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


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Edited byVictoria Copans
Edited byVictoria Copans

Updated: May 20, 2024

Advertising & Editorial Disclosure

The cost of Tesla Model Y insurance varies greatly by age. On average, a 16-year-old driver will pay $9,382 per year to insure a 2020 model, whereas a 40-year-old will spend $2,071 per year. For a 2022 model, a 16-year-old will spend an average of $9,897 per year, while a 40-year-old will only pay $2,189 per year.

MoneyGeek also scored different providers based on how they balance affordability and customer service to find the best Tesla Model Y insurance.

MoneyGeek Logo IconCar Insurance CostsTesla Model Y
2024

Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a Tesla Model Y.

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These rates were updated to reflect the average cost of car insurance for a Tesla Model Y as of 2023.

10Companies Compared
 
8,964Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a Tesla Model Y

On average, Tesla Model Y insurance costs $2,207 per year, but different providers may offer varying rates. For instance, GEICO provides the cheapest full coverage policy at $1,233 per year, while Farmers has the highest premium at $2,782 per year.

For minimum coverage, State Farm is the cheapest option at $490 per year, whereas Progressive is the most expensive at $881 per year. By comparing multiple quotes, you can find the most affordable car insurance for your needs.

Data filtered by:Results filtered by:
Age:
Age:40
Coverage:
Coverage:Full Coverage
GEICOAverage Annual Premium$1,233
State FarmAverage Annual Premium$1,548
NationwideAverage Annual Premium$1,549
TravelersAverage Annual Premium$2,538
ProgressiveAverage Annual Premium$2,589
AllstateAverage Annual Premium$2,632
FarmersAverage Annual Premium$2,782

Is a Tesla Model Y Expensive to Insure?

Insurance companies consider several factors to determine the cost of insuring a given Tesla Model Y. In general, the Tesla Model Y is expensive to insure compared to other models. It has an MSRP of $64,190 for 2022 models, making it a medium-value vehicle. In addition, because it’s an electric SUV, it has higher repair costs than standard vehicles, leading to higher insurance rates.

Best Companies for Insuring a Tesla Model Y

While cost is important, factors like a provider’s customer service and claims management reputation are also worth considering when shopping for the best Tesla Model Y insurance. Based on our study, these companies offer the best car insurance for this make and model:

  • GEICO: MoneyGeek score of 90 out of 100 ($1,233 per year)
  • State Farm: MoneyGeek score of 88 out of 100 ($1,548 per year)

GEICO is our top pick among the seven insurers we compared because it has the best blend of affordability and service quality. Customers can expect a good customer service experience without paying a high cost.

MoneyGeek Top Pick: State Farm

GEICO

pros

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Offers the cheapest average rate among the providers in our study

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Has a high customer satisfaction rating

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Offers mechanical breakdown insurance (MBI)

cons

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Has a low claims management score

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Doesn’t offer original equipment manufacturer (OEM) coverage

COMPANY HIGHLIGHTS

If you’re looking for a balance of affordability and service quality, GEICO offers the best Tesla Model Y insurance. You can also benefit from this company’s add-on coverages, including mechanical breakdown insurance (MBI).

Adding MBI to your policy ensures that all parts and systems on your Tesla Model Y are covered by GEICO, rather than just the specific items covered under most dealer warranties. Your vehicle must be less than 15 months old and have fewer than 15,000 miles to be eligible for this optional coverage.

Other add-on coverages available with GEICO are accident forgiveness and roadside assistance. Accident forgiveness prevents your rate from increasing after your first at-fault accident, while roadside assistance covers the cost of services like tire replacements, jumpstarts and lockout services if you experience a problem on the road.

Read MoneyGeek's GEICO Auto Insurance Review

MoneyGeek Runner-Up: State Farm

State Farm

pros

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Has the second-cheapest rates in our comparison group

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Earned an above-average customer satisfaction rating

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Has a worse than average claims management score

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No gap insurance or original equipment manufacturer (OEM) coverage

COMPANY HIGHLIGHTS

State Farm is our runner-up, providing affordable premiums and excellent customer service. Although it has limited add-on coverages, the ones available are beneficial for most drivers.

For instance, State Farm’s roadside assistance helps cover the costs of various labor services if you are stranded on the side of the road. These include towing and mechanical labor for battery replacement, electrical problems, fluid leaks and other mechanical issues. If your key is lost, stolen or locked inside the vehicle, this add-on coverage will also cover up to one hour of locksmith services.

State Farm also offers rental car and/or travel reimbursement, which covers car rental costs up to chosen limits and travel expenses up to $500. It also repays up to $500 of your deductible if you get into an accident in your rental vehicle.

Read MoneyGeek's State Farm Auto Insurance Review

Cost of Insuring a Tesla Model Y by Model Year

Your average car insurance costs will depend on the age of your Tesla Model Y. A full coverage policy for a 2020 model costs an average of $2,071 per year, but you can expect to pay roughly $118 more per year to insure a 2022 model. A car’s value usually depreciates over time, so rates for older models tend to be cheaper than for newer ones.

Data filtered by:Results filtered by:
Age:
Age:40
Coverage:
Coverage:Full Coverage
2022Average Annual Premium$2,189
2021Average Annual Premium$2,129
2020Average Annual Premium$2,071

Average car insurance costs also depend on your provider. GEICO is the most affordable option for insuring a Tesla Model Y. A full coverage policy with this insurer costs an average of $1,206 per year and $1,267 per year for a 2020 and 2022 model Tesla Model Y, respectively.

Data filtered by:Results filtered by:
Model Year:
Model Year:2022
Age:
Age:40
Coverage:
Coverage:Full Coverage
GEICOAverage Annual Premium$1,276
NationwideAverage Annual Premium$1,542
State FarmAverage Annual Premium$1,551
TravelersAverage Annual Premium$2,568
ProgressiveAverage Annual Premium$2,623
FarmersAverage Annual Premium$2,845
AllstateAverage Annual Premium$2,911

Cost of Insuring a Tesla Model Y for 16- to 25-Year-Olds

Because of their lack of experience on the road, teen and young adult drivers usually pay significantly higher premiums than those in their 30s and 40s. On average, a 16-year-old driver will pay $9,639 per year to insure a Tesla Model Y, whereas a 40-year-old will only pay $2,130 per year. Car insurance for teens becomes less expensive as they age, with rates stabilizing in their 20s.

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
16Average Annual Premium$9,639
17Average Annual Premium$7,878
18Average Annual Premium$6,983
19Average Annual Premium$4,836
20Average Annual Premium$4,405
21Average Annual Premium$3,432
22Average Annual Premium$3,177
23Average Annual Premium$2,960
24Average Annual Premium$2,813
25Average Annual Premium$2,520

Adding a teen to a family policy is a great way to save thousands of dollars on premiums every year since individual policies are much more expensive. In addition, teens under 18 are not legally allowed to purchase their own policy without a parent or guardian agreeing to cosign. For 16-year-olds driving a Tesla Model Y released in 2022, State Farm offers the cheapest full coverage policy at $5,027 per year, while Progressive is the most expensive company at $15,020 per year. Compare quotes from multiple providers to find the most affordable teen car insurance option for you.

Data filtered by:Results filtered by:
Age:
Age:16
Model Year:
Model Year:2022
Coverage:
Coverage:Full Coverage
State FarmAverage Annual Premium$5,027
GEICOAverage Annual Premium$5,876
NationwideAverage Annual Premium$6,305
TravelersAverage Annual Premium$11,068
AllstateAverage Annual Premium$12,262
FarmersAverage Annual Premium$13,535
ProgressiveAverage Annual Premium$15,020

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

Another important factor affecting the cost to insure a Tesla Model Y is your location. The cheapest car insurance varies by state — on average, Idaho has the lowest rates, and New York has the highest. When looking for the best car insurance for your Tesla Model Y, it's a good idea to compare multiple quotes from the most affordable insurers in your area.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
AlabamaCheapest CompanyNationwideAnnual Premium$709Monthly Premium$59
AlaskaCheapest CompanyState FarmAnnual Premium$699Monthly Premium$58
ArizonaCheapest CompanyRoot Insurance CompanyAnnual Premium$682Monthly Premium$57
ArkansasCheapest CompanyState FarmAnnual Premium$629Monthly Premium$52
CaliforniaCheapest CompanyAAA CaliforniaAnnual Premium$1,001Monthly Premium$83
ColoradoCheapest CompanyAmerican National P&CAnnual Premium$541Monthly Premium$45
ConnecticutCheapest CompanyGEICOAnnual Premium$693Monthly Premium$58
DelawareCheapest CompanyState FarmAnnual Premium$881Monthly Premium$73

Frequently Asked Questions About Tesla Model Y Insurance

It’s common to have questions about affordability and service quality while looking for Tesla Model Y insurance. Here are some answers to frequently asked questions.

What company has the cheapest car insurance for a Tesla Model Y?
What company offers the best car insurance for a Tesla Model Y?