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Key Takeaways
- Nationwide offers the most affordable full coverage for a Tesla Model S at $1,883 per year.
- Insurance for a Tesla Model S is most expensive for younger drivers, with 16-year-olds paying up to $12,752 annually. In contrast, drivers aged 40 only pay around $2,767 for the same coverage.
- Tesla Model S insurance costs can fluctuate widely based on factors like state regulations, recent accidents, or poor credit, with Michigan having some of the highest rates at over $9,000 annually for good drivers.
Tesla Model S Insurance Cost
On average, Tesla Model S car insurance premiums for full coverage are $2678 annually, or approximately $223 per month.
The cost of auto insurance for a Tesla Model S is significantly influenced by factors such as mileage, insurance company, jurisdiction, and age. These rates are also influenced by factors such as credit history, traffic violations, and recent accidents.
Comprehensive coverage is estimated to cost $992 annually, liability/medical coverage is approximately $450, and the remaining collision coverage will cost approximately $1,236 if the average policy is deconstructed into individual coverages.
| Driver Age | $1,000 Deductibles | $500 Deductibles | $250 Deductibles |
|---|---|---|---|
| 20 | $4,164 | $5,108 | $6,098 |
| 30 | $2,328 | $2,884 | $3,454 |
| 40 | $2,168 | $2,678 | $3,204 |
| 50 | $1,914 | $2,356 | $2,812 |
| 60 | $1,782 | $2,194 | $2,616 |
The Best Car Insurance Company for a Tesla Model S
Nationwide will offer you offer the cheapest full coverage insurance premium for a Tesla S Model at a rate approximately around $1883. At the other end of the spectrum is the Farmers. If you opt for Farmers you will have to pay on an average of $4438 per year.
State Farm is the most cost-effective company for minimum coverage, with an average annual premium of $491. Conversely, Farmers is the least cost-effective provider, once again charging $1,431.
This demonstrates the significance of contrasting rates when seeking the most affordable car insurance.
Tesla Model S Full Coverage Auto Insurance: Company Premium Comparison
The cost of full-coverage auto insurance can vary widely. Nationwide offers the least expensive option, with an average annual premium of $1,883, while Farmers offers the most expensive rate, at $4,438. Comparing these rates can help drivers find the best balance between coverage and affordability.
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|---|---|
| Company | Average Annual Premium |
| Nationwide | $1,883 |
| State Farm | $1,884 |
| Travelers | $2,113 |
| Progressive | $2,515 |
| Allstate | $3,610 |
| Farmers | $4,438 |
Tesla Model S State Minimum Auto Insurance: Company Premium Comparison
For drivers seeking the minimum required auto insurance, State Farm offers the cheapest annual premium at $491, whereas Farmers is the most expensive at $1,431. Choosing state minimum coverage can provide essential protection while keeping costs low.
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|
|---|---|
| Company | Average Annual Premium |
| State Farm | $491 |
| Allstate | $543 |
| Travelers | $633 |
| Nationwide | $665 |
| Progressive | $725 |
| Farmers | $1,431 |
Tesla Model S Insurance Costs by State
The cheapest auto insurance premium for a Tesla Model S is $2,143 in Hawaii. While the most expensive rates is $9,271 which is in the state of Michigan.
The cost of Tesla Model S car insurance premiums can vary significantly based on the location of the person. Michigan mandates significantly higher coverage levels, which results in higher rates. In California, Hawaii, and Massachusetts, providers are prohibited from adjusting rates based on credit.
The summary below provides a detailed analysis of the potential impact of these factors on the Tesla Model S by state.
| State | Good Driver | Recent Accident | Poor Credit |
|---|---|---|---|
| Alaska | $4,057 | $5,624 | $5,466 |
| Alabama | $4,905 | $7,124 | $9,068 |
| Arizona | $4,586 | $6,630 | $9,768 |
| Arkansas | $5,028 | $7,901 | $8,699 |
| California | $5,599 | $9,901 | $5,599 |
| Colorado | $5,225 | $7,312 | $9,277 |
| Connecticut | $6,675 | $10,353 | $13,141 |
| Delaware | $5,526 | $7,365 | $9,459 |
| Florida | $6,580 | $9,103 | $11,862 |
| Georgia | $5,364 | $8,021 | $8,088 |
| Hawaii | $2,143 | $2,909 | $2,143 |
| Idaho | $3,723 | $4,935 | $6,000 |
| Illinois | $3,897 | $5,890 | $6,716 |
| Indiana | $4,003 | $6,120 | $6,868 |
| Iowa | $3,171 | $4,348 | $5,113 |
| Kansas | $4,218 | $6,138 | $7,179 |
| Kentucky | $6,098 | $8,952 | $10,571 |
| Louisiana | $7,829 | $11,834 | $12,831 |
| Maine | $2,960 | $4,092 | $6,041 |
| Maryland | $4,791 | $6,972 | $7,744 |
| Massachusetts | $3,842 | $6,702 | $3,842 |
| Michigan | $9,271 | $14,127 | $22,283 |
| Minnesota | $3,816 | $5,088 | $7,165 |
| Mississippi | $4,607 | $6,571 | $6,614 |
| Missouri | $4,341 | $6,206 | $8,153 |
| Montana | $4,413 | $6,158 | $7,168 |
| Nebraska | $3,731 | $5,517 | $5,994 |
| Nevada | $6,153 | $9,127 | $9,642 |
| New Hampshire | $4,280 | $6,769 | $8,556 |
| New Jersey | $4,716 | $7,399 | $9,682 |
| New Mexico | $4,816 | $7,164 | $7,436 |
| New York | $4,461 | $5,617 | $9,377 |
| North Carolina | $2,765 | $4,751 | $3,388 |
| North Dakota | $3,784 | $5,751 | $6,802 |
| Ohio | $3,374 | $5,204 | $5,336 |
| Oklahoma | $5,388 | $7,715 | $8,687 |
| Oregon | $4,903 | $6,579 | $7,858 |
| Pennsylvania | $4,130 | $6,064 | $7,095 |
| Rhode Island | $6,895 | $10,115 | $11,390 |
| South Carolina | $4,683 | $6,490 | $8,957 |
| South Dakota | $4,201 | $6,054 | $6,985 |
| Tennessee | $4,941 | $7,274 | $9,686 |
| Texas | $4,976 | $7,189 | $8,942 |
| Utah | $4,233 | $5,931 | $8,162 |
| Vermont | $3,258 | $5,018 | $5,304 |
| Virginia | $3,069 | $4,713 | $4,619 |
| Washington | $4,063 | $5,515 | $6,585 |
| West Virginia | $4,089 | $5,855 | $7,336 |
| Wisconsin | $4,076 | $6,363 | $7,257 |
| Wyoming | $3,805 | $5,327 | $5,673 |
Tesla Model Y Insurance vs. Similar Cars
The Tesla Model S is ranked 26th out of 34 comparison vehicles in the midsize luxury car category. The cost of complete coverage insurance is estimated at $2,678 per year, while the category average is $2,508 per year. This represents a $170 per year differential.
Tesla Model S car insurance costs $542 more per year than the Lexus ES 350, $194 more than the BMW 530i, $366 more than the Infiniti Q50, and $574 more than the Mercedes-Benz CLA250 when set against other popular midsize luxury cars.
The table below illustrates the affordability of Tesla Model S insurance prices in comparison to the entire midsize luxury segment.
| Rank | Make and Model | Annual Premium |
|---|---|---|
| 1 | Mercedes-Benz CLA250 | $2,104 |
| 2 | Lexus IS 300 | $2,108 |
| 3 | Lexus ES 350 | $2,136 |
| 4 | Mercedes-Benz AMG CLA35 | $2,144 |
| 5 | Lexus RC 300 | $2,148 |
| 6 | Jaguar XF | $2,164 |
| 7 | Cadillac CT5 | $2,204 |
| 8 | Lexus ES 250 | $2,212 |
| 9 | Lexus ES 300h | $2,244 |
| 10 | Audi A3 | $2,300 |
| 11 | Infiniti Q50 | $2,312 |
| 12 | Mercedes-Benz AMG CLA45 | $2,340 |
| 13 | Audi S4 | $2,352 |
| 14 | Mercedes-Benz EQE 350 | $2,378 |
| 15 | BMW i4 | $2,386 |
| 16 | Lexus IS 500 | $2,418 |
| 17 | BMW 530i | $2,484 |
| 18 | Audi S5 | $2,520 |
| 19 | BMW 540i | $2,532 |
| 20 | BMW 430i | $2,570 |
| 21 | BMW i5 | $2,582 |
| 22 | Genesis G80 | $2,592 |
| 23 | Mercedes-Benz EQE 500 | $2,624 |
| 24 | Mercedes-Benz AMG C43 | $2,640 |
| 25 | Audi A6 | $2,648 |
| 26 | Tesla Model S | $2,678 |
| 27 | BMW 530e | $2,706 |
| 28 | Audi RS 5 | $2,708 |
| 29 | Audi S6 | $2,730 |
| 30 | BMW M440i | $2,800 |
| 31 | Audi A7 | $2,850 |
| 32 | Lexus LC 500h | $3,062 |
| 33 | Audi S7 | $3,162 |
| 34 | BMW M8 | $3,444 |
Cost of Insuring a Tesla Model S for 16-to 25-Year-Olds
Auto insurance companies consider your age when determining your rate for a Tesla Model Se into account. The cost of auto insurance for teenagers is higher than that of middle-aged drivers.
The average annual rate for a 16-year-old who purchases a full coverage policy for a Tesla Model S is an astonishing $12,752. Conversely, a 40-year-old driver who purchases the same policy only spends approximately $2,767.
Full Coverage of Auto Insurance Premiums by Age
Full coverage auto insurance rates vary significantly by age group, with younger drivers facing the highest premiums. For 16-year-olds, the average annual premium is the most expensive at $12,752. However, as drivers age, the rates decrease steadily, with 25-year-olds paying the least, at $3,302 annually.
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|---|---|
| Driver Age | Average Annual Premium |
| 16 | $12,752 |
| 17 | $10,189 |
| 18 | $9,125 |
| 19 | $6,345 |
| 20 | $5,812 |
| 21 | $4,441 |
| 22 | $4,122 |
| 23 | $3,844 |
| 24 | $3,666 |
| 25 | $3,302 |
State Minimum Auto Insurance Premiums by Age
State minimum auto insurance premiums also reflect a sharp decline with age. The most expensive rates apply to 16-year-olds, who pay $3,889 annually. By the age of 25, the cost drops to the lowest at $898, making it much more affordable for older drivers.
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|---|---|
| Driver Age | Average Annual Premium |
| 16 | $3,889 |
| 17 | $3,041 |
| 18 | $2,707 |
| 19 | $1,858 |
| 20 | $1,684 |
| 21 | $1,213 |
| 22 | $1,119 |
| 23 | $1,037 |
| 24 | $985 |
| 25 | $898 |
How Much It Costs to Insure a Tesla Model S by Model Year
Getting multiple auto insurance quotes can help eliminate uncertainty, which can facilitate the process of identifying the most cost-effective rates.
The following table presents the average Tesla Model S insurance rates for the 2013 to 2024 model years. The annual cost of car insurance typically ranges from $1,978 for a 2013 model to $2,678 for a 2024 Model.
| Model Year and Vehicle | Annual Premium | Cost Per Month |
|---|---|---|
| 2024 Tesla Model S | $2,678 | $223 |
| 2025 Tesla Model S | $3,052 | $254 |
| 2022 Tesla Model S | $2,974 | $248 |
| 2021 Tesla Model S | $2,878 | $240 |
| 2020 Tesla Model S | $2,788 | $232 |
| 2019 Tesla Model S | $2,430 | $203 |
| 2018 Tesla Model S | $2,454 | $205 |
| 2017 Tesla Model S | $2,364 | $197 |
| 2016 Tesla Model S | $2,258 | $188 |
| 2015 Tesla Model S | $2,262 | $189 |
| 2014 Tesla Model S | $2,192 | $183 |
| 2013 Tesla Model S | $1,978 | $165 |
Affordable Tesla Model S Auto Insurance - 2019
Infinity offers the most affordable premium at $1,660, providing excellent value for Tesla Model S owners in 2019. Progressive charges a higher rate of $2,706, making it one of the most expensive options for this model year.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Infinity | $1,660 |
| Cincinnati Insurance | $1,879 |
| Erie | $1,912 |
| American Family | $2,062 |
| Nationwide | $2,151 |
| Auto Owners | $2,207 |
| USAA | $2,223 |
| Country | $2,428 |
| State Farm | $2,597 |
| Arbella | $2,633 |
| Southern Farm Bureau | $2,693 |
| Progressive | $2,706 |
Affordable Tesla Model S Auto Insurance - 2018
Erie stands out with a low annual premium of $1,398, making it the most affordable choice for Tesla owners in 2018. AAA's premium for this year soars to $4,343, marking it as the most expensive option.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Erie | $1,398 |
| USAA | $1,953 |
| Nationwide | $1,963 |
| Country | $2,291 |
| Progressive | $2,400 |
| State Farm | $2,651 |
| American Family | $3,239 |
| Liberty Mutual | $3,309 |
| MetLife | $3,596 |
| AAA | $4,343 |
Affordable Tesla Model S Auto Insurance - 2017
Country offers the lowest premium, at $837, making it affordable for 2017 Tesla Model S drivers. Oklahoma Farmers Union charges a premium of $1,088, ranking as the highest for this model year.
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|
|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Country | $837 |
| Cincinnati Insurance | $872 |
| Erie | $875 |
| Allmerica | $886 |
| Mercury | $888 |
| Acuity | $912 |
| Vermont Mutual | $931 |
| Plymouth Rock Insurance | $934 |
| USAA | $999 |
| Farmers | $1,026 |
| MetLife | $1,037 |
| Oklahoma Farmers Union | $1,088 |
Affordable Tesla Model S Auto Insurance - 2016
Cincinnati Insurance offers the most budget-friendly rate at $729, providing an excellent deal for 2016 Tesla Model S owners. Nationwide has the highest premium at $2,000 for this year.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Cincinnati Insurance | $729 |
| Texas Farm Bureau | $785 |
| Oklahoma Farmers Union | $1,014 |
| Mercury | $1,024 |
| Quincy Mutual | $1,131 |
| Tennessee Farmers | $1,294 |
| Erie | $1,381 |
| USAA | $1,828 |
| Safe Auto | $1,923 |
| Acuity | $1,953 |
| Progressive | $1,976 |
| Nationwide | $2,000 |
Affordable Tesla Model S Auto Insurance - 2015
Cincinnati Insurance remains the cheapest option with a rate of $722, offering great value for Tesla drivers in 2015. Tennessee Farmers has the highest premium at $2,084 for this model year.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Cincinnati Insurance | $722 |
| Texas Farm Bureau | $767 |
| Oklahoma Farmers Union | $985 |
| Mercury | $1,000 |
| Quincy Mutual | $1,107 |
| Erie | $1,591 |
| Progressive | $1,676 |
| State Farm | $1,682 |
| USAA | $1,690 |
| Safe Auto | $1,819 |
| Nationwide | $1,923 |
| Tennessee Farmers | $2,084 |
Affordable Tesla Model S Auto Insurance - 2014
Cincinnati Insurance offers the lowest annual cost, $746, making it the most affordable choice in 2014. Country charges $1,895, the most expensive premium for the year.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Cincinnati Insurance | $746 |
| Texas Farm Bureau | $803 |
| Mercury | $1,018 |
| Quincy Mutual | $1,079 |
| Erie | $1,198 |
| Oklahoma Farmers Union | $1,356 |
| USAA | $1,677 |
| Acuity | $1,684 |
| Vermont Mutual | $1,789 |
| Tennessee Farmers | $1,797 |
| Arbella | $1,889 |
| Country | $1,895 |
Affordable Tesla Model S Auto Insurance – 2013
Erie provides the best rate at $973, securing the spot as the cheapest provider for 2013. Vermont Mutual, at $1,943, offers the highest premium for this model year.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Erie | $973 |
| Mercury | $999 |
| Quincy Mutual | $1,051 |
| Cincinnati Insurance | $1,140 |
| Texas Farm Bureau | $1,316 |
| USAA | $1,427 |
| Progressive | $1,494 |
| State Farm | $1,669 |
| Arbella | $1,872 |
| Acuity | $1,875 |
| Tennessee Farmers | $1,878 |
| Vermont Mutual | $1,943 |
Affordable Tesla Model S Auto Insurance - 2012
Mercury offers the lowest premium of $1,006, making it the most affordable option for 2012 Tesla Model S owners. Tennessee Farmers charges a premium of $1,813, making it the most expensive choice for this year.
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|---|---|
| Cheapest Insurance Companies | Average Annual Cost |
| Mercury | $1,006 |
| Erie | $1,017 |
| Quincy Mutual | $1,027 |
| Cincinnati Insurance | $1,182 |
| USAA | $1,225 |
| Texas Farm Bureau | $1,280 |
| Progressive | $1,538 |
| State Farm | $1,539 |
| Acuity | $1,694 |
| Vermont Mutual | $1,761 |
| Arbella | $1,787 |
| Tennessee Farmers | $1,813 |
What impacts the cost of Tesla Model S insurance rates?
Several factors influence how much you'll pay for insuring a Tesla Model S. Let's break down the key variables:
| Factor | How It Impacts Your Insurance Rates |
|---|---|
| Driver’s Age | Younger drivers, especially under 25, are considered high-risk, leading to higher premiums. Mature drivers (age 50-60) often enjoy lower rates due to their driving experience. |
| Driving Record | A clean driving record can reduce insurance costs, while traffic violations or accidents may increase premiums significantly. |
| Location | Urban areas with heavy traffic or higher theft rates can increase insurance costs compared to rural areas. |
| Coverage Level | Opting for higher coverage (e.g., low deductibles) will raise your premiums, while higher deductibles lower the monthly cost but require you to pay more out-of-pocket in claims. |
| Annual Mileage | Drivers who use their Tesla Model S more frequently or for long distances will face higher premiums, as more time on the road increases the likelihood of accidents. |
| Credit Score | In many states, a lower credit score can lead to higher insurance premiums, as insurers may see this as a sign of financial risk. |
| Car’s Value & Repair Costs | The Tesla Model S has high repair costs due to its advanced technology and parts. As a luxury electric vehicle, it generally commands higher insurance premiums. |
| Safety Features | The Tesla Model S is equipped with advanced safety features. These can help lower insurance premiums as they reduce the likelihood of accidents or damage. |
| Insurance Provider | Different insurers assess risk differently, which means shopping around can help you find the best rate for your specific profile. |
How to Save Money on Tesla Model S Car Insurance
There are a number of strategies to reduce the cost of auto insurance, including:
- Compare Auto Insurance Quotes:Auto insurance quotes for a Tesla Model S are priced differently by companies. Comparing auto insurance quotes from many providers is the best approach to discovering a cheap price.
- Right Level of Auto Insurance:It's important to make sure you have enough insurance. However, you also want to avoid overpaying for coverage specific to your Tesla Model S.
- Maintain a Good Credit Score:Most states allow insurers to base an insurance quote on your credit score. However, different insurers assess credit differently when determining prices, so it makes sense to compare rates.
- Increase the Deductible Amount:Your auto insurance costs will decrease as your deductible increases. The typical range of deductible amounts is up to $2,000.
Bottomline
Tesla Model S insurance costs are influenced by factors like driver age, location, driving history, and coverage level. The annual premium for full coverage averages $2,678, with Nationwide offering the lowest rate and Farmers the highest.
Comparing quotes from multiple insurers is essential to finding the best deal, and opting for higher deductibles can lower monthly costs. Additionally, maintaining a clean driving record and a good credit score can help reduce insurance premiums.
Frequently Asked Questions
Does insurance for a Tesla Model S or Model X cost less?
For the 2025 model year, the average cost of auto insurance for a Tesla Model X is $2,466 compared to $3,052 for a Model S. This means that the Model X will cost $586 less annually than the Model S.
What company has the cheapest car insurance for a Tesla Model S?
At an average cost of $1,883 annually, Nationwide provides the most affordable full coverage insurance for a Tesla Model S. State Farm, with an average yearly premium of $491, is the most economical provider of minimal coverage at the same time.
What company offers the best car insurance for a Tesla Model S?
When it comes to Tesla Model S auto insurance, State Farm outperforms other top providers like Nationwide. State Farm offers affordable prices along with excellent customer service.
INSURANCE AGENT EXPERTS
Auto Insurance Data Methodology
The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
DATA SOURCES
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