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Tesla insurance cost

Find your Tesla to see its insurance rates. Hint: Costs vary wildly by insurer, model and year.

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We pulled Tesla car insurance quotes from top insurance companies to find that the average monthly cost to insure a Tesla can range from $243 to $317 — or, between $2,961 and $3804 annually. However, monthly costs vary by your car’s model and year, your driving history, ZIP and other factors. And some older models may cost more to insure than others depending on which safety features your vehicle has and which insurer you choose.

Model YearProgressiveGeicoState FarmFarmersAverage
2021 Tesla Model 3$259.60$215.20$239.31$259.35$243.37
2021 Tesla Model S$203.76$275.97$371.38$373.77$306.22
2021 Tesla Model Y$323.45$224.78$248.42$260.42$264.27
2021 Tesla Model X$318.78$248.55$308.14$392.82$317.07
2011 Tesla Roadster$282$222.55267.73$342.87$278.79

How we got these rates

Our rates are based on a single 30-year old driver with a clean driving history living in California. California is one of seven states that don’t use gender to determine car insurance costs. We chose full coverage car insurance with liability limits that exceed the California state minimum requirements, which include:

  • Bodily injury liability per person: $50,000
  • Bodily injury liability per accident: $100,000
  • Property damage liability: $50,000
  • Comprehensive deductible: $500
  • Collision deductible: $500
  • Medical payments: $5,000
  • Uninsured motorist bodily injury: $50,000/$100,000

Your rates may be different based on details such as your zip, location, job type, annual mileage and more.

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How to compare car insurance for a Tesla

Most major car insurance companies will cover your Tesla, but you’ll want to balance the cost with coverage and other features that are important to you. Consider these areas.

  • Cost. Since major brands charge high prices for Teslas, get multiple quotes to see which companies offer you the best value. Also, consider insurance through Tesla’s own car insurance to get special rates and perks.
  • Coverage. You may want more than just minimum coverage for your valuable Tesla, expanding protection through comprehensive, collision or agreed-value coverage.
  • Discounts. If you see discounts for green vehicles or driver assistance features, grab a quote from that company to compare with other insurers’ overall cost.
  • Features and perks. If you want luxury features like agreed-value coverage, original parts coverage and high liability limits, you could try insurers like Chubb or Pure.

Why are Teslas so expensive to insure?

Insurance companies look at several features about your car when setting your insurance costs, and Teslas features tend to make the car more risky and expensive to repair. Features about Tesla that affect premiums:

  • Market value. Tesla vehicles come with a higher price tag than other brands, making it more expensive to replace if you get in a serious accident. And buying the highest trim level or extra features can inflate the sale price.
  • The car’s cost to repair. Mechanics need specialized knowledge to repair the tech outfitted on your Tesla, and repairs may take more time too.
  • Electric car parts. Electric car parts like batteries can cost thousands of dollars to replace, upping the cost of repairs further.
  • Chances of a claim. Some insurers like AAA raise their rates on Tesla cars as high as 30 percent, saying that Teslas attract more frequent and higher-cost claims.
  • Its safety ratings. Teslas get top safety ratings that help to temper insurance costs. For example, the Insurance Institute for Highway Safety (IIHS) chose the Model 3 as a Top Safety Pick for 2021.

Insurance costs for Tesla’s competitors

Find manufacturers similar to Tesla, or compare insurance for different makes if you’re not convinced that buying and insuring a Tesla is right for you.

Bottom line

A Tesla’s high price tag means that it can bring high insurance costs. Shop around to find the best car insurance for you.

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Writer

Julia Cameron is a freelance journalist and editor, specializing in personal finance, mergers and acquisitions and immigration law. Her writing and analysis has been featured in TechRadar, MSN, Harper's Bazaar, Time and other top media. She holds a BA in English literature from the University of Central Florida. See full bio

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