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

The average Tesla Model S insurance cost is $2,402 per year. This car is costly to insure compared to most other models, but rates can differ depending on your model year and insurance provider.

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To find the cheapest Tesla Model S insurance rates, you should shop around and compare quotes from several carriers. Different providers may offer different prices depending on your model year.

Key Takeaways

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The average Tesla Model S insurance quote is $2,402 per year, compared to about $1,427 for the average car model.

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Depending on the insurance company, Tesla Model S insurance cost can fluctuate by as much as $2,209 per year.

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Average Tesla Model S insurance rates can vary by as much as $1,081 per year, depending on how old your car is. Insurance premiums are generally lower for older models.

How Much It Costs to Insure a Tesla Model S and the Cheapest Company

The provider you select can greatly influence your Tesla Model S insurance cost. The average insurance rate for this model is $2,402 per year. USAA offers the cheapest car insurance for the Tesla Model S, at $1,648 yearly. However, it serves only current and former military personnel and their families. The costliest provider is Allstate, with average annual rates of $3,857. Thus, you can save as much as $2,209 per year by shopping around and comparing quotes.

The Average Annual Cost of Tesla Model S Insurance by Company

MoneyGeek gathered information about car insurance rates using a sample driver profile. In this scenario, the driver has 100/300/100 liability insurance with comprehensive and collision coverage.

The Average Cost to Insure a Tesla Model S by Company

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Is a Tesla Model S Expensive to Insure?

Insurance providers use several factors to determine auto insurance prices, including a car’s horsepower, designation as an electric or sports car, value, theft rate and others. The Tesla Model S is a high-value car with an MSRP of $81,190. It is an electric car, which means higher repair costs. These factors are some of the reasons why this model is expensive to insure.

The Best Car Insurance Company for a Tesla Model S

Besides affordability, customer satisfaction, consumer complaint ratio and the company’s financial stability are all important factors to consider while buying car insurance. MoneyGeek’s scoring system used these parameters and found that USAA is the best insurer for the Tesla Model S. However, USAA only serves those with a military background. Progressive offers the next-best car insurance for this model.


1
USAA
Score:99

5/5

Affordability

4.5/5

Claims Ratings

5/5

User Satisfaction

5/5

Financial Stability

2
Progressive
Score:89

4.9/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

3
State Farm
Score:86

4.5/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

4
GEICO
Score:79

4/5

Affordability

3.5/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

5
Allstate
Score:69

3/5

Affordability

4.5/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

How Much It Costs to Insure a Tesla Model S by Model Year

The older versions of the Tesla Model S are typically less expensive to insure because as a car’s value depreciates, collision and comprehensive insurance become cheaper. There is an average cost difference of $1,081 per year between the cheapest model year (2016) and the most expensive (2020). Different insurance firms may offer cheaper options depending on the model year.

USAA offers the lowest average car insurance rate for the latest version of the Tesla Model S (2020), at $1,767 yearly. The most reasonable rate for non-military personnel is $1,891 with Nationwide. You can select your model year to view how rates compare, as the cheapest carrier can change depending on the year.

The Average Cost to Insure a Tesla Model S by Model Year

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  • Company
    Average Annual Rates (2020 model)
    Average Annual Rates (2019 model)
    Average Annual Rates (2018 model)
    Average Annual Rates (2017 model)
    Average Annual Rates (2016 model)
  • 1.
    $1,767
    $1,774
    $1,759
    $1,805
    $1,134
  • 2.
    $2,070
    $1,747
    $1,676
    $1,673
    $1,439
  • 3.
    $1,891
    $1,919
    $1,944
    $1,961
    $1,490
  • 4.
    $2,284
    $2,219
    $2,488
    $2,421
    $1,359
  • 5.
    Allied
    $2,460
    $2,425
    $2,416
    $2,398
    $1,681

How Expensive Is It to Insure a Tesla Model S Compared to Other Cars?

Tesla Model S insurance cost is expensive compared to most other vehicle models. The rate is an average of $2,402 per year, which is $975 more than the insurance price for the average car model.

How Much It Costs to Insure a Tesla Model S for 16- to 25-Year-Olds

Insurance providers consider teen drivers riskier to cover, as they are inexperienced on the road. Therefore, young drivers have to pay much higher auto insurance premiums. For instance, an 18-year-old driver of a Tesla Model S needs to shell out an average of $7,840 per year for its insurance, $5,438 more than the typical rate for a 40-year-old driver.

Consumers can find the cost of car insurance for young drivers aged 16–25 below. It can be very expensive for a teen driver to buy their own car insurance. To save money, they can share a policy with their parents.

The Average Cost to Insure a Tesla Model S by Driver Age

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  • Age
    Average Annual Rates
  • 16
    $10,050
  • 17
    $8,903
  • 18
    $7,840
  • 19
    $5,615
  • 20
    $5,012
  • 21
    $3,967
  • 22
    $3,654
  • 23
    $3,344
  • 24
    $3,139
  • 25
    $2,848
  • 40
    $2,402

How Does Location Affect the Cost of Tesla Model S Insurance?

While the rates referenced in this article are based on national averages, your residential location can have a significant impact on your car insurance prices. You can learn more about the cost of car insurance in each state with MoneyGeek’s state page analysis.

FAQs About Tesla Model S Insurance

Many factors can affect your car insurance premiums, including your age, marital status, location and others. To help you find the best Tesla Model S insurance rates, here are the answers to some common questions on the subject.

Read More About Car Insurance

Methodology

MoneyGeek gathered thousands of insurance rates for a Tesla Model S across all available model years. The costs are for a full coverage policy with:

  • $100,000 in bodily injury liability insurance per person
  • $300,000 in bodily injury liability insurance per accident
  • $100,000 in property damage liability insurance per accident
  • Comprehensive and collision insurance with a $1,000 deductible

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.