Tesla Model S Insurance Rates

Average auto insurance rates for a Tesla Model S are $1,740 annually for full coverage insurance. Comprehensive insurance costs an estimated $414 a year, collision costs $800, and liability insurance costs $390. A policy with just liability insurance costs as little as $438 a year, with coverage for high-risk drivers costing $3,788 or more. Teenage drivers receive the highest rates at $6,234 a year or more.

Average premium for full coverage: $1,740

Rate estimates broken down by individual coverage type:

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

Price Range by Coverage and Risk

Price Range by Location

Your location has a significant impact on the price of insurance. More rural locations tend to have fewer physical damage claims than densely populated cities.

The diagram below illustrates how location helps determine insurance prices.

These examples illustrate why it is important to compare rates for a targeted area and their own personal driving habits, rather than relying on average rates.

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

Insurance Rate Analysis

The chart below illustrates estimated Tesla Model S insurance rates for other coverage scenarios.

• The best discount rate is $965
• Drivers who choose higher $1,000 deductibles will pay approximately $1,466 each year
• The estimated rate for a 40-year-old driver who has $500 deductibles is $1,740
• Using low $100 deductibles for comprehensive and collision insurance costs an additional $538 a year
• High risk drivers who are prone to accidents and violations could pay up to $3,788 or more
• The cost with full coverage for a teen driver can cost as much as $6,234 a year

View Chart as Image

Insurance rates for a Tesla Model S can also vary considerably based on the trim level of your Model S, your risk profile, and liability limits and deductibles.

Older drivers with no violations or accidents and high physical damage deductibles could pay as little as $1,600 per year on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they should be prepared to pay at least $6,200 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you are probably paying $2,100 to $2,800 additional per year, depending on your age. A high-risk auto insurance policy can cost anywhere from 45% to 135% more than a normal policy. View High Risk Driver Rates

Using high physical damage deductibles could save up to $820 each year, while buying higher liability limits will increase premiums. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $351 more each year. View Rates by Deductible or Liability Limit

Where you live makes a big difference in Tesla Model S insurance rates. A 40-year-old driver could pay as low as $1,140 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,350 on average in Florida, New York, and Michigan.

View Chart as Image

With so much variability in rates, the only way to figure out which company is cheapest is to get quotes from as many companies as possible. Every company uses a different method to calculate rates, and rates can be significantly different between companies.

How to Buy Low Cost Tesla Model S Insurance

Saving money on Tesla Model S insurance not only requires being a safe driver, but also having good credit, avoid buying unnecessary coverage, and maximizing policy discounts. Invest time comparing rates every other policy renewal by requesting rates from direct insurance companies like Progressive and GEICO, and also from your local independent and exclusive agents.

Here is a review of the ideas that were covered in the charts and tables above.

• Young drivers are expensive to insure, costing up to $520 per month if they have full coverage
• High-risk drivers who have several accidents or serious violations may pay on average $2,050 more annually for insurance
• Increasing deductibles could save up to $800 each year
• It is possible to save approximately $220 per year simply by quoting early and online