Tesla Insurance Rates

Having gathered Tesla insurance rates from leading insurers and discovered that the average monthly cost of insurance for a Tesla may range between $243.37 and $317.07. Monthly expenses, on the other hand, vary according to the model and year of your vehicle.

How we got these rates

Tesla Insurance Rates - Tesla Logo

Our prices are based on a 30-year-old motorist with a clean driving record who resides in the state of California. California is one of seven states where auto insurance rates are not determined by gender. We picked comprehensive coverage auto insurance with liability limits that surpass the state minimum requirements in California, which include the following:

  • Bodily injury liability per person: $50,000
  • Bodily injury liability per accident: $100,000
  • Property damage liability: $50,000
  • Comprehensive deductible: $500
  • Collision deductible: $500
  • Medical payments: $5,000
  • Uninsured motorist bodily injury: $50,000/$100,000

These prices might vary depending on factors such as your zip code, region, work type, and yearly miles.

How to compare car insurance for a Tesla

The majority of major auto insurers will cover your Tesla, but you’ll want to weigh the cost against coverage and other features that are essential to you. Consider the following areas.

  • Cost. Given the high rates charged by major brands for Teslas, obtain numerous quotations to see which firms give the greatest value. Additionally, consider insuring through Tesla’s own auto insurance to take advantage of exceptional prices and benefits.
  • Coverage. You may wish to get additional coverage for your valuable Tesla, like comprehensive, collision, or agreed-value coverage.
  • Discounts. If you see savings for green vehicles or driver assistance features, request a quote from that insurance to compare its overall cost to that of other insurers.
  • Features and perks. If you’re looking for luxury features such as agreed-value coverage, original parts coverage, and high liability limits, there are several insurers to choose from.

Why are Teslas so expensive to insure?

Insurance companies consider a variety of factors when determining your car’s insurance premiums, and Tesla’s features tend to make the vehicle more dangerous and costly to fix. Tesla characteristics that impact premiums include the following:

  • Market value. Tesla automobiles are much more pricey than vehicles from other companies, making them more expensive to replace in the event of a catastrophic accident. Additionally, upgrading to the highest trim level or adding optional extras might increase the retail price.
  • The car’s cost to repair. Mechanics must possess specific knowledge in order to fix the technology included in your Tesla, and repairs may take longer as well.
  • Electric car parts. Replacement parts for electric cars, such as batteries, may be thousands of dollars, further increasing the expense of repairs.
  • Chances of a claim. Certain insurers, including AAA, have increased Tesla car premiums by up to 30%, saying that Tesla’s produce more frequent and costly claims.
  • Its safety ratings. Tesla’s get superior safety ratings, which assist to keep insurance costs down. The Insurance Institute for Highway Safety (IIHS), for example, named the Model 3 a Top Safety Pick for 2021.

Insurance costs for Tesla’s competitors

If you’re not certain that purchasing and insuring a Tesla is appropriate for you, look for similar manufacturers or research insurance for alternative brands.

Bottom line

Due to the high price of a Tesla, insurance premiums might be considerable. Shop around for the best auto insurance rates.

Check out our review of one of tesla’s competitor Ford Insurance Rates.

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Levi Jorgensen
Levi Jorgensen is the co-founder of MilitaryCarInsurance.net & LifeInsuranceGrades.com. He is an avid lover of creating amazing content to educate people about life insurance. He is a life-long explorer. When he's not writing about life insurance, he builds websites, and manages local marketing campaigns for insurance agents. He's based in Columbus, Ohio with his wife and 2 children.
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