Tesla Model S Insurance Rates
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Michelle Robbins
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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...
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UPDATED: Jun 6, 2024
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Average insurance prices for a Tesla Model S are $1,740 every 12 months for full coverage insurance. Comprehensive costs around $414, collision costs $800, and liability costs $390. A policy with just liability insurance costs as little as $438 a year, with coverage for high-risk drivers costing around $3,788. Teen drivers receive the highest rates at $6,234 a year or more.
Average premium for full coverage: $1,740
Rate estimates for individual coverage type:
Prices include $500 policy deductibles, minimum liability limits, and includes medical and uninsured motorist coverage. Rates are averaged for all 50 states and for all Model S models.
Price Range by Coverage and Risk
For an average driver, prices range go from the cheapest price of $438 for just liability coverage to the much higher price of $3,788 for high-risk insurance.
Price Range by Location
Your location can make a big difference on car insurance rates. Areas with sparse population tend to have more infrequent physical damage claims than larger metro areas.
The example below illustrates the effect of geographic area on auto insurance rates.
These examples illustrate why everyone should compare rates for a specific zip code and their own driving history, instead of making a decision based 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.
Detailed Rate Analysis
The chart below illustrates estimated Tesla Model S insurance rates for additional coverage choices and driver risks.
- The lowest rate with discounts is $965
- Drivers who choose higher $1,000 deductibles will pay about $274 each year
- The average price for a 40-year-old driver using $500 deductibles is $1,740
- Choosing pricier low deductibles for comprehensive and collision insurance increases the price to $2,278
- Drivers with multiple violations and an at-fault accident could pay at least $3,788 or more
- The cost to insure a 16-year-old driver for full coverage can be $6,234 a year
Insurance rates for a Tesla Model S can also vary considerably based on policy deductibles and limits, your risk profile, and the trim level and model year.
Choosing high deductibles could save up to $820 annually, whereas buying more liability protection will increase rates. Switching from a 50/100 liability limit to a 250/500 limit will cost as much as $351 more each year. View Rates by Deductible or Liability Limit
A more mature driver with no violations or accidents and higher deductibles may pay as low as $1,600 per year on average for full coverage. Rates are highest for teen drivers, since even excellent drivers should be prepared to pay as much as $6,200 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you are probably paying at least $2,100 to $2,800 additional per year, depending on your age. Tesla Model S insurance for high-risk drivers can cost from 45% to 135% more than average. View High Risk Driver Rates
Where you live makes a big difference in Tesla Model S insurance prices. A 40-year-old driver could pay as low as $1,140 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $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% |
With so much variability in rates, the only way to figure out your exact price is to regularly compare rates from multiple companies. Every company uses a different rate calculation, and rates can be significantly different.
| 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
Saving money on insurance for a Tesla Model S not only requires being a good driver, but also having above-average credit, avoid buying unnecessary coverage, and taking advantage of discounts. Take the time to compare rates every couple of years by obtaining price quotes from direct insurance companies like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.
The following list is a quick rundown of the material that was covered in the above illustrations.
- Insureds who may need an increased level of liability coverage will pay about $430 annually to go from a minimum limit to a 250/500 level
- Drivers age 16 to 20 are charged the highest rates, costing up to $520 per month if full coverage is included
- Drivers considered higher risk with reckless driving or DUI convictions may pay on average $2,050 more every year than a safer driver
- Increasing deductibles could save as much as $800 each year
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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