Below, you can see a comparison of the cost of insurance on each of the new models of Teslas, based on quotes from State Farm, Geico, and Progressive, for a model-year California sample driver. If you are driving a Tesla Model X, you can expect insurance costs to vary depending on trim level, upgrades, and what coverage levels you choose.
Your real costs will vary depending on where you live, which model of Tesla you own or rent, your driving habits, your desired coverage, and your chosen deductible. While Tesla insurance is offered by nearly all large auto insurers, a carrier can also classify your Tesla model as exotic or luxury, and rate its luxury vehicle insurance premium accordingly.
Your Tesla insurance premiums can change each month depending on the safety rating, but Tesla will let you know beforehand about any changes to the premium.
Tesla insurance costs vary depending on model, but owners should also consider the potential effect that different trims may have on their car insurance rates when choosing a car. The higher cost and designation your Model X has as an electric car, which could raise maintenance costs, makes it a higher-cost car to insure by companies.
High repair costs contribute to higher insurance premiums, as insurers must pay more to settle claims in order to fix your damaged Tesla, a cost passed onto you through higher average auto insurance rates for Teslas.
If you drive a Tesla Model S and want just the minimal car insurance required by your state, you will pay a median of $789 a year, or $66 a month, for that. When compared with popular vehicles in the luxury medium-sized SUV segment, car insurance rates for the Tesla Model X are $494 per year more expensive than for a Lexus RX 350, $126 more expensive than a BMW X5, $486 more expensive than an Acura MDX, and $564 more expensive than a Cadillac XT5. We have tabulated the insurance rates for Model X to get an idea of what average auto insurance costs are relative to other midsize luxury SUVs.
The long-range model, Teslas Model X for 2022, has the lowest auto insurance rates, averaging $58 less a year in insurance compared with Model X Tailor AWD. It is not until you reach Model 3 performance where Tesla is a better value for your money on insurance.
The Model S jumps in price very quickly, and the long range version comes in just below $80,000. The Tesla that put the brand on the map was the Model S. This luxury full-size sedan starts with the Long Range model, which costs $3,673 in average annual insurance.
Based on quotes from national, popular insurance companies, for a 40-year-old driver with a clean driving record in Scottsdale, Arizona, the average cost to insure a Tesla Model 3 is $2,555.76 per year, or $212.98 per month. Premiums for every Tesla are based on the national averages for a single 40-year-old man with a clean record, good credit, and 12 miles commute per day.