How Much Does Tesla Auto Insurance Cost?
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Even before you open the door, you can't help but take in the sleek lines and futuristic styling of a Tesla. Inside, the interior is reminiscent of a spacecraft out of a sci-fi movie. A giant touchscreen interface sits front and center, providing essential information as you embark on your journey, whether you're going on a simple grocery run or a 500-mile long trip. You press the accelerator, and with an electric whir, you're pushed back into your seat with the instantaneous torque.
Since the brand's inception, Tesla's been at the forefront of the electric car movement. Seeing one on the roads is a visual treat, its closed grille and aerodynamic body slicing through the air. And with Tesla's expertise and experience building electric cars, their range beats almost everything else on the market.
But just how much is insurance on a Tesla?
Read on for a look at the details of Tesla insurance.
All about Tesla cars
Founded in 2003 and headquartered in Palo Alto, California, Tesla's been at the forefront of electric car design since their first car, the Roadster, rolled off the assembly line in 2009.
Since then, Tesla's steadily grown and expanded their product offerings to include the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, and the Model Y crossover in 2020.
As of June 2021, Tesla's sold more than 1 million Model 3 sedans, making it the best-selling plug-in electric car ever made.
Tesla's become known for its innovative technology and commitment to developing the electric vehicle category.
Starting in 2012, Tesla began introducing Supercharger stations where owners can rapidly charge their cars. Instead of waiting hours to top off their batteries, Tesla drivers can now extend their range by 200 miles in 15 minutes, conditional on the specific charge rate.
The range of an electric car is essential because charging time is needed once it runs out. Since its founding, Tesla's been a market leader in battery technology, being the first automaker to feature lithium-ion commodity cells like those found in electronic devices. When equipped with the top-of-the-line 100 kWh battery, a Tesla Model S allows for a range of about 400 miles, similar to many gasoline-powered cars.
The electric motor in a Tesla provides instant thrust when you press the accelerator, gaining speed in a silent, smooth manner while putting out zero emissions. Electric vehicles offer several advantages, like no visits to the gas station, emissions-free driving, and quiet, smooth acceleration. If you're in the market for a used electric vehicle, where can you find one not only in excellent condition but at a great price? At Shift, certified mechanics perform extensive 150-point inspections on every car sold, and you get a free Carfax report for the ultimate in transparency. You can buy any of Shift's cars directly online from the comfort of your home, know it has no hidden issues (from our 150-point inspection) and get a fair, up-front price.
Without a doubt, one of its more impressive features is Tesla Autopilot, an advanced driver-assistance program driven by sensors located throughout the car. Though still requiring some driver input, Tesla Autopilot provides driver assistance like traffic-aware cruise control, lane centering, self-parking, and more. And soon to come, according to Tesla, is a complete self-driving Autopilot.
Like any high-tech device like a phone or computer, Tesla vehicles continuously update their software automatically, too, making sure that you're always up to speed whenever you're behind the wheel.
How much is car insurance for a Tesla?
Auto insurance for a Tesla, like any other vehicle, varies depending on your driving record, desired coverage, and where you live. Also taken into consideration for Tesla insurance is the particular model covered, as rates differ for each.
As of October 2021, the average cost of Tesla insurance is $4,548 annually.
Looking at Tesla’s unique models, each costs a different amount per year to insure. Starting with the Model Y crossover, Tesla insurance steadily increases with the Model 3, Model X, and Model S.
A Tesla Model Y costs $3,087 per year to insure.
The Tesla Model 3 has an annual insurance rate of $3,655.
The yearly insurance for a Tesla Model S runs $4,852.
Topping the list is the Tesla Model X, with a yearlong insurance price of $5,119.
Another factor to take into account on Tesla car insurance is different trims mean different prices.
One trim level of a particular Tesla model can cost significantly more than another, causing an insurance company to subsequently raise rates due to the cost of repairs or replacement.
As an illustration, the Tesla Model S in 75D trim costs around $50,000 less than one in the P100D trim, representing substantially lower costs to insurance carriers in the event of mechanical issues or a totaled vehicle.
The cheapest companies for Tesla insurance
Though Tesla insurance costs a premium compared to most cars, you can save on your rates if you shop around with different car insurance companies.
However, while one company may offer the lowest rate on a particular Tesla model, another could beat them on a different one. Geico has the lowest rate for a Tesla Model 3, but when it comes to premium costs on a Model X, Progressive wins.
Like with any car, Tesla insurance varies depending on several factors like the state you live in, the unique model and trim level, and your driving history.
In California, the cost for Tesla insurance covers a wide range, going all the way from $2,363 per year with Progressive to $7,625 with Mercury. In between those two are companies like State Farm, Geico, and Allstate.
In Texas, Tesla insurance costs still differ greatly depending on the provider. However, in Texas, Tesla has partnered with Redpoint to sell insurance directly to consumers, resulting in an economical rate of $1,795 per year, beating out many major insurance carriers. This cost is 61 percent less than the average rate charged by major insurers in the state.
Because Tesla uses data gleaned from owner’s driving habits, you could save more if you stay easy and safe out on the road.
Buying a used car has the potential to save you thousands of dollars. But whether you’re after a pickup truck or a Tesla, finding a seller you can trust can be a hassle. Shift’s website has a large selection of fully inspected cars located across the country that are ready to go. The website is user-friendly, and you’ll be able to find various makes and models to suit your needs and budget. And Shift also works with a network of trusted lenders, making it a one-stop shop for finding just the car you’re looking for. If you live in one of Shift’s many service areas and want to take a test drive, a concierge will drive to you, letting you get a feel for the car before signing the papers.
2016 Tesla Model X 90D (from $75,950)
2018 Tesla Model 3 Long Range (from $47,350)
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All prices are based on vehicle availability and pricing as of
April 15, 2022
Pricing shown is not guaranteed and does not include taxes or other product fees.