2015 Tesla Model S Insurance Rates

Average insurance rates for a 2015 Tesla Model S are $1,848 a year for full coverage. Comprehensive insurance costs around $432, collision insurance costs $892, and liability insurance costs around $388. Buying a liability-only policy costs as low as $434 a year, and high-risk insurance costs $4,036 or more. Teenage drivers receive the highest rates at up to $6,602 a year.

Annual premium for full coverage: $1,848

Rate estimates for 2015 Tesla Model S Insurance

Rate data is compiled from all 50 U.S. states and averaged for all 2015 Tesla Model S models. Rates are based on a 40-year-old male driver, $500 comprehensive and collision deductibles, and a clean driving record. Remaining premium consists of UM/UIM coverage, Medical/PIP, and policy fees.

Price Range by Coverage and Risk

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These differences show why everyone should compare prices for a specific zip code and risk profile, rather than relying on average rates.

Use the form below to get rates for your location.

Are you confused by the wide range of insurance coverage company choices? You’re not the only one! Consumers have so many companies to choose from that it can easily become more work than you anticipated to compare prices.

Tesla Model S rates are in the details

Smart consumers have a good feel for the factors that come into play when calculating the rates you pay for insurance coverage. When you know what positively or negatively influences your rates helps enable you to make changes that can help you get much lower annual insurance costs.

The list below includes a partial list of the pieces that factor into your rates.

• Mature drivers pay less – More mature drivers are more cautious drivers, statistically cause fewer accidents and get fewer tickets. Young drivers tend to get distracted easily when driving and because of this, their insurance coverage rates are much higher.
• Pleasure use saves money – The more you drive in a year the more you will pay for insurance coverage. Most insurance companies price each vehicle’s coverage determined by how the vehicle is used. Cars that are left in the garage get more affordable rates compared to those used for work or business. An improperly rated Model S can result in significantly higher rates. Verify your insurance coverage policy properly reflects the correct driver usage.
• Don’t skimp on liability – The liability section of your policy is the coverage that protects you if ever a jury decides you are liable for damages from an accident. It provides you with a defense in court which can be incredibly expensive. This coverage is very inexpensive compared to insuring for physical damage coverage, so do not skimp.
• More claims means more premium – Auto insurance companies give better rates to people who are claim-free. If you file claims often, you can look forward to either a policy non-renewal or much higher rates. Insurance coverage is designed for the bigger claims that can’t be paid out-of-pocket.
• Safe vehicles cost less to insure – Vehicles with high crash test scores are cheaper to insure. Safe vehicles protect occupants better and better occupant protection translates into fewer and smaller insurance claims passed on to you as lower rates. If your Tesla earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it may be receiving lower rates.
• Your insurance coverage rates can be influenced by your job – Did you know your insurance coverage rates can be affected by your occupation? Careers like real estate brokers, architects and accountants tend to pay higher rates than average in part from high stress levels and long work days. On the flip side, professions such as pilots, athletes and performers have the lowest average rates for Model S coverage.

More discounts equal less premium

Insurance can be prohibitively expensive, but discounts can save money and there are some available that you may not know about. Certain discounts will be triggered automatically at the time of purchase, but some must be requested specifically before you get the savings.

• Discount for Life Insurance – Larger companies have better rates if you take out auto and life insurance together.
• Save over 55 – Older drivers can possibly qualify for a discount up to 10% for Model S coverage.
• Military Rewards – Being deployed with a military unit can result in better rates.
• Multi-car Discount – Buying insurance for more than one vehicle on the same insurance coverage policy could earn a price break for each car.
• Driver’s Ed – Require your teen driver to complete a driver education course in high school.

Keep in mind that some credits don’t apply to all coverage premiums. Most only reduce the price of certain insurance coverages like liability and collision coverage. So despite the fact that it appears all those discounts means the company will pay you, you’re out of luck. Any qualifying discounts will bring down your premiums.

A partial list of companies that may offer these money-saving discounts are:

• GEICO
• Travelers
• Nationwide
• Farmers Insurance
• Esurance
• State Farm
• Progressive
• Mercury Insurance

Check with each company which discounts they offer. Some discounts may not be available in your area.

The fine print in car insurance ads

Car insurance companies such as Allstate, GEICO and Progressive continually stream ads on television and other media. They all seem to make an identical promise that you can save after switching your policy. How do they all claim to save you money?

All the different companies have a certain “appetite” for the type of driver they prefer to insure. A good example of a driver they prefer might be between 25 and 40, has no driving citations, and drives newer vehicles. A propective insured who fits that profile receives the best rates and as a result will probably save a lot of money.

Potential customers who are not a match for this ideal profile will be charged more money and this can result in the customer not buying. The ad wording is “drivers who switch” not “everyone that quotes” save that kind of money. This is how insurance companies can advertise the savings.

That is why you should get as many quotes as possible. Because you never know the company that will provide you with the cheapest Tesla Model S insurance rates.

It’s not one size fits all

When it comes to choosing proper insurance coverage, there isn’t really a perfect coverage plan. Every insured’s situation is different.

Here are some questions about coverages that may help highlight whether your personal situation might need an agent’s assistance.

• Are my friends covered when driving my 2015 Tesla Model S?
• If my 2015 Tesla Model S is totaled, can I afford another vehicle?
• Am I covered when renting a car or should I buy coverage from the car rental agency?
• Which companies will insure high-risk drivers?
• Are rock chip repairs covered?
• Does my personal policy cover me when driving out-of-state?
• What companies insure drivers after a DUI or DWI?
• Am I better off with higher deductibles on my 2015 Tesla Model S?
• Is my Tesla Model S covered if I use it for business?

If you can’t answer these questions then you might want to talk to a licensed insurance agent. If you don’t have a local agent, simply complete this short form.

Auto insurance coverage specifics

Understanding the coverages of auto insurance can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be impossible to understand and coverage can change by endorsement.

Insurance for medical payments – Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses for funeral costs, nursing services, EMT expenses, dental work and rehabilitation expenses. They are used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Coverage applies to you and your occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Collision coverages – This coverage will pay to fix damage to your Model S from colliding with another vehicle or an object, but not an animal. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against claims like colliding with another moving vehicle, backing into a parked car, crashing into a ditch, damaging your car on a curb and crashing into a building. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.

Auto liability – This coverage protects you from damage or injury you incur to other’s property or people in an accident. This insurance protects YOU from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see values of 25/50/25 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and $25,000 of coverage for damaged property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit without having the split limit caps.

Liability coverage pays for claims like repair bills for other people’s vehicles, repair costs for stationary objects, attorney fees, court costs and bail bonds. How much coverage you buy is a personal decision, but consider buying as large an amount as possible.

Uninsured Motorist or Underinsured Motorist insurance – Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries and damage to your Tesla Model S.

Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important. Most of the time the UM/UIM limits are similar to your liability insurance amounts.

Comprehensive coverage (or Other than Collision) – Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims such as hitting a deer, falling objects, theft and a tree branch falling on your vehicle. The highest amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Be a smart shopper

While you’re price shopping online, don’t be tempted to reduce coverage to reduce premium. In many instances, someone sacrificed liability coverage limits to discover at claim time they didn’t have enough coverage. Your strategy should be to buy the best coverage you can find at an affordable rate.

Affordable 2015 Tesla Model S insurance is attainable online and with local insurance agents, so you should be comparing quotes from both so you have a total pricing picture. Some insurance providers do not offer online price quotes and these smaller companies work with independent agents.

Throughout this article, we presented a lot of techniques to get a better price on insurance. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. You may be surprised to find that the lowest priced insurance comes from a company that doesn’t do a lot of advertising.

Additional information is located on the following sites:

• What are my Rights when Filing a Claim? (Insurance Information Insitute)
• Vehicle Size and Weight FAQ (iihs.org)
• Choosing an Insurance Company (Insurance Information Insitute)
• Neck Injury FAQ (iihs.org)
• Side Impact Crash Tests (iihs.org)
• Keeping Children Safe in Crashes Video (iihs.org)

Use our FREE quote tool to compare rates now!