The Tesla Model S sedan was arguably one of the first vehicles to prove that electric cars can offer fantastic performance, as well as being eco-friendly. This vehicle is characterised by great handling, zippy acceleration and luxury interiors. Its driving range of up to 400 miles is impressive too. However, this car is expensive to insure. In this guide, you’ll find out how much the Tesla Model S costs to insure based on the age and location of the driver.
What insurance group does the Tesla Model S fall under?
Every vehicle on the road is assigned a specific insurance group that ranges from 1 (cheapest) to 50 (most expensive) which helps determine the cost of your premium. The Tesla Model S belongs to insurance group 50, so it’s among the most expensive vehicles to insure.
These rates are based on the average cost of cover for cars in the insurance groups shown, for drivers of different ages with a Newcastle (NE1) postcode, which our research suggests represents an average for insurance rates in the UK. Updated: June 2024 (source: Confused).
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There are a range of other factors that affect the cost of your car insurance premium, not just the insurance group.
To show the impact of your home address, here are some average quotes for a 30-year-old living in three different locations. The quotes are for a Tesla Model S 60kWh 5d.
Expensive: £5,145 (London SE1)
Average: £2,537 (Newcastle NE1)
Cheap: £2,591 (Galashiels TD1)
These rates are based on the average cost of cover for cars in the locations shown. Our research suggests SE1 is one of the most expensive locations, NE1 represents an average cost location and TD1 represents one of the cheapest locations. Updated: June 2024 (source: Confused).
Which factors affect my Tesla Model S insurance rate?
Along with insurance group, there are a number of key factors that have the biggest impact on your insurance premium costs:
Engine type and capacity. In general, the larger the engine, the more you’ll pay for your car insurance. However, as the Tesla Model S only has one engine size, there is no point of comparison with this vehicle.
Driver location. Insurers use your home address to determine the level of risk that your car may be stolen or involved in an accident, and this affects the cost of insurance. For example, a 30-year-old in central London may pay £5,145 for insurance for a Tesla Model S 85kWh 5d, while the same 30-year-old in Newcastle may only pay £2,537. In this example, the Londoner would pay an extra £83 per year to insure the same vehicle.
Driver age. The youngest drivers pay far more for car insurance because they are the most likely to make a claim on their policy. As an example, the average 20-year-old driver in London may pay £42,524 for the Tesla Model S 85kWh Performance 5d, while the average 40-year-old Londoner will only pay £4,234. So, in this example, the younger driver would pay an extra £982 per year to insure this vehicle.
Other factors that influence the cost of your insurance include:
The model and trim of your car
Your car’s age
Your car’s safety rating
Your car’s security features and anti-theft precautions
Car insurance can be expensive, but there are plenty of things you can do to prevent it breaking the bank. Here are some ideas to lower the cost of your premium.
Limit your annual mileage (where possible). A lower annual mileage means less risk of getting into an accident on the road. So, insurers will lower your premium if you can use your car less. If possible, consider occasionally walking or taking public transport to lower your annual mileage.
Pay annually rather than monthly. Some insurers charge interest when you pay your premiums monthly. So, pay annually to eliminate the possibility of these extra costs.
Install extra safety precautions. By adding extra safety measures, you lower your risk of making a claim. That’s why many insurers are happy to lower your premium when you do so.
Shop around for the best deal using price comparison websites. Don’t just settle for the renewal price given to you when it’s time to renew – there may be cheaper options out there.
Bottom line
The Tesla Model S combines environmental devotion with an enjoyable drive. However, at this time, a key problem with owning this car is sky-high insurance costs. Thankfully, the tips in this guide can help you reduce your insurance premiums.
Frequently asked questions
You can expect a Tesla Model S to reach a top speed of 162 miles per hour, depending on the model version.
In its Euro NCAP crash tests, this vehicle achieved a full 5-star rating. This rating included an 82% rating for protecting adult occupants and 77% for protecting child occupants.
The UK standard car tax rate sits at £150 per year. However, you might pay more or less depending on your car’s emissions.
You can buy a Tesla Model S at dealerships, using online sellers or from a current owner.
The Tesla Model S recently received a 4 out of 5 star rating from What Car? who commended its ability to reach 0-60mph in just under 4 seconds.
You can compare the costs of Tesla Model S car insurance using any price comparison website.
The Tesla Model S is found in insurance group 50. This means it is one of the most expensive vehicles on the road to insure.
*Based on data provided by Consumer Intelligence Ltd, www.consumerintelligence.com (July ’24). 51% of car insurance customers could save £523.17
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Danny is a publisher at Finder specialising in insurance and investing. He previously worked at the global insurer Aon and has appeared in national media giving advice on insurance. Danny holds a BA in International Business from the University of Plymouth and has undying loyalty to his average-poor football team, Portsmouth FC. See full bio
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