Tesla Model S Insurance Rates

Average insurance rates for a Tesla Model S are $1,740 a year including full coverage. Comprehensive insurance costs around $414 a year, collision insurance costs $800, and liability costs $390. Buying just liability costs as little as $438 a year, and insurance for high-risk drivers costs $3,788 or more. Teenage drivers receive the highest rates at up to $6,234 a year.

Average premium for full coverage: $1,740

Rate estimates for individual coverage type:

Includes $500 comprehensive and collision deductibles, bodily injury liability limits of 30/60, and includes additional medical/uninsured motorist coverage. Rates are averaged for all 50 U.S. states and Model S trim levels.

Price Range by Coverage and Risk

Price Range by Location

Your location can make a big difference on the price of insurance. Areas with sparse population tend to have a lower frequency of comprehensive and collision claims than densely populated cities. The diagram below illustrates how rural and urban location affects auto insurance rates.

These examples highlight why it is important to compare rates for a specific zip code and risk profile, instead of making a decision based on average rates.

Use the form below to get customized rates for your location.

Additional Rate Analysis

The chart below breaks down average Tesla Model S insurance rates for additional coverage choices and driver risks.

• The best discount rate is $965
• Drivers who choose higher $1,000 deductibles will pay about $1,466 every year
• The average rate for a 40-year-old driver using $500 deductibles is $1,740
• Using low $100 deductibles for comprehensive and collision insurance will cost an extra $538 annually
• Drivers who are prone to accidents and violations could pay at least $3,788
• The cost for full coverage for a 16-year-old driver can be $6,234 a year

View Chart as Image

Auto insurance rates for a Tesla Model S can also vary considerably based on your driver profile, the model of your Model S, and deductibles and policy limits.

Older drivers with a good driving record and high deductibles may pay as low as $1,600 per year on average for full coverage. Rates are much higher for teen drivers, where even good drivers will have to pay as much as $6,200 a year. View Rates by Age

Where you live makes a big difference in Tesla Model S insurance prices. A 40-year-old driver could pay as low as $1,340 a year in states like Missouri, New Hampshire, and Vermont, or be forced to pay as much as $2,480 on average in Michigan, New York, and Louisiana.

View Chart as Image

Using high physical damage deductibles could save up to $820 annually, while buying higher liability limits will increase rates. Changing from a 50/100 limit to a 250/500 limit will cost as much as $351 extra every year. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you are likely paying at least $2,100 to $2,800 in extra premium per year, depending on your age. A high-risk auto insurance policy can cost from 45% to 135% more than a normal policy. View High Risk Driver Rates

How to Find the Cheapest Tesla Model S Insurance

Saving money on insurance for a Tesla Model S not only requires having a decent driving record, but also having good credit, not filing small claims, and possibly raising deductibles. Set aside time to shop around every other policy renewal by requesting rates from direct car insurance companies like GEICO and Progressive, and also from several local insurance agents.

The following items are a recap of the ideas that were raised in the charts and tables above.

• 16 to 18-year-old drivers are expensive to insure, as much as $520 per month if they have full coverage
• Drivers considered higher risk that have major violations or accidents pay on average $2,050 more every year than a driver with a clean driving record
• Increasing deductibles can save around $800 each year
• You may be able to save up to $220 per year just by quoting early and online