Tesla Model S Insurance Rates
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Michelle Robbins
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UPDATED: Jun 6, 2024
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The average insurance prices for a Tesla Model S are $1,740 every 12 months for full coverage insurance. Comprehensive costs on average $414, collision insurance costs $800, and liability coverage costs around $390. Liability-only insurance costs as low as $438 a year, and high-risk driver insurance costs around $3,788. 16-year-old drivers cost the most to insure at up to $6,234 a year.
Average premium for full coverage: $1,740
Policy rates by type of insurance:
Prices include $500 comprehensive and collision deductibles, 30/60 liability limits, and includes both medical and uninsured motorist insurance. Prices are averaged for all 50 states and for different Model S trim levels.
Price Range Variability
Using a middle-aged driver as an example, Tesla Model S insurance rates range from the cheapest price of $438 for minimum levels of liability insurance to a much higher rate of $3,788 for a driver required to buy high-risk insurance.
Urban vs. Rural Price Range
Where you live has a large influence on insurance rates. Rural areas are shown to have more infrequent physical damage claims than congested cities. The price range example below illustrates how where you live affects car insurance rates.
The examples above illustrate why anyone shopping for car insurance should compare prices based on a specific location and their own driving history, rather than using rate averages.
Use the form below to get customized rates for your location.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Additional Rate Details
The chart below illustrates average Tesla Model S insurance rates for different risk profiles and scenarios.
- The best full coverage rate is $965
- Using higher $1,000 deductibles will save around $274 each year
- The average price for a good driver age 40 with $500 deductibles is $1,740
- Buying more expensive low deductibles for physical damage coverage increases the price to $2,278
- Higher-risk drivers with multiple tickets or accidents could pay upwards of $3,788
- Policy cost to insure a teenage driver with full coverage may cost $6,234 or more
Auto insurance rates for a Tesla Model S also range considerably based on liability limits and deductibles, your risk profile, and the trim level of your Model S.
Opting for high physical damage deductibles could cut rates by as much as $820 a year, while increasing your policy's liability limits will cost you more. Switching from a 50/100 liability limit to a 250/500 limit will raise rates by up to $351 extra every year. View Rates by Deductible or Liability Limit
An older driver with a good driving record and higher deductibles may only pay around $1,600 a year, or $133 per month, for full coverage. Rates are highest for teenagers, since even excellent drivers will have to pay upwards of $6,200 a year. View Rates by Age
If you have a few points on your driving record or you were responsible for an accident, you are probably paying at a minimum $2,100 to $2,800 in extra premium every year, depending on your age. High-risk driver insurance can be around 45% to 135% more than the average rate. View High Risk Driver Rates
Your home state has a huge impact on Tesla Model S insurance rates. A driver around age 40 might see rates as low as $1,140 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,350 on average in Michigan, New York, and Florida.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,572 | -$168 | -9.7% |
| Alaska | $1,336 | -$404 | -23.2% |
| Arizona | $1,444 | -$296 | -17.0% |
| Arkansas | $1,740 | -$0 | 0.0% |
| California | $1,984 | $244 | 14.0% |
| Colorado | $1,662 | -$78 | -4.5% |
| Connecticut | $1,788 | $48 | 2.8% |
| Delaware | $1,968 | $228 | 13.1% |
| Florida | $2,174 | $434 | 24.9% |
| Georgia | $1,610 | -$130 | -7.5% |
| Hawaii | $1,250 | -$490 | -28.2% |
| Idaho | $1,180 | -$560 | -32.2% |
| Illinois | $1,298 | -$442 | -25.4% |
| Indiana | $1,312 | -$428 | -24.6% |
| Iowa | $1,174 | -$566 | -32.5% |
| Kansas | $1,654 | -$86 | -4.9% |
| Kentucky | $2,376 | $636 | 36.6% |
| Louisiana | $2,576 | $836 | 48.0% |
| Maine | $1,076 | -$664 | -38.2% |
| Maryland | $1,436 | -$304 | -17.5% |
| Massachusetts | $1,390 | -$350 | -20.1% |
| Michigan | $3,022 | $1,282 | 73.7% |
| Minnesota | $1,460 | -$280 | -16.1% |
| Mississippi | $2,084 | $344 | 19.8% |
| Missouri | $1,546 | -$194 | -11.1% |
| Montana | $1,870 | $130 | 7.5% |
| Nebraska | $1,370 | -$370 | -21.3% |
| Nevada | $2,088 | $348 | 20.0% |
| New Hampshire | $1,256 | -$484 | -27.8% |
| New Jersey | $1,946 | $206 | 11.8% |
| New Mexico | $1,540 | -$200 | -11.5% |
| New York | $1,832 | $92 | 5.3% |
| North Carolina | $1,002 | -$738 | -42.4% |
| North Dakota | $1,426 | -$314 | -18.0% |
| Ohio | $1,200 | -$540 | -31.0% |
| Oklahoma | $1,786 | $46 | 2.6% |
| Oregon | $1,594 | -$146 | -8.4% |
| Pennsylvania | $1,658 | -$82 | -4.7% |
| Rhode Island | $2,322 | $582 | 33.4% |
| South Carolina | $1,578 | -$162 | -9.3% |
| South Dakota | $1,468 | -$272 | -15.6% |
| Tennessee | $1,524 | -$216 | -12.4% |
| Texas | $2,098 | $358 | 20.6% |
| Utah | $1,290 | -$450 | -25.9% |
| Vermont | $1,190 | -$550 | -31.6% |
| Virginia | $1,042 | -$698 | -40.1% |
| Washington | $1,344 | -$396 | -22.8% |
| West Virginia | $1,596 | -$144 | -8.3% |
| Wisconsin | $1,204 | -$536 | -30.8% |
| Wyoming | $1,550 | -$190 | -10.9% |
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model S | $532 | $1,130 | $338 | $2,136 |
| 2023 Tesla Model S | $514 | $1,104 | $354 | $2,108 |
| 2022 Tesla Model S | $496 | $1,058 | $364 | $2,054 |
| 2021 Tesla Model S | $470 | $1,020 | $376 | $2,002 |
| 2020 Tesla Model S | $452 | $946 | $384 | $1,918 |
| 2019 Tesla Model S | $432 | $892 | $388 | $1,848 |
| 2018 Tesla Model S | $414 | $800 | $390 | $1,740 |
| 2017 Tesla Model S | $388 | $736 | $390 | $1,650 |
| 2016 Tesla Model S | $374 | $690 | $394 | $1,594 |
| 2014 Tesla Model S | $338 | $598 | $402 | $1,474 |
| 2013 Tesla Model S | $330 | $542 | $406 | $1,414 |
| 2012 Tesla Model S | $306 | $496 | $402 | $1,340 |
Rates are averaged for all Tesla Model S models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.
How to Shop for the Right Tesla Model S Insurance
Finding cheaper rates on auto insurance requires having a decent driving record, having a good credit score, being claim-free, and deciding if full coverage is necessary. Take the time to comparison shop at every policy renewal by getting quotes from direct insurance companies, and also from several local insurance agents.
The following items are a quick rundown of the data touched on in the above illustrations.
- Consumers who require additional liability coverage will pay around $430 annually to increase from a 30/60 limit to a 250/500 level
- It is possible to save as much as $220 per year just by shopping early and online
- Increasing comprehensive and collision deductibles could save as much as $800 each year
- 16 to 18-year-old drivers are charged the highest rates, possibly costing $520 each month if comprehensive and collision insurance is included
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,234 |
| 20 | $4,028 |
| 30 | $1,838 |
| 40 | $1,740 |
| 50 | $1,588 |
| 60 | $1,560 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,278 |
| $250 | $2,028 |
| $500 | $1,740 |
| $1,000 | $1,466 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,740 |
| 50/100 | $1,818 |
| 100/300 | $1,916 |
| 250/500 | $2,169 |
| 100 CSL | $1,857 |
| 300 CSL | $2,072 |
| 500 CSL | $2,228 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,982 |
| 20 | $6,420 |
| 30 | $3,898 |
| 40 | $3,788 |
| 50 | $3,610 |
| 60 | $3,578 |
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
| Discount | Savings |
|---|---|
| Multi-policy | $96 |
| Multi-vehicle | $91 |
| Homeowner | $24 |
| 5-yr Accident Free | $140 |
| 5-yr Claim Free | $116 |
| Paid in Full/EFT | $88 |
| Advance Quote | $92 |
| Online Quote | $128 |
| Total Discounts | $775 |
Discounts are estimated and may not be available from every company or in every state.
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