USAA, Nationwide, American Family, Auto-Owners and National General offer the cheapest Tesla Model S insurance among national providers, based on our analysis of rates across all 50 states. USAA ranks first with an average full coverage premium of $2,390 per year, which is 45% below the Model S full coverage average of $4,350. However, USAA coverage is limited to military members, veterans and their families. For those who don't qualify for USAA, Nationwide follows at $3,028 per year, with American Family close behind at $3,060. These rates apply to the 2024 Tesla Model S for a 40-year-old driver with a clean record.
Cheapest Tesla Model S Insurance: Top 5 Companies by Price (2026)
Updated: May 1, 2026
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Key Takeaways
USAA offers the cheapest Tesla Model S insurance at $447 per year for minimum coverage and $2,390 annually for full coverage.
Nationwide ranks as the cheapest non-military option for full coverage at $3,028 per year, followed by American Family at $3,060 and Auto-Owners at $3,116.
Full coverage rates for the 2024 Tesla Model S average $4,350 across all national providers we analyzed, making it among the most expensive Tesla models to insure due to its luxury vehicle pricing and high parts costs.
Cheapest Tesla Model S Insurance Companies
Top 5 Cheapest Tesla Model S Insurance Companies
The table below ranks the five cheapest Tesla Model S insurers by average full coverage premium. Minimum coverage rates reflect each state's legal liability requirements.
Rank | Provider | Min Coverage Avg Annual Premium | Full Coverage Avg Annual Premium |
|---|---|---|---|
1 | USAA | $447 | $2,390 |
2 | Nationwide | $891 | $3,028 |
3 | American Family | $1,076 | $3,060 |
4 | Auto-Owners | $638 | $3,116 |
5 | National General | $633 | $3,243 |
Top Tesla Model S Insurance Company Highlights
The five cheapest Tesla Model S insurers offer distinct advantages for Model S owners. USAA provides the lowest rates but is limited to military-affiliated customers. Nationwide and American Family lead among widely available options, while Auto-Owners and National General are strongest for drivers prioritizing low minimum coverage costs.
Cheapest for Military Members
USAA
USAA offers the cheapest Tesla Model S insurance at $447 per year for minimum coverage and $2,390 for full coverage. Its full coverage rate is $638 below the next-cheapest provider and 45% below the Model S national average of $4,350. USAA covers Tesla vehicles through standard auto policies without Model S-specific programs. Eligibility is restricted to current and former military service members, their spouses and their children.
Cheapest for Most Tesla Owners
Nationwide
Nationwide ranks as the cheapest widely available insurer for the Tesla Model S at $891 for minimum coverage and $3,028 for full coverage, which is 30% below the Model S national average. Nationwide operates in 47 states and offers a SmartRide usage-based program that can reduce premiums by up to 40% for low-mileage or safe drivers. Given the Model S's higher base premium, SmartRide savings represent a larger absolute dollar reduction than on less expensive vehicles.
American Family charges $1,076 per year for minimum coverage and $3,060 for full coverage on the Tesla Model S, ranking third overall and 30% below the national average. American Family writes policies in 19 states and offers a KnowYourDrive usage-based discount program. Its competitive pricing on the Model S is worth noting given its narrower footprint compared to national insurers like Nationwide or National General.
Auto-Owners averages $638 per year for minimum coverage and $3,116 per year for full coverage on the Tesla Model S, ranking fourth for full coverage and second for minimum coverage among non-USAA providers. Auto-Owners operates through independent agents in 26 states and consistently prices below national competitors for luxury EV coverage. Its minimum coverage rate of $638 makes it the second most affordable option for Model S owners who need to meet state liability requirements.
National General rounds out the top five at $633 a year for minimum coverage and $3,243 for full coverage. As part of the Allstate group, National General writes policies in all 50 states, making it the most broadly accessible option in the top five. Its minimum coverage rate of $633 is the lowest among non-USAA insurers in the top five, which benefits Model S owners in high-cost states who want to minimize liability coverage expenses.
Cheapest Tesla Model S Insurance by Model Year
MoneyGeek's analysis covers the 2024 Tesla Model S, as the current Model S generation replaced prior long-range configurations. Full coverage rates for the 2024 Model S average $4,350 across all providers. The Model S's all-aluminum body and large battery pack make it one of the more costly Teslas to insure even at the cheapest available rate.
Cheapest 2024 Tesla Model S Insurance
USAA offers the cheapest 2024 Tesla Model S insurance at $447 per year for minimum coverage and $2,390 for full coverage. National General and Auto-Owners follow USAA for minimum coverage, while Nationwide, American Family and Auto-Owners rank second through fourth for full coverage. The 2024 Model S commands a premium relative to the Model Y and Model 3 due to its higher MSRP and more expensive aluminum body components.
Rank | Cheapest for Min Coverage | Avg Annual Premium | Cheapest for Full Coverage | Avg Annual Premium |
|---|---|---|---|---|
1 | USAA | $447 | USAA | $2,390 |
2 | National General | $633 | Nationwide | $3,028 |
3 | Auto-Owners | $638 | American Family | $3,060 |
4 | GEICO | $655 | Auto-Owners | $3,116 |
5 | Travelers | $685 | National General | $3,243 |
Why Tesla Model S Insurance Is More Expensive
Tesla Model S insurance costs more than coverage for an average sedan because of the vehicle's luxury pricing, specialized aluminum construction and expensive powertrain components. The Model S uses an all-aluminum body that requires specialized fabrication equipment and certified technicians for repairs. Standard body shops cannot perform most structural work on the Model S, which directs claims to Tesla-approved centers with higher per-hour labor costs and longer repair times.
The Model S battery pack, which can cost $15,000 to $25,000 to replace, represents the single largest financial exposure for insurers writing full coverage policies. Combined with the vehicle's high MSRP, which keeps replacement cost elevated well into the vehicle's life, insurers price full coverage on the Model S substantially higher than on mass-market EVs. Driver-assistance sensor calibration requirements after body repairs add several hundred dollars to typical collision claims on top of these baseline cost factors.
How to Lower Your Tesla Model S Insurance Costs
Three strategies produce the largest savings on Tesla Model S insurance: shopping multiple insurers, raising your deductible and maximizing discount stacking. Given the Model S's $4,350 full coverage average, the absolute dollar savings from each strategy are larger than on lower-priced vehicles — for example, a 20% discount saves $870 on a Model S versus roughly $300 on a typical sedan.
Compare Quotes From at Least Three Insurers
The gap between the cheapest and most expensive Model S insurer in MoneyGeek's analysis is $4,103 per year, with USAA at $2,390 and Farmers at $6,493. Even excluding USAA, the spread among widely available insurers exceeds $2,000 annually. Request quotes from Nationwide, American Family, Auto-Owners and National General at minimum, and review the cheapest car insurance companies for a broader comparison.
Raise Your Deductible
Raising your collision and comprehensive deductible from $500 to $1,000 reduces full coverage premiums by 15% to 25%. On the Model S's $4,350 full coverage average, that represents $653 to $1,088 in annual savings. Given the Model S's high repair costs, maintain a savings buffer large enough to cover a $1,000 out-of-pocket expense before adjusting your deductible.
Ask About Tesla-Specific and Standard Discounts
Tesla Model S owners qualify for anti-theft discounts of 5% to 25% because the vehicle includes GPS tracking and over-the-air security updates as standard features. Multi-policy bundling saves 10% to 25%, and usage-based programs like Nationwide's SmartRide or American Family's KnowYourDrive can save up to 40% for low-mileage or safe drivers. Given the Model S's higher base premium, these percentage savings represent more substantial absolute reductions than on lower-cost vehicles.
Frequently Asked Questions About Tesla Model S Insurance
How much does Tesla Model S insurance cost?
Tesla Model S insurance costs approximately $730 per year for minimum coverage and $4,350 for full coverage on average across national providers, based on MoneyGeek's analysis. Rates range from $2,390 at USAA to $6,493 at Farmers for full coverage. Actual premiums depend on location, driving record, credit history and selected coverage levels.
Which company has the cheapest Tesla Model S insurance?
USAA offers the cheapest Tesla Model S insurance at $447 per year for minimum coverage and $2,390 for full coverage. Nationwide ranks second at $3,028 for full coverage, followed by American Family at $3,060. Drivers without USAA eligibility will find the lowest widely available rate at Nationwide.
Is the Tesla Model S the most expensive Tesla to insure?
The Tesla Model S is among the most expensive Tesla models to insure, with full coverage averaging $4,350 per year, compared to $3,243 for the Model Y and $2,952 for the Model 3, based on MoneyGeek's analysis. The Model S's higher MSRP, aluminum body construction and larger battery pack all contribute to elevated insurance costs relative to other Tesla models.
Does Tesla Insurance offer competitive Model S rates?
Tesla Insurance may offer competitive rates for Model S owners with a high Safety Score, but its availability is limited to select states including Arizona, California, Colorado, Illinois, Ohio, Oregon, Tennessee, Texas and Virginia, among others. Tesla Insurance uses real-time driving data for pricing, so Model S drivers who maintain a high Safety Score by driving smoothly and keeping safe following distances may see lower monthly premiums than national insurers charge. Aggressive drivers may pay more under this model. Check Tesla's official coverage map for the most current list of available states.
What discounts can Model S owners use to reduce insurance costs?
Model S owners can reduce insurance costs through anti-theft discounts of 5% to 25% enabled by the vehicle's standard GPS tracking, multi-policy bundling discounts of 10% to 25%, and usage-based programs that reward low-mileage or safe-driving behavior. Nationwide's SmartRide and American Family's KnowYourDrive both offer up to 40% savings for qualifying drivers.
What coverage does a Tesla Model S need?
A Tesla Model S requires at least the liability coverage mandated by your state, plus comprehensive and collision coverage if the vehicle is financed or leased. Most lenders require full coverage with a deductible of $1,000 or lower. Model S owners who own the vehicle outright can drop collision and comprehensive, but doing so exposes them to repair costs that can exceed $20,000 for damage involving the battery pack or aluminum structural components.
MoneyGeek analyzed 2024 Tesla Model S insurance rates from 16 national providers across all 50 states and Washington, D.C. Quotes reflect a 40-year-old driver with a clean driving record and good credit. Minimum coverage rates meet each state's legal liability requirements. Full coverage rates use 100/300/100 liability limits with comprehensive and collision at a $1,000 deductible. Provider averages represent the mean annual premium across all available ZIP codes in MoneyGeek's rate dataset. Ranking reflects average full coverage premium because full coverage is the most common purchase among Tesla Model S owners.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty (P&C) Insurance Producer in Connecticut, is MoneyGeek's resident insurance expert. He has analyzed the insurance market for almost a decade, first with LendingTree and now with MoneyGeek, conducting original research on hundreds of insurance companies and millions of insurance rates for insurance shoppers.
He writes about economics and insurance on MoneyGeek, breaking down complex topics so people can have confidence in their purchase. Like all MoneyGeek analysts, Mark collects and analyzes independent cost and consumer experience data on insurance companies to provide objective recommendations in our content that are independent of any of MoneyGeek's insurance company partnerships.
His insights on products ranging from car, home and renters insurance to health and life insurance have been featured in The Washington Post, The New York Times and NPR, among others.
Mark holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He started his career working in financial risk management at State Street before transitioning to the analysis of the personal insurance market. He's also a five-time Jeopardy champion!