Tesla Model S Insurance Rates

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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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Estimated insurance prices for a Tesla Model S are $1,848 every 12 months for full coverage insurance. Comprehensive costs on average $432 a year, collision insurance costs $892, and liability coverage is estimated at $388. Liability-only insurance costs approximately $434 a year, and high-risk driver insurance costs around $4,036. Teenage drivers pay the most at up to $6,602 a year.

Average premium for full coverage: $1,848

Premium estimates by type of coverage:

Comprehensive $432
Collision $892
Liability $388

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

Insurance Price Range by Risk and Coverage

For the average 40-year-old driver, insurance rates for a Tesla Model S range from the cheapest price of $434 for just the minimum liability insurance to a high of $4,036 for a driver who has had serious violations or accidents.

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

Insurance Price Range by Location

Living in a larger city has a large influence on insurance rates. Rural areas are statistically proven to have more infrequent physical damage claims than densely populated cities. The diagram below illustrates the difference location can make on car insurance rates.

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

These rate differences illustrate why it is important to get quotes based on a specific location and their own driving history, rather than using average rates.

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 Rate Analysis

The chart below illustrates average Tesla Model S insurance rates for different risk profiles and scenarios.

  • The best discount rate is $1,014
  • Choosing higher $1,000 deductibles can save around $1,550 each year
  • The average price for a 40-year-old good driver with $500 deductibles is $1,848
  • Using low $100 deductibles for comp and collision coverage increases the price to $2,438
  • Drivers who are prone to accidents and violations could pay upwards of $4,036
  • An auto insurance policy to insure a teenage driver may cost $6,602 each year

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 prices for a Tesla Model S also have a wide range based on physical damage deductibles and liability limits, your risk profile, and the trim level of your Model S.

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

Older drivers with no violations or accidents and higher deductibles may only pay around $1,700 annually on average, or $142 per month, for full coverage. Prices are much higher for drivers in their teens, since even excellent drivers should be prepared to pay upwards of $6,600 a year. View Rates by Age

If you have a few violations or you were responsible for an accident, you are probably paying at a minimum $2,200 to $3,000 additional annually, depending on your age. A high-risk auto insurance policy ranges around 45% to 133% more than a normal policy. View High Risk Driver Rates

Where you choose to live plays a big part in determining prices for Tesla Model S insurance rates. A good driver about age 40 could pay as low as $1,210 a year in states like Vermont, Wisconsin, and North Carolina, or be forced to pay as much as $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
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 Shop for Low Cost Tesla Model S Insurance

Finding better rates on auto insurance takes having a decent driving record, having above-average credit, paying for small claims out-of-pocket, and dropping full coverage on older vehicles. Make time to compare rates every other policy renewal by getting rate quotes from direct insurance companies, and also from several local insurance agents.

The following items are a review of the ideas that were touched on in this article.

  • 16 to 18-year-old drivers pay higher prices, with premiums being up to $550 per month if full coverage is included
  • Drivers who have several accidents or serious violations pay on average $2,190 more each year than a driver with a clean driving record
  • Increasing policy deductibles could save as much as $900 each year
  • It is possible to save as much as $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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