Tesla Model S Insurance Rates
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Michelle Robbins
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UPDATED: Jun 6, 2024
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Average auto insurance rates for a Tesla Model S are $1,740 annually for full coverage. Comprehensive insurance costs an estimated $414 a year, collision costs $800, and liability insurance costs around $390. Buying just liability costs as low as $438 a year, with insurance for high-risk drivers costing $3,788 or more. Teen drivers receive the highest rates at $6,234 a year or more.
Average premium for full coverage: $1,740
Rate estimates broken down by individual coverage type:
These estimates include $500 physical damage insurance deductibles, 30/60 bodily injury liability limits, and includes medical and UM/UIM coverage. Rates are averaged for all states and Model S trim levels.
Price Range by Coverage and Risk
For a driver in their 40's, prices range go from as cheap as $438 for just liability insurance to a high of $3,788 for a driver who requires high-risk insurance.
Price Range by Location
Where you live has a significant impact on insurance rates. More rural locations tend to have fewer accident claims than larger metro areas.
The diagram below illustrates how location helps determine insurance prices.
These examples show why it is important to compare prices for a targeted area and their own personal driving habits, rather than relying on price 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.
More Rate Details
The chart below shows estimated Tesla Model S insurance rates for other coverage scenarios.
- The lowest rate with discounts is $965
- Using higher $1,000 deductibles will save approximately $1,466 a year
- The estimated rate for a 40-year-old driver who has $500 deductibles is $1,740
- Choosing low $100 deductibles for physical damage coverage costs an additional $538 a year
- Drivers with multiple violations and an at-fault accident could pay up to $3,788 or more
- The cost with full coverage for a teen driver can cost as much as $6,234 or more
Auto insurance rates for a Tesla Model S can also vary considerably based on the trim level of your Model S, your driver profile, and liability limits and deductibles.
Older drivers with a good driving record and high physical damage deductibles could pay as little as $1,600 a year for full coverage. Rates are highest for teen drivers, where even without any violations or accidents they will have to pay at least $6,200 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you could be paying $2,100 to $2,800 in extra premium per year, depending on your age. A high-risk auto insurance policy can be anywhere from 45% to 135% more than average. View High Risk Driver Rates
Choosing high deductibles could cut rates by as much as $820 each year, while buying higher liability limits will increase premiums. Going from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $351 extra every year. View Rates by Deductible or Liability Limit
Where you live has a huge impact on Tesla Model S insurance rates. A driver around age 40 might see rates as low as $1,150 a year in states like Iowa, Maine, and Idaho, or as much as $2,480 on average in New York, Louisiana, and Michigan.
| 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% |
With so much variability in rates, the only way to know which company is cheapest is to get quotes from as many companies as possible. Each insurance company uses a different rate calculation, and quoted rates can be significantly different between companies.
| 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 Buy Cheap Tesla Model S Insurance
Saving money on Tesla Model S insurance requires being a low-risk driver, having above-average credit, eliminating unneeded coverage, and qualifying for all possible discounts. Invest time comparing rates at every other renewal by getting quotes from direct carriers like Progressive and GEICO, and also from local exclusive and independent agents.
The items below are a brief summary of the concepts that were covered in the charts and tables above.
- High-risk drivers that tend to have accidents or serious violations may pay on average $2,050 more annually to insure their Model S
- Teen drivers are the costliest to insure, costing as high as $520 per month if full coverage is included
- Drivers can save approximately $220 per year simply by quoting early and online
- Increasing deductibles could save up to $800 each year
- Drivers can save approximately $220 per year simply by quoting early and online
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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