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Best Insurance For Tesla Model Y

Tesla Model 3 Vs Bmw 3 Series Insurance Costs


Let’s start with some 3 on 3. The entry-level Model 3 is the Standard Range Plus model, which costs $2,114 to insure on average. BMW’s equivalent is the 330i, which costs the exact same $2,114 to insure. How to choose, then? Performance is similar the Tesla takes 5.0 seconds to hit 60 mph and the BMW needs 5.4. Starting price for both is right around $40,000. This Model 3 can cover 263 miles on a charge, while the 3 Series can cover about 200 additional miles on one tank of fuel. Of course, the BMW is far less efficient at 26/36 mpg city/highway to the Tesla’s 150/133 mpg-e.

Next up is the Model 3 Long Range, which costs $2,351 annually to insure. As its name suggests, this model’s driving range is much longer, at an EPA-rated 353 miles. Starting price is around $50,000, and 0-60 mph takes 4.0 seconds. Meanwhile, the comparable BMW M340i costs $2,392 to insure. The M340i’s 0-60 time is 4.2 seconds, and its starting price is about $54,500.

The range-topping Model 3 Performance costs $2,307 annually to insure. It can cover 315 miles on a charge, and its 0-60 time is just over 3.0 seconds. Prices start at about $58,000. Only the mighty M3, which costs $2,749 to insure annually, has a chance at keeping up. It takes 3.5 seconds to hit 60 mph in Competition spec. Given its starting price of just under $70,000, the M3 makes the Model 3 Performance seem like a value.

Model 3 vs. 3 Series insurance cost winner: Tesla

Ways To Save On Tesla Model Y Insurance

Save more on your Tesla Model Y car insurance rates. Take a look at the following five strategies that will get you the best Tesla Model Y auto insurance rates possible.

  • Get cheaper Tesla Model Y car insurance rates as a full-time parent
  • Check the odometer on your Tesla Model Y
  • Take public transit instead of driving your Tesla Model Y
  • Reduce your coverage on an older Tesla Model Y
  • Buy a Tesla Model Y with an anti-theft device

Auto Insurance Quotes & Facts Regarding Your Tesla Model Y

  • The average monthly payment to insure the Tesla Model Y is $94 a month for standard coverage and $26 a month for minimum coverage.
  • The lowest cost of insurance is offered by: GEICO
  • The Tesla Model Y that has the lowest price to insure is the: 2020 Tesla Model Y with an average standard coverage insurance price of $94 a month.
  • The Tesla Model Y that is most expensive to insure is the: 2021 Tesla Model Y with an average standard coverage insurance price of $95 a month.

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Tesla Insurance Rates By State

Insurance.coms 2022 study found that Washington is the most expensive state to insure a Tesla Model 3, at an average rate of $3,575 a year. The cheapest state to insure a Tesla Model 3 is Maine, with an average rate of $1,827 a year. Take a look at how your state ranks for all Tesla models below.

Average annual rate

Special Coverages Available From Tesla Insurance


All Tesla insurance packages come with a Vehicle Automation Package that includes the following:

  • Autonomous vehicle liability: This insures you against damage to property or bodily injury as a result of a collision when your vehicle is in autonomous vehicle mode to the same limits of liability as when you’re driving.
  • Cyber identity fraud expense: This covers you against digital identity fraud. Coverage is limited to $15,000 per occurrence and $30,000 per insurance period.
  • Wall charger coverage: This covers your manufacturer-issued electrical power charger if it gets damaged or lost. This coverage is limited to $3000 and doesn’t cover damage that you caused or a factory defect.
  • Electronic key replacement: This covers the loss of your electronic car keys, up to $500 for two incidents in each insurance period.
  • Loan/lease gap coverage: This protects you in case your car is stolen or damaged. It will pay the balance of your car lease or loan, based on the value of your car.
  • Recommended Reading: What Is The Best Car Insurance Company

    Car Insurance For Tesla Model 3

    Teslas are expensive, luxury vehicles, and as a result, Tesla Model 3 drivers pay an average of $609 more than the national average for full coverage insurance. However, the Model 3 is the cheapest Tesla model, and has the cheapest average insurance rates of any Tesla model on our list.

    Tesla Model 3 car insurance Average annual premium

    The Best Car Insurance Company For Atesla Model Y

    You should ideally look beyond cost when selecting an insurer for your Tesla Model Y. MoneyGeek analyzed companies based on factors such as financial stability, customer satisfaction, affordability and customer complaints, and found that USAA is the **best car insurance provider** for this model. However, it serves only veterans, current military members and their families.

    The next-best option for the Tesla Model Y is Progressive, which has a lower average premium than USAA while ranking competitively in the other criteria.

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    What Details Are Needed To Begin Comparing With Insuro

    To compare quotes for your Tesla Model Y, there are a number of details that are helpful in ensuring that you receive quotes that are as accurate as possible. Amongst others, you will need the following important details to ensure that your cover is as tailored as possible:

    • Registration Number or specific model details
    • Your Tesla Model Ys value
    • Modification details, if required

    How Do I Compare Insurance For The Model Y

    2021 Tesla Model Y driver-side small overlap IIHS crash test

    Expect a standard premium to match this Teslas standard theft rate, coverage and insurer choices. Factors that play into this premium:

    Does the Tesla Model Y qualify for discounts?

    This big-name electric delivers on savings for safety. Features that might qualify for discounts:

    Why is insurance so expensive for the Model Y?

    The main factors for this models above-average premium include:

    • Luxury status. The Model Y is a luxury car, and that means you may need broad luxury coverage to match.
    • Electric car parts. Electrics come with high-tech features, batteries and car parts that stray from the norm, leading to more expensive repairs.
    • High ticket price. Because insurers have more value to cover, youll have more premium to pay.

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    How Much Does Tesla Car Insurance Cost

    Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

    The high cost of a Tesla doesnt stop at its price tag. Insurance for a Tesla tends to be significantly more expensive than that of other popular vehicles, despite high safety ratings.

    Still, rates can vary drastically, even among different Tesla models. Below are the average annual insurance rates by Tesla model, ranked from cheapest to most expensive:

    These rates are for full coverage insurance for good drivers with good credit.

    But these are just averages. Your rate will vary based on variables like location and insurance company. To get a better idea of what to expect, NerdWallet checked full coverage insurance rates from the nations largest auto insurers on the lowest-priced Tesla, the Model 3, in every state. Heres what we found.

    Tesla Model S Vs Bmw 7 Series Insurance Costs

    The Tesla that put the brand on the map is the Model S. This full-size luxury sedan starts with the Long Range model, which costs $3,673 on average in annual insurance. It needs about 4.0 seconds to accelerate to 60 mph and can cover 412 miles on a charge. Prices start at around $81,000. BMW’s competitor is the 7 Series, for which the 740i is the entry-level model. It’s less expensive to insure at $3,078 but trails elsewhere prices start at nearly $87,000, 0-60 mph takes about 5.3 seconds, and fuel economy is 22/29 mpg. It doesn’t look as good, either.

    Drivers seeking speed should check out the Model S Plaid. Average insurance costs are $4,143, making it one of the most expensive cars to insure. But it’s also the quickestacceleration to 60 mph falls to 2.1 seconds. It starts at about $131,000 and can cover 315 miles on a charge. In that bracket, BMW has two options: the Alpina B7 and V-12-powered M760i. They cost $3,607 and $3,914 to insure, respectively, and hit 60 mph in about 3.5 seconds. They’re more expensive, with the B7 starting around $143,000 and the M760i commanding some $158,000. Fuel economy? If you insistthe B7 gets 17/24 mpg, and the M760i gets 13/20 mpg.

    For those torn between all-electric and conventional power, the 745e could provide a solution. This plug-in hybrid 7 Series costs $3,274 on average to insure and provides about 17 miles of range on a charge. Even if you don’t go plug-in, the BMW is the clear winner here in insurance costs.

    Recommended Reading: How To Get Therapy Without Insurance

    Model Y Updates: More Range More Tech More Money

    Tesla recently announced a small range increase for the Model Y. The updated figures have the Long Range all-wheel drive base version at 330 miles of combined city and highway driving with the 19 gemini wheels, up from 326 miles. This continues to be the all-electric crossover with the longest range on the market.

    The Long Range base trim is listed for $67,190 . Upgrading to the 20 induction wheels lowers range to 318 miles. The Performance variant gets 303 miles of range.

    All new Model Ys can charge at up to 250 kW, which translates to adding 200 miles of range in just 15 minutes at a Tesla Supercharger. Theres now one more free paint option. Both pearl white multicoat and midnight silver metallic are available at no additional cost. Teslas controversial and unfinished Full Self-Driving is unlocked for $10,000 . All in all, a fully-loaded red Model Y Performance with FSD will cost a grand total of $87,190 before taxes.

    How Much It Costs To Insure Atesla Model Y For 16

    Enter Now to Win a 2021 Tesla Model Y! â Charleston Animal Society

    Younger drivers are relatively inexperienced. As a result, they pay higher insurance rates for almost all car models. For the Tesla Model Y, an 18-year-old driver pays an average of $9,394, compared to $2,878 for a 40-year-old driver. To save money, young drivers can stay on their parents policy rather than buying their own auto insurance coverage.

    You can find car insurance costs for young drivers aged 1625 below.

    The Average Cost to Insure aTesla Model Y by Driver Age

    Scroll for more

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    Compare Car Insurance For Tesla Model Y With Insuro

    At Insuro, we are proud to compare over 100 providers that range from the most popular in the industry to specialist companies offering incredible deals for Tesla Model Y drivers. By shopping around the large range of insurers available at Insuro, you may be surprised by the savings that could be made on your Tesla Model Y cover. If you would like to get in touch about any questions you may have about using our comparison tool or your quote received, send us an email to or give us a call by finding the appropriate number on the Insuro contact page.

    Cost Of Insurance For A Tesla Model Y Based On Driver Age

    The cheapest age for insuring a Tesla Model Y is 60, according to a Forbes Advisor analysis of rates.

    Women and men age 30 to 70 pay about the same amount to insure a Tesla Model Y. For example, 40-year-old women pay only $12 less per year than 40-year-old men.

    The most expensive age to insure a Tesla Model Y is age 20 and under. Gender is also cost factor for young drivers. A 20-year-old female driver may pay nearly $800 less per year to insure a Model Y compared to a 20-year-old male.

    Driver age
    Age 80 $3,000

    There are several factors that go into determining your car insurance rate. These include your driving record, your garaging address , annual mileage, a credit-based insurance score , your past claims, the type of car, any recent lapse in car insurance coverage and the type and amount of insurance coverage chosen.

    Related: 9 Factors That Affect Your Car Insurance Rates

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    Repair/parts Wait Times In Australia

    AAMI is best because they offer unlimited car hire of equal type.Remember your Tesla is likely to be a loooong time in the panel shop waiting for parts

    mrpseudonym said:if this is your first tesla welcome to the worst part of the ownership experience. After 8 years of ownership insurance renewal is still the most problematic aspect. Despite no demerits, no claims etc. Premiums vary wildly. Sometimes insurers just stop wanting to insure teslas. NSW based, but Comminsure was the best for me this year.

    Receive Quotes In Minutes

    My HONEST Tesla Model Y Review After 6 Months (TRUE COST OF OWNERSHIP)

    To begin comparing our wide range of insurance companies, simply fill in our form below with your details and retrieve quotes within minutes. Over 75% of our customers are able save when using our comparison tool and more than half are able to pay less than £350 on their insurance.

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    Does Tesla Offer Good Insurance

    The Tesla Insurance program could be a useful option for some drivers. If you are eligible for coverage, you could save 20% to 30% on your insurance premiums. No one knows its cars better than Tesla, so the automaker is better able to handle any claims and repairs than other companies.

    Tesla Insurance is only available in a few states, however, so most Tesla drivers wont be able to get coverage.

    Car Insurance For Teslas

    Like any other car, Teslas also need car insurance. Due to this car’s high-tech nature, you’ll need to purchase additional coverage for it. Insuring your Tesla will protect you against liability in the case of an accident with another vehicle, pedestrian, or public or private property. The proper type of insurance will also cover damage to your car.

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    Tesla Insurance Vs Traditional Car Insurance

    Your personal auto policy offers you a vast range of protection, like primary liability coverage, collisions coverage, uninsured/underinsured motorist coverage, medical payments coverage, and comprehensive coverage. Both Teslas and traditional cars need the protection that the usual car insurance provides, but Teslas need more.

    Traditional car insurance is designed with one goal in mindto keep the car and its driver financially secure after getting in an accident on the road. Unfortunately, it doesnt take into account Teslas software, which is vulnerable to cyber hacks.

    Tesla insurance bundles all of the coverage mentioned above with a vehicle automation package specifically designed for tackling an EVs vulnerabilities.

    Car Insurance For Tesla Model S

    Tesla Model Y earns the highest IIHS safety rating

    The Tesla Model S is the most expensive Tesla to insure on our list, despite receiving a safety grade of superior from the Insurance Institute for Highway Safety . High insurance rates are likely due to the vehicles high-tech parts, which are typically costly to repair.

    Tesla Model S car insurance Average annual premium

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    How To Save On Tesla Insurance

    If you’re looking to reduce your Tesla insurance cost, there are a few things you can do. Even though a Tesla is a special car, you can still shop around and compare rates.

    Be sure to get quotes from at least three insurance companies. Rates vary quite a bit. For a Tesla Model 3 Long Range, for example, Insurance.coms 2022 study found rates ranging from $1,494 at State Farm to $4,563 at Allstate.

    And dont forget to compare the Tesla insurance program if its offered in your state.

    You can also save in the same way you would with any car insurance policy, by:

    • Bundling your home and auto together
    • Asking about discounts, like good driver or paperless billing
    • Raise your deductible

    The Best Car Insurance Company For A Tesla Model Y

    How can you find the best insurance for Tesla Model Y? When choosing an insurer for your car, you should ideally consider factors other than price alone. For instance, you must consider customer satisfaction, financial stability, pricing, claims payout, and consumer complaints ratio. Our research found that USAA is the best insurer considering all these factors.

    If you don’t qualify for USAA, Progressive is the next-best choice for the Tesla Model Y. Though it slightly falls short in some actors, their affordable pricing makes it a great choice!


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    Find The Best Tesla Insurance For Your Needs

    Whether you drive a sporty Tesla Model 3 or you cant wait to get your hands on a Roadster, finding the right rates for your car insurance is crucial if you want to save money.

    One benefit of owning an electric car is that you do not have to buy gas. To capitalize on gas savings, you should find the best insurance rates possible.

    If youre ready to compare the best car insurance companies for Tesla cars, enter your ZIP code into our free tool today.


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