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

Quick Facts

• A Tesla Model S is more expensive to insure compared to the average car.
• Full coverage for a Model S usually comes in at about $267 a month, while liability only auto insurance premiums run around $82 monthly.
• The cheapest car insurance company for a Model S is Shelter Mutual.

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Model S Overview

The Tesla Model S is a high-end car on the more expensive end of the spectrum, with 2022 models starting at $94,990.

We sifted through thousands of insurance quotes on Compare.com, and we've determined that average Tesla Model S car insurance rates run about $225 a month. But how does that fare against its competitors?

How Much is Car Insurance for a Tesla Model S?

In the table above, you'll see that compared to other vehicles, Tesla Model S insurance prices are above average. Model S owners typically pay around $82 per month for liability insurance, and about $267 monthly for full coverage, which has comprehensive and collision coverages in addition to liability (our guide, "State Minimum vs. Full Coverage", can provide more details on these different types of insurance).

When you compare it to other Tesla models, the Model S is more expensive, with rates around 11% higher than the rest of the company's vehicle lineup. Compared to offerings from other brands, auto insurance for a Model S runs close to average, with full coverage insurance premiums coming in at $90 higher than other cars and liability insurance prices at $1 cheaper.

Compared to all vehicles, regardless of model, make, or body style, full coverage premiums are more expensive for the Model S, but a liability only policy is on the slightly cheaper side.

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

If you're searching for an auto insurance policy for a Tesla Model S, you might be most interested in which carrier offers the cheapest rates. Even though costs will generally be pretty different from policyholder to policyholder, MetLife has the lowest average rates for liability only coverage, with rates as low as $29 per month. The next most affordable company is Sun Coast, who offers insurance sometimes as little as $32 a month.

Mile Auto, Safeco, and Clearcover finish off the rest of the top 5. However, 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 S.

Car insurance companies use several different variables and complex formulas to calculate premiums. By checking quotes from many car insurance carriers at once, you can be sure you're finding the cheapest rate.

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

As we mentioned above, there are lots of factors that insurance companies examine to choose how much they charge you -- and each carrier weighs different variables more heavily than others, so there's not just one company that's the most affordable for every Model S driver.

The sections below show several things auto insurance carriers use to determine rates:

Vehicle Age

Tesla has been making the Model S for quite some time -- and that means the car's age may play a big role in how much you'll pay for insurance. Generally, older cars will be cheaper to insure because they're worth less than newer models, and as cars get older, insurance costs will gradually go lower.

As you can see in the information above, the Tesla Model S is inline with this trend, as the most expensive models to insure are those that are 2 to 3 years old, while the cheapest models are Model Ss that are 4 to 5 years old, on average.

Your Age

Age is another factor that plays a role in how much auto insurance companies will charge. Based on the information in the table above, young drivers have more expensive rates than those who have more experience on the road. In this case, drivers under 18 pay over three times as much as those 25 or older.

Auto insurance prices continue to decrease as you get older, with the cheapest age group for Model S drivers being 65 years and older.

Your Gender

Did you know women normally pay less for car insurance than men? This is because women are less likely to get into collisions and get tickets, which lowers the chances of an insurance claim. For Model S drivers, that difference is around $4 monthly, with women paying an average of $85 and men looking at about $81.

Where You Live

You may think it's obvious that factors such as what vehicle you drive and how old you are play a role in your auto insurance prices, but you may not realize that where you live is equally important. Insurance is regulated on a state-by-state basis, so premiums can shift quite a bit from state to state.

For example, the average Tesla Model S owner in New York pays around $150 per month for liability coverage, while the same Californian driver will pay $75 less than that price, on average. The table above shows average prices for the top 10 most populous states, just to give you a good idea of how much rates can change across states.

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Tesla Model S Car Insurance Discounts

Regardless of your home state, your age, or your car, it's always in your best interest to take advantage of as many insurance discounts as possible.

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

• Pay-in-full discounts for drivers who agree to pay their entire policy premium up front, rather than by monthly payments
• Multi-policy discounts for getting both your home and auto policies from the same insurance carrier
• Multi-vehicle discounts for adding more than one car to your auto policy
• Defensive driving discounts for drivers who take a defensive driving class through an accredited school or institution

There are all sorts of other discounts out there for saving money on your insurance.

Although you may not be able to control every variable car insurance carriers take into account to calculate prices (like some of the ones mentioned above), there are quite a few that are in your control. Below are just a few of the ones you can use to your advantage when it comes to cost savings:

Your Driving Record

You've almost certainly noticed ads from auto insurance companies posting large savings for good drivers. It checks out that if you get a speeding ticket or get into a collision, car insurance rates will go higher. But exactly how much can it cost you for these infractions?

You can tell from the table above that accidents will usually cost Model S drivers more than tickets, but both will result in higher than normal rates. Tesla Model S drivers with a single ticket will pay an average of $81 monthly, while drivers with one accident on their record pay about $96 every month (up $14 from the $82/mo. overall average). Drivers who have multiple violations of either kind will end up paying even more.

How Much You Drive

Another factor that impacts your auto insurance premiums is how much you drive annually. Those who drive less have fewer opportunities to get into an accident, so they'll generally end up spending less on insurance. Based on the table above, you can see that Tesla Model S owners who drive 10,000 miles or more pay $103 for car insurance, while those who drive fewer than 2,500 miles a year pay an average of $90 a month.

But if you drive a limited amount, it may be worth learning about pay-per-mile or usage-based insurance. With these kinds of policies, you pay a small base rate each month, with your final monthly bill being calculated based on the number of miles you drove.

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How Do Tesla Model Ss Compare to Other Vehicles?

If you're thinking about buying a Tesla Model S, it can pay off to do your homework. Car insurance is just one cost that's associated with buying a new car, but it's definitely one that's worth thinking about carefully.

Visit the table below to see how the Tesla Model S compares:

Overall, the Tesla Model S is more expensive than average, with an MSRP that's a quarter more than the going rate for a new vehicle. While the national average vehicle MSRP is $46,192, the Model S comes in above that at $94,990.

Liability insurance for a Tesla Model S is, while full coverage is over $50 more monthly.

When it comes to usage, Tesla Model S drivers are near the national average in annual miles driven, with 10,667 miles per year compared to 11,617 for all vehicles.

Tesla Model S Car Insurance Costs by Model Year

Thus far, you've seen how different things affect a driver's auto insurance rates. If you're considering buying a new Model S, knowing how much your vehicle will likely cost can be extremely helpful as you weigh your choices.

Choose Your Model

2021 Tesla Model S Car Insurance 2020 Tesla Model S Car Insurance 2019 Tesla Model S Car Insurance 2018 Tesla Model S Car Insurance 2017 Tesla Model S Car Insurance 2016 Tesla Model S Car Insurance 2015 Tesla Model S Car Insurance 2014 Tesla Model S Car Insurance 2013 Tesla Model S Car Insurance 2012 Tesla Model S Car Insurance

2021 Tesla Model S Car Insurance

The average cost to insure a 2021 Tesla Model S with liability only coverage is $70 a month, while full coverage runs about $469 per month.

We found Hugo offered the lowest policy, with rates sometimes as cheap as $20 a month.

Want to find the most affordable rates? Just enter your ZIP code below to get lots of personalized quotes for free.

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2020 Tesla Model S Car Insurance

You can expect full coverage for a 2020 Model S to run around $309 monthly, while liability only coverage will average about $77 per month.

With premiums as little as just $32 monthly, Clearcover offered the lowest policy we found.

While these are good estimates of what the average driver might pay to insure a 2020 Tesla Model S, these prices might differ based on your driver profile. Get free personalized quotes in minutes by just entering your ZIP code below.

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2019 Tesla Model S Car Insurance

On average, drivers who own a 2019 Tesla Model S can expect to pay $84 to $257 per month for liability only and full coverage auto insurance, respectively.

Mercury offered the cheapest policy we found, with rates sometimes as low as $23 a month.

If you want to know exactly how much you can expect to pay for your Model S, get free quotes in minutes by just entering your ZIP code below.

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2018 Tesla Model S Car Insurance

2018 Model S drivers can expect to pay an average of $69 per month for liability or $283 for full coverage.

If you're looking for the most affordable 2018 Tesla Model S insurance policy, Clearcover offered the lowest policy we found, with rates as low as just $25 a month.

If you want to find the best premiums for insurance for a 2018 Tesla Model S, enter your ZIP code below and compare multiple personalized quotes in just a few minutes.

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2017 Tesla Model S Car Insurance

It costs around $70 monthly for liability or $211 for a full coverage policy for the 2017 Tesla Model S.

With rates as cheap as $17 per month, StateAuto offered the most affordable policy we found for the 2017 Tesla Model S.

What will your auto insurance rate be? Enter your ZIP code below to get a variety of free customized quotes.

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2016 Tesla Model S Car Insurance

2016 Model S drivers can expect to pay an average of $76 monthly for liability or $228 for full coverage.

Clearcover has premiums as little as $20 a month for the 2016 Tesla Model S.

These average rates are a great starting point if you're in the market for a 2016 Tesla Model S, but there are multiple variables that go into calculating your policy rates. If you want to figure out exactly what you'll be asked to pay, get customized quotes by entering your ZIP below.

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2015 Tesla Model S Car Insurance

On average, drivers who own a 2015 Tesla Model S can expect to pay $93 to $266 per month for liability only and full coverage car insurance, respectively.

Looking for the cheapest policy? MetLife offered liability only coverage for as cheap as just $21 a month.

Want something more accurate than nationwide averages? All you need to do is enter your ZIP code below and you'll be on your way to comparing a range of personalized quotes from the nation's top insurance carriers.

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2014 Tesla Model S Car Insurance

The average cost to insure a 2014 Model S with liability only coverage is $93 monthly, while full coverage runs about $250 a month.

With prices as low as $18 per month, Hugo offered the most affordable policy we found for the 2014 Tesla Model S.

If you want more accurate quotes of how much you can expect to pay, get free quotes in minutes by just entering your ZIP code below.

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2013 Tesla Model S Car Insurance

You can expect full coverage for a 2013 Tesla Model S to run around $332 monthly, while liability only coverage will average about $79 per month.

We found MetLife offered the cheapest policy, with rates sometimes as little as $23 a month.

If you want to know just how much your price will be, get free quotes in minutes by just entering your ZIP code below.

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2012 Tesla Model S Car Insurance

It costs around $114 monthly for liability or $299 for a full coverage policy for the 2012 Model S.

If you're looking for the cheapest possible 2012 Tesla Model S insurance policy, Clearcover offered the lowest policy we found, with rates as little as just $30 per month.

Interested in exactly how much you'll pay? Get multiple free personalized quotes by just entering your ZIP code below.

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Tesla Model S Insurance FAQs

Is a Tesla Model S expensive to insure?

The Tesla Model S is more expensive to insure compared to the average vehicle. Liability insurance runs an average of $82 monthly, while full coverage will cost you around $267.

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

There's only one way to confirm you're getting the cheapest rates -- regularly shopping around and comparing quotes from a whole range of companies. It's recommended to review quotes every 6 months or so. Luckily, sites like Compare.com let you compare premiums from a variety of carriers at once, meaning you can find the lowest rates (or guarantee you already have the best deal) for free.

Does the color of my Tesla Model S affect my insurance prices?

You've probably heard the old adage that it costs more to insure a red car than cars of other colors, but that's actually not true. There are several factors insurance companies examine when they calculate how much your policy will be, but the color of your Tesla Model S is not factored into that equation.

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

You'll need to have valid car insurance for your vehicle before you can legally drive your it off the dealership lot. As part of the buying process, some dealerships may offer you an auto insurance policy, but the easiest thing to do is to let your auto insurance carrier know ahead of time.

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

You will find tons of discounts out there when it comes to insurance. Many of them (like "multi-vehicle discounts" and "safe driver discounts") are more based on you than the car you drive, but if your Model S has safety features like anti-theft systems, anti-lock brakes, airbags, and other features, it may qualify for certain discounts. The only way to find out is to contact your insurance company and ask about their list of discounts.