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 auto insurance rates for a Tesla Model S are $1,848 annually for full coverage insurance. Comprehensive insurance costs approximately $432, collision insurance costs $892, and liability insurance costs $388. Liability-only coverage costs as little as $434 a year, and high-risk coverage costs $4,036 or more. Teenage drivers cost the most to insure at up to $6,602 a year.
Average premium for full coverage: $1,848
Policy rates by type of insurance:
Rates are based on $500 physical damage deductibles, liability coverage up to 30/60, and includes both medical and UM/UIM coverage. Prices are averaged for all 50 states and for different Model S trim levels.
Price Range Variability
Using a 40-year-old driver as an example, Tesla Model S insurance rates range from as cheap as $434 for basic liability insurance to a much higher rate of $4,036 for a high-risk driver policy.
Urban vs. Rural Price Range
Your location has a significant impact on the price of auto insurance. Rural locations are shown to have fewer physical damage claims than densely populated cities. The price range example below illustrates how rural and urban location affects auto insurance prices.
The examples above illustrate why anyone shopping for car insurance should compare rates using their specific location and their own personal driving habits, rather than relying on average rates.
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.
Rate Comparisons
The chart below illustrates average Tesla Model S insurance rates for additional coverage and risk scenarios.
- The best discount rate is $1,014
- Drivers who choose higher $1,000 deductibles will pay $298 each year
- The estimated rate for a good driver age 40 who chooses $500 deductibles is $1,848
- Using more expensive low deductibles for comprehensive and collision insurance costs an additional $590 a year
- High risk drivers who are prone to accidents and violations could pay around $4,036
- Policy cost with full coverage for a teen driver with full coverage can cost $6,602 a year
Insurance rates for a Tesla Model S also range considerably based on the model year and trim level, your risk profile, and physical damage deductibles and liability limits.
An older driver with no violations or accidents and high physical damage deductibles could pay as little as $1,700 per year on average, or $142 per month, for full coverage. Rates are much higher for teenagers, where even without any violations or accidents they should be prepared to pay in the ballpark of $6,600 a year. View Rates by Age
If you have a few points on your driving record or you caused a few accidents, you are probably paying anywhere from $2,200 to $3,000 additional every year, depending on your age. High-risk driver insurance can cost anywhere from 45% to 133% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles could save up to $890 each year, while increasing your policy's liability limits will push rates upward. Switching from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $349 more each year. View Rates by Deductible or Liability Limit
Your home state makes a big difference in Tesla Model S insurance rates. A 40-year-old driver could pay as low as $1,210 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,490 on average in Florida, New York, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,670 | -$178 | -9.6% |
| Alaska | $1,416 | -$432 | -23.4% |
| Arizona | $1,534 | -$314 | -17.0% |
| Arkansas | $1,848 | -$0 | 0.0% |
| California | $2,106 | $258 | 14.0% |
| Colorado | $1,764 | -$84 | -4.5% |
| Connecticut | $1,896 | $48 | 2.6% |
| Delaware | $2,088 | $240 | 13.0% |
| Florida | $2,308 | $460 | 24.9% |
| Georgia | $1,708 | -$140 | -7.6% |
| Hawaii | $1,326 | -$522 | -28.2% |
| Idaho | $1,252 | -$596 | -32.3% |
| Illinois | $1,374 | -$474 | -25.6% |
| Indiana | $1,392 | -$456 | -24.7% |
| Iowa | $1,246 | -$602 | -32.6% |
| Kansas | $1,754 | -$94 | -5.1% |
| Kentucky | $2,518 | $670 | 36.3% |
| Louisiana | $2,736 | $888 | 48.1% |
| Maine | $1,140 | -$708 | -38.3% |
| Maryland | $1,526 | -$322 | -17.4% |
| Massachusetts | $1,474 | -$374 | -20.2% |
| Michigan | $3,206 | $1,358 | 73.5% |
| Minnesota | $1,546 | -$302 | -16.3% |
| Mississippi | $2,212 | $364 | 19.7% |
| Missouri | $1,640 | -$208 | -11.3% |
| Montana | $1,984 | $136 | 7.4% |
| Nebraska | $1,456 | -$392 | -21.2% |
| Nevada | $2,216 | $368 | 19.9% |
| New Hampshire | $1,332 | -$516 | -27.9% |
| New Jersey | $2,064 | $216 | 11.7% |
| New Mexico | $1,634 | -$214 | -11.6% |
| New York | $1,944 | $96 | 5.2% |
| North Carolina | $1,064 | -$784 | -42.4% |
| North Dakota | $1,512 | -$336 | -18.2% |
| Ohio | $1,274 | -$574 | -31.1% |
| Oklahoma | $1,896 | $48 | 2.6% |
| Oregon | $1,692 | -$156 | -8.4% |
| Pennsylvania | $1,760 | -$88 | -4.8% |
| Rhode Island | $2,464 | $616 | 33.3% |
| South Carolina | $1,674 | -$174 | -9.4% |
| South Dakota | $1,558 | -$290 | -15.7% |
| Tennessee | $1,614 | -$234 | -12.7% |
| Texas | $2,226 | $378 | 20.5% |
| Utah | $1,366 | -$482 | -26.1% |
| Vermont | $1,262 | -$586 | -31.7% |
| Virginia | $1,106 | -$742 | -40.2% |
| Washington | $1,424 | -$424 | -22.9% |
| West Virginia | $1,696 | -$152 | -8.2% |
| Wisconsin | $1,278 | -$570 | -30.8% |
| Wyoming | $1,644 | -$204 | -11.0% |
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model S | $554 | $1,140 | $332 | $2,162 |
| 2023 Tesla Model S | $532 | $1,130 | $338 | $2,136 |
| 2022 Tesla Model S | $514 | $1,104 | $354 | $2,108 |
| 2021 Tesla Model S | $496 | $1,058 | $364 | $2,054 |
| 2020 Tesla Model S | $470 | $1,020 | $376 | $2,002 |
| 2019 Tesla Model S | $452 | $946 | $384 | $1,918 |
| 2018 Tesla Model S | $432 | $892 | $388 | $1,848 |
| 2017 Tesla Model S | $414 | $800 | $390 | $1,740 |
| 2016 Tesla Model S | $388 | $736 | $390 | $1,650 |
| 2014 Tesla Model S | $366 | $644 | $402 | $1,548 |
| 2013 Tesla Model S | $338 | $598 | $402 | $1,474 |
| 2012 Tesla Model S | $330 | $542 | $406 | $1,414 |
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 the Best Cheap Tesla Model S Insurance
Finding cheaper rates on Tesla Model S insurance not only requires being a safe and courteous driver, but also having good credit, being claim-free, and consideration of higher deductibles. Set aside time to shop around every time your policy renews by requesting quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from insurance agencies where you live.
Below is a quick review of the information raised in the charts and tables above.
- It is possible to save around $240 per year just by shopping early and online
- Teenage drivers are the costliest to insure, possibly costing $550 each month if they have full coverage
- Increasing comprehensive and collision deductibles could save up to $900 each year
- High-risk drivers with a DUI or reckless driving violation could be forced to pay on average $2,190 more per year for auto insurance
- Drivers who purchase higher levels of liability will pay an extra $430 annually to go from a 30/60 limit to higher 250/500 limits
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,602 |
| 20 | $4,298 |
| 30 | $1,954 |
| 40 | $1,848 |
| 50 | $1,684 |
| 60 | $1,656 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,438 |
| $250 | $2,162 |
| $500 | $1,848 |
| $1,000 | $1,550 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,848 |
| 50/100 | $1,926 |
| 100/300 | $2,023 |
| 250/500 | $2,275 |
| 100 CSL | $1,964 |
| 300 CSL | $2,178 |
| 500 CSL | $2,333 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $9,526 |
| 20 | $6,856 |
| 30 | $4,154 |
| 40 | $4,036 |
| 50 | $3,846 |
| 60 | $3,814 |
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 | $103 |
| Multi-vehicle | $98 |
| Homeowner | $25 |
| 5-yr Accident Free | $152 |
| 5-yr Claim Free | $124 |
| Paid in Full/EFT | $96 |
| Advance Quote | $99 |
| Online Quote | $137 |
| Total Discounts | $834 |
Discounts are estimated and may not be available from every company or in every state.
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