Compare the Cost of Tesla Model S Insurance by Model Year and Company

Car insurance costs may vary greatly depending on age. For example, we found that a 16-year-old who insures a 2012 Tesla Model S with full coverage spends roughly $10,264 per year, while a 40-year-old only spends around $2,189. For a 2022 model, a 16-year-old spends around $15,397 per year, whereas a 40-year-old only pays roughly $3,365.

Affordability is just one of several factors to consider when purchasing auto insurance. MoneyGeek’s recommendations for the best insurance providers for a Tesla Model S focus on an in-depth analysis of cost, customer service and claims management.

A Tesla Model S with full coverage costs an average of $2,919 per year to insure. Keep in mind that the insurance provider you choose can make a big difference in your cost. We found that Nationwide offers the cheapest full coverage policy at around $1,883 per year, while Farmers is the most expensive provider, setting our sample driver back $4,438 per year.

For minimum coverage, we found that State Farm is the most affordable company, charging an average annual premium of $491, whereas Farmers is again the least affordable provider at $1,431.

This shows you the importance of comparing rates when looking for the cheapest car insurance.

The Tesla Model S is a luxury electric car and is expensive to insure compared to other car models. Its MSRP of $101,190 for a 2022 model year demonstrates its high value, and it also has advanced features which are costly to repair or replace following an accident. Plus, electric cars, in general, tend to cost more for auto insurance. These factors keep it from having a low premium.

The best car insurers for a Tesla Model S offer the ideal combination of an affordable rate and great service and claims experience. The following are the best auto insurance providers for a Tesla Model S:

• State Farm: MoneyGeek score of 90 out of 100 ($1,884 per year)
• Travelers: MoneyGeek score of 90 out of 100 ($2,113 per year)

State Farm earns the top spot on our list by offering a cheap full coverage policy together with very good customer service. With insurance providers, there may be a tradeoff between affordability and service quality, but you’ll experience none of that with State Farm.

A full coverage policy for a 2012 Tesla Model S costs around $2,189 per year, but to insure a 2022 model, the cost is roughly $3,365 annually.

Your Model S’s age or model year impacts the average cost of car insurance. Because a car’s value usually depreciates over time, newer models tend to be more expensive to insure than older ones.

The average cost of car insurance varies by model year and insurer. When getting quotes for a Tesla Model S, you will likely find each company gives a different rate. We found State Farm is the cheapest insurer for a 2012 Tesla Model S with full coverage, costing an average of $1,383 per year, while Nationwide is the most affordable insurer for a 2022 Tesla Model S at around $2,063 per year.

Insurance providers consider your age when calculating your rate for a Tesla Model S. Auto insurance for teens is more expensive than for middle-aged drivers. We found that the average annual rate for a 16-year-old who purchases a full coverage policy for a Tesla Model S is a staggering $12,752, but a 40-year-old driver who purchases the same policy only spends roughly $2,767.

Teen car insurance becomes cheaper each year and steadies when drivers are in their 20s.

Make it a habit to compare rates from different providers if you want to find the cheapest possible car insurance. For instance, a 16-year-old driver with a Tesla Model S gets the lowest premium for full coverage from State Farm at around $6,162 per year. Farmers is the most expensive insurer, at an average annual cost of $21,978.

Note that these rates are for an individual policy, and legally, most teens under 18 cannot buy car insurance without a parent or guardian as a co-signer. A smarter and more affordable way to get teen car insurance is by including them on a family policy.

Your age and car model year contribute to how much you pay, but the area where you live also has an effect on your Tesla Model S auto insurance rate. Insurance costs tend to vary by state, but we found that Idaho is the cheapest state to insure a car, while New York is the most expensive.

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.

You may have questions about cost and service quality when looking for an insurance provider for your Tesla Model S. MoneyGeek gives you the key information you need when deciding which insurer to choose.