Cost of Tesla Model Y Car Insurance (2024)

The Tesla Model Y is more expensive to insure than most other cars, but you can still find affordable rates with USAA, State Farm, and GEICO.

Jacqueline DeMarco
Jacqueline DeMarco
  • 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.

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Danny Smith
Edited byDanny Smith
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Danny Smith
  • Licensed auto and home insurance agent

  • 4+ years in content creation and marketing

As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.

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Updated May 23, 2024

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Cheapest recent rates

Drivers using Insurify have found quotes as cheap as $35/mo for liability only and $45/mo for full coverage.

*Quotes generated for Insurify users within the last 10 days. Last updated on May 23, 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 May 23, 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 May 23, 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 May 23, 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 an MSRP of $50,490, it’s not the most expensive either, making it a popular option for Tesla drivers.[1] On average, you can expect to spend $205 per month to insure your Tesla Model Y, significantly more than the national average cost of a car insurance policy of $160 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 2023 Model Y, the average USAA rate is $133 per month.

  • You can expect to spend the most with The General ($340 per month for 2023 models).

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Cost of Tesla Model Y insurance

The average cost of Tesla Model Y insurance is $205 per month. You can expect to spend more on full-coverage policies ($286) and less on liability-only coverage ($144).

The car insurance company you choose can also greatly affect how much you spend on premiums. On average, the cheapest car insurance company for the Tesla Model Y is USAA.

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.

Insurance CompanyAverage Monthly Quote
USAA$133
State Farm$148
GEICO$153
Allstate$182
American Family$230
Progressive$220
Liberty Mutual$240
Travelers$265
Farmers$312
The General$340
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]

Insurance CompanyAverage Monthly Quote
USAA$116
State Farm$129
GEICO$133
Allstate$159
American Family$201
Progressive$192
Liberty Mutual$210
Travelers$232
Farmers$272
The General$297
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.[2]

Insurance CompanyAverage Monthly Quote
USAA$113
State Farm$125
GEICO$129
Allstate$153
American Family$194
Progressive$186
Liberty Mutual$203
Travelers$224
Farmers$264
The General$287
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.[2]

Insurance CompanyAverage Monthly Quote
USAA$112
State Farm$124
GEICO$128
Allstate$152
American Family$193
Progressive$184
Liberty Mutual$201
Travelers$222
Farmers$261
The General$285
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.[2] The table below highlights the average monthly quotes for this vehicle with different auto insurers.

Insurance CompanyAverage Monthly Quote
USAA$108
State Farm$120
GEICO$124
Allstate$147
American Family$187
Progressive$178
Liberty Mutual$195
Travelers$215
Farmers$253
The General$276
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 Y car insurance coverages

At a bare minimum, you must have liability coverage to drive legally in most states. 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:

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

    Collision coverage

    Collision coverage pays for the replacement of your vehicle if it’s damaged in a collision with another vehicle or object. It also helps you cover the costs of repairing your car, regardless of who’s at fault in the accident.

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

    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 if it’s damaged in any way other than a collision.

  • illustration card https://a.storyblok.com/f/162273/x/5285c4cd74/uninsured-or-underinsured-motorist-coverage.svg

    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.

  • illustration card https://a.storyblok.com/f/162273/x/abffe6238f/financial-protection.svg

    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.

  • Who 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 only 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 can expect to 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 $160 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. Ask your insurance agent for information on discounts to save even more money.

  • What factors can affect the insurance cost for a Tesla Model Y?

    Various factors can affect the cost for a Tesla Model Y, including your age, driving record, model year, location, vehicle type, credit history, and coverage selections. Additionally, factors such as mileage, usage, and car safety features also play a role in determining insurance premiums.[3]

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. Tesla. "Compare Models."
  2. Kelley Blue Book. "Tesla Models & Pricing."
  3. Insurance Information Institute. "What determines the price of an auto insurance policy?."
Jacqueline DeMarco
Jacqueline DeMarco

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.

Danny Smith
Edited byDanny Smith
Photo of an Insurify author
Danny Smith
  • Licensed auto and home insurance agent

  • 4+ years in content creation and marketing

As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.

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