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

MoneyGeek’s research shows that the average cost of insuring a Tesla Model Y car is $2,878 per year. This indicates that Tesla Model Y insurance rates are quite expensive compared to the average vehicle. Prices differ depending on the insurer and the model year.

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If you are looking for the cheapest Tesla Model Y insurance cost, you should shop around and compare quotes from multiple providers. Each company has a different rate to insure the same car model. The least expensive carrier could even change depending on your driver profile or on your car’s model year.

Key Takeaways

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The average cost of insuring a Tesla Model Y is $2,878 per year, which is almost double the price of $1,451 to insure the average car model.

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The insurance cost of a 2020 Tesla Model Y can vary by as much as $3,618 per year, depending on the company.

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Tesla Model Y insurance rates cost an average of $2,878 for 2020. This rate will likely decrease as the car ages.

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

The provider you pick can have a big impact on your Tesla Model Y insurance quote. The average rate of insuring this model is $2,878, but this cost may vary depending on the carrier. For instance, Progressive offers the cheapest car insurance for this model, with average annual prices of $1,631. At the other end of the spectrum, the costliest insurer is Nationwide, with average premiums of $5,249 per year. Thus, there is a potential difference of $3,618 between the cheapest and most expensive insurers.

The Average Annual Cost of Tesla Model Y Insurance by Company

MoneyGeek gathered data about company insurance rates using the same sample driver profile. The driver has 100/300/100 liability insurance with comprehensive and collision coverage.

The Average Cost to Insure a Tesla Model Y by Company

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Is a Tesla Model Y Expensive to Insure?

Insurers consider multiple factors to determine the cost of insuring a particular model. Expensive models and those that have higher accident or theft rates generally have higher insurance prices.

Tesla Model Y insurance rates are expensive because this model is an electric car, which is costlier for insurers to cover because of its potentially high repair expenses. It is a high-value vehicle with an MSRP of $54,190.

The Best Car Insurance Company for a Tesla Model Y

You should ideally look beyond cost when selecting an insurer for your Tesla Model Y. MoneyGeek analyzed companies based on factors such as financial stability, customer satisfaction, affordability and customer complaints, and found that USAA is the best car insurance provider for this model. However, it serves only veterans, current military members and their families.

The next-best option for the Tesla Model Y is Progressive, which has a lower average premium than USAA while ranking competitively in the other criteria.


1
USAA
Score:95

4.7/5

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:88

4.7/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

4
GEICO
Score:83

4.4/5

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 Y by Model Year

The 2020 edition is the only Tesla Model Y available, and the average annual insurance cost for this year is $2,878. You can expect the premium price to decrease as the car ages because depreciation will lower its collision and comprehensive insurance prices.

Progressive is the cheapest insurer for the 2020 model of the Tesla Model Y, with average car insurance costs of $1,631 per year.

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

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

Tesla Model Y insurance costs are expensive compared to other car models. It costs an average of $2,878 per year to insure the Tesla Model Y, compared to $1,451 for the average car model.

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

Younger drivers are relatively inexperienced. As a result, they pay higher insurance rates for almost all car models. For the Tesla Model Y, an 18-year-old driver pays an average of $9,394, compared to $2,878 for a 40-year-old driver. To save money, young drivers can stay on their parents’ policy rather than buying their own auto insurance coverage.

You can find car insurance costs for young drivers aged 16–25 below.

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

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  • Age
    Average Annual Rates
  • 16
    $12,043
  • 17
    $10,668
  • 18
    $9,394
  • 19
    $6,728
  • 20
    $6,005
  • 21
    $4,754
  • 22
    $4,379
  • 23
    $4,007
  • 24
    $3,761
  • 25
    $3,412
  • 40
    $2,878

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

The car insurance rates provided in this article are based on national averages. Your residential location can have a significant impact on your auto insurance premiums. You can refer to MoneyGeek's state page analysis to learn more about car insurance prices in individual states.

FAQs About Tesla Model Y Insurance

Your car’s make and model are significant factors in determining your auto insurance premiums. Here are the answers to some frequently asked queries about insuring a Tesla Model Y.

Read More About Car Insurance

Methodology

MoneyGeek gathered data about insurance companies for Tesla Model Y using a sample driver profile. The sample driver is a 40-year-old male purchasing a full coverage policy with the following coverages:

  • $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

Prices represent averages and can be used as a guide on what rates to expect, but generally won’t match your specific costs.

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.