Tesla Model S Insurance Rates
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Michelle Robbins
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UPDATED: Jun 6, 2024
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Average insurance rates for a Tesla Model S are $1,848 a year for full coverage insurance. Comprehensive insurance costs on average $432, collision costs $892, and liability is estimated at $388. Liability-only coverage costs approximately $434 a year, with high-risk coverage costing $4,036 or more. Teen drivers receive the highest rates at $6,602 a year or more.
Average premium for full coverage: $1,848
Rate estimates by individual coverage type:
Prices are based on $500 policy deductibles, liability limits of 30/60, and includes uninsured/under-insured motorist coverage. Rates are averaged for all 50 states and for different Model S trim levels.
Price Range by Coverage and Risk
Using a 40-year-old driver as an example, prices range go from as low as $434 for your basic liability-only policy to a much higher rate of $4,036 for a driver that may need high-risk insurance.
Price Range by Location
Living in a larger city can make a big difference on insurance rates. Rural areas tend to have a lower frequency of physical damage claims than larger metro areas.
The price range example below illustrates how rural and urban location affects car insurance rates.
These examples illustrate why anyone shopping for car insurance should get quotes based on a specific location and risk profile, 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.
More Rate Information
The chart below illustrates estimated Tesla Model S insurance rates for different risk profiles and scenarios.
- The lowest rate with discounts is $1,014
- Choosing higher $1,000 deductibles can save around $298 each year
- The average rate for a 40-year-old driver with $500 deductibles is $1,848
- Choosing more expensive low deductibles for comp and collision coverage will cost an extra $590 annually
- Higher-risk drivers with multiple violations and an at-fault accident could pay upwards of $4,036 or more
- The cost for full coverage for a 16-year-old driver with full coverage may cost $6,602 each year
Car insurance rates for a Tesla Model S can also vary considerably based on your driver profile, the model year and trim level, and policy deductibles and limits.
An older driver with no driving violations and high deductibles may pay as low as $1,700 annually on average for full coverage. Rates are highest for teen drivers, where even good drivers will be charged upwards of $6,600 a year. View Rates by Age
Where you live plays a big part in determining prices for Tesla Model S insurance prices. A good driver about age 40 could pay as low as $1,210 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $2,490 on average in Michigan, New York, and Florida.
| 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% |
Choosing high deductibles can save as much as $890 annually, while increasing your policy's liability limits will cost you more. Switching from a 50/100 limit to a 250/500 limit will cost as much as $349 extra every 12 months. View Rates by Deductible or Liability Limit
If you like to drive fast or tend to cause accidents, you are probably paying at a minimum $2,200 to $3,000 extra per year, depending on your age. High-risk driver insurance ranges from 45% to 133% more than average. View High Risk Driver Rates
With so much variability in rates, the only way to figure out exactly what you will pay is to compare rates from multiple companies. Each auto insurer uses a different rate calculation, so rate quotes can be significantly different from one company to the next.
| 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 Find Affordable Tesla Model S Insurance
Saving money on insurance for a Tesla Model S takes being a good driver, having above-average credit, avoid buying unnecessary coverage, and maximizing policy discounts. Set aside time to shop around once a year by obtaining price quotes from direct insurance companies like GEICO and Progressive, and also from local independent and exclusive agents.
The following list is a brief review of the data that was raised in the charts and tables above.
- It is possible to save as much as $240 per year simply by shopping early and online
- Insureds who require an increased level of liability coverage will pay about $430 annually to raise limits from a minimum limit to 250/500 limits
- Drivers age 16 to 20 are expensive to insure, costing up to $550 per month if full coverage is included
- Drivers considered higher risk with DUI or reckless driving convictions pay an average of $2,190 more each year than a safer driver
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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