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

MoneyGeek’s study shows that the average Tesla Model X insurance cost is $2,368 per year. Compared to other vehicles, the Tesla Model X is relatively expensive to insure. However, premiums can differ depending on your carrier and your car’s model year, so make sure to shop around to find the best prices available.

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For lower Tesla Model X insurance costs, it’s best to compare rates from several providers. Because different insurers charge different rates for specific car models, comparing many quotes can help you save in the long run. Companies also offer different premiums depending on the model year of your car and your unique driving history.

Key Takeaways

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The average Tesla Model X insurance cost is $2,368 per year, compared to $1,427 for the average car model.

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Tesla Model X insurance rates can change as much as $1,820 per year depending on the insurer.

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Tesla Model X insurance quotes can vary as much as $724 per year depending on the model year. Typically, older models yield lower premiums.

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

The carrier you choose to insure your Tesla Model X can have a significant impact on insurance costs. Progressive offers the cheapest car insurance for this model, at $1,587 annually. Allstate is the costliest provider for a Tesla Model X, with average annual prices of $3,408. The difference means you can save as much as $1,821 per year by comparing quotes.

The Average Annual Cost of Tesla Model X Insurance by Company

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

The Average Cost to Insure a Tesla Model X by Company

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Is a Tesla Model X Expensive to Insure?

Insurers assess several factors, such as a car model’s price, horsepower, theft rate and sports or electric car designation, to decide its insurance costs. The Tesla Model X is a high-value vehicle with a manufacturer’s suggested retail price (MSRP) of $86,690. Because it’s an electric car, repair costs tend to be higher. These factors make the model expensive to cover for insurers, leading to high insurance rates.

The Best Car Insurance Company for a Tesla Model X

Besides cost, it’s important to consider a provider’s financial stability, customer complaints and customer satisfaction score when deciding on an auto insurance provider. According to MoneyGeek’s findings, USAA offers the best car insurance for a Tesla Model X. However, keep in mind that this company only serves current military members, veterans and their families. Progressive is the next-best company for Tesla Model X owners.


1
USAA
Score:93

4.5/5

Affordability

4.5/5

Claims Ratings

5/5

User Satisfaction

5/5

Financial Stability

2
Progressive
Score:90

5/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

3
State Farm
Score:86

4.6/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

4
GEICO
Score:81

4.2/5

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 X by Model Year

Older versions of a Tesla Model X generally have lower insurance rates because, as a car’s value depreciates, comprehensive and collision insurance becomes less expensive. The average car insurance cost for a 2016 Tesla Model X is $2,155 per year, while insurance for a 2020 model is $2,878 per year. That’s a difference of $723 depending on the age of the car.

Different providers may offer cheaper rates depending on the model year. The most affordable insurance company for a 2020 Tesla Model X is Progressive, which costs $1,631 annually. Scroll below to view different carriers’ rates for your model year, as the cheapest provider can change depending on the year.

The Average Cost to Insure a Tesla Model X 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.
    $1,631
    $1,628
    $1,595
    $1,585
    $1,497
  • 2.
    $2,044
    $1,998
    $1,936
    $1,921
    $1,903
  • 3.
    $2,099
    $2,108
    $2,118
    $2,024
    $1,744
  • 4.
    $2,436
    $2,305
    $2,328
    $2,314
    $2,257
  • 5.
    $5,249
    $2,029
    $2,056
    $2,074
    $2,051

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

Tesla Model X insurance rates are relatively expensive compared to other vehicles. It costs $2,368 per year, on average, to insure a Tesla Model X. This rate is about $940 more than the average premium across all car models.

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

Younger drivers generally have to pay higher car insurance prices because they are considered inexperienced and riskier to cover. An 18-year-old driver pays $7,728 per year on average to insure a Tesla Model X. This is much higher than the $2,368 average yearly premium for a 40-year-old driver.

Find car insurance premiums for young drivers aged 16 to 25 below. Keep in mind that teens and their parents can save money by sharing their car insurance policy. This is advisable, as it can be costly for teen drivers to buy their own packages.

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

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  • Age
    Average Annual Rates
  • 16
    $9,907
  • 17
    $8,777
  • 18
    $7,728
  • 19
    $5,535
  • 20
    $4,940
  • 21
    $3,911
  • 22
    $3,602
  • 23
    $3,296
  • 24
    $3,094
  • 25
    $2,807
  • 40
    $2,368

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

MoneyGeek’s rates are based on national averages. However, your residential location can have a significant effect on your car insurance prices. Use MoneyGeek’s state page analysis to learn more about car insurance costs in your state.

FAQs About Tesla Model X Insurance

The model and age of your car are only some of the factors that influence your auto insurance costs. MoneyGeek answers commonly asked questions about Tesla Model X insurance rates to help drivers buy the right policy for their needs.

Read More About Car Insurance

Methodology

MoneyGeek gathered thousands of insurance rates for a Tesla Model X 75D across all available model years. The rates listed above 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.