and rental car reimbursement insurance
as add-ons to a full-coverage policy. Why is Tesla insurance so high?
It’s a combination of factors, including the fact that Tesla is both a luxury brand and in high demand. The technology and parts are also more expensive, thanks to being fully electric and relying on pricier parts like lithium batteries. Tesla is much stricter about enforcing limitations on using brand-specific parts and Tesla-certified mechanics under warranty restrictions, which again adds to the cost.
How much is insurance on a Tesla on average?
Your costs depend on things like which model you own, your driving record, and more, but some models are definitely more expensive. The Model 3 is generally cheaper to insure out of the 2023 lineup, while a Model S will cost the most. On average, though, you can expect $95 per month and $1,140 per year if you own a Tesla.
Methodology
The Insurance Research Team analyzes insurance products and services to drive insights and help consumers make informed purchase decisions.
Insurance research: We analyzed over 25 million car insurance quotes; conducted the largest insurance shopping survey (over 15,000 customers surveyed and 85 carriers reviewed in the past 18 months).
We surveyed insurance policyholders for their experience with their insurers in the following areas: (1) insurance cost (2) customer service (3) insurance buying experience (4) insurance renewal experience (5) claim experience. In addition, we asked people what they like about their insurers and what areas in which their insurers could improve. The driver characteristics used in calculating average rates for auto insurance include: single driver, single car, currently insured, clean driving record.
For the quotes and sold policies included in this article, please note that personal information has been hidden. Not all customers find savings.
Team: The team consists of licensed insurance agents, insurance industry veterans, and data scientists.
Meet Our Experts
R.E. Fulton
Licensed Insurance Agent —Senior Content Writer
R.E. Fulton is an expert insurance writer specializing in car ownership topics from car shopping and loan advice to insurance and repair guides. R.E.’s mission is to create unique and accessible content that helps readers to become more successful and independent car owners. R.E. has written and edited over 900 high-performing articles for Jerry, with an average of 1 million+ views.
As a senior writer on Jerry’s editorial team, R.E. draws on over 10 years of experience as a professional writer and digital publishing specialist. Prior to joining Jerry’s editorial team in 2021, R.E. worked as a writing coach at Columbia University, the Rochester Institute of Technology (RIT), and the University of Rochester. They serve as a managing editor for peer-reviewed history publication Nursing Clio, where their work has appeared regularly since 2015.
Lina Zhang
Licensed Insurance Agent
Licensed in 50 states and Washington DC
Lina Zhang is Vice President of Operations at Jerry. She helped to found Jerry in order to take the confusion and mystery expenses out of car ownership and help drivers achieve financial success. Leading a global team responsible for operations, talent acquisition, legal, and content, Lina has been a key contributor to the AllCar™ app’s 10x growth in its first year of operation. Prior to Jerry, Lina and her Jerry co-founders, Art Agrawal and Musawir Shah, created YourMechanic, the largest on-demand car repair services provider. In one year, Lina built and scaled YourMechanic operations from just five markets to more than 50. The trio left YourMechanic to incubate Jerry at Y Combinator in 2017. Lina’s previous roles include intellectual property attorney at Morrison & Foerster LLP and a biomedical researcher at Stanford University.
Josh Damico
Head Of Insurance Operations
18+ Years Experience in Insurance
Josh Damico is Jerry’s vice president of insurance operations and a licensed insurance professional with nearly two decades of experience in the industry. Previously, Josh held executive roles at Geico, where he had vast regional oversight and leadership opportunities. He holds a bachelor’s degree in business administration and management from Medaille College, and has appeared on news channels including FOX and CBS to offer insurance expertise and tips to drivers across the country. His work has appeared in Business Insider, Kelley Blue Book, and Digital Insurance and been quoted in The Balance, GOBankingRates, and Inspiring Workplaces.
*Illustration only. For all the pricing information presented in this article (including various tables), please note that not all customers find savings and the information is for illustrative purposes only. Savings depend on type of car, location, policy features, driving history and other factors. Drivers who switch through Jerry save over $70/month on average.