How Much Does Tesla Insurance Cost? Rates by Model

The average cost of car insurance for a Tesla is $ 3,947 per class, based on our research. Update April 2022 : tesla has begun selling insurance to drivers in Colorado, Oregon and Virginia, bringing their total footprint to eight states. Tesla has said it intends to offer insurance in 45 states by the goal of 2022. { “ backgroundColor ” : ” butter ”, ” content ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cstrong\u003EUpdate April 2022\u003C\/strong\u003E : tesla has begun selling insurance to drivers in Colorado, Oregon and Virginia, bringing their total footprint to \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” eight states\ ” href=\ ” # in-house\ ” \u003Eeight states\u003C\/a\u003E\u003C\/span\u003E. Tesla has said it intends to offer policy in 45 states by the end of 2022.\n ”, ” padding ” : ” normal ” }
Teslas are more expensive to insure than many other cars because of their high compensate costs, which increases the monetary value of collision coverage. The price of your policy depends on the Tesla model and trim you choose, your location and driving history and the total of coverage you choose.

The cheapest insurance company for Tesla vehicles is Tesla Insurance, Tesla ‘s own indemnity product. however, it ‘s only presently available in eight states, and it has some limitations that not every driver will love .

How much does insurance cost for a Tesla?

The average price to insure a new Tesla is $ 3,947 per year. however, the price varies importantly based on which insurance company you choose, american samoa well the model you own .
Average Cost of Insurance on a Tesla by Model

Find Cheap Tesla Insurance Quotes in Your Area

presently insured ? The newest Tesla model, the Model Y, is the least expensive model to insure. While it ‘s not the most low-cost car Tesla makes, it is a crossover voter that ‘s slightly larger than the cheaper Model 3. And we ‘ve found that crossover-style vehicles tend to have the lowest insurance prices .
The most expensive tesla to insure is the Model S, at an average monetary value of $ 4,956 per year for the base mannequin. Below, you can see an indemnity monetary value comparison for each fresh Tesla model for a sample distribution driver in Texas, based on quotes from five top insurers ( including Tesla ‘s own put up ) .

Which companies offer the cheapest insurance for a Tesla?

In our comparison of the largest insurers, Tesla Insurance offered the cheapest car indemnity rates to insure a Tesla in Texas, at an average rate of $ 2,030 per year for a fresh Tesla — 48 % less than average. State Farm was the second-cheapest option and the most low-cost among nationally-available insurers, with an average price of $ 2,626 .
Bar graph showing average rates across all 2022 Tesla cars

Rates are based on averages across all available 2020 Tesla models.

Find Cheap Auto Insurance Quotes in Your Area

presently insured ? In order to make sure you get the most low-cost tesla indemnity rates, we recommend comparing quotes from at least three different insurers .

Tesla insurance: Rates by model

While the average cost to insure a raw Tesla vehicle is $ 3,515 per class, the price varies importantly by model. The cheapest tesla to insure is the new Model Y, which has a typical insurance rate of barely $ 2,832 per class .

Model 3

The Model 3 sedan is Tesla ‘s least expensive model to buy, presently starting at $ 44,990 before incentives or add-ons. But the cost to insure is still fairly expensive, at $3,386 per year for the newest base model .
Opting for either of the more expensive Model 3 variants, which have larger batteries and higher speeds, can add a few hundred dollars to your insurance bill .

Model Year

Variant

Average cost

2022 Standard Plus $3,386
2022 Long Range $3,608
2022 Performance $3,752
2021 Standard Plus $3,328
2020 Standard Range Pl $3,199
2019 $3,164
2018 Long Range $3,168
2017 $3,076

Model Y

The Model Y is the cheapest tesla to insure, with an median rate of just $3,057 per year for the infrastructure model. That ‘s 13 % less than the average rate across all new Teslas .
The Model Y is a compact crossing vehicle, and these types of cars tend to have the most low-cost rates compared to smaller sedans, angstrom well as larger, more expensive life-size SUVs .

Model Year

Variant

Average cost

2022 Long Range $3,057
2022 Performance $3,348
2021 Standard Plus $2,832
2020 Long Range $3,030

Model S

Tesla ‘s first mass-produce vehicle, the Model S, is besides its most expensive to insure, with a typical indemnity price of $4,956 per year. The Model S starts at $ 94,990 without discounts or add-ons .
surprisingly, the high-end “ Plaid Mode ” model S, with a top amphetamine of 175 MPH, is less expensive to insure than the base model — though alone by $ 93 per class .

Model Year

Variant

Average cost

2022 Long Range $4,956
2022 Plaid $4,863
2021 Long Range $4,859
2020 Long Range $4,742
2019 $4,592
2018 60 $4,166
2017 60 $4,057

Model X

The Model X, Tesla ‘s high-end life-size SUV, costs an modal of $4,275 per year to insure. That ‘s $ 759 more than the typical price across all models .
The cheapest insurance company for the Model X is Tesla ‘s own policy broadcast, where we found a typical rate of $ 2,095 per class .

Model Year

Variant

Average cost

2022 Long Range $4,275
2022 Plaid $4,275
2021 $3,810
2020 Long Range $4,045
2019 $3,874
2018 75D $3,651
2017 90D $3,812

Tesla Insurance program review

Update April 2022 : tesla has begun selling indemnity to customers in Colorado, Oregon and Virginia. This brings their sum footprint to eight states. Rates in every state of matter except California are primarily set using its proprietary “ Safety Score, ” with small to no consideration for speeding tickets or other infractions. Tesla has said it intends to offer policy in 45 states by the end of 2022. { “ backgroundColor ” : ” butter ”, ” content ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cstrong\u003EUpdate April 2022\u003C\/strong\u003E : tesla has begun selling policy to customers in Colorado, Oregon and Virginia. This brings their total footprint to eight states. Rates in every express except California are primarily set using its proprietary \ ” Safety Score, \ ” with small to no consideration for speeding tickets or other infractions. Tesla has said it intends to offer insurance in 45 states by the end of 2022.\n ”, ” padding ” : ” normal ” }
Tesla ‘s own indemnity program, presently available in eight states, is merely available to existing Tesla owners .
Tesla ‘s own policy rates are well cheaper than competing insurers. We found a distinctive rate of $2,030 per year across all raw Tesla models — that ‘s 49 % less than the average rate we found .
In every country except California where it ’ s available, Tesla Insurance uses your car ‘s Safety Score as the main divisor to evaluate your driving hazard, and ignores many of the criteria about all other insurers use to determine your rates .
Drivers with high condom scores can see even more savings — a arrant 100 gets you a deduction of 37 % compared to the base rate .
tesla does not consider any of the following when setting car indemnity rates :

  • Accident history
  • Tickets (such as speeding)
  • Claims
  • Credit
  • Age
  • Gender
  • Marital status

The biggest drawback to Tesla Insurance is that it merely offers coverage to some non-Tesla cars. thus if you ‘re a multicar family, you may have to maintain two freestanding car policy policies, which requires signing up for multiple insurance policies and sacrificing a possible bunch discount in the summons .

Tesla Insurance rates by Safety Score

While Tesla ‘s rates for insurance are very low-cost for closely all drivers, your price drops even more if you can maintain a high Safety Score. A perfect score of 100 will get you a rate of barely $ 887 on a new Model 3 — a shockingly low-cost price ( the average we found overall was $ 3,386 per class ) .
tesla adjusts rates according to five-point Safety Score increments. so if your average grudge falls between 95 and 99, your rate will increase to $ 1,040 per class .
Tesla Insurance rates by safety score

How does the Tesla Safety Score work?

broadly speaking, Tesla ‘s Safety Score works much like other telematic cable car insurance, similar to Progressive Snapshot. It monitors your driving habits and assigns a score between 0 and 100, with most drivers receiving an 80 or above .
Unlike many other telematics systems, Tesla is particular about what causes your score to go down :

  • Forward collision warnings (per 1,000 miles)
  • Hard braking (% of time)
  • Aggressive turning (% of time)
  • Unsafe following time (% of time)
  • Forced autopilot disengagement (# of instances)

Your Safety Score is calculated daily, and a burden average based on drive time is calculated over the last 30 days .

Safety Score range

Annual rate

% change from 80 Safety Score

100 $887 -25%
95-99 $1,040 -12%
90-94 $1,093 -8%
85-89 $1,139 -4%
80-84 $1,186

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Where is Tesla insurance available?

Tesla ‘s own indemnity coverage is available entirely to Tesla owners in eight states :

  • Arizona
  • California*
  • Colorado
  • Illinois
  • Ohio
  • Oregon
  • Texas
  • Virginia

*Tesla policy in California does n’t offer the same unique features as those available in other states .
Tesla has stated it intends to sell insurance in 45 states by the end of the year .

Tesla insurance rates in California

Tesla indemnity in California works differently than in other states because its California rates aren’t based on your Safety Score. however, we found that Tesla ‘s own indemnity program in the Golden State is still the most low-cost option available. Its average price across all 2022 Tesla models is $ 2,246 per year — 42 % less than the country average, and $ 805 cheaper than the second-best choice, Kemper Insurance .

Insurer

Annual rate

Tesla Insurance $2,246
Kemper $3,051
Geico $3,220
State Farm $3,845
Farmers $3,921
California average $3,933
Mercury $4,363
Allstate $5,365
AAA SoCal $5,452

Why are Teslas so expensive to insure?

Tesla cars are expensive to insure because they are costly to buy and repair. The largest contributor to the expensive cost of Tesla indemnity is collision coverage. Teslas are particularly expensive to insure for collision wrong due to their high repair and sustenance costs, which are greater than those for early lavishness vehicles. This is due to several reasons, such as :

  • The cars are repaired at a limited set of Tesla-approved body repair shops. The training and equipment to become qualified means significant costs are incurred.
  • Electric cars are already more expensive to repair
  • The Model S aluminum frame is more expensive and difficult to repair than a steel frame.

For all these reasons, the monetary value to repair a Tesla, even for a minor buffer carouse, can well reach respective thousand dollars. And, as the cars integrate more custom parts and engineering, the monetary value per collision may continue to rise .
so, even though the technology built into Tesla cars aims to reduce crashes, as data indicates its Autopilot feature does, insurers have to take into account the size of a claim when an accident does occur .

Frequently asked questions

How much does insurance cost for a Tesla Model 3?

The modal cost to insure a Model 3 is $ 3,386 per class for full coverage. It ‘s cheaper to insure than a Model S or Model X, but more expensive than the Model Y ( $ 3,057 ).

Is Tesla’s insurance program cheaper than other insurers?

Tesla ‘s in-house policy program is identical low-cost compared to other insurers — it ‘s the cheapest choice we found in Texas. however, it ‘s presently alone available in Arizona, California, Illinois, Ohio and Texas .

Methodology

All car policy quotes are for a yearlong fully coverage policy for a 30-year-old driver with well credit. Unless otherwise stated, rates are statewide averages in Texas .
ValuePenguin ‘s analysis used insurance pace data from Quadrant Information Services. These rates were publicly sourced from insurance company filings and should be used for comparative purposes lone — your own quotes may be different .

informant : https://www.peterswar.net
Category : Finance

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