Your age can affect the cost of car insurance for a Tesla Model X. A 40-year-old who drives a Tesla Model X pays an average of $2,781 per year to insure a 2016 model and $2,915 per year to insure a 2022 model. A 16-year-old driver, on the other hand, spends around $12,631 per year to insure a 2016 Tesla Model X and $13,415 per year to insure a 2022 model. MoneyGeek also analyzed the cost and service quality of insurers to find the best car insurance.
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Average Cost and Cheapest Companies for Insuring a Tesla Model X
The average cost of insuring a Tesla Model X is $3,041 per year, but premiums vary per insurer. State Farm offers the cheapest car insurance. It averages $1,850 per year for a full coverage policy and $500 per year for a minimum coverage policy. The most expensive companies are Farmers for full coverage policies ($4,187) and Nationwide for minimum coverage policies ($1,421).
Is a Tesla Model X Expensive to Insure?
Insurance companies use several factors to determine your rates. For instance, a Tesla Model X is expensive to insure because of its high value and the cost of repairs for electric cars. A Tesla Model X has an MSRP of $116,190. A Tesla Model X is also an electric car, which means its repair costs are high.
Best Companies for Insuring a Tesla Model X
Cost shouldn’t be the only factor to consider when finding a policy. The best car insurance comes from insurers that offer good service and a reliable claims experience. MoneyGeek recommends the following companies for a Tesla Model X:
- State Farm: MoneyGeek score 90 out of 100 ($1,850 per year)
- Travelers: MoneyGeek score 88 out of 100 ($2,406 per year)
State Farm received the best score for affordability and ranks second for customer satisfaction.
MoneyGeek Top Pick: State Farm
Cheapest insurer for a Tesla Model X
Good customer satisfaction score
Offers roadside assistance and rental car coverage
Lacks several common coverages
No gap insurance, accident forgiveness, deductible modification or new car replacement coverage
State Farm’s rental car coverage pays for the expenses of renting a car if your Tesla Model X is undergoing repairs or isn’t drivable. It has a daily limit and a per-loss limit. The coverage immediately starts if your car is undrivable, unsafe or prohibited from being on the road. If it needs repairs, the coverage kicks in when the repairs start.
This company also has 24-hour emergency roadside service. It provides towing, locksmith, gas delivery, tire-changing and other services that would be useful if your car breaks down.
While State Farm lacks many common coverage options, it has the most affordable rates for Tesla Model X insurance and ranks second for customer satisfaction, making it a great option for a wide variety of drivers.
MoneyGeek Runner-Up: Travelers
Ranks #2 for affordability
Ranks #1 for claims management
Offers rental car reimbursement, roadside assistance and gap insurance
No deductible modification
Ranks #4 out of 7 insurers for customer satisfaction
Travelers offers accident forgiveness and other add-ons to prevent your rates from spiking after an accident. This company’s Responsible Driver Plan adds minor violation forgiveness to your regular accident forgiveness coverage. It prevents your rates from going up after a minor offense or fender bender.
Travelers’ accident forgiveness also has a Premier Responsible Driver Plan, which has a decreasing deductible and total loss deductible waiver on top of your minor violation forgiveness. The decreasing deductible allows you to accumulate a $500 credit for your deductible in case of a claim, while the total loss deductible waiver eliminates it entirely.
This company also has gap insurance, which is useful if your car is totaled while you’re still paying off your loan. Your insurance can pay for the gap between the actual cash value of your Tesla Model X and the remaining balance of your loan or lease.
Cost of Insuring a Tesla Model X by Model Year
On average, it costs $2,781 per year to insure a 2016 Tesla Model X and $2,915 per year to insure a 2022 Tesla Model X. The average cost of car insurance for older model years tends to be cheaper because of depreciation in value.
Your insurance company may have a significant effect on your rates. State Farm is the cheapest company for all Tesla Model X model years. The average cost of car insurance from this company is $2,037 for a 2016 model and $1,753 per year for a 2022 model.
Cost of Insuring a Tesla Model X for 16- to 25-Year-Olds
Teens and drivers in their 20s have more expensive premiums than older drivers. A 16-year-old pays an average of $13,322 per year to insure a Tesla Model X. It only costs $2,902 per year on average for a 40-year-old driver to insure the same car.
The cost of car insurance becomes cheaper as teens age, and rates level out as they reach their 20s. Shopping around for a policy can help you find affordable car insurance for teens.
Car insurance for teens is cheapest when it’s part of a family plan, as individual plans are significantly more expensive. The cost of individual plans for teenagers can range from $5,711 to $21,701 per year with a Tesla Model X, with State Farm being the cheapest and Farmers being the most expensive company.
MoneyGeek recommends comparing plans from different insurers to find the lowest rates, whether you prefer an individual or family plan. Remember that your choice of insurer can significantly influence the cost of car insurance.
How Does Location Affect the Cost of Tesla Model X Insurance?
Along with your age, the make, model and year of your car influence the cost of car insurance. Your location may also be a huge factor. The most affordable company varies per state. Idaho has the cheapest average rate, while Florida has the highest average rate.
Frequently Asked Questions About Tesla Model X Insurance
Drivers shopping for car insurance for a Tesla Model X may have questions about cost and customer service. Here are the answers to a few frequently asked questions.
About Mark Fitzpatrick