Cost of Tesla Car Insurance (2024)

Tesla makes some of the most popular electric vehicles on the market, and with recent price cuts on its Model 3 and Model Y vehicles, Tesla’s sales and popularity continue to climb.^[1]

If you have one of Tesla’s four models and need car insurance, you might pay an average rate of $268 per month for full coverage and $126 per month for liability coverage from standard insurers. Tesla also offers its own comprehensive insurance policy for Tesla owners in certain states, with rates based on your real-time driving habits.^[2]

Average cost of Tesla insurance by model

Tesla insurance costs vary widely depending on the model. If you drive the entry-level Model 3, you can expect to spend less on insurance than you would for the top-of-the-line Model X, for example.

In the table below, you can see how quotes for full and liability coverage fluctuate based on the model you drive.

Cheapest Tesla insurance by model

Tesla insurance costs depend on the specific model and whether you choose to purchase full-coverage car insurance or a liability-only policy. In the sections that follow, you’ll see the average car insurance costs from 12 different car insurance companies across each of the four Tesla models.

Tesla Model 3

Tesla’s entry-level car, the Model 3, seats five and offers three options — Rear-Wheel Drive, Long-Range, and Performance. Base prices range from $33,990 to $42,490. The top-priced model is only slightly less than Tesla’s Model Y, which comes with about the same mileage range but has more than triple the cargo capacity and the option to seat seven in the Performance option.

Insurance costs vary widely for the Model 3, with costs ranging from $98 to $263 per month.

Tesla Model Y

Tesla’s Model Y comes in three options — the Long Range Rear-Wheel Drive, Long Range All-Wheel Drive, and Performance All-Wheel Drive. Base prices range from $31,490 to $44,990.

These prices are similar to the Model 3 but are significantly less than the Model S and Model X. Insurance costs for the Model Y differ widely among auto insurers, ranging from an average of $87 to $280.

It’s also worth noting that while the Model Y has a slightly pricier MSRP than the Model 3, it’s a bit cheaper to insure.

Tesla Model S

The Model S is available in two options, Standard and Plaid, with an MSRP ranging from $74,990 to $83,490. Both models seat five and have a range of about 400 miles, which is about 100 miles more than the Model 3. Cargo capacity is limited and about the same as the Model 3.

MSRP for the Model S is similar to the Model X but nearly $50,000 higher than the Model 3 Rear-Wheel Drive. But its insurance costs are only slightly higher than the Model 3’s, with average quotes ranging from $107 to $342 per month.

Tesla Model X

Tesla’s premium model, the Model X, is offered in a Standard and Plaid option. Both have about the same mileage range and come with Tesla’s most spacious cargo capacity, at 88 cubic feet.

The Standard can fit seven passengers and costs $65,990, while the Plaid only fits six people and has an MSRP of $88,490 (the same price as the Model X Plaid).

Insurance costs are a bit higher than for the Model S, with averages ranging from $121 to $388 per month.

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Best companies for Tesla car insurance

Insurance for electric vehicles, like Tesla vehicles, typically has a higher cost than gas-powered vehicles. But some insurers, like USAA, offer EV battery coverage, which helps cover the cost to repair or replace a battery.

Choosing the best Tesla car insurance depends on many factors, including your budget, the type of coverage you need, your age, your credit history, your driving record, your marital status, and your location. When shopping around for insurers to cover your Tesla, it’s also smart to look for insurance companies with high customer satisfaction ratings and lower-than-average car insurance costs.

Here’s a closer look at Insurify’s top picks for the best companies for Tesla car insurance.

Best insurer for safe drivers: Nationwide

Safe Drivers

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User Reviews	4.4 446 reviews
IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	8.7 /10
Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.	$84/mo
Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.	$181/mo

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Driver Reviews

4.4

Best choiceBased on 793 verified guest reviews and ratings

How drivers feel about Nationwide

Drivers appreciate the excellent coverage, reliable claims process, and good initial rates but dislike the frequent price increases.

AI-generated from the text of verified reviews collected by Insurify

Best For

Usage-based savings

Accident forgiveness

Recreational vehicle coverage

How drivers feel about Nationwide

Drivers appreciate the excellent coverage, reliable claims process, and good initial rates but dislike the frequent price increases.

AI-generated from the text of verified reviews collected by Insurify

Best For

Usage-based savings

Accident forgiveness

Recreational vehicle coverage

Reviews (446)

Mark

December 14, 2024

Verified Review

Average

The price kept rising too high with every renewal.

Cheryl

December 9, 2024

Verified Review

Communication was minimal. The owner could not answer my questions and told me to wait until the secretary returned.

Communication was minimal. The owner could not answer my questions and told me to wait until the secretary returned.

Rchard

December 9, 2024

Verified Review

Changes are Good Every Few Years

Comparatively expensive.

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Our Advice

JD Power

J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.

815

NAIC Index

Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.

0.64

A.M. Best

A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).

A+

Why we picked this company

Nationwide Private Client is a special type of insurance that covers high-value vehicles, including some Tesla models. In addition to liability, collision, and comprehensive, Nationwide provides optional coverages, such as towing and labor, rental car, and gap. The company also offers accident forgiveness and a vanishing deductible that lowers your deductible for each year you drive safely.

Pros

• Offers 24/7 roadside assistance coverage add-on

• SmartRide (for safe drivers) and SmartMiles (for low-mileage drivers)

• Accident forgiveness available

Cons

• Below-average customer satisfaction scores from J.D. Power

• Some discounts and programs not available in all states

• Not available in every state

Best insurer for military members, veterans, and their families: USAA

Military Members, Veterans, and Their Families

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User Reviews	4.9 940 reviews
IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	9.4 /10
Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.	$45/mo
Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.	$99/mo

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Driver Reviews

4.9

Best choiceBased on 1,646 verified guest reviews and ratings

How drivers feel about USAA

Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.

AI-generated from the text of verified reviews collected by Insurify

Best For

Members of the military community

Outstanding customer service

Competitive rates

How drivers feel about USAA

Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.

AI-generated from the text of verified reviews collected by Insurify

Best For

Members of the military community

Outstanding customer service

Competitive rates

Reviews (940)

Arlington

December 18, 2024

Verified Review

Mediocre

It's too hard to get past all the checks and balances to verify you're a member. There are too many questions and memory items to get past their firewall. Lastly, everyone is working remotely, and you can hear the family activities in the background.

Peter

December 18, 2024

Verified Review

Not Happy with USAA

They increase premium rates without notifying you well in advance. They even raise the premium for a minor fender bender, like pulling out of a driveway into an illegally parked vehicle.

Donna

December 17, 2024

Verified Review

I was in an accident which was not my fault, and my insurance increased to $118 a month. I don't drive my car much, less than 50 miles a day. Additionally, I have home insurance with USAA and my payment increased by $100. As a veteran, I find this totally wrong.

I was in an accident which was not my fault, and my insurance increased to $118 a month. I don't drive my car much, less than 50 miles a day. Additionally, I have home insurance with USAA and my payment increased by $100. As a veteran, I find this totally wrong.

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Our Advice

JD Power

J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.

880

NAIC Index

Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.

1.35

A.M. Best

A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).

A++

Why we picked this company

USAA offers auto insurance to cover electric and hybrid vehicles — including protection for your battery. In business for more than 100 years, USAA exclusively serves members of the military and their immediate families. The company offers multiple types of insurance products, as well as banking, investing, and retirement services. Auto insurance customers have access to a number of discounts, including for bundling, insuring multiple vehicles, living on a military base, and more.

Pros

• High customer satisfaction

• Low premiums

• SafePilot program rewards good driving with up to 30% discount

Cons

• Only available to active-duty military, veterans, military spouses, or children of service members or veterans

• No 24/7 customer phone support

• Customer reviews are mixed for service and claims processing

Best insurer for overall customer satisfaction: State Farm

Overall Customer Satisfaction

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User Reviews	4.2 5,080 reviews
IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	9.3 /10
Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.	$54/mo
Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.	$119/mo

Show Details

Driver Reviews

4.2

Best choiceBased on 9,243 verified guest reviews and ratings

How drivers feel about State Farm

Drivers appreciate the helpful local agents and initial service but dislike the high prices and frequent rate increases.

AI-generated from the text of verified reviews collected by Insurify

Best For

Customer service

Competitive rates

Discounts for safe drivers

How drivers feel about State Farm

Drivers appreciate the helpful local agents and initial service but dislike the high prices and frequent rate increases.

AI-generated from the text of verified reviews collected by Insurify

Best For

Customer service

Competitive rates

Discounts for safe drivers

Reviews (5,080)

Al

December 19, 2024

Verified Review

My Opinion

Way too high premium.

Agnes

December 19, 2024

Verified Review

Best Insurance Company

I have been with them for a long time. Claims are handled quickly. I never had a problem, even when I had three teenagers driving.

Gabriel

December 18, 2024

Verified Review

My Experience with State Farm

Beware, some companies are more interested in making money than meeting the customers' needs. My wife had a medical issue while driving, and they covered it. A year later, there was a fender bender involving two moving vehicles. To me, it was no fault, but they considered it a second incident. We also had hail damage to our roof. They said there wasn't enough damage, yet my next-door neighbors received a new one. Now, they're canceling me for too much.

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Our Advice

JD Power

J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.

842

NAIC Index

Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.

0.78

A.M. Best

A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).

A++

Why we picked this company

State Farm’s policies cover electric vehicles, including emergency road service when you run out of battery power or break down. Most policies also cover damage to your car charging equipment caused by a covered loss. State Farm has been in business for more than 100 years and today sells auto and other vehicle insurance, homeowners, life, health, pet, disability, and small-business insurance. Available in all 50 states, State Farm car insurance policies offer multiple ways to save, from customizing coverage types to a robust list of discounts.

Pros

• High rates of customer satisfaction

• Rideshare insurance available

• Savings for bundling auto with home, renters, condo, or life insurance

Cons

• No gap insurance offering

• May not be the cheapest choice for drivers with violations

• Accident forgiveness limited to longtime customers with clean driving records

How Tesla insurance works

If you’re already a Tesla owner, you may be able to insure your Tesla (as well as other non-Tesla vehicles) through Tesla Insurance. While Tesla Insurance offers comprehensive coverage and claim management, you have to live in a state where it’s available. These states are Arizona, California (with certain conditions), Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah, and Virginia.

Tesla Insurance is usage-based and uses built-in technology to track your real-time driving behavior and calculate your monthly premium. While your driving habit data is the primary factor in determining what you’ll pay, Tesla also considers how much you drive, where you live, the type of coverage selected, and the vehicle’s Safety Score.

Certain factors, including hard braking, aggressive turning, late-night driving, and following other vehicles at an unsafe distance, affect your Safety Score. The higher your score, the more you can save.

Signing up for Tesla Insurance only takes a minute and can be done right through the Tesla app. You need to enter some personal information to apply, like your driver’s license number, address, and date of birth.

You can also add more drivers and vehicles to your policy during sign-up. Once you’ve completed your registration, you’ll be able to access your insurance documents and make claims using the Tesla app.

Tesla car insurance FAQs