Tesla Model Y car insurance rates

Expect a common luxury premium but uncommonly low MSRP for a Tesla.

Last updated:

Red Tesla Y 2020

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Compare car insurance quotes

Enter your ZIP code below and click Compare to see the cheapest rates in your area.

The Model Y sits on the low end of electric car ticket prices, with an expected premium similar to other Teslas. The Model Y could cost $227 a month, or $2,724 a year, about $1,300 above the national average. With a base price of $48,000, the annual insurance cost-to-base car price ratio is 5.7%, above the national average of 4%.

Compare car insurance for your Tesla Model Y

Name Product Roadside assistance New car protection Accident forgiveness Safe driver discount Available states
Progressive
Optional
30%
All 50 states
Choose from a long list of discounts and coverage for almost any driver.
Geico
Optional
26%
All 50 states
Customize your policy and get quotes online in minutes. Many drivers could save up to $500 by switching.
The Hartford
Optional
Yes
All states except AK, HI, LA, MI, RI
Enjoy benefits including rate lock, no-drop policies and accident recovery. Exclusively for drivers 50+.
Metromile
Optional
49%
AZ, CA, IL, NJ, OR, PA, VA, WA
Pay-as-you-go rates based on how much and how well you drive start at $29/month plus pennies per mile.
Liberty Mutual
Optional
30%
All 50 states
Build a policy online or with local agent support, with features like better car replacement and accident forgiveness.
Clearcover
Optional
No
AZ, CA, IL, UT
Find basic coverage and low rates through its easy online or app-based experience.
Gabi
Optional
Optional
55%
All 50 states
Upload your current bill and get 20+ quotes from top brands for the same level of coverage.
Root
52%
AZ, AR, CA, CO, CT, DE, GA, IL, IN, IA, KY, LA, MD, MS, MT, MO, NE, NM, ND, NV, OH, OK, OR, PA, SC, TN, TX, UT, VA
Safe, low-mileage drivers could save up to 52% by tracking their driving in the app.

Compare up to 4 providers

How do I compare insurance for the Model Y?

You can expect a standard premium to match this Tesla’s standard theft rate, coverage and insurer choices. Factors that play into this premium:

  • Body type. The Model Y is a compact SUV, which contributes to this car type’s safety and low insurance rates.
  • Fuel. This fully electric vehicle boasts a range between 200 and 300 miles, depending on the trim you choose. You won’t pay usual gas prices, but you’ll pay between $10 to $13 each time you use a Tesla supercharger, unless you charge at home.
  • Theft rates. Teslas aren’t known for their theft appeal, which is positive news for your expected premium.
  • Maintenance. This make shows its worth in miniscule maintenance, and few owners report problems with their cherished electric cars.
  • Coverage. This no-fuss SUV might need only the typical coverage you’d get for a new car, like collision, comprehensive or gap coverage. Despite the low MSRP for a Tesla, you still may want a luxury policy with agreed value protection, especially if you opt for the bells and whistles.
  • Insurer options. You may have fewer luxury insurance choices, but companies like Chubb or Hagerty could offer the coverage you need. Also, consider up-and-coming electric car insurers like Tesla itself or Electric Auto.
  • Warranty. This luxury model comes with a standard four-year, 50,000-mile warranty. However, Tesla hasn’t specified the battery warranty for the Model Y yet, though the long-range Model 3 goes up to eight years, 120,000 miles.

Does the Tesla Model Y qualify for discounts?

This big-name electric delivers on savings for safety. Features that might qualify for discounts:

  • Antitheft
  • Airbags
  • Antilock brakes
  • Driver assistance
  • Electric vehicle discounts

Why is insurance so expensive for the Model Y?

The main factors for this model’s above-average premium include:

  • Luxury status. The Model Y is a luxury car, and that means you may need broad luxury coverage to match.
  • Electric car parts. Electrics come with high-tech features, batteries and car parts that stray from the norm, leading to more expensive repairs.
  • High ticket price. Because insurers have more value to cover, you’ll have more premium to pay.

How reliable is the Tesla Model Y?

Since the Model Y doesn’t have safety and reliability ratings yet, expect a similar safety profile to other Tesla models:

  • Safety. Teslas in general are safe cars. For example, the Model 3 was an IIHS Top Safety Pick for 2019, ranking high in all safety categories except for its acceptable child seat latch system.
  • Reliability. This new sedan doesn’t have reliability ratings yet either. However, owners report high satisfaction with Consumer Reports, albeit with issues to the Model 3’s door locks and windows, and some concern over battery life for the electric chargers.
  • Recalls. You won’t find recalls with the Model Y since it’s still a new model, but other Teslas have been recalled for fairly minor issues including steering assist, seatbelts and parking brake.

Bottom line

The Model Y is expected to have a low theft rate and high safety ratings based on previous models. That portfolio means you can expect an average premium for a luxury vehicle, although comparing insurers could bring that premium even lower.

Not ready to buy this 2020 model? Look at insurance for another make or model.

Frequently asked questions about the Tesla Model Y

Read more on this topic

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site