Compare Tesla Car Insurance Rates

Looking for car insurance for your Tesla? You’ve come to the right place. Check out our latest guide below on everything you need to know about car insurance for Tesla cars and SUVs.

by Nick Versaw Updated March 30th, 2022

Tesla was founded in 2003 and has since established itself as a premiere electric vehicle manufacturer. The company was designed to create electric vehicles without compromises; the goal was to make them not only better and faster than traditional vehicles, but also more enjoyable to drive. Tesla now manufactures both all-electric vehicles and clean energy products, supporting the transition away from fossil fuels and toward a more environmentally-friendly future. 

Tesla manufactures vehicles in its Fremont, California facility, as well as in Shanghai, China. The manufacturer is known for vehicles like its Model S and Model 3. These cars come fully equipped with luxury components and technology that contributes to an enjoyable, safe ride. 

Whether you already own a Tesla and are looking to save on car insurance or are thinking of buying your first Tesla, understanding average Tesla car insurance rates can help you find a good deal.

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Model 3

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Model S

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Model X

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Model Y

Cost of Tesla Insurance

It costs an average of $106 per month to insure a vehicle in the United States. Tesla car insurance averages $202 per month, which is a 90% increase over the average cost to insure any vehicle. 

Tesla vehicles have a higher value than your average car, and that value drives up their insurance premium. Tesla vehicles are luxury and therefore more expensive for an insurance company to repair or replace after an accident. As a result, your insurance company needs to charge you more to make up for the increased costs they could face if you ever need to make a claim. 

While Teslas are made in California so replacement parts don’t have to be imported, those parts are more expensive than replacement parts for your average vehicle. Since Teslas contain advanced technology and systems, the cost to repair them can be quite high. That higher cost results in higher insurance premiums as well. 

Tesla Car Insurance Rates by Model

Teslas are expensive luxury vehicles, but the value of your car will depend on the model and trim level that you have. A model with a lower value will cost less to insure than a more expensive, higher-end model with add-ons and a more expensive trim level. 

If you’re considering buying a Tesla, you might want to check out the average insurance premiums for some of its most popular models. Understanding which models and trim levels are most expensive to insure might factor into your decision-making when you’re ready to buy a car. 

Tesla Model 3 

The sporty and sleek Tesla Model 3 is an eco-friendly car suitable for commuters and small families. The 2022 Model 3 is available in three trims, and this sedan has been manufactured since 2017. With an MSRP ranging from $46,990 to $61,990, this is a luxury vehicle, and insuring it costs an average of $209 per month.

Model S

The Tesla Model S has been manufactured since 2012. This luxury hatchback is eco-friendly and perfect for commuters. The 2022 Model S is available in a Long Range and Plaid Trim, ranging from $99,990 to $135,990. Plan to spend about $173 per month to insure the Model S. 

Tesla offers additional vehicle models. If you want a quote for your specific Tesla or the one you’re considering purchasing, Compare.com makes it easy. With Compare.com, you just have to fill out a single quote request form, which takes about five minutes. Then, you’ll receive personalized car insurance quotes from up to 65 insurance top companies so you can find the best coverage for your needs. 

Tesla Car Insurance Rates by Insurance Company

While the model of your Tesla is one variable that will affect your insurance premiums, you’ll also find that premiums change depending on the car insurance company you choose. Every insurance company uses its own algorithm to calculate your rates, so you’ll often receive different quotes for the same car depending on the company. As a result, it’s important to shop around and compare quotes to find the policy that offers the right coverage at the best value. 

We’ve included several average Tesla monthly premium rates from five different insurance companies below. 

Insurance Company Monthly Premium
Safe Auto $128
Bridgenet $134
Motion Auto $142
MetroMile $149
Nationwide $165

As you can see, those Tesla insurance costs vary pretty significantly. While Safe Auto offers the most affordable policy at $128 per month, Nationwide’s insurance costs $37 per month more, coming in at $165 per month. If you choose Safe Auto, you could save $444 per year when compared to what you would pay for a policy with Nationwide. 

If you’re looking for the lowest-cost policies, then Safe Auto and Bridgenet will save you the most money. Motion Auto is slightly higher, coming in at $142 per month. MetroMile and Nationwide policies will cost you the most. 

It’s important to consider the other details of each of these policies when deciding which is best and be sure to shop around to find the best option for you. 

Tesla Features That Impact Insurance Cost

Car insurance companies consider many factors related to your vehicle when calculating your Tesla car insurance rates. In addition to your vehicle’s model and value, other factors can also affect your rates. 

Trim Levels

Tesla vehicles are available in multiple trim levels, and those trim levels can significantly impact the vehicle’s value by tens of thousands of dollars. Expect to pay higher premiums when you buy a vehicle that has a more expensive trim level. 

Safety Features

Your Tesla’s safety features can help to reduce your car insurance rates. Safety features like lane departure warnings and factory-installed airbags can help to prevent and minimize the damage that occurs during an accident. Since your car insurance company assumes less risk when a vehicle is equipped with these safety features, they’ll often pass those savings onto you with a lower policy rate. 

Vehicle Age

Your vehicle’s age affects its overall value. A brand-new Tesla will cost more to insure than an older model. If you’re thinking of upgrading to a newer car, consider buying a Tesla that’s lightly used. Its value will be lower allowing you to save money on its insurance, too. 

Loan Amount

If you’re planning to buy a new vehicle, it’s important to consider how the size of your auto loan will affect the insurance you need. If you take out a sizable loan to finance your car, you’ll probably need to take out gap insurance. If your vehicle is ever stolen or totaled, your gap insurance will pay for the outstanding balance that remains on your loan after your insurance pays out their part. 

This type of insurance helps to prevent a situation where you’re left making payments on a vehicle that you no longer have. However, taking out gap insurance costs extra, so getting a large auto loan can drive up your car insurance costs. If possible, it’s best to save a significant downpayment to reduce your loan amount, or to buy a used vehicle that’s more affordable and that lets you take out a smaller loan. 

Insurance Coverage

The type of coverage that you need will also affect your premiums. Coverage limits and deductibles factor into your rates and your monthly payments. Think carefully about how much coverage you need and the deductible that you’re comfortable with. 

Additional Ways to Save on Your Tesla Car Insurance

As you shop for car insurance, take some time to look into the discounts that each insurance provider offers. Many insurers offer discounts for good drivers, multiple policies, multiple vehicles, and more. If you’re eligible for multiple discounts, you may be able to save a lot on your car insurance. 

Do what you can to minimize your risk as a driver, too. An insurer might give you a discount if you take a driver safety course. Simply driving carefully and avoiding traffic violation tickets and accidents can also lower your premiums. Some insurers consider your credit rating when calculating your premium, so if you have poor credit, work on building up your credit score. 

FAQs About Tesla Car Insurance

Are Tesla cars more expensive to insure?

Since Tesla vehicles are more expensive than most other vehicles, it costs more to insure them. You can save on insurance by buying a Tesla with a less expensive trim model, comparing quotes to find the best policy, and taking advantage of discounts offered by your insurance company. 

Does Tesla have their own car insurance?

Tesla offers car insurance to Tesla owners in Arizona, California, Illinois, Ohio, and Texas. The insurance is available for both Tesla and non-Tesla vehicles. Before you settle on using Tesla insurance we recommend that you compare auto insurance rates to find  the best deal. 

How much does Tesla insurance cost?

Your insurance costs will depend on the value of your Tesla, the type of coverage you choose, the insurance company you select, and many other factors, like your driving history and age. Even your deductible will affect how much you’ll pay for car insurance each month. To get the most accurate idea of how much it will cost to insure your car, it’s best to request quotes from different insurance companies. 

With Compare.com, it’s easy to request those quotes. Just fill out the quote request form, which takes about five minutes, and you’ll receive quotes from up to 65 insurance companies. You can easily compare those quotes and decide which policy gives you the coverage you want at the best rate. Our customers save an average of $720 by using Compare.com to find the best insurance rates. Get started with Compare.com today to see what it will cost to insure your Tesla. 

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