13+ years writing insurance and personal finance content
Insurance, lending, and retirement expert
Jacqueline has contributed content, and her personal finance passion, to dozens of noteworthy financial brands, including Credit Karma, Bankrate, and MagnifyMoney.
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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Cheapest recent rates
Drivers have found policies from Kemper Economy, First Acceptance, Progressive, and more, for rates as low as $37/mo. through Insurify
*Quotes generated for Insurify users within the last 10 days. Last updated on November 20, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 20, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 20, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 20, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
While the Model Y isn’t the most affordable Tesla option, with a starting MSRP of $44,990, it’s not the most expensive either, making it a popular option for Tesla drivers.[1] On average, drivers spend $361 per month on full-coverage car insurance for a 2024 Tesla Model Y — significantly more than the national average cost of a car insurance policy of $154 per month.
It’s important to note that Tesla Model Y insurance costs can vary depending on the model year. The older your car is, the cheaper it typically is to insure. Also, it’s crucial to compare car insurance quotes from multiple companies before purchasing a policy. Here’s a closer look at what you can expect to spend on Tesla Model Y insurance per month for a variety of model years.
Quick Facts
USAA is often the cheapest car insurance company for Tesla Model Y insurance.
For the 2024 Model Y, USAA’s average rate is $169 per month for full coverage.
Tesla sells its own auto coverage for Tesla drivers in select states. The company determines premiums based on your real-time driving behaviors.
The model of your vehicle and the car insurance company you choose will affect how much you spend on auto insurance. You can compare average insurance rates for the Tesla Model Y by model year in the following table.
Model Year
▲▼
Average Quote: Liability Only
▲▼
Average Quote: Full Coverage
▲▼
2020
$147
$302
2021
$150
$306
2022
$151
$307
2023
$151
$310
2024
$176
$361
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.
2024 Tesla Model Y insurance
The latest Tesla Model Y has an MSRP ranging between $43,990 and $52,490, depending on the trim level. It typically costs more to insure a brand-new vehicle than one that’s a few years old.
Here are the average rates for full-coverage insurance for a 2024 Model Y single-car policy from different insurance companies. On average, USAA is the cheapest car insurance company for the Tesla Model Y, but consider multiple insurance options.
Insurance Company
▲▼
Average Monthly Quote
▲▼
USAA
$169
State Farm
$195
GEICO
$202
Allstate
$236
Progressive
$247
American Family
$295
Nationwide
$315
Travelers
$336
Liberty Mutual
$339
Farmers
$422
The General
$424
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.
2023 Tesla Model Y insurance
The latest Tesla Model Y comes with a starting price of $50,490. The following table outlines the average car insurance quotes for this model with a handful of popular car insurance companies.
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 Y insurance
Although it had an MSRP of $64,990, average monthly insurance costs for the 2022 Tesla Model Y are lower than the 2023 model.[2]
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 Y insurance
Auto insurance prices continue to drop with the 2021 Tesla Model Y, which had an MSRP of $41,190.
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 Y insurance
The 2020 Tesla Model Y had a much higher starting price ($54,190) compared to the 2021 model, but its average premiums are very similar.
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 Y insurance
Looking back at 2019, the Tesla Model Y had an MSRP of $49,990. The table below highlights the average monthly quotes for this vehicle with different auto insurers.
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.
Recent quotes for other Insurify users
Recent car insurance prices for Dodge, Honda, Subaru, and more. Insurify features quotes from 100+ carriers including Kemper RSVP, Direct Auto, and Elephant.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 20, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 20, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 20, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 20, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
How Tesla insurance works
Tesla sells its own auto insurance product to Tesla owners in select states. The company offers a comprehensive auto insurance policy and has claim management services for policyholders. Tesla currently sells its insurance products in Arizona, California, Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah, and Virginia.
The actual comprehensive policy is usage-based. Tesla uses built-in technology to track your driving habits, like hard braking, aggressive turning, late-night driving, and more, to calculate your Safety Score and make premium calculations accordingly. But the company will also consider where you live, how much you drive, and the type of coverage selected when determining your insurance costs.
You can easily apply for a policy through the Tesla app by entering personal information, including your driver’s license number, address, and date of birth. Once you have a policy, you can use the app to access your insurance documents and make claims. The Tesla app has a rating of 3.8 out of 5 stars on the Apple App Store and Google Play.
Tesla Model Y car insurance coverages
At a bare minimum, you must have liability coverage to drive legally in every state except New Hampshire. But you also have the option to purchase more extensive coverage, which many drivers do to make sure they have financial protection in the event of an incident. Some common additional coverages include:
Collision coverage
Collision coverage pays for the replacement of your vehicle if a collision with another car or object damages your vehicle. It also helps you cover the costs of repairing your car, regardless of who’s at fault in the accident.
Comprehensive coverage
Comprehensive coverage provides protection against non-collision events, such as theft, vandalism, natural disasters, and hitting an animal. It covers the costs of repairing or replacing your vehicle following damages from a non-collision incident.
Uninsured/underinsured motorist coverage
Uninsured/underinsured motorist coverage protects you if you’re in an accident with a driver who either doesn’t have insurance or doesn’t have enough insurance to cover the damages. Uninsured/underinsured motorist coverage helps pay for medical bills, lost wages, and vehicle repairs in such situations.
Personal injury protection (PIP) coverage
Personal injury protection (PIP) coverage assists in paying medical expenses for you and your passengers after an accident, regardless of who’s at fault. It covers costs like hospital visits, surgeries, and rehabilitation, providing additional financial support for necessary medical treatments.
Tesla Model Y car insurance FAQs
For even more insight into Tesla Model Y car insurance, check out these answers to some of the most commonly asked questions about the electric vehicle.
Which company has the cheapest Tesla Model Y insurance?
Typically, USAA offers the cheapest car insurance for Tesla Model Y drivers. For example, if you drive the 2023 Model Y, USAA offers a liability-only policy for an average of $84 per month, while full coverage costs $182. But USAA limits coverage to military families, both active duty and veterans. For people who don’t qualify, State Farm and GEICO are the second and third cheapest on average.
Is the Tesla Model Y expensive to insure?
Yes. You’ll spend more on car insurance for a Tesla Model Y than on other makes and models. While the average cost of insuring a car nationwide is $154 per month, the average Tesla Y premium is $205 per month.
How much does it cost to insure a Tesla Model Y?
The average cost of insuring a Tesla Model Y is $205, but the car insurance company you choose can affect your insurance rates significantly. For example, the average cost of insuring a 2023 Tesla Model Y with USAA is only $133 per month, while it costs $340 per month with The General.
It’s a good idea to ask your insurance agent for information on discounts to save even more money when insuring your Tesla Model Y. For example, many insurers offer discounts for good students and military members.
What factors can affect the insurance cost for a Tesla Model Y?
Various factors can affect the average insurance cost of your Tesla Model Y, including your age, driving record, model year, location, vehicle type, credit history, marital status, and coverage selections. Additionally, factors such as mileage, usage, and car safety features also play a role in determining insurance premiums.[3]
Keep in mind that people with clean driving histories pay lower rates than drivers with past traffic violations on their record.
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.
During college, Jacqueline DeMarco interned at a retirement plan advisory firm and was tasked with creating a presentation on the importance of financial wellness. During her research into how money can affect our health, relationships and career, Jacqueline realized just how important financial education is. Jacqueline is a contributor for Insurify and has worked with more than a dozen financial brands, including LendingTree, Capital One, Credit Karma, Fundera, Chime, Bankrate, Student Loan Hero, ValuePenguin, SoFi, and Northwestern Mutual, providing thoughtful content to give readers insight into complex topics that they likely didn’t learn in school.
Edited byKatie PowersAuto and Life Insurance Editor
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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