The average car insurance costs for a Tesla Model S are $2,280 a year, or $190 a month, overall, or $2,946 a year, $246 a month, with Teslas car insurance. If you are driving a Tesla model S and want just the minimum car insurance required by your state, you will pay a median of $789 per year, or $66 a month, for that. Tesla Model Y auto insurance costs an average of $1,804 a year, or roughly $150 per month, for a policy that has comprehensive coverage.
Tesla Model Y
The average annual rate offered by Progressive to our Model 3 sample drivers was $2,309 for a policy with full coverage. Based on our data, for example, Progressive was the lowest-rated auto insurer for Tesla Model 3 drivers, with a $2,309 annual average. We found that even Progressive offers Teslas lowest car insurance rates for minimal-coverage policies, although the average rate that GEICO offers Tesla drivers for minimal-coverage auto insurance is almost as inexpensive.
Below, you can see a comparison of each new model of Teslas insurance costs for a sample California driver, based on quotes from State Farm, Geico, and Progressive. The auto insurance costs for a Tesla may differ greatly depending on which model and trim level you select, along with other factors typically considered in car insurance rates. Teslas are known to be more expensive to insure than other types of electric cars, so it makes sense to do your homework and assess the cost of your car insurance before driving one home.
Teslas insurance costs vary depending on model, but owners should also consider the potential effect that different trims will have on auto insurance rates when choosing a car. As Tesla integrates data about individual drivers into its rates, safer drivers may see insurance costs drop even further. Tesla plans to leverage Teslas expertise in safety features for electric vehicles, as well as its partly automated driving tech, to lower drivers insurance costs, particularly those using the companys Autopilot system.
Tesla says it understands how drivers use its cars, and it takes into account all the cars safety features and crash-avoidance systems in pricing insurance. Teslas unique understanding of Teslas vehicles, technologies, safety, and repair costs, eliminates fees that traditional insurance carriers charge. Tesla Insurance is a competitively priced insurance product designed to give Tesla car owners rates that are as much as 20% lower, or as much as 30% lower, in certain situations.
Auto insurance rates for the Tesla Model Y range widely, from lower rates such as $1,358 per year in Columbus, Ohio, or $1,212 in Virginia Beach, Virginia, to higher rates like $3,486 in Miami, Florida, to a staggering $7,066 per year in certain areas of Detroit. Given this track record of safety, you may be surprised to learn that insuring Teslas EVs often costs far more than same-coverage coverage on other popular cars. That range means that you can expect to pay the average premium for a luxury car, though comparison shopping with insurance companies could lower that premium further.
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