Tesla Model S Insurance Rates

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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 costs around $432 a year, collision insurance costs $892, and liability insurance is $388. A liability-only policy costs around $434 a year, and high-risk insurance costs around $4,036. 16-year-old drivers receive the highest rates at up to $6,602 a year.

Average premium for full coverage: $1,848

Rate estimates for individual coverage type:

Comprehensive $432
Collision $892
Liability $388

Rate estimates include $500 deductibles, 30/60 bodily injury liability limits, and includes medical/PIP and uninsured motorist coverage. Rates are averaged for all 50 states and Model S trim levels.

Price Range by Coverage and Risk

For the average 40-year-old driver, prices range range from as low as $434 for liability-only coverage to a high of $4,036 for a driver who requires high-risk insurance.

Liability Only $434
Full Coverage $1,848
High Risk $4,036

Price Range by Location

Choosing to live in a large city has a significant impact on car insurance rates. Areas with sparse population tend to have a lower frequency of physical damage claims than congested cities. The diagram below illustrates the difference location can make on auto insurance rates.

Rural Areas $1,386
Small Cities $1,940
Large Cities $2,495

These examples illustrate why it is important to compare rates quotes for a specific zip code and risk profile, rather than relying on rate 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.

Additional Charts and Tables

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

  • The best full coverage rate is $1,014
  • Raising to $1,000 deductibles will save about $1,550 each year
  • The average rate for a 40-year-old driver using $500 deductibles is $1,848
  • Buying low $100 deductibles will increase the cost to $2,438
  • Higher-risk drivers with multiple tickets or accidents could pay at least $4,036
  • The cost for full coverage for a teen driver can be $6,602

View Chart as Image

Tesla Model S insurance cost comparison chart
Column chart showing Tesla Model S insurance rates range from $1,014 to $6,602 for full coverage

Insurance rates for a Tesla Model S can also vary considerably based on your driver profile, the model year and trim level, and deductibles and policy limits.

Older drivers with a clean driving record and high deductibles could pay as little as $1,700 every 12 months on average for full coverage. Rates are highest for teen drivers, where even good drivers can expect to pay as much as $6,600 a year. View Rates by Age

Where you live also has a big influence on Tesla Model S insurance rates. A middle-age driver might find rates as low as $1,210 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,490 on average in Michigan, New York, and Florida.

Tesla Model S Insurance Rates by State
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%

View Chart as Image

Tesla Model S insurance rates by U.S. city

Opting for high physical damage deductibles can reduce rates by up to $890 each year, while buying higher liability limits will increase rates. Switching from a 50/100 limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you are probably paying at least $2,200 to $3,000 extra per year, depending on your age. A high-risk auto insurance policy is expensive and can cost anywhere from 45% to 133% more than the average rate. View High Risk Driver Rates

Tesla Model S Insurance Rates by Model Year
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 the Best Tesla Model S Insurance

Saving money on Tesla Model S insurance consists of not taking risks behind the wheel, maintaining good credit, avoid buying unnecessary coverage, and dropping full coverage on older vehicles. Make time to compare rates at every other renewal by getting rate quotes from direct insurance companies like GEICO and Progressive, and also from local exclusive and independent agents.

The following is a brief recap of the concepts that were touched on in this article.

  • High-risk drivers who tend to receive serious violations may pay on average $2,190 more every year for Model S insurance
  • Teens pay higher rates, costing up to $550 per month for full coverage
  • It is possible to save up to $240 per year just by quoting early and online
  • Increasing deductibles can save around $900 each year
  • It is possible to save up to $240 per year just by quoting early and online

Rates by Driver Age

Tesla Model S Insurance 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

Tesla Model S Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,438
$250 $2,162
$500 $1,848
$1,000 $1,550

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model S Insurance Rates with Different Liability Limits
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

Tesla Model S Insurance 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.

SR-22 Surcharge $270

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
Rate after discounts $1,014

Discounts are estimated and may not be available from every company or in every state.

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