Tesla Model Y Car Insurance: How Much Should You Expect to Pay?

The average insurance rate for a Tesla Model Y averages out to be around $181 per month. Check out our comprehensive guide to know how much car insurance carriers might charge you to insure your Tesla Model Y.

Quick Facts

  • It costs more to insure a Tesla Model Y than the average SUV.
  • Liability auto insurance for a Model Y averages around $68 a month, while full coverage generally comes in at about $218.
  • Freedom offers the cheapest average rates for a Model Y with liability only coverage offered for sometimes as cheap as $32 monthly.

Model Y Overview

The Tesla Model Y is a great choice for a mid-level SUV, with 2021 models coming in with a base MSRP of $41,990.

We combed through thousands of insurance quotes on Compare.com, and we've determined that, on average, Tesla Model Y car insurance prices run around $181 per month. But how does that stack up to other similar SUVs out there on the market?

Current Base Price$41,990
Body Style(s)SUV
Trim LevelsMODEL Y
Average Insurance Premium$181/mo.
Cheapest Insurance CompanyFreedom

How Much is Car Insurance for a Tesla Model Y?

Vehicle Liability Only Full Coverage
Tesla Model Y$68$218
All Tesla Models$79$241
All SUVs$80$151
Average Insurance Premium$81$169

In the table above, you'll see that when you compare the Tesla Model Y to other vehicles, insurance premiums are higher than average. Model Y owners can expect to pay about $218 a month for full coverage, which has comprehensive and collision coverages in addition to liability, and about $68 monthly for liability only insurance (find out more about the difference with our guide "State Minimum vs. Full Coverage").

When compared to other models, the Model Y is slightly more affordable, with rates more than 5% lower than Tesla's other vehicle offerings. But Model Y coverage runs close to average when compared to other vehicles of a similar body style, with liability insurance premiums $12 cheaper than other SUVs and full coverage insurance rates coming in $67 higher.

When compared to all vehicles of any body type, the Model Y is more affordable for liability only auto insurance, but full coverage prices are more expensive on average.

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Who has the Cheapest Car Insurance for a Tesla Model Y?

Insurance Company Average Monthly Premium
Liberty Mutual$19
Freedom$32
Hugo$38
MetroMile$38
Elephant$40

Looking for a car insurance policy for your Tesla Model Y? You're likely wondering which carrier offers the lowest prices. Even though there will never be one company that offers the lowest premiums for everyone, the most affordable average rates for liability only insurance are as cheap as $19 a month from Liberty Mutual. With car insurance as little as just $32 monthly, Freedom is the next cheapest insurance carrier.

Completing the top 5 companies are Hugo, MetroMile, and Elephant. That being said, just because these five carriers offer the cheapest average rates doesn't necessarily mean they'll give you the best rates for your Tesla Model Y.

After all, your results might be different, since car insurance companies look at a wide array of different things when calculating premiums. By checking quotes from numerous auto insurance carriers at once, you can be confident you're finding the lowest rate.

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What Factors Affect Car Insurance Rates for a Tesla Model Y?

There are a bunch of variables that insurance companies consider to decide how much to charge for car insurance -- and every company weighs certain pieces more than others, so there's not one single carrier that's the most affordable for everyone.

The following sections show a whole range of factors auto insurance carriers use to determine rates:

Vehicle Age

Vehicle Age Average Monthly Premium
Less than 1 Year$68
2-3 YearsNot Enough Data
4-5 YearsNot Enough Data
6-7 YearsNot Enough Data
8-10 YearsNot Enough Data
11-14 YearsNot Enough Data
15 Years or OlderNot Enough Data

Since the Tesla Model Y has only been around for one model year, vehicle age won't affect your premium in the same way it might for other vehicles. Usually, it costs more to insure newer cars because they're worth more, however, as time goes on and Model Ys begin to depreciate, insurance costs will gradually go lower.

Based on the information in the table above, Model Y rates are usually around $68 per month.

Your Age

Age Average Monthly Premium

Your age is another variable that makes a difference in how much insurance companies will charge you. Because the Tesla Model Y is pretty new to the market, we're just starting to collect data on how age is affecting car insurance prices. So far, based on the table above, those with more experience pay less compared to younger Model Y drivers. Tesla Model Y drivers aged between 18 and 24 actually pay $20 more than those 25 or older.

Auto insurance prices continue to get lower as you get older, with drivers aged 45-54 making up the cheapest age group for the Model Y.

Your Gender

Gender Average Monthly Premium
Male$68
Female$70

Because women are less likely to get into collisions and get tickets, they are less likely to file a claim with insurance. So, insurance carriers will often charge women less than men. Surprisingly, when it comes to Model Y drivers specifically, men pay about $2 less than women every month for insurance.

Where You Live

State Average Monthly Premium
California$62
Florida$94
Georgia$111
Illinois$43
New York$203
North Carolina$57
Ohio$31
Pennsylvania$68
Texas$56
Virginia$54

It may be obvious that things like how old you are and what vehicle you drive play a role in your auto insurance rates, but did you know that where you live can have just as much as an impact? Insurance is regulated at the state level, so prices fluctuate quite a bit depending on what state you live in.

Because the Model Y is a relatively new vehicle, our data sets are somewhat limited. Even so, you can see in the table above that New York has rates that are significantly more expensive than anywhere else. The table referenced above shows average premiums for the top 10 most populous states, just to give you a good idea of how much rates can change depending on where you live.

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Tesla Model Y Car Insurance Discounts

No matter your home state, your age, or your car, using as many discounts as possible when it comes to your car insurance is always important when shopping around for a policy.

While no two auto insurance companies offer the same exact discounts, there are a few different ones that you'll find with most carriers. These include discounts like:

  • Multi-policy discounts for bundling your home and auto policies with the same insurance company
  • Vehicle safety discounts for having a vehicle with higher safety ratings or one with certain safety features (like air bags or anti-lock brakes)
  • Pay-in-full discounts for agreeing to pay your entire policy price at once, rather than by monthly payments
  • Multi-vehicle discounts for insuring more than one of your cars with the same carrier

These are just a few of the discounts insurance companies offer, and sometimes the best way to save is just by having a profile that looks good to car insurance carriers.

Although you can't control every single aspect of your insurance profile (like some of the attributes we mentioned above), you can control some of it. Below are just a few of the variables you can use to your favor when it comes to cost savings:

Your Driving Record

Infractions Average Monthly Premium
1 Accident$89
Multiple Accidents$82
1 Ticket$70
Multiple Tickets$26

You've probably heard ads from auto insurance companies posting large discounts for safe drivers. It makes sense that if you get cited for speeding or get into a collision, car insurance prices will increase. But you're probably wondering exactly how much these infractions can cost you.

Unfortunately, we don't have enough data on file for Tesla Model Y drivers specifically, since it is a relatively new vehicle. However, we'll have a better idea of how much infractions will cost Model Y drivers when it comes to insurance as we see more and more of these on the road.

How Much You Drive

Annual Mileage Average Monthly Premium
0-2,500 Miles$70
2,501-5,000 Miles$65
5,001-7,500 Miles$64
7,501-10,000 Miles$69
10,000+ Miles$70

How much you drive each year plays a big role in your car insurance premiums. Drivers who are on the roads less often are more likely to go accident-free, so they'll typically end up paying less for auto insurance. Since the Tesla Model Y is a new SUV, our data is relatively limited, so we don't yet know how much annual driving distance will affect rates. So far, drivers who travel 5,001 - 7,500 miles a year are offered the lowest rates.

If you drive a limited amount, you might consider a usage-based or pay-per-mile car insurance policy. With these kinds of policies, you pay a small base rate each month, with your final monthly bill being calculated based on how many miles you drove.

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How Do Tesla Model Ys Compare to Other Vehicles?

If you're considering making a Tesla Model Y your next vehicle, it might be helpful to do your homework. Car insurance is just one cost that's associated with buying a new car, but it's certainly one that's worth considering carefully.

Check out the table below to see how the Tesla Model Y compares:

Tesla Model Y National Average
Liability Insurance$67$81
Full Coverage Insurance$226$169
Base MSRP$41,990$46,296
Average Annual Mileage8,45211,617

Overall, the Tesla Model Y has an average MSRP and is on par with the going rate for a new vehicle. The average vehicle price in the U.S. is $46,296, and the Model Y comes in close to that at $41,990.

Full coverage insurance for a Tesla Model Y is around $57 per month more than average, while liability only coverage is $14 cheaper a month.

When it comes to usage, Tesla Model Y owners drive fewer miles annually than the national average, with 11,617 miles for all vehicles each year compared to the Model Y's 8,452 per year.

Tesla Model Y Car Insurance Costs by Model Year

You've seen how different factors can have an impact on what you'll pay for auto insurance. But if you're considering buying a new Model Y, having a good idea of exactly how much you'll pay can be extremely helpful as you weigh your options.

2021 Tesla Model Y Car Insurance

   
Liability Only Avg. Premium$67
Full Coverage Avg. Premium$226
Base MSRP$41,990
Cheapest Insurance CompanyHugo - $16/mo.
Available TrimsMODEL Y

2021 Model Y drivers can expect to pay an average of $67 monthly for liability or $226 for full coverage.

With premiums as low as just $16 per month, Hugo offered the most affordable policy we found.

If you want to find the best rates for car insurance for a 2021 Tesla Model Y, enter your ZIP code below and compare a whole bunch of personalized quotes in just a few minutes.

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2020 Tesla Model Y Car Insurance

   
Liability Only Avg. Premium$70
Full Coverage Avg. Premium$199
Base MSRP$52,990
Cheapest Insurance CompanyHugo - $24/mo.
Available TrimsMODEL Y

The average cost to insure a 2020 Tesla Model Y with liability only coverage is $70 a month, while full coverage runs about $199 monthly.

If you're looking for the lowest possible 2020 Tesla Model Y insurance policy, Hugo offered the cheapest policy we found, with rates as cheap as just $24 per month.

What will your auto insurance premium be? Get several free customized quotes by just entering your ZIP code below.

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Tesla Model Y Insurance FAQs

Is a Tesla Model Y expensive to insure?

Liability insurance runs an average of $68 a month, while full coverage will cost you around $218. Compared to the national average of all SUVs, prices come in on the more expensive end of the spectrum.

How can I get the best price on car insurance for my Tesla Model Y?

There's only one way to confirm you're getting the lowest rates -- checking prices regularly and comparing quotes from a range of carriers. Over time, your driver profile changes, so it's a good rule of thumb to review quotes every 6 months or so. Luckily, sites like Compare.com let you compare premiums from a lot of companies at once, meaning you can find the most affordable rates (or guarantee you already have the best deal) for free.

Does the color of my Tesla Model Y affect my insurance rates?

You've probably heard that it costs more to insure red cars than silver or white ones, but that's actually not true. While there are many variables insurance carriers think about when they decide your auto insurance rate, the color of your car is not one of them.

Do I need to have insurance before I buy a Tesla Model Y?

You'll need to have a valid insurance policy before you can legally drive your new (or new to you) vehicle off the dealership lot. Some dealerships might offer you an auto insurance policy as part of the car-buying process, but your best bet is letting your car insurance carrier know before you buy.

What car insurance discounts can I get for my Tesla Model Y?

You will find a variety of discounts out there when it comes to auto insurance. Many of them (like "safe driver discounts" and "pay-in-full discounts") are based less on your Model Y and more on you, but if your Model Y has safety features like anti-lock brakes, anti-theft systems, airbags, and other features, it may be eligible for certain discounts. The best way to find out is to get in touch with your insurance company and ask about their list of discounts, since they change quite a bit from company to company.

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