Average Cost To Insure A Tesla In Every State
There are some states where its cheaper to insure a Tesla than others. While the average cost of insurance for a Tesla is $239 per month, in North Carolina it costs an average of just $129 a month to insure a Tesla.
If youre finding that insurance for a Tesla is too expensive where you live, we recommend comparing insurance quotes from more than one company before you buy a policy.
Full-coverage car insurance rates for a Tesla.
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How Can I Get Cheap Tesla Insurance
The best ways to get cheap Tesla insurance are to compare quotes from multiple companies when shopping for a policy and to see if youre eligible for any discounts.
Regarding that second option, most auto insurance companies offer discounts to people who own and drive electric or otherwise eco-friendly cars. If you qualify, it could lower your policy premium significantly.
Why Are Teslas So Expensive To Insure
Tesla cars are expensive to insure because they are expensive to buy and repair. Teslas have especially high collision coverage costs due to their high repair and maintenance costs, which are more expensive than other luxury vehicles or EVs.
- Teslas can only be repaired at Tesla-approved body repair shops. The training and equipment to become qualified means significantly higher costs.
- Electric cars are more expensive to repair and insure because they feature more expensive equipment and technology.
- Teslas have a higher battery range than other EVs, so they tend to rack up more miles. More driving time means higher crash risks.
- The Model S aluminum frame is more expensive and difficult to repair than a steel frame.
That’s why the cost to repair a Tesla, even for a minor fender bender, can easily reach several thousand dollars. And as the cars integrate more custom parts and technology, the cost per collision may continue to rise.
Though autopilot technology built into Tesla cars aims to reduce crashes, quotes for a Tesla also factor in the cost of replacing all that high-end tech after a crash.
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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|
Car Insurance For Tesla Model X
The Tesla Model X has the most expensive base price of any Tesla Model. However, the average cost of full coverage auto insurance for Tesla Model X is lower than the Model S average, which may be due to the fact that the Model X is an SUV and is less likely to be used for speed than the Model S.
|Tesla Model X car insurance||Average annual premium|
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How Much Is Car Insurance For A Tesla
Auto insurance for a Tesla, like any other vehicle, varies depending on your driving record, desired coverage, and where you live. Also taken into consideration for Tesla insurance is the particular model covered, as rates differ for each.
As of October 2021, the average cost of Tesla insurance is $4,548 annually.
Looking at Teslas unique models, each costs a different amount per year to insure. Starting with the Model Y crossover, Tesla insurance steadily increases with the Model 3, Model X, and Model S.
A Tesla Model Y costs $3,087 per year to insure.
The Tesla Model 3 has an annual insurance rate of $3,655.
The yearly insurance for a Tesla Model S runs $4,852.
Topping the list is the Tesla Model X, with a yearlong insurance price of $5,119.
Another factor to take into account on Tesla car insurance is different trims mean different prices.
One trim level of a particular Tesla model can cost significantly more than another, causing an insurance company to subsequently raise rates due to the cost of repairs or replacement.
As an illustration, the Tesla Model S in 75D trim costs around $50,000 less than one in the P100D trim, representing substantially lower costs to insurance carriers in the event of mechanical issues or a totaled vehicle.
How Much Does Tesla Model Y Insurance Cost
Minimum-coverage auto insurance for a Tesla Model Y costs $912 per year, or $76 per month, our data shows.
For a full-coverage policy, Tesla Model Y insurance costs an average of $4,229 per year, or $352 per month.
Cheapest and most expensive Tesla insurance
Based on our research:
- Tesla Model S is the cheapest for minimum-coverage car insurance.
- Tesla Model Y is the most expensive for minimum coverage.
- Tesla Model 3 is the cheapest for full-coverage car insurance.
- Tesla Model X is the most expensive for full coverage.
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What Coverage You Have
Your premium will vary based on what coverages you select and what level of coverage you choose. Other than liability coverages including Bodily Injury and Property Damage, which are required by law, you have the option to select additional coverages. The more coverages you have, the higher your premium will be. For each coverage, the higher your limit or the lower your deductible, the higher your premium will be.
Tesla Model 3 Insurance And Financing
Tesla offers its own insurance policies that use existing technology in its vehicles to track driving data. Currently, this usage-based Tesla insurance product is available in 11 states:
- How many vehicles are insured
- Coverage choices beyond liability coverages
Tesla Model 3 Credit Requirements
You can finance a Tesla Model 3 for between 36 and 72 months through Teslas own lending options. Although the company doesnt list a minimum credit score, youll need a score of 720 or above to qualify for the lowest annual percentage rate financing. Financing through Tesla is available to customers in 27 states.
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How To Get Tesla Insurance With Waycom
It isquite simple to geta Tesla insurance quote via Way! Visit our website and compare the quotes from various insurers. The best way is to buy the cheapest Tesla auto insurance policy from insurers that offer it. Do you still have doubts about how can you get a Tesla insurance quote?Then, get in touch with our Way.com agents. They will help you find out the best policy for you at the cheapest rate!
Cost Of Insurance For A Tesla Model 3 Based On Driver Age
The cheapest driver age for insuring a Tesla Model 3 is age 60, according to Forbes Advisors analysis of rates.
Between the age of 30 to 40, women and men pay roughly the same for Model 3 insurance. For example, 40-year-old women drivers pay an average of only $9 less per year than 40-year-old men.
The most expensive driver age to insure a Model 3 is age 20 and under. Gender is also a price factor for this age group. For example, 20-year-old women drivers pay an average of $764 per year less than 20-year-old men.
Insurers look at many factors when determining your car insurance rate. That includes your driving record, the type of car, where you live, personal versus business use of the car, annual mileage, your past claims, a credit-based insurance score , any recent lapse in auto insurance coverage and the type and amount of insurance coverage chosen.
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The Cheapest Companies For Tesla Insurance
Though Tesla insurance costs a premium compared to most cars, you can save on your rates if you shop around with different car insurance companies.
However, while one company may offer the lowest rate on a particular Tesla model, another could beat them on a different one. Geico has the lowest rate for a Tesla Model 3, but when it comes to premium costs on a Model X, Progressive wins.
Like with any car, Tesla insurance varies depending on several factors like the state you live in, the unique model and trim level, and your driving history.
In California, the cost for Tesla insurance covers a wide range, going all the way from $2,363 per year with Progressive to $7,625 with Mercury. In between those two are companies like State Farm, Geico, and Allstate.
In Texas, Tesla insurance costs still differ greatly depending on the provider. However, in Texas, Tesla has partnered with Redpoint to sell insurance directly to consumers, resulting in an economical rate of $1,795 per year, beating out many major insurance carriers. This cost is 61 percent less than the average rate charged by major insurers in the state.
Because Tesla uses data gleaned from owners driving habits, you could save more if you stay easy and safe out on the road.
Is Tesla Insurance Worth The Price
If youre considering buying one, you may be asking yourself, is a Tesla worth it? The cheapest car, the Tesla Model 3, starts at $42,690.
In addition to their purchase price, car insurance costs for Teslas are greater than that of other vehicles. On average, it can cost more than double to insure a Tesla than a standard gas-powered car.
Fortunately, Tesla now offers its own insurance for its high-tech electric vehicles. Well look at whether Teslas Insurance is worth it and what other car insurance options might be better for your needs and budget.
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Tesla Insurance: Where Its Offered And Why Tesla
At the moment, youre not going to get insurance for your Tesla in all 50 states. This is a relatively new program that launched in August of 2019, and as of publication of this article , its only available in California. That may seem like a major issue, but Tesla sells 45% of its vehicles in the Golden State. Its a huge market opportunity and a great test case for rolling out its own insurance plan.
According to the Tesla Insurance landing page, Tesla Insurance is a competitively priced insurance offering designed to provide Tesla vehicle owners with up to 20% lower rates, and in some cases, as much as 30%.
Aside from that potential cost savings, why would you want Tesla Insurance? The company attempts to answer that in its marketing:
Tesla uniquely understands its vehicles, technology, safety, and repair costs, and eliminates fees taken by traditional insurance carriers. Tesla Insurance pricing is reflective of Tesla’s active safety and advanced driver assistance features, which comes standard on all new Tesla vehicles.
Tesla also famously knows a lot about its drivers and its cars because it collects a ton of data, and uses it frequently. One would think it would be utilizing that data as a means of delivering some kind of usage-based insurance product like Progressives Snapshot, but thats not the case. To quote Teslas marketing materials:
How Much Is Insurance On A Tesla By State
In addition to the cost of the vehicle and repair costs, insurers consider a variety of your personal factors. Everything from your driving record, credit score, age, marital status and claim history will all be considered.
One other factor insurers consider is the location of the vehicle. The cost to insure a car can vary by state, city and even neighborhood. In addition, your insurance premium will be lower if you keep the car in a garage and off the street at night.
Insure.com ran the numbers to see which states are the least and most expensive when it comes to insuring a Tesla. The numbers reflect the shocking differences in premiums by both state and Tesla model. While you can insure a Model Y for a mere $1,195 in New Hampshire, covering a Model S in Michigan will set you back a cool $8,032 a year.
How much does it cost to insure a Tesla in your state? You can use our Tesla insurance cost by state calculator to find out the car insurance rate in your state for your specific Tesla model.
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Auto Insurance Data Methodology
The auto insurance rates published in this guide are based on the results of research completed by Way.coms data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only your own quotes will differ. Given this, its important to go through our insurance steps form to find how much you can save with way.com
How Many Vehicles You Insure
If you insure more than one vehicle with Tesla Insurance, you will get a 12% discount on your policy.
- How does Tesla Real-Time Insurance pricing differ from traditional insurance?
Different from most traditional insurance products, Tesla Real-Time Insurance removes the following variables that would otherwise impact your premium:
- We believe your price should be determined by how you drive, not who you are.
- Accident/Violation HistoryWe believe your price should be determined by how you drive now. We do not increase your premium due to an incident regardless of whether it happens before or after you sign up for Tesla Insurance.
Your premium will change in one of three circumstances:
*Safety Score changes will not be capped in all states.
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How Much Does Insurance Cost On A 2021 Tesla Model 3
Average auto insurance rates for a 2021 Tesla Model 3 are $1,672 per year, or around $139 per month. Rates range from $1,522 per year for the Model 3 Standard Range AWD to $1,842 for the Model 3 Performance AWD.
|2021 Tesla Model 3 Trim Level||Annual Rate|
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Companies That Offer Insurance For Tesla Vehicles
Tesla California is currently the only state where Tesla is offering their own car insurance product, and as a Tesla owner in the state you should at least consider them. Consistent with Teslas general model of direct to consumer, the only way you can get their insurance is by calling Tesla directly. Tesla claims that their rates are 20-30% lower than their competitors, but they do not provide evidence on their site to support these claims. Nevertheless, if you want to receive a quote, you can call 1-844-344-TESLA to speak with one of their licensed insurance agents. Anecdotal reports indicate some drivers are receiving large savings with them.
Geico, along with Progressive, was one of the first insurance companies to embrace low cost car insurance purchased online, and today they are the second largest auto insurer in the US. It stands to reason that they would also be one of the insurance companies to turn to when looking to insure a newer technology vehicle like a Tesla. It should be noted that reports from owners indicate that as of 2019, GEICO appears to have increased rates for insuring Teslas.
Note that as of April 2020, due to the Coronavirus pandemic, GEICO is offering a 15% discount on all policies.
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Who Has The Best Cheap Insurance For My Tesla Model 3
- Cheapest Large Insurance Carrier: Progressive. In the quotes we looked at, Progressive came in as the number one price leader.
- Best Insurance in All 50 States: GEICO or Progressive. Either of these two insurance behemoths is going to be competitively priced, and its also going to be able to offer its services in all 50 states.
- Best Service: State Farm. State Farm not only offers competitive prices, but it has a captive agent network. When you talk to anyone from State Farm, youre talking to someone who actually works for that company, not some schmoe who sells insurance along with knife sharpening services.
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How Does A Safety Score Work
In general, Tesla’s Safety Score functions similarly to other telematics vehicle insurance. It tracks your driving habits and assigns a score ranging from 0 to 100, with most drivers obtaining an 80 or higher. Your Safety Score is calculated daily, and a weighted average based on driving time is calculated over the last 30 days. But, unlike many other telematics systems, Tesla is particular about what makes your score fall.
- Unsafe following time
- Number of instances of forced autopilot disengagement
- Aggressive turning
- Forward collision warnings
|Range of Safety Score|
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