Compare Tesla insurance rates

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.

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Find rates for your Tesla model

Compare car insurance for Teslas

How to compare car insurance for a Tesla

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.

Tesla car insurance rates by model

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

Why are Teslas so expensive to insure?

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.

Pros and cons of insuring a Tesla

About the Tesla brand

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.

Where can I charge my Tesla on the road?

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.

What’s Tesla home charging installation services?

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.

Tesla car facts

• Electric cars tend to have higher insurance costs because they’re generally more expensive than gas vehicles. Tesla’s vehicles, of course, are all electric.
• The Model S and Model X are high-priced vehicles, with base costs of $74,500 and $79,500, respectively, before incentives. Accordingly, it costs more to insure them.
• Insurer AAA announced in June 2017 that it would raise its rates on Tesla cars as high as 30 percent. The company says Teslas tend to attract more-frequent and higher-cost claims.
• On Tesla’s part, the company is putting its money where its mouth is. It’s started to give select customers lifetime insurance and maintenance packages.
• You may want more than just minimum liability coverage for your Tesla, expanding your protection through an umbrella policy and comprehensive coverage.
• Tesla offers a special program for insuring your Tesla with Liberty Mutual called InsureMyTesla. Tesla drivers enjoy special rates, perks and coverage designed for Teslas.

Tesla competitors

Looking for other car brands? Find other car manufacturers that are similar to Tesla, or compare makes that are completely different.

Compare all car makes

Bottom line

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.

Frequently asked questions about Tesla

• How did you get these rates?

  To determine our estimated cost, we aggregated quotes from insurance companies using this profile:

  • 2018 Tesla
  • 10,001–15,000 miles driven yearly
  • No accidents in the past five years
  • Anti-theft device on vehicle
  • Driver located in New York
  • Good credit

• Are Teslas made in the US?

  Yes, Teslas are manufactured in California.

• Are Tesla cars safe?

  Yes, Teslas do great in safety tests.

• What car-related factors affect the cost of insurance?

  A car’s safety record, the cost to repair and maintain the car and the car’s likelihood of being stolen all can affect the cost of car insurance.

• What's wrong with Tesla car batteries?

  Tesla has been in the news lately for issues over its car batteries, including one vehicle catching fire in Hong Kong and a software update that some owners claim reduced battery capacity from 100% to 90%.

  So far no battery recalls have been made, and Tesla maintains that battery capacity decreases over time, and the battery issues are few and far between compared to gas-powered cars.

  The cars have a four year warranty, and the batteries have an eight year warranty. But Tesla has also come under criticism for not replacing batteries under warranty with reduced range, claiming it’s part of the normal wear and tear of the batteries.

• How can I finance a Tesla?

  You can finance a Tesla by taking out a car loan from a bank, credit union or online lender. Alternatively, you can also finance directly through an authorized dealership. Read our review of Tesla Financing to weigh the pros and cons.