Tesla Model S Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
UPDATED: Jun 6, 2024
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Estimated auto insurance rates for a Tesla Model S are $1,848 annually for full coverage insurance. Comprehensive insurance costs an estimated $432 a year, collision costs $892, and liability insurance costs around $388. Liability-only insurance costs as low as $434 a year, with high-risk driver insurance costing $4,036 or more. 16-year-old drivers pay the most at $6,602 a year or more.
Average premium for full coverage: $1,848
Premium estimates broken down by type of coverage:
Prices are based on $500 physical damage deductibles, 30/60 liability limits, and includes medical and UM/UIM coverage. Rates include averaging for all 50 states and Model S trim levels.
Insurance Price Range by Risk and Coverage
Using a 40-year-old driver as an example, insurance rates for a Tesla Model S go from as cheap as $434 for just liability insurance to a high of $4,036 for a driver required to buy high-risk insurance.
Insurance Price Range by Location
Where you live has a significant impact on the price of insurance. More rural locations are statistically proven to have fewer physical damage claims than congested cities.
The diagram below illustrates how rural and urban location affects insurance prices.
These rate differences illustrate why it is important to compare prices for a targeted area and their own personal driving habits, rather than relying on 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.
More Rate Details
The chart below illustrates estimated Tesla Model S insurance rates for other coverage scenarios.
- The best full coverage rate is $1,014
- Using higher $1,000 deductibles will save approximately $1,550 each year
- The estimated rate for a 40-year-old good driver who has $500 deductibles is $1,848
- Buying low $100 deductibles for physical damage coverage costs an additional $590 a year
- Drivers with multiple tickets or accidents could pay up to $4,036 or more
- An auto insurance policy with full coverage for a teen driver can cost as much as $6,602 or more
Insurance prices for a Tesla Model S also have a wide range based on the model of your Model S, your risk profile, and liability limits and deductibles.
Older drivers with no violations or accidents and high physical damage deductibles could pay as little as $1,700 a year, or $142 per month, for full coverage. Prices are highest for drivers in their teens, where even without any violations or accidents they should be prepared to pay at least $6,600 a year. View Rates by Age
If you have a few violations or you caused a few accidents, you are probably paying $2,200 to $3,000 additional annually, depending on your age. A high-risk auto insurance policy can be anywhere from 45% to 133% more than the average rate. View High Risk Driver Rates
Opting for high physical damage deductibles could cut prices by as much as $890 each year, while buying higher liability limits will increase premiums. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost up to $349 more each year. View Rates by Deductible or Liability Limit
Where you choose to live has a huge impact on Tesla Model S insurance rates. A driver around age 40 might see prices as low as $1,210 a year in states like North Carolina, Wisconsin, and Vermont, or at least $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% |
With such a large range in prices, the only way to figure out which insurance company is cheapest is to get quotes from as many companies as possible. Each insurance company utilizes a different rate formula, and prices will be substantially different between companies.
| 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 Affordable Tesla Model S Insurance
Finding better rates on Tesla Model S insurance requires being a safe and courteous driver, having good credit, paying for small claims out-of-pocket, and maximizing policy discounts. Set aside time to shop around at every policy renewal by requesting rates from direct insurance companies, and also from your local independent and exclusive agents.
Below is a brief review of the data raised in the charts and tables above.
- Drivers who want higher levels of liability will pay around $430 annually to increase from 30/60 bodily injury limits to higher 250/500 limits
- It is possible to save approximately $240 per year simply by quoting early and online
- Increasing policy deductibles could save up to $900 each year
- Teenage drivers are expensive to insure, with premiums being up to $550 per month if they have full coverage
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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