The annual average cost for insuring a Tesla Model X is $4287.
Among them all, Tesla Model X costs the highest to insure.
The trim level, the model year, and the safety features of a Tesla Model X have an impact on the insurance rates.
It has not been very long since Tesla models became synonymous when we think about electric cars. Its performance and the driving range have always stood out among its loyalists as well as people who were looking to opt for electric cars. The models determine the insurance of the car, and this varies with each variant.
Here, we look at car insurance for Tesla Model X, the best car insurance for Tesla Model X, and the probable reasons that can affect the insurance cost of this model.
How much does it cost to insure a Tesla Model X?
The make and model of any car heavily influences the insurance costs. Model 3, Model Y, Model X, and Model S are some of the current models offered by the company. Tesla vehicles cost somewhere from $46,440 and $131,440. The most affordable Tesla model is the Model 3, while the most expensive Tesla models are the Model X and Model S varieties.
Tesla Model X is a costly variant when we consider the base models. Model X will cost you nearly $106,440. The repair costs of Tesla cars are higher than many of the other luxury cars, making them costlier to insure. Since the trim level directly affects collision coverage, the insurance cost of the Tesla Model X automatically increases, making it the most expensive to insure.
It costs $4287 on average annually to insure a Tesla Model X. The monthly insurance cost of the model would be $357. However, based on the year of the model and the insurance company, the insurance rates for a Tesla Model X will vary.
The insurance cost for any car will vary according to the company, make, and model of the car. This is because insurance providers consider a variety of driving and non-driving factors while estimating the insurance costs. When it comes to the trim levels, the safety features are critical in determining the rates.
Average Annual Cost Of Tesla Model X Insurance By Company
When you consider an insurance provider, not only should you consider the rates they provide but also their stability, the coverage options, and the competitive pricing and discounts, which will make the annual rates affordable.
Average Annual Cost Of Tesla Model X Insurance By Model
The insurance rates will vary according to the year of make, like any other car. However, considering the Tesla X models, we observe that the 2020 models are the most expensive to insure. State Farm and USAA are the most affordable when we look at the insurance rates according to the available Tesla X models.
Average Annual Cost Of Tesla Model X Insurance By Age
Age is a crucial non-driving factor that has an impact on car insurance rates. When we look at Tesla Model X rates according to age, we observe that teenage drivers pay the highest rates ranging between $9900 and $5550 when they are nineteen. The rates drop further when you are an older driver. A forty-year-old driver with a Tesla Model X car will pay $2374 on average annually for their car insurance.
There are many nationally and regionally recognized car insurance companies that offer affordable insurance according to the requirements of the Tesla Model you own. Here is a list of the best car insurance companies for a Tesla Model X.
Plymouth Rock Insurance
Texas Farm Bureau
What impacts the cost of Tesla Model X insurance rates?
The high purchase and service costs are the two main reasons that lead to the high insurance cost of the Tesla Model X. The sophisticated features of this high-end SUV impact its insurance rates.
Age of your Tesla Model X
If you own a newer variant of a Tesla Model X, then you will have to pay a higher insurance rate when compared to older models. For example, insuring a 2020 Tesla Model X with State Farm will cost you $2010, while it costs $1497 for a 2018 model.
Age of the Driver
The younger you are, the higher the insurance rates are. Teenage drivers who own a Tesla Model X will pay between $9900 and $5550 annually on average. The older you get, the average insurance rates can drop to $2400.
Location of the Driver
The accident statistics, auto theft rates, and population are the different aspects that are considered by insurance providers when estimating insurance rates. The cost of your Tesla Model X insurance will rely on your neighborhood as well.
The safety features of Tesla cars are noteworthy. The safety features do make room for exclusive discounts on insurance for your Tesla Model X. The major features of a Tesla Model X are mentioned below.
Driver Air Bag
Passenger Air Bag
Front Head Air Bag
Rear Head Air Bag
Front Side Air Bag
Rear Side Air Bag
4-Wheel Disc Brakes
Electronic Stability Control
Daytime Running Lights
Child Safety Locks
Blind Spot Monitor
Lane Departure Warning
Lane Keeping Assist
How does location affect the cost of Tesla Model X insurance?
The state where you register your Tesla has a significant impact on your car insurance costs. The state-wise Tesla model X insurance rates are mentioned in the table below. You can follow the respective links to understand the average insurance rates and trends in each state.
Tesla Model X might be costly to insure, but there are several steps you can consider to save on the insurance costs.
Shop Around and Compare
Since most insurance companies provide quotes online, it is convenient to shop around and do your research. It might look like a laborious process, but it will fetch you the best rates and the insurance company that suits your needs.
Consider Every Other Discounts
Tesla, being an electric vehicle, might be eligible for exclusive discounts on that front. There is always an option to bundle policies that will offer you multiple policy discounts. If you are a good driver, then opt for good driver discounts, and students can reach out for good student discounts, which are offered by many providers.
Maintain your Credit Score
Your credit score, too, has a direct impact on insurance premiums. Insurance firms analyze the relationship between bad credit scores and filing hefty claims. Clients with poor credit scores pay higher premiums. Increasing your credit score can reduce your insurance premium rates by half.
Being a usage-based insurance program, it can be significant for Tesla models. Many of the major insurance providers are coming forward with telematics to assess driving practices and calculate the insurance rates based on that.
If you own a Tesla Model X, then insuring it can look like a challenge. With higher than average can insurance rates, Way.com can come to your rescue. We help you compare insurance quotes from various insurance companies and provide you with the best quotes keeping a check on your coverage.
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
Frequently Asked Questions
How much does it cost to insure Tesla Model X?
It costs $4287 on average annually to insure a Tesla Model X.
Is it expensive to insure a Tesla Model X? Why?
Among the available Tesla models, Tesla Model X is the most expensive to insure. The major reason behind this is that it is a high-end luxury and electric SUV.
How much is Tesla insurance monthly?
The monthly insurance cost of a Tesla Model X would be $357.