Cost of Tesla Car Insurance (2024)

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]

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.

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.

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.

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.

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.

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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

Best insurer for military members, veterans, and their families: USAA

Best insurer for overall customer satisfaction: State Farm

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