In the table below, we compare insurance quotes from State Farm, Geico, and Progressive for a model-year Californian driver to see which new Tesla model offers the best value. Insurance rates for a Tesla Model X will change based on the model year, the options package, and the level of coverage you select.
Your actual expenses will be unique to your geographical location, Tesla model owned or rented, driving habits, level of coverage desired, and deductible selected. While most major auto insurance companies do offer Tesla insurance, your particular model may be considered exotic or luxury by the insurance company, which could result in a higher premium. Tesla will notify you in advance of any changes to your insurance premium that are based on your vehicle’s safety rating.
The cost of Tesla insurance varies by model, but prospective buyers should also think about how different trim levels might affect their premiums. Insurance companies charge you more because your Model X is more expensive and because it is classified as an electric vehicle, which increases the likelihood of costly repairs. As a result of having to pay out more money in claims settlements to get your Tesla fixed after an accident, the average cost of insuring a Tesla is higher than it would be for a more modestly priced vehicle.
The national average cost for liability insurance for a Tesla Model S driver is $789 per year, or $66 per month. Auto insurance for a Tesla Model X costs $564 more per year than for a Cadillac XT5, which is already $494 more expensive than for a Lexus RX 350, $126 more than for a BMW X5, and $486 more than for an Acura MDX. To get a feel for how the Model X’s insurance rates stack up against those of other midsize luxury SUVs, we’ve compiled a table.
Tesla’s long-range 2022 Model X has the industry’s best insurance rates, with annual premiums $58 cheaper than those for the comparable Model X Tailor AWD. A Model 3 is required to reach the point where insurance savings from switching to a Tesla outweigh the premiums.
The Model S has a steep price increase, with the extended range model costing just under $80,000. The Model S was the Tesla that really got the company noticed. The base model of this high-end full-size sedan, the Long Range, has an average annual insurance cost of $3,673.
The average annual cost to insure a Tesla Model 3 for a 40-year-old male with a perfect driving record living in Scottsdale, Arizona is $2,555.76, or $212.98 monthly, according to quotes from major national insurance providers. Each Tesla’s premium is calculated using data from all 50 states to determine the cost of insuring a single, middle-class man in his 40s who drives 12 miles to and from work each day and has no traffic violations or other major debts.