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Key Takeaways

  • The cost of a Tesla Model Y starts at around $60,000.
  • A Tesla Model Y insurance costs you around $2,890 yearly.
  • Compared to the Performance AWD trim, the Long Range AWD trim is marginally less expensive to insure.
  • The features in your car can increase or decrease the Tesla Model Y insurance cost.

Tesla Model Y Insurance Cost

Tesla produces some of the country's best electric cars (EVs). Their cars are regarded as the best as they sport some of the best safety and luxury features. So, no wonder the price of their models and auto insurance rates are relatively high than other cars. However, Tesla Model Y is one of the affordable models from the car maker. But does that mean Tesla Model Y insurance costs you less?

Like other models, Tesla Model Y insurance rates are a bit expensive. The insurance cost is high since this model is an electric vehicle, making it more expensive to provide coverage due to significant maintenance costs. But, the insurance rate shouldn't give you a hassle. You can always lower the Tesla Model Y insurance cost by getting quotes from multiple insurers, comparing, and buying the cheapest one!

The age and trim level of your car are some main factors that impact Tesla Model Y insurance rates. In addition, even different insurers have distinct rates from the same mode. So, you must thoroughly research before buying a Tesla Model Y insurance to get cheap car insurance.

Don't worry! That's where our review on Tesla Model Y insurance cost can be a help. How much does a Tesla Model Y insurance cost? Which is the best insurance for Tesla Model Y? Continue reading to know more about Tesla Model Y and its insurance!

How Much It Costs to Insure a Tesla Model Y and the Cheapest Company

The Tesla Model Y insurance cost depends on the insurance company you choose. On average, insuring a Tesla Model Y will cost you around $2,890 yearly.

Model Average annual rate
Tesla Model Y $2,890

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The Average Annual Cost of Tesla Model Y Insurance by Company

The biggest challenge is always finding your car's most affordable insurance company. With an average annual rate of $1,643, Progressive offers the lowest Tesla Model Y insurance cost. With yearly average rates of $2,056 and $2,111, State Farm and USAA are the next best options for buying a Tesla Model Y insurance. The following are the rates from some of the affordable insurers.

Insurer Average annual rates
Progressive $1,643
State Farm $2,056
USAA $2,111
The General $2,448
Allstate $4,419

The Best Car Insurance Company for a Tesla Model Y

How can you find the best insurance for Tesla Model Y? When choosing an insurer for your car, you should ideally consider factors other than price alone. For instance, you must consider customer satisfaction, financial stability, pricing, claims payout, and consumer complaints ratio. Our research found that USAA is the best insurer considering all these factors.

If you don't qualify for USAA, Progressive is the next-best choice for the Tesla Model Y. Though it slightly falls short in some actors, their affordable pricing makes it a great choice!

Insurer
Progressive
USAA
State Farm
The General
Allied
Allstate
Nationwide

How Expensive Is It to Insure a Tesla Model Y Compared to Other Cars?

Tesla Model Y insurance costs are higher when compared with other car models. For instance, a driver must pay around $2,890 to buy a Tesla Model Y insurance, which is around $1,475 more than the average car insurance rate.

How Much It Costs to Insure a Tesla Model Y for 16- to 25-Year-Olds

Your age can greatly influence the Tesla Model Y insurance costs. The auto insurance rates gradually lower as your age increases. It is the same for all car models and insurers. Teenagers pay the highest for Tesla Model Y insurance like all car models. On average, drivers between the ages of 16-19 pay a Tesla Model Y insurance cost of around $9,708.

A 16-year-old driver must pay around $12,055 to buy insurance for Tesla Model Y. Young drivers needs to pay higher premiums as most insurance companies see them as high-risk drivers and are likely to file more claims. A 20-year-old driver and a 40-year-old driver pay $6,005 and $9,165 less than the 16-year-old driver.

How can young drivers save money on Tesla Y auto insurance? The ideal way is by sharing their policy with parents. The following are the Tesla Model Y insurance costs for different ages.

Age Average annual rates
16 $12,055
17 $10,680
18 $9,406
19 $6,740
20 $6,017
21 $4,766
22 $4,391
23 $4,019
24 $3,773
25 $3,424
40 $2,890

2022 Tesla Model Y Insurance Cost by Trim Level

A driver must pay nearly $2,890 to buy Tesla Model Y insurance. But the car's insurance rates can vary with the trim level you buy. In the table below are the insurance costs of two Tesla Model Y trim levels.

Trim Level Average annual rate
Performance AWD $1,854
Long Range AWD $1,778

Which states have cheaper Model Y insurance?

States like California and Florida have high Tesla Model Y insurance costs. At the same time, states like Maine, Idaho, and Hawaii have affordable Tesla Model Y insurance rates. These rates can be lowered further with the insurer you choose and the discounts they offer. So, visit our state pages to get an accurate Tesla Model Y insurance cost, compare it with other quotes, and buy the cheapest one.

State Average Tesla Model Y insurance cost
Alabama $2,744
Alaska $2,587
Arizona $2,694
Arkansas $3,284
California $4,456
Colorado $3,450
Connecticut $2,967
Delaware $3,170
Florida $4,139
Georgia $2,602
Hawaii $1,890
Idaho $1,971
Illinois $2,793
Indiana $2,412
Iowa $2,614
Kansas $3,087
Kentucky $3,713
Louisiana $4,267
Maine $1,871
Maryland $3,150
Massachusetts $3,138
Michigan $3,989
Minnesota $2,468
Mississippi $3,360
Missouri $3,219
Montana $3,266
Nebraska $3,371
Nevada $3,051
New Hampshire $2,170
New Jersey $3,059
New Mexico $2,565
New York $2,715
North Carolina $2,328
North Dakota $2,454
Ohio $2,029
Oklahoma $2,868
Oregon $2,479
Pennsylvania $3,092
Rhode Island $3,240
South Carolina $2,537
South Dakota $2,889
Tennessee $2,561
Texas $3,144
Utah $2,413
Vermont $1,828
Virginia $2,488
Washington $2,264
West Virginia $2,603
Wisconsin $2,462
Wyoming $3,094

What impacts the cost of Tesla Model Y insurance rates?

Tesla Model Y insurance costs will vary depending on the trim and model you choose. The following are some extra factors that impact the cost of auto insurance for the Tesla Model Y.

  • Age of the car : The cost of insurance for your Tesla Model Y is strongly impacted by the age of your car. Be aware that insurance will cost more for newer Tesla Model Y cars. Therefore, you must pay higher Tesla Model Y insurance costs if you possess a 2022 model than an older one.
  • Age of the driver : Your Tesla Model Y insurance premium is also influenced by the driver's age. Owners of Tesla Model Y under 25 must pay more for auto insurance than those over 30 or 40.
  • Location of the driver: The Tesla Model Y insurance cost can go up or down depending on your location. For example, a driver must pay more for Tesla Model Y insurance in New York or Los Angeles than in Phoenix or Indianapolis.
  • Your driving record: Your driving behavior is another factor that impacts the Tesla Model Y insurance rate. Teenagers and drivers in their 20s who have offenses on their record see a substantial increase in their Tesla Model Y auto insurance rates.

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Tesla Model Y features that impact insurance costs

Tesla cars have some features that could help you save money on auto insurance. However, some features may increase the Tesla Model Y insurance cost. These are a few features that impact the cost of Tesla Model Y insurance.

  • Tesla's insurance: The insurance aims to keep the premiums affordable. It is available in Arizona, California, Illinois, and Ohio. A driver receives a monthly Safety Score of 100 from Tesla insurance. The greater your safety score, the lower your monthly premium will be. Therefore, Tesla Model Y insurance could help you save money if you drive safely.
  • Autopilot mode: If you use Tesla's autopilot mode, which automates steering, accelerating, and braking under your supervision to make driving safer, you might be eligible for a safe driving discount. The discounts and savings offered to you vary by the insurer you choose.
  • Bioweapon Defense Mode: It turns on an advanced filtering mechanism that cleanses your Tesla of toxins. Using this technology, you might remain secure during wildfires or other dangerous air conditions. However, fixing it can be expensive and could increase the price of your Tesla Model Y insurance cost.
  • Sentry Mode: This anti-theft feature turns on cameras that record whenever someone stands close to your car for a long time. This surveillance may prevent potential auto theft, but cameras can be expensive to repair and increase the cost of your Tesla Model Y insurance.

Tesla Model Y Safety Features

The carmaker is renowned for its safety features. Your car's excellent safety features may enable you to receive a Tesla Model Y insurance discount from your insurer. A Tesla Model Y comes with the following safety features.

  • Driver, passenger, front head, and rear head airbags
  • Blind spot monitor
  • Traction control
  • Child safety locks
  • Brake assist
  • 4-Wheel ABS
  • 4-Wheel disc brakes
  • Electronic stability control
  • Lane departure warning
  • Lane-keeping assist
  • Daytime running lights
  • Auto-leveling headlights
  • Cross-traffic alert

How to Save Money on Tesla Model Y Car Insurance

Follow these tips to save money on your Tesla Model Y insurance.

  • Always be a safe driver. A spotless driving record can save money while buying a Tesla Model Y auto insurance.
  • Hunt for discountsfrom the insurers. They don't need to tell you about the offer discounts. So, ask them about it, and use the discounts you qualify for.
  • Install an anti-theft device. Some insurers offer you discounts for installing safety devices.
  • Never drive your Tesla Model Y car in a drunken state.
  • Pay for your car insurance upfront.
  • On your Tesla Model Y, try to install a tracking device.

How to Get Tesla Model Y Insurance with Way.com

Tesla Model Y insurance cost is never inexpensive. So, as an owner, your challenge will be to find the most affordable insurance for your car. But, that will be a real pain as most insurers quote a high premium for Tesla Model Y insurance. It isn't easy to get quotes from individual insurers and decide on one!

How about getting the quotes of all insurers simultaneously? Yes, you heard it right! That's here Way.com becomes your savior. Use our website or mobile app to get the most affordable Tesla Model Y auto insurance rates in your state or city. In addition, you can get quotes from several insurance companies by providing your ZIP Code.

Also, you can get the help of our insurance agents in your city. They can explain the state's most intricate insurance laws, terms, coverages, and discounts. Therefore, contact one of our agents if you're looking for the cheapest auto insurance for Tesla Model.

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

FAQs About Tesla Model Y Insurance

How much does it cost to insure a Tesla Model Y?

A driver must pay around $2,890 yearly to buy a Tesla Model Y insurance.

Is it expensive to insure a Tesla Model Y? Why?

Yes. The coverage for the Tesla Model Y is high as it is an electric vehicle with significant maintenance costs. So a driver must pay higher than Tesla Model Y insurance costs.

How much is Tesla Model Y insurance monthly?

On average, Tesla Model Y insurance costs $240 monthly.

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