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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.