Cost of Tesla Model S Car Insurance (2024)

Tesla Model S drivers spend an average of $143 per month for liability-only coverage, but costs vary based on a range of factors.

Sarah Sharkey
Written bySarah Sharkey
Sarah Sharkey
Sarah SharkeyInsurance Writer
  • 7+ years writing insurance and personal finance content

  • Contributor to top media, including USA Today

A passionate personal finance advocate, Sarah’s writing has graced the pages of many of the personal finance and insurance industries’ top web publications.

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Katie Powers
Edited byKatie Powers
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Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Updated December 3, 2024

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Drivers with a Tesla Model S spend an average of $292 on full-coverage auto insurance monthly.

Various factors related to your driving situation affect your car insurance rates, including your age, ZIP code, coverage type, garaging address, marital status, driving record, credit history, vehicle safety features, discount eligibility, and more.[1]

Here’s what you should know about auto insurance for your Tesla Model S, including average costs and coverage options.

Quick Facts
  • Tesla’s electric vehicles come with more expensive auto insurance premiums than many standard gas-powered vehicles.

  • USAA and State Farm offer the cheapest average rates for Tesla Model S drivers.

  • Insurers charge slightly less to insure a Tesla Model S than a Tesla Model X, according to Insurify data.

Cost of Tesla Model S insurance

Tesla Model S insurance costs an average of $143 per month for liability-only insurance. Drivers who opt for full-coverage insurance face an average cost of $292 per month to insure their Tesla Model S.

USAA and State Farm offer some of the cheapest rates for 2019 Tesla Model S drivers, with average full-coverage rates of $154 and $177 per month, respectively.

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2023 Tesla Model S insurance

USAA offers the cheapest average rates to drivers with a 2023 Tesla Model S, followed by State Farm. The practically brand-new vehicle has an MSRP of $74,990. With a high-value vehicle, drivers will likely find higher costs to insure the 2023 model of this vehicle than older models. 

The table below provides a breakdown of the average full-coverage costs for the 2023 Tesla Model S by insurance company.

Insurance Company
Average Monthly Quote
USAA$196
State Farm$225
GEICO$233
Allstate$272
Progressive$286
American Family$341
Nationwide$364
Travelers$388
Liberty Mutual$392
Farmers$487
The General$489
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.

2022 Tesla Model S insurance

USAA and State Farm offer the lowest average costs to insure the 2022 Tesla Model S, which has an MSRP of $106,400.

The following table highlights the different average full-coverage car insurance rates across insurers.

Insurance Company
Average Monthly Quote
USAA$182
State Farm$209
GEICO$216
Allstate$253
Progressive$265
American Family$316
Nationwide$338
Travelers$360
Liberty Mutual$364
Farmers$453
The General$454
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.

2021 Tesla Model S insurance

The 2021 Tesla Model S has an MSRP of $96,440. USAA and State Farm have the cheapest average rates for this model year. Compare average full-coverage quotes below.

Insurance Company
Average Monthly Quote
USAA$168
State Farm$193
GEICO$200
Allstate$233
Progressive$245
American Family$292
Nationwide$312
Travelers$332
Liberty Mutual$336
Farmers$418
The General$419
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.

2020 Tesla Model S insurance

USAA has the cheapest average coverage for the 2020 Tesla Model S, which has an MSRP of $70,620. As the vehicle ages, insurance costs will likely decrease.

The table below breaks down the average cost of full-coverage insurance by insurer.

Insurance Company
Average Monthly Quote
USAA$161
State Farm$185
GEICO$191
Allstate$224
Progressive$235
American Family$280
Nationwide$299
Travelers$318
Liberty Mutual$322
Farmers$400
The General$402
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.

2019 Tesla Model S insurance

Since older vehicles lose value over time, insurance companies offer cheaper rates for the 2019 Tesla Model S. This car has an MSRP of $76,200.

The table below highlights the average price of a full-coverage auto policy for this electric car from different insurance companies.

Insurance Company
Average Monthly Quote
USAA$154
State Farm$177
GEICO$183
Allstate$214
Progressive$225
American Family$268
Nationwide$286
Travelers$305
Liberty Mutual$308
Farmers$383
The General$385
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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Tesla Model S car insurance coverages

As you build out an insurance policy that suits your needs, consider the following most common types of coverage:

  • illustration card https://a.storyblok.com/f/162273/150x150/c09380c3c0/car-dashboard-96x96-orange_045-airbag.svg

    Bodily injury liability coverage

    If you cause injuries to another driver and their passengers during an accident, bodily injury liability coverage can help you pay for the other party’s medical bills. Most drivers must meet state minimums of this coverage type to drive legally.

  • illustration card https://a.storyblok.com/f/162273/x/7b43b14514/damage-from-aircraft.svg

    Property damage liability coverage

    If you cause damage during an incident, property damage liability coverage pays for repairs to other peoples’ property up to your insurance policy limit.

  • illustration card https://a.storyblok.com/f/162273/x/169fdfde11/liability-coverage.svg

    Collision coverage

    If you want help paying for repairs to your own vehicle after an accident, consider collision coverage. A collision policy might pay to repair or replace your vehicle, depending on the situation.

  • illustration card https://a.storyblok.com/f/162273/x/665da91bf7/comprehensive-coverage.svg

    Comprehensive coverage

    If your vehicle incurs damage from something other than an accident, like a fallen tree or flooding event, comprehensive coverage can help pay to repair or replace your vehicle. It’s one of the best car insurance options for drivers seeking more robust coverage for their vehicles and can afford higher insurance rates.[2]

Tesla Model S car insurance FAQs

If you have remaining questions about Tesla auto insurance premiums, find more answers below.

  • Which company has the cheapest Tesla Model S insurance?

    USAA offers the cheapest rates for Tesla Model S insurance, but the company only sells coverage to military members. State Farm usually offers the next cheapest car insurance for Tesla Model S drivers.

    Shopping around with other large insurance companies to compare different rates available for your situation is the best way to lock in low rates for Tesla insurance, even if that means changing from your current insurance company.

  • Is a Tesla Model S expensive to insure?

    Yes. Compared to the national average liability-only policy cost of $105 per month and $1,257 per year, the Tesla Model S is expensive to insure.

    But your cost will vary based on your location and vehicle details — like if you have past traffic violations or a clean driving history. For example, a single-car policy might make it more expensive to insure the vehicle than bundling it into a bill with other insurance products, like a home policy, umbrella policy, life insurance policy, or boat insurance policy.

  • How much does it cost to insure a Tesla Model S?

    The average cost of liability car insurance is $143 per month for a Tesla Model S. For a full-coverage car insurance policy, the average car insurance cost is $292 per month. But the details of your vehicle information and claims from your previous policy matter.

    For example, drivers of older models typically find lower car insurance quotes than people with newer models. In most states, insurance companies will also consider your credit history, awarding lower premiums to people with good credit.

  • Does Tesla insurance cover hail damage?

    A full-coverage insurance policy — which includes comprehensive and collision coverages — should cover hail damage.

    Reach out to your insurance company’s customer service team for more information about the specific conditions of your policy contract.[3] Experienced agents should get you the answer about your specific policy quickly and may have recommendations or advice on how to file a claim.

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. Insurance Information Institute. "What determines the price of an auto insurance policy?."
  2. Insurance Information Institute. "Insurance Handbook: Auto Insurance Basics."
  3. Insurance Information Institute. "Auto insurance basics—understanding your coverage."
Sarah Sharkey
Sarah SharkeyInsurance Writer

Sarah Sharkey is a personal finance writer who enjoys helping people make savvy financial decisions. She covered insurance and personal finance topics. You can find her work on Business Insider, Money Under 30, Rocket Mortgage, Bankrate, and more. Connect with her on LinkedIn.

Sarah has been a contributor at Insurify since September 2022.

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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