Cost of Tesla Car Insurance (2024)
On average, full-coverage insurance for a Tesla costs $268 per month from standard insurers. Rates from insurance purchased directly from Tesla vary based on real-time driving habits.
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Written bySarah Archambault
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Experienced personal finance writer
Background working with banks and insurance companies
Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.
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Edited byAshley Cox
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7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Updated November 21, 2024
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Table of contents
Tesla makes some of the most popular electric vehicles on the market, and with recent price cuts on its Model 3 and Model Y vehicles, Tesla’s sales and popularity continue to climb.[1]
If you have one of Tesla’s four models and need car insurance, you might pay an average rate of $268 per month for full coverage and $126 per month for liability coverage from standard insurers. Tesla also offers its own comprehensive insurance policy for Tesla owners in certain states, with rates based on your real-time driving habits.[2]
Quick Facts
Insuring a Tesla is more expensive than the national average.
Coverage rates for a Tesla are similar to those for a Mercedes-Benz.
Safe driving habits may make your car insurance more affordable.
Average cost of Tesla insurance by model
Tesla insurance costs vary widely depending on the model. If you drive the entry-level Model 3, you can expect to spend less on insurance than you would for the top-of-the-line Model X, for example.
In the table below, you can see how quotes for full and liability coverage fluctuate based on the model you drive.
Tesla Model ▲▼ | Average Quote: Full Coverage ▲▼ | Average Quote: Liability Only ▲▼ | MSRP ▲▼ |
|---|---|---|---|
| Model 3 | $284 | $136 | $42,490 |
| Model Y | $252 | $122 | $44,990 |
| Model S | $309 | $100 | $74,990 |
| Model X | $350 | $104 | $79,990 |
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.
Cheapest Tesla insurance by model
Tesla insurance costs depend on the specific model and whether you choose to purchase full-coverage car insurance or a liability-only policy. In the sections that follow, you’ll see the average car insurance costs from 12 different car insurance companies across each of the four Tesla models.
Tesla Model 3
Tesla’s entry-level car, the Model 3, seats five and offers three options — Rear-Wheel Drive, Long-Range, and Performance. Base prices range from $33,990 to $42,490. The top-priced model is only slightly less than Tesla’s Model Y, which comes with about the same mileage range but has more than triple the cargo capacity and the option to seat seven in the Performance option.
Insurance costs vary widely for the Model 3, with costs ranging from $98 to $263 per month.
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| Hugo | $98 |
| USAA | $134 |
| State Farm | $148 |
| GEICO | $154 |
| Nationwide | $170 |
| Allstate | $184 |
| Progressive | $218 |
| American Family | $234 |
| Liberty Mutual | $236 |
| Direct Auto | $263 |
| Travelers | $270 |
| Farmers | $315 |
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.
Tesla Model Y
Tesla’s Model Y comes in three options — the Long Range Rear-Wheel Drive, Long Range All-Wheel Drive, and Performance All-Wheel Drive. Base prices range from $31,490 to $44,990.
These prices are similar to the Model 3 but are significantly less than the Model S and Model X. Insurance costs for the Model Y differ widely among auto insurers, ranging from an average of $87 to $280.
It’s also worth noting that while the Model Y has a slightly pricier MSRP than the Model 3, it’s a bit cheaper to insure.
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| Hugo | $87 |
| USAA | $119 |
| State Farm | $132 |
| GEICO | $137 |
| Nationwide | $151 |
| Allstate | $164 |
| Progressive | $193 |
| American Family | $208 |
| Liberty Mutual | $209 |
| Direct Auto | $234 |
| Travelers | $240 |
| Farmers | $280 |
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.
Tesla Model S
The Model S is available in two options, Standard and Plaid, with an MSRP ranging from $74,990 to $83,490. Both models seat five and have a range of about 400 miles, which is about 100 miles more than the Model 3. Cargo capacity is limited and about the same as the Model 3.
MSRP for the Model S is similar to the Model X but nearly $50,000 higher than the Model 3 Rear-Wheel Drive. But its insurance costs are only slightly higher than the Model 3’s, with average quotes ranging from $107 to $342 per month.
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| Hugo | $107 |
| USAA | $146 |
| State Farm | $161 |
| GEICO | $167 |
| Nationwide | $185 |
| Allstate | $200 |
| Progressive | $237 |
| American Family | $255 |
| Liberty Mutual | $256 |
| Direct Auto | $286 |
| Travelers | $294 |
| Farmers | $342 |
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.
Tesla Model X
Tesla’s premium model, the Model X, is offered in a Standard and Plaid option. Both have about the same mileage range and come with Tesla’s most spacious cargo capacity, at 88 cubic feet.
The Standard can fit seven passengers and costs $65,990, while the Plaid only fits six people and has an MSRP of $88,490 (the same price as the Model X Plaid).
Insurance costs are a bit higher than for the Model S, with averages ranging from $121 to $388 per month.
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| Hugo | $121 |
| USAA | $166 |
| State Farm | $183 |
| GEICO | $190 |
| Nationwide | $210 |
| Allstate | $227 |
| Progressive | $268 |
| American Family | $289 |
| Liberty Mutual | $290 |
| Direct Auto | $325 |
| Travelers | $333 |
| Farmers | $388 |
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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Best companies for Tesla car insurance
Insurance for electric vehicles, like Tesla vehicles, typically has a higher cost than gas-powered vehicles. But some insurers, like USAA, offer EV battery coverage, which helps cover the cost to repair or replace a battery.
Choosing the best Tesla car insurance depends on many factors, including your budget, the type of coverage you need, your age, your credit history, your driving record, your marital status, and your location. When shopping around for insurers to cover your Tesla, it’s also smart to look for insurance companies with high customer satisfaction ratings and lower-than-average car insurance costs.
Here’s a closer look at Insurify’s top picks for the best companies for Tesla car insurance.
Best insurer for safe drivers: Nationwide
| User Reviews | 4.4 |
|---|---|
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.7 /10 |
| Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. | $83/mo |
| Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. | $182/mo |
4.4
Best choiceBased on 782 verified guest reviews and ratings
How drivers feel about Nationwide
Drivers appreciate the excellent coverage, reliable claims process, and good initial rates but dislike the frequent price increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Usage-based savings
Accident forgiveness
Recreational vehicle coverage
How drivers feel about Nationwide
Drivers appreciate the excellent coverage, reliable claims process, and good initial rates but dislike the frequent price increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Usage-based savings
Accident forgiveness
Recreational vehicle coverage
Reviews (441)
Richard
November 7, 2024
Verified Review
Excellent Company
Nationwide appears to be an excellent company. I have recommended this company to several of my friends. My daughter and her husband have also taken out policies and are very satisfied with this company. Thank you.
Irene
November 4, 2024
Verified Review
Sorry to be leaving you, Nationwide.
I used Nationwide for 32 years. I understand that insurance prices are going up, however, due to my limited income, I can no longer afford to stay with Nationwide.
Sara
November 1, 2024
Verified Review
Very Good!
The customer service is very good. They explain things well and make it easy to understand.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.64A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A+Why we picked this company
Nationwide Private Client is a special type of insurance that covers high-value vehicles, including some Tesla models. In addition to liability, collision, and comprehensive, Nationwide provides optional coverages, such as towing and labor, rental car, and gap. The company also offers accident forgiveness and a vanishing deductible that lowers your deductible for each year you drive safely.
Pros
Offers 24/7 roadside assistance coverage add-on
SmartRide (for safe drivers) and SmartMiles (for low-mileage drivers)
Accident forgiveness available
Cons
Below-average customer satisfaction scores from J.D. Power
Some discounts and programs not available in all states
Not available in every state
Best insurer for military members, veterans, and their families: USAA
| User Reviews | 4.9 |
|---|---|
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 9.4 /10 |
| Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. | $45/mo |
| Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. | $99/mo |
4.9
Best choiceBased on 1602 verified guest reviews and ratings
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
Reviews (914)
Gloria
November 15, 2024
Verified Review
Not Good for Claims
I have storm damage and the claim process is not satisfactory.
Martin
November 11, 2024
Verified Review
Price Shopping
I have been with USAA for over 60 years. Obviously, I've been very happy. Since I don't drive very far, I have been seeing advertisements for lower prices. However, I have no plans of leaving USAA.
Rena Sabine
November 8, 2024
Verified Review
Disappointing and inflexible service
My experience with this company has been disappointing, especially this second time around. I would suggest considering other options. From my recent interactions, they have been dismissive and argumentative. I have already started finalizing my next premium with another company. I'm perplexed as to how they receive praise when they treat clients in this manner.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
880NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
1.35A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++Why we picked this company
USAA offers auto insurance to cover electric and hybrid vehicles — including protection for your battery. In business for more than 100 years, USAA exclusively serves members of the military and their immediate families. The company offers multiple types of insurance products, as well as banking, investing, and retirement services. Auto insurance customers have access to a number of discounts, including for bundling, insuring multiple vehicles, living on a military base, and more.
Pros
High customer satisfaction
Low premiums
SafePilot program rewards good driving with up to 30% discount
Cons
Only available to active-duty military, veterans, military spouses, or children of service members or veterans
No 24/7 customer phone support
Customer reviews are mixed for service and claims processing
Best insurer for overall customer satisfaction: State Farm
| User Reviews | 4.2 |
|---|---|
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 9.3 /10 |
| Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. | $54/mo |
| Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. | $119/mo |
4.2
Best choiceBased on 9037 verified guest reviews and ratings
How drivers feel about State Farm
Drivers appreciate the helpful local agents and initial service but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Customer service
Competitive rates
Discounts for safe drivers
How drivers feel about State Farm
Drivers appreciate the helpful local agents and initial service but dislike the high prices and frequent rate increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Customer service
Competitive rates
Discounts for safe drivers
Reviews (4,970)
Charles
November 19, 2024
Verified Review
New Car Price
State Farm is preferred due to its loyalty and pricing. Despite my vehicle being 20 years old, the policy is priced as if it were 2 years old.
Ronald
November 19, 2024
Verified Review
State Farm Experience: 35 Years+
They are forcing me to replace my house roof or they will cancel my policy.
David
November 19, 2024
Verified Review
Too expensive
It's too expensive. They raise rates every six months, even though I've never filed a claim.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.78A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++Why we picked this company
State Farm’s policies cover electric vehicles, including emergency road service when you run out of battery power or break down. Most policies also cover damage to your car charging equipment caused by a covered loss. State Farm has been in business for more than 100 years and today sells auto and other vehicle insurance, homeowners, life, health, pet, disability, and small-business insurance. Available in all 50 states, State Farm car insurance policies offer multiple ways to save, from customizing coverage types to a robust list of discounts.
Pros
High rates of customer satisfaction
Rideshare insurance available
Savings for bundling auto with home, renters, condo, or life insurance
Cons
No gap insurance offering
May not be the cheapest choice for drivers with violations
Accident forgiveness limited to longtime customers with clean driving records
How Tesla insurance works
If you’re already a Tesla owner, you may be able to insure your Tesla (as well as other non-Tesla vehicles) through Tesla Insurance. While Tesla Insurance offers comprehensive coverage and claim management, you have to live in a state where it’s available. These states are Arizona, California (with certain conditions), Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah, and Virginia.
Tesla Insurance is usage-based and uses built-in technology to track your real-time driving behavior and calculate your monthly premium. While your driving habit data is the primary factor in determining what you’ll pay, Tesla also considers how much you drive, where you live, the type of coverage selected, and the vehicle’s Safety Score.
Certain factors, including hard braking, aggressive turning, late-night driving, and following other vehicles at an unsafe distance, affect your Safety Score. The higher your score, the more you can save.
Signing up for Tesla Insurance only takes a minute and can be done right through the Tesla app. You need to enter some personal information to apply, like your driver’s license number, address, and date of birth.
You can also add more drivers and vehicles to your policy during sign-up. Once you’ve completed your registration, you’ll be able to access your insurance documents and make claims using the Tesla app.
Tesla car insurance FAQs
Shopping around for a Tesla car insurance quote can help you find the best options, rates, and plan. Here’s some additional information to help you learn a bit more about insuring your Tesla.
Which company has the cheapest Tesla insurance?
Rates can fluctuate for Tesla drivers, but Hugo, USAA, and State Farm have some of the cheapest car insurance rates for your Tesla. Other insurance companies offering lower-than-average rates include GEICO, Nationwide, and Progressive.
Are Teslas expensive to insure?
Electric cars, including Teslas, can be more expensive than the average cost of car insurance for traditional cars. But drivers of eco-friendly cars may be able to make up some of the cost through insurance discounts and tax breaks — bringing the rates closer to average car insurance costs.
How much is insurance on a Tesla Model 3?
Insurance on a Tesla Model 3 ranges from $98 to $236 per month, depending on the car insurance company and coverage options you choose. For example, USAA quotes average $134 per month, while insurance from Travelers will potentially cost you $270 per month.
When will Tesla Insurance be available in my state?
Tesla Insurance is available only in Arizona, California (with certain conditions), Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah, and Virginia at this time. The company says it’s adding more states in the near future.
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
- 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
- Yahoo Finance. "Tesla 3Q sales rise 27% but fall short of expectations due softening demand and factory downtime."
- Tesla. "Tesla Insurance."
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Sarah Archambault
Sarah Archambault enjoys helping people figure out how to manage their finances and credit. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans. Her work has been featured on Credit Karma, Experian, LendingClub, Sound Dollar and USA Today Blueprint. She also writes for national insurers, banks and financial institutions like Aetna, MassMutual, Stripe, and UnitedHealthcare.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
Featured in