Lower Your 2023 Tesla Model S Insurance Rates in 2024

Enter your zip code below to view companies that have cheap auto insurance rates.

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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Want better car insurance rates for your Tesla Model S? Having to pay for high-priced Tesla Model S insurance can sap your bank account and maybe even restrict other spending. Doing a rate analysis is free and is an excellent way to make ends meet.

With so many choices, it’s difficult to pick the right insurer.

Finding affordable coverage is quite easy. If you currently have car insurance, you should be able to lower your premiums substantially using these methods. Vehicle owners just need to know the proper methods to get comparison rates online.

How much does car insurance cost?

Lowering your 2023 Tesla Model S car insurance rates can be relatively painless. You just have to take time comparing price quotes to discover which company has cheaper auto insurance quotes. Rate comparisons can be done by using one of the methods below.

  1. The best way to get the best comparison quotes is a comparison rater form. This form saves time by eliminating separate quote forms for every car insurance company. One form gets coverage cost estimates from car insurance companies with the best prices.
  2. A slightly less efficient method to obtain and compare quotes online is to manually visit the website for each individual company and complete a new quote form. For example, we’ll assume you want to view quotes from Progressive, State Farm and Allstate. In order to get each rate, you would have to go to each individual site and repeatedly type in your coverage information, which is why most consumers use the first method.
  3. The old school method of getting rate comparisons is calling or driving to insurance agents’ offices. Quoting online makes this unnecessary unless your situation requires the peace of mind only provided by licensed agents. Although, it is possible comparison shop your insurance online and get advice from an agent in your area.

It’s up to you which method you use, but compare the exact same information on every quote. If you are comparing different liability limits you will not be able to truly determine the lowest rate.

Insurance premiums are influenced by these factors

A large part of saving on insurance is knowing the rating factors that play a part in calculating the price you pay for insurance. When you know what positively or negatively impacts premium levels, this empowers consumers to make smart changes that could result in big savings. Lots of factors are used when premium rates are determined. Some are obvious like your driving record, but other criteria are less apparent such as your marital status or how safe your car is.

The following are a few of the “ingredients” companies use to determine rates.

  • Frequent policy claims will cost you – If you frequently file small claims, you can pretty much guarantee increased rates or even have your policy non-renewed. Insurance companies provide most affordable rates to people who file claims infrequently. Your insurance policy is intended for larger claims.
  • Lower rates with uninterrupted coverage – Driving with no insurance can get your license suspended and your next policy will cost more because you let your insurance lapse for non-payment. In addition to paying higher rates, being ticketed for driving with no insurance may result in a hefty fine and possibly a revoked license.
  • Increase comp and collision deductibles to save – Comp and collision deductibles are how much the insured will be required to pay before your insurance pays a claim. Physical damage protection, also known as collision and other-than-collision, insures against damage to your car. Examples of covered claims would be colliding with a stationary object, damage caused by hail, and having a roll-over accident. The more you are required to pay out-of-pocket, the less money you will pay for insurance for Model S insurance.
  • Do you save by driving less? – The more you drive every year the higher your rates will be. Many insurance companies calculate prices based upon how the vehicle is primarily used. Autos left parked in the garage can be on a lower rate level than cars that get driven a lot. Having an incorrect usage rating on your Model S may be wasting your money. Make sure your insurance policy states the proper vehicle usage.

You may qualify for discounts

Insurance can be prohibitively expensive, but you might be missing out on some discounts that could drop your premiums quite a bit. Many of these discounts will be applied automatically when you complete an application, but a few must be asked about before being credited.

  • E-sign Discounts – A handful of insurance coverage companies give back up to $50 get auto insurance over the internet.
  • Homeowners Discount – Just being a homeowner may earn you a small savings because owning a home shows financial diligence.
  • Life Insurance – Larger insurance carriers have a discounted price on car insurance if you buy some life insurance too.
  • Seat Belts Save more than Lives – Buckling up and requiring all passengers to fasten their seat belts could save 15% on the medical payments or PIP coverage costs.
  • Driver Education Discount – Make teen driver coverage more affordable by requiring them to enroll and complete driver’s education in school or through a local driver safety program.
  • Theft Deterrent System – Cars and trucks equipped with anti-theft or alarm systems are stolen with less frequency so companies will give you a small discount.

Don’t be shocked that most discount credits are not given to your bottom line cost. Most cut individual premiums such as physical damage coverage or medical payments. So even though you would think it’s possible to get free car insurance, companies don’t profit that way.

To find insurance companies who offer insurance coverage discounts, enter your zip code here.

There’s no such thing as the perfect car insurance policy

When choosing adequate coverage for your vehicles, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. These are some specific questions could help you determine if your insurance needs would benefit from professional advice.

  • Is my Tesla Model S covered if I use it for business?
  • Who is covered when they drive my 2023 Tesla Model S?
  • What is the ISO rating for a 2023 Tesla Model S?
  • What can I do if my company denied a claim?
  • Do I pay less if my vehicle is kept in my garage?
  • Can I get a multi-policy discount?

If it’s difficult to answer those questions, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, take a second and enter your zip code. It’s fast, free and may give you better protection.

Auto insurance coverage information

Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Shown next are the normal coverages found on the average car insurance policy.

Auto liability insurance

This coverage can cover damage or injury you incur to other’s property or people that is your fault. This insurance protects YOU from legal claims by others, and does not provide coverage for damage to your own property or vehicle.

Liability coverage has three 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 means a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000.

Liability coverage pays for things such as attorney fees, legal defense fees and structural damage. How much liability coverage do you need? That is a personal decision, but buy higher limits if possible.

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists do not carry enough liability coverage. It can pay for medical payments for you and your occupants and also any damage incurred to your Tesla Model S.

Due to the fact that many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked.

Collision coverage

This covers damage to your Model S resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for things such as colliding with another moving vehicle, colliding with a tree and backing into a parked car. This coverage can be expensive, so consider dropping it from lower value vehicles. Drivers also have the option to bump up the deductible to bring the cost down.

Medical costs insurance

Coverage for medical payments and/or PIP reimburse you for immediate expenses like surgery, prosthetic devices, nursing services, hospital visits and ambulance fees. The coverages can be used in conjunction with a health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Comprehensive or Other Than Collision

Comprehensive insurance covers damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims like damage from flooding, hitting a deer, a broken windshield, hitting a bird and fire damage. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Money doesn’t grow on trees

Lower-priced 2023 Tesla Model S insurance can be found from both online companies and with local insurance agents, so you should compare both to get a complete price analysis. Some companies may not offer rate quotes online and most of the time these regional insurance providers only sell coverage through independent agencies.

You just learned a lot of techniques to shop for 2023 Tesla Model S insurance online. The most important thing to understand is the more quotes you get, the better your comparison will be. You may even discover the most savings is with a smaller regional carrier. These smaller insurers can often insure niche markets at a lower cost than their larger competitors like Allstate or State Farm.

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