The company is still determining its insurance algorithms and risk analysis. Some drivers will pay more for Tesla auto insurance, while others will save a significant amount of money. Source URL
The Tesla Model S was the first electric vehicle to gain popularity, and it’s also one of the most expensive. The MSRP for the Model S is $75,000. Source URL
- Average auto insurance premium: $211/month
- Most affordable insurance company: American Family ($144/month)
- Model S insurance premium vs. average vehicle insurance premium: $82 less expensive than the average vehicle
The average cost of Tesla car insurance is $1,000 per year, especially for the more affordable Tesla Model 3. Progressive is one of the most affordable insurance providers for the Tesla Model S and some of the cheapest rates for the Model X. Source URL
Average Car Insurance Cost for a Tesla Model S
The average annual premium for a Tesla Model S increased by almost 330% between 2017 and 2018. Progressive is the most expensive company to insure a Model S. Source URL
Cheapest Tesla Model S Auto Insurance Companies
The best auto insurance companies for Tesla Model S car insurance rates will offer competitive rates, discounts, and account for the Tesla Model S’s safety features. The following list of car insurance companies outlines which companies hold the highest market share.
| Rank | Company | Volume | Market Share |
|---|---|---|---|
| 1 | State Farm | $65,615,190 | 9.3% |
| 2 | GEICO | $46,106,971 | 6.6% |
| 3 | Progressive | $39,222,879 | 5.6% |
| 4 | Liberty Mutual | $35,600,051 | 5.1% |
| 5 | Allstate | $35,025,903 | 5.0% |
| 6 | Travelers | $28,016,966 | 4.0% |
| 7 | USAA | $23,483,080 | 3.3% |
| 8 | Chubb | $23,388,385 | 3.3% |
| 9 | Farmers | $20,643,559 | 2.9% |
| 10 | Nationwide | $18,442,145 | 2.6% |
| Source: Insurance Information Institute |
Tesla Model S Car Insurance Cost by Age
The age of the driver also plays a role in the cost of your Tesla Model S auto insurance. For example, a 20-year-old driver will pay about $2,715 more per year than a 30-year old driver will. Source URL
Tesla Model S vs Tesla Model 3 Auto Insurance
The chart below details how Tesla Model S insurance rates compare to other electric luxury sedans like the Tesla Model 3.
| Vehicle | Comprehensive | Collision | Liability | Total |
|---|---|---|---|---|
| Tesla Model S | $582 | $1,186 | $316 | $2,220 |
| Tesla Model 3 | $444 | $906 | $316 | $1,802 |
The Tesla Model S is one of the best-performing vehicles tested by the National Highway Traffic Safety Administration, making it a solid choice for safety-minded drivers. Source URL
Tesla Model S vs Tesla Model X Car Insurance Cost Comparison
The Tesla Model S ranges in price from $68,000 to $134,500, while the Model X ranges from $85,500 to $135,500. Source URL
The Tesla Model S and Model X are also on the list of the least-stolen electric vehicles. This may be due to the fact that they are usually parked close to a house or garage to be near a power supply. Source URL
The Tesla Model S and Model X are two of the best-selling electric vehicles on the market today. They have become more popular over the past few years as the company’s self-driving technology has gained popularity. Source URL
The Model S and Model X both have an estimated annual insurance cost of $2,691, with the Model S costing an average of $2271 and the Model X costing an estimated $22784.
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