Cost of Tesla Car Insurance (2024)

Tesla insurance rates vary widely by company. Depending on where you live, you may even be able to purchase usage-based insurance directly from Tesla.

Sarah Archambault
Sarah Archambault
  • Experienced personal finance writer

  • Background working with banks and insurance companies

Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.

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Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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Updated February 14, 2024 at 7:34 AM PST

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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 can expect to 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]

Quick Facts
  • Insuring a Tesla is more expensive than the national average.

  • Coverage rates for a Tesla are similar to those for a Mercedes-Benz.

  • Safe driving habits may make your car insurance more affordable.

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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.

Tesla ModelAverage Quote: Full CoverageAverage Quote: Liability Only
Model 3$284$136
Model Y$252$122
Model S$309$100
Model X$350$104
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.

Cheapest Tesla insurance by model

Tesla insurance costs depend on the model and whether you choose to purchase full coverage or a liability-only plan. In the sections that follow, you’ll see the average costs from 12 different auto 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 $40,240 to $53,240. These prices are 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.

Insurance CompanyAverage Monthly Quote
Hugo$98
USAA$134
State Farm$148
GEICO$154
Nationwide$170
Allstate$184
Progressive$218
American Family$234
Liberty Mutual$236
Direct Auto$263
Travelers$270
Farmers$315
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

Tesla Model Y

Tesla’s Model Y comes in two options — the Long-Range, which seats seven, and the Performance, which holds five passengers. Base prices range from $50,590 to $54,490.

These prices are similar to the Model 3 but are $24,000 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.

Insurance CompanyAverage Monthly Quote
Hugo$87
USAA$119
State Farm$132
GEICO$137
Nationwide$151
Allstate$164
Progressive$193
American Family$208
Liberty Mutual$209
Direct Auto$234
Travelers$240
Farmers$280
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

Tesla Model S

The Model S is available in two options, Standard and Plaid. Both models seat five and have a range of about 400 miles, which is about 100 miles more than the Model 3 and Model Y. 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 Tesla’s most affordable option, 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.

Insurance CompanyAverage Monthly Quote
Hugo$107
USAA$146
State Farm$161
GEICO$167
Nationwide$185
Allstate$200
Progressive$237
American Family$255
Liberty Mutual$256
Direct Auto$286
Travelers$294
Farmers$342
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

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 $79,990, while the Plaid only fits six people and has an MSRP of $89,990 (the same price as the Model S Plaid). Insurance costs are a bit higher than for the Model S, with averages ranging from $121 to $388 per month.

Insurance CompanyAverage Monthly Quote
Hugo$121
USAA$166
State Farm$183
GEICO$190
Nationwide$210
Allstate$227
Progressive$268
American Family$289
Liberty Mutual$290
Direct Auto$325
Travelers$333
Farmers$388
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

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Best companies for Tesla car insurance

Choosing the best Tesla car insurance depends on many factors, including your budget, the type of coverage you need, and your location. When shopping around, it’s also smart to look for insurance companies with high customer satisfaction ratings and lower-than-average premiums.

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

Best insurer for safe drivers: Nationwide

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.1
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
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.
$184/mo

In business since 1925, Nationwide is one of the largest insurers, and sells car, homeowners, life insurance, umbrella insurance, and more. 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. Nationwide has an A+ rating from A.M. Best for financial stability, and an only slightly higher-than-expected number of customer complaints in the National Association of Insurance Commissioner’s Consumer Complaints Index.

Pros
  • Numerous discount and savings opportunities

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

Cons
  • Not available in every state

  • Some discounts and programs not available in all states

I am happy with Nationwide.

James - November 5, 2023
Verified

They were there for me when I needed them.

shane - October 30, 2023
Verified

After 50+ years with NW, I don’t feel there is personalized contact.

Paula - October 4, 2023
Verified
Read our Nationwide review

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

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
880
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.
$46/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.
$98/mo

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. A.M. Best gives USAA an A++ rating for financial strength, and the company had the highest or second-highest rating of all insurers in every region in J.D. Power’s Overall Customer Satisfaction Index. Customer reviews are mixed for service and claims processing.

Pros
  • 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

They have stopped thinking about how today's financial strain is impacting their customers.

Darcy - November 26, 2023
Verified

Not satisfied with price hike even after lowering coverage.

Linda - November 3, 2023
Verified

Wonderful service, pricing, and care.

Robert - October 24, 2023
Verified
Read our USAA review

Best insurer for overall customer satisfaction: State Farm

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
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.
$53/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.
$111/mo

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. The company has far fewer complaints than expected for the industry, according to the National Association of Insurance Commissioner’s Consumer Complaints Index. State Farm also ranks among the top 10 companies for customer satisfaction in every region on the J.D. Power Overall Customer Satisfaction Index.

Pros
  • High rates of customer satisfaction

  • Rideshare insurance available

Cons
  • No gap insurance offering

  • May not be the cheapest choice for drivers with violations

I am happy with their coverage. I just bought a new car, and my insurance quadrupled. YIKES.

Stacy - December 4, 2023
Verified

Friendly service.

John - December 4, 2023
Verified

Got insurance established fast.

Robert - December 3, 2023
Verified
Read our State Farm review

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

Shopping around for a Tesla car insurance quote can help you find the best rates and plan. Here are some commonly asked questions to help you learn a bit more about insuring your Tesla.

  • Who has the cheapest Tesla insurance?

    Rates can fluctuate for Tesla drivers, but Hugo, USAA, and State Farm have some of the cheapest Tesla insurance rates. Other insurance companies offering lower-than-average rates include GEICO, Nationwide, and Progressive.

  • Are Teslas expensive to insure?

    Electric vehicles, including Teslas, can be more expensive than the average cost of car insurance for traditional cars. But drivers of eco-friendly cars may be able to make up some of the cost through insurance discounts and tax breaks.

  • How much is insurance on a Tesla Model 3?

    Insurance on a Tesla Model 3 ranges from $98 to $236 per month, depending on the car insurance company and coverage options you choose. For example, USAA quotes average $134 per month, while insurance from Travelers will potentially cost you $270 per month.

  • When will Tesla Insurance be available in my state?

    Tesla Insurance is available only in Arizona, California (with certain conditions), Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah, and Virginia at this time. The company says it’s adding more states in the near future.

Methodology

Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.

Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).

Liability-only premium averages correspond to policies with the following coverage limits:

  • Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
  • Property damage limits between $10,000 and $50,000
  • No additional coverage
Full-coverage premium averages correspond to the same bodily injury and property damage limits in addition to:
  • Comprehensive coverage with a $1,000 deductible
  • Collision coverage with a $1,000 deductible

Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.

Sources

  1. Yahoo Finance. "Tesla 3Q sales rise 27% but fall short of expectations due softening demand and factory downtime." Accessed October 5, 2023
  2. Tesla. "Tesla Insurance." Accessed October 5, 2023
Sarah Archambault
Sarah Archambault

Sarah Archambault enjoys helping people figure out smarter ways to use their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans. She’s created and edited content for Credit Karma, Experian and Sound Dollar, along with banks, financial institutions, and insurance companies.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

Featured in

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