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The average insurance cost of a Tesla across all models is $227 a month, or $2,724 a year. There are several factors that contribute to the high price tag: Teslas are electric vehicles, for example, and they come with higher MSRPs than the average car.
Insurance companies look at several car-related factors when determining the cost of insurance, including the car’s safety ratings, its likelihood of being stolen, and replacement costs and overall damage susceptibility.
Tesla’s high price tag and the fact that it’s an electric car increase the cost of insuring this vehicle. However, great safety ratings help to temper costs just a bit.
Other factors that affect the cost of insurance include the model, mileage and trim package. Personal factors like your driving history, credit score and age also play roles.
Most major insurers will cover your Tesla. However, prices may vary widely. Compare multiple providers to find the best price.
Model | Monthly insurance rate | Base car price |
---|---|---|
Tesla Model S | $227 | $68,000 |
Tesla Model X | $227 | $82,500 |
Tesla Model 3 | $227 | $35,000 |
Teslas are pricey electric cars and therefore to repair after an accident. Tesla owners also typically choose higher maximum policies to protect the entire cost of the car in an accident.
Today, Tesla is most closely associated with the billionaire visionary Elon Musk. Musk wasn’t involved in the company when it was created in 2003 by Martin Eberhard and Marc Tarpenning. However, he’s perhaps the biggest force in bringing Tesla to prominence.
Tesla manufactures the Model S and Model X, a stylish sedan and head-turning SUV, respectively. It also sells the Model 3, a mid-priced sedan aimed at the mass market.
A standard Tesla Model 3 can take you up to 215 miles on a charge, but that’s not enough on a long distance road trip. Tesla offers two ways to charge your Tesla when you’re on the go: Destination Charging stations and Supercharger stations. Tesla’s installed over 12,000 Superchargers across the US, Europe and Asia where you can charge your Tesla up to 80% in about 30 minutes.
You’re going to need somewhere to plug in your high-end electric car when you’re at home. And now Tesla offers charging installation services in select states.
Looking for other car brands? Find other car manufacturers that are similar to Tesla, or compare makes that are completely different.
A Tesla’s high price tag means that it can be expensive to insure. So be sure to shop around to find the best car insurance for you.
Compare car insurance companies near you.
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