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 auto insurance rates for a Tesla Model S are $1,740 annually for full coverage insurance. Comprehensive insurance costs an estimated $414, collision costs $800, and liability coverage costs $390. Buying just liability costs as little as $438 a year, with insurance for high-risk drivers costing $3,788 or more. Teenage 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:
Estimates include $500 deductible amounts, liability limits of 30/60, and includes uninsured motorist and medical coverage. Rates are averaged for all 50 states and for all Model S models.
Price Range by Coverage and Risk
For the average driver, prices range go from as cheap as $438 for the bare minimum liability coverage to the much higher price of $3,788 for a driver that may need high-risk insurance.
Price Range by Location
Your location has a large influence on the price of insurance. More rural locations tend to have fewer physical damage claims than densely populated cities.
The example below illustrates how location impacts insurance prices.
These examples illustrate why everyone should compare rates for a targeted area and their own personal driving habits, rather than using 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.
Additional Rate Information
The chart below illustrates estimated Tesla Model S insurance rates for other coverage scenarios.
- The best discount rate is $965
- Drivers who choose higher $1,000 deductibles will pay approximately $274 each year
- The estimated rate for a 40-year-old driver who has $500 deductibles is $1,740
- Using pricier low deductibles for comprehensive and collision insurance costs an additional $538 each year
- High-risk insureds who are prone to accidents and violations could pay up to $3,788 or more
- The cost with full coverage for a teenage driver for full coverage can cost as much as $6,234 a year
Auto insurance rates for a Tesla Model S can also vary considerably based on the trim level of your Model S, your risk profile, and liability limits and deductibles.
A more mature driver with a good driving record and high physical damage deductibles may only pay around $1,600 per year on average for full coverage. Rates are much higher 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 are probably paying $2,100 to $2,800 in extra premium per year, depending on your age. Tesla Model S insurance for high-risk drivers can cost around 45% to 135% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles could save up to $820 a year, whereas buying more liability protection will increase premiums. Switching 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 makes a big difference in Tesla Model S insurance rates. A 40-year-old driver could pay as low as $1,140 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,350 on average in Florida, New York, 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 figure out which company is cheapest is to regularly compare rates and see how they stack up. Every company uses a different method to calculate rates, 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 Low Cost Tesla Model S Insurance
Saving money on auto insurance not only requires having a good driving record, but also having above-average credit, avoid buying unnecessary coverage, and qualifying for all possible discounts. Spend time shopping around once a year by getting rate quotes from direct insurance companies like Progressive and GEICO, and also from your local independent and exclusive agents.
The next list is a review of the data that was touched on above.
- It is possible to save approximately $220 per year simply by quoting online well ahead of the renewal date
- Consumers who want increased levels of liability coverage will pay an extra $430 annually to go from a minimum limit to higher 250/500 limits
- Drivers age 20 and younger are the costliest to insure, costing up to $520 per month if full coverage is included
- Drivers who have several accidents or serious violations may pay on average $2,050 more annually to buy Tesla Model S insurance
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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