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.
Tesla Model Y car insurance rates
Expect a common luxury premium but uncommonly low MSRP for a Tesla.
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
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:
- 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.
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
Noblr car insurance review Noblr car insurance offers monthly premium discounts based on your safe driving habits.
Compare carshare car insurance Make sure the free insurance offered by carshare services is enough protection for you.
Compare car insurance for self-employed drivers Self-employed drivers need to balance getting the best rates with protecting their business.
Compare Allstate car insurance discounts You could save well over 30% by taking advantage of Allstate’s numerous car insurance discounts.
Compare Liberty Mutual car insurance discounts Save extra money with Liberty Mutual by taking advantage of its numerous car insurance discounts.
Which gas should you use in your car? When should you use regular, premium or E85 gas? And what if you use the wrong kind?
How does car insurance cover additional drivers? Insurance should cover drivers listed on your policy, but double-check how your company handles unnamed drivers.
Compare car insurance with accidental death benefits An accidental death benefits rider can help cover funeral expenses after a fatal car accident.
Does driver assist technology affect car insurance? Driver assist technology won’t discount your insurance premium, but it could save your life.
Ferrari LaFerrari car insurance rates You can expect to pay a lot to buy — and insure — this hybrid hypercar from Ferrari.
Ask an Expert