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, driver 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
Key Takeaways
With annual rates for minimum 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 S 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
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 from $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 midsize 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. Below are the average full coverage and minimum coverage 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 |
Tesla Model S Insurance Rates Explained
There are a number of factors that will affect a driver's car insurance rates based on their driver profiles. However, auto insurance providers will also take into account factors that are tied to the vehicle you drive. Below, we break down the cost factors that are related to your vehicle.
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.
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.
Repair Costs
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 be 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 have led to increased repair costs for a vehicle that is expensive to service to begin with. Unfortunately, the higher repair costs caused by these issues lead to higher insurance rates.
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.
Fuel Type
Compared to gas vehicles, insurance 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 consider Model S specific factors, including an exceptional battery capacity that extends the vehicle's range, resulting in increased in miles driven and higher odds of getting into an accident.
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 potentially lower insurance premiums or qualify you for additional cost-saving discounts. Tesla Model S vehicles 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.
Cheapest Tesla Model S Insurance
With average minimum coverage 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 by Coverage Level
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 coverage and full coverage. Below, we break down the cheapest provider for both coverage types:
Cheapest Tesla Model S Minimum Coverage
State Farm's average state minimum liability insurance rate of $41 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 by Model Year
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:
Select
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, State Farm 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 Insurance
Cheapest Tesla Model S Insurance by Age
Since younger drivers between the ages of 16 and 25 and seniors ages 55 and up pay more for Tesla Model S insurance than average, finding the lowest rate is important. 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 aged 16–25 is $90 per month or $1,078 per year on average for minimum coverage from State Farm. The table below highlights the complete list of the most affordable auto insurance rates for 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 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 Model 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, 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.