2021 Tesla Model S Insurance Quotes in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 6, 2024

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Searching for lower insurance rates for your Tesla Model S? Wish you could get a refund on an underperforming, overpriced insurance policy? You’re preaching to the choir because many drivers have buyer’s remorse. Multiple car insurance companies compete for your business, and it can be difficult to compare rates to find the lowest rate possible.

It’s smart to do rate comparisons once or twice a year since insurance rates fluctuate regularly. Despite the fact that you may have had the lowest rate on Model S coverage a year ago you can probably find a better price now. You’ll find a ton of advice on insurance online, but we’re going to give you some proven techniques to save money.

Why informed consumers pay less for Tesla Model S insurance

Multiple criteria are part of the calculation when you get a price on insurance. Most are fairly basic such as your driving history, although others are less apparent like your vehicle usage or your vehicle rating. When buying insurance coverage it’s important to understand the rating factors that help calculate your premiums. When consumers understand what controls the rates you pay, this allows you to make good choices that will entitle you to lower rates.

  • Premiums are high for teenagers – Older insureds are more responsible, cause fewer claims and accidents , and are generally more financially stable. Young drivers tend to be inattentive when driving therefore insurance coverage rates are much higher.
  • Drive a safer car and pay less – Vehicles that have high safety ratings cost less to insure. Safe vehicles reduce the chance of injuries and better occupant protection translates directly to fewer claims and cheaper rates on your policy.
  • Premiums can change based on your address – Having an address in small towns and rural areas is a positive aspect when it comes to insurance coverage. People in densly populated areas have more auto accidents and much longer commute distances. Fewer drivers means less chance of accidents and lower theft and vandalism rates.
  • Does auto insurance cost more for guys? – Over time, data shows females are less aggressive when driving. However, this does not mean females are better drivers. Females and males cause at-fault accidents at about the same rate, but the male of the species tend to have more serious accidents. Not only are claims higher, but men have more aggressive citations such as reckless driving.
  • Get a ticket, pay higher costs – A bad driving record has a big impact on rates. Attentive drivers get better rates than bad drivers. Even one citation can bump up the cost to the point where it’s not affordable. Drivers who have gotten flagrant violations like DUI or willful reckless driving may face state-mandated requirements to file a SR-22 with their state motor vehicle department in order to drive a vehicle legally.

Do you qualify for discounts?

Some insurance providers don’t always advertise every possible discount in an easy-to-find place, so the next list breaks down some of the more common as well as the least known credits available to you.

  • Senior Discount – Drivers that qualify as senior citizens may qualify for lower premium rates on Model S coverage.
  • Seat Belts Save more than Lives – Drivers who require all occupants to use their safety belts can save a little on medical payment and PIP coverage.
  • Multi-Vehicle Discounts – Purchasing coverage when you have multiple vehicles with one company can get a discount on all vehicles.
  • Low Miles Discount – Maintaining low annual mileage could qualify for lower rates on the low mileage vehicles.
  • Driver Education Discount – Reduce the cost of insurance for teen drivers by having them complete a driver education course in school.
  • Discount for Multiple Policies – If you can bundle your homeowners and auto insurance with the same insurance company you could get a discount of approximately 10% to 15%.
  • Safety Course Discount – Successfully completing a course in safe driver could possibly earn you a 5% discount if your company offers it.
  • Paperwork-free – Many companies will provide an incentive get auto insurance over the internet.
  • Service Members Pay Less – Being on active duty in the military can result in better prices.

A little disclaimer on discounts, some credits don’t apply to the entire policy premium. Most only apply to individual premiums such as liability and collision coverage. Just because it seems like all those discounts means the company will pay you, you’re out of luck.

A few popular companies and some of their more popular discounts are outlined below.

  • Farm Bureau offers discounts for 55 and retired, safe driver, driver training, youthful driver, and multi-vehicle.
  • Liberty Mutual has discounts for new move discount, teen driver discount, preferred payment discount, hybrid vehicle, safety features, good student, and exclusive group savings.
  • State Farm offers premium reductions for passive restraint, defensive driving training, Drive Safe & Save, driver’s education, and anti-theft.
  • Auto-Owners Insurance may include discounts for mature driver, good student, air bags, multi-policy, and anti-theft.
  • GEICO may have discounts that include anti-theft, emergency military deployment, driver training, seat belt use, air bags, five-year accident-free, and federal employee.
  • SAFECO includes discounts for teen safe driver, anti-theft, teen safety rewards, accident prevention training, and drive less.

If you want affordable auto insurance quotes, ask every company which discounts can lower your rates. All car insurance discounts may not be offered in your area. To locate companies with significant discounts, enter your zip code here.

Don’t assume everyone needs the same car insurance coverage

When buying the best car insurance coverage for your personal vehicles, there really is no perfect coverage plan. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions can aid in determining whether your personal situation would benefit from an agent’s advice.

  • Is there coverage for injuries to my pets?
  • How much liability insurance is required?
  • Am I covered when pulling a rental trailer?
  • Is a fancy paint job covered?
  • Is my teen driver covered when they drive my company car?
  • What is no-fault insurance?
  • Is my Tesla Model S covered if I use it for business?
  • Is my ex-spouse still covered by my policy?
  • What is medical payments coverage?
  • What discounts do I qualify for?

If you’re not sure about those questions but you know they apply to you, you may need to chat with an insurance agent. To find lower rates from a local agent, fill out your zip code. It’s fast, doesn’t cost anything and can provide invaluable advice.

Car insurance coverage specifics

Understanding the coverages of car insurance can be of help when determining the best coverages at the best deductibles and correct limits. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Listed below are the normal coverages found on most car insurance policies.

Coverage for uninsured or underinsured drivers

This coverage gives you protection when other motorists do not carry enough liability coverage. It can pay for injuries to you and your family and damage to your 2021 Tesla Model S.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time these coverages are identical to your policy’s liability coverage.

Comprehensive car insurance

This covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things such as rock chips in glass, hitting a bird, hail damage, theft and a tree branch falling on your vehicle. The maximum amount a car insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Auto collision coverage

Collision coverage pays for damage to your Model S from colliding with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for things such as driving through your garage door, backing into a parked car, sideswiping another vehicle, colliding with a tree and colliding with another moving vehicle. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. You can also choose a higher deductible to bring the cost down.

Coverage for liability

Liability coverage protects you from injuries or damage you cause to other’s property or people by causing an accident. It protects YOU against other people’s claims, and does not provide coverage for your own vehicle damage or injuries.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 25/50/25 which stand for a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Some companies may use a combined limit which provides one coverage limit and claims can be made without the split limit restrictions.

Liability coverage pays for things such as bail bonds, structural damage, attorney fees and medical expenses. How much liability should you purchase? That is a decision to put some thought into, but consider buying as much as you can afford.

Coverage for medical expenses

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses such as surgery, rehabilitation expenses, hospital visits and pain medications. They are often utilized in addition to your health insurance policy or if you do not have health coverage. Coverage applies to you and your occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is not available in all states but can be used in place of medical payments coverage

In any little way, save everyday

We just showed you many ways to shop for 2021 Tesla Model S insurance online. The most important thing to understand is the more times you quote, the better your chances of lowering your car insurance rates. Consumers could even find that the lowest rates are with the smaller companies. These smaller insurers may only write in your state and offer lower car insurance rates as compared to the big name companies such as GEICO and State Farm.

When you buy auto insurance online, you should never reduce coverage to reduce premium. In too many instances, consumers will sacrifice liability coverage limits and discovered at claim time that the few dollars in savings costed them thousands. Your focus should be to purchase plenty of coverage at the best cost, but don’t skip important coverages to save money.

Some insurance coverage companies may not provide the ability to get quotes online and usually these small, regional companies only sell coverage through independent agents. More affordable insurance coverage is available on the web as well as from insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money.

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