Best Tesla Car Insurance Cost For 2023 [Compare Quotes]

Tesla Car Insurance Cost

Looking for Tesla Car Insurance cost? Compare car insurance companies quotes on Tesla vehicles for full coverage policy in 2023. Get to know the average annual rate major insurance companies offer for the tesla model. See which options are most suitable to get the best deals on Tesla Model 3, Model S, Model X, and Tesla Model Y.

Learn what factors determine car insurance policy, look at Tesla car MSRP, zip codes affecting its cost, cheapest rates, discounts, safety score, high repair costs, credit score required, and safety ratings.

We understand that the best car insurance for electric vehicles can be costly and affects your finances. Our study will help you buy cheap auto insurance for a Tesla and help you save money.

How Much Does A Tesla Car Insurance Costs In 2023?

The average insurance cost for Tesla ranges from $1,602 per year for Tesla Model 3 to $2,434 per year for Tesla Model S, depending on the trim level.

Tesla Insurance Cost
Tesla Insurance Cost

The average cost for Tesla insurance is $1,976 per year, which is $409 more per year than the U.S. average rate for other car insurance, which costs $1,567 per year.

The table below compares the average insurance cost for each Tesla car model. Analyze the Tesla Car Insurance rates on an annual or monthly basis.

ModelAnnual CostMonthly Cost
Tesla Model 3$1,602$134
Tesla Model S$2,434$203
Tesla Model X$2,064$172
Tesla Model Y$1,804$150

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Tesla is a revolutionary automotive company that brought change to the world with its electric cars. Tesla CEO Elon Musk has made all other manufacturers shift towards making electric cars and supporting the green environmental movement. With this, the car insurance companies added EVs to their list, where they offer comprehensive coverage, gap insurance, and cheap car insurance policies that benefit the customers.

Why Is Tesla Insurance So High
Why Is Tesla Insurance So High?

Electric vehicles are now the present and the future, and Tesla is leading in it. Still, there are questions in people’s minds about Tesla cars like:

  • Is Tesla Expensive To Insure?
  • What problems might we face while getting Tesla car insurance?
  • How much is insurance for Tesla when compared to Rivian, Acura, Honda, or BMW in 2023?

So, we researched how Tesla insurance rates compared with the most popular automotive brands. Below, the table compares the Tesla insurance quotes vs Popular Automotive Brands’ average rates in 2023:

Automotive BrandInsurance CostDifference
Land Rover$1,885-$91

Also Read: Compare Hyundai Insurance Cost

Which Is The Cheapest Tesla Car Insurance Companies For Tesla Models [2023]

The State Farm Insurance Company offers the lowest prices in America when purchasing a Tesla Model 3. Liberty Mutual, while being one of the biggest national companies, was not included in our rate studies since there was no publicly available data.

Cheapest Tesla Car Insurance Companies
Cheapest Tesla Car Insurance Companies

We would recommend examining nearby businesses to find the cheapest insurance for a Tesla to insure your car. Compared to more established competitors in your area, they might offer greater prices. It should be noted that Tesla Insurance’s rates are not available. If you find any difficulty, contact us, and we’ll be happy to help you.

Cost Of Insurance For A Tesla Model 3 Based On Driver Age [2023]

According to our research, a Tesla Model 3 would cost a little under $60 to insure. Women and men generally have the same 3-level policy between the ages of 30 and 45. In actuality, a woman driver earns, on average, a little about $9 more annually than a 40-year-old male driver. The third-generation car insurance rates are highest for drivers 19 years old or under.

Tesla Insurance Based On Driver's Age
Tesla Insurance Based On Driver’s Age

The price for the age category is based on gender. Compared to males in their 20s, women in cars earn an average salary of $763 yearly. Insurance companies use a number of factors when determining your auto coverage. Driving history, driving habits, good credit, occupation(military members get better discounts), annual mileage, and driving record are a few to mention.

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Tesla Insurance Program Review [2023]

Tesla offers insurance to consumers from the states of Maryland, Minnesota, Nevada, and Utah for Tesla owners. The company has an additional 125 countries. Tesla says it plans to offer insurance coverage to 45 countries for Tesla owners that covers repair costs, comprehensive coverage, liability coverage, and much more.

Tesla Insurance Program Review
Tesla Insurance Program Review

The rate for all states except California is based mainly on its proprietary “safety score,” but no considerations are taken into account for speeding ticketing or infractions. The insurer has launched its BackgroundColor campaign on the website. It now covers 13 states. Tesla says it will provide insurance services in 44 states, and the company plans to cover more states.

Tesla’s Direct Insurance Program [2023]

Teslas Direct Insurance Program
Tesla’s Direct Insurance Program

In August 2019, Tesla launched a new product to provide customers with cheaper insurance on Tesla Models. 66 percent of drivers are interested in purchasing auto insurance through e-commerce sites. The Tesla Insurance program is underwritten by State National Insurance and has been released for only this country and is presently extending into several more states. Real-time driver behaviors play an important role in the cost of Tesla premiums.

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Is Tesla’s Own Insurance Better Than Traditional Car Insurance? [2023]

The current Tesla is a limited-event vehicle insurance provider in California. It says its rates are sometimes 20 – 30% lower than those of the major car companies. Our research suggests that California residents get Tesla Insurance quotes for free and compare them to other companies rates for similar items. But if your customer service is important rather than affordable, it may be worth moving away to non-tesla vehicles. State National insurance, which carries Tesla insurance, is 2.2 times higher compared with national averages.

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How To Save On Tesla Auto Insurance? [2023]

You may be considering reducing your Tesla Insurance costs by taking some action. Follow these simple steps to save on tesla insurance cost in 2023:

How To Save On Tesla Car Insurance
How To Save On Tesla Car Insurance
  1. Start shopping.
  2. Always contact three insurers before requesting a quote for your insurance claim. Pricing differs quite considerably.
  3. The 2022 study found rates varied from $1,484 in State Farm to $45,63 in Allstate.
  4. Similarly, prices varied among car insurance companies across the state. Lastly, compare Tesla Insurance coverage in your State to get the cheapest Tesla.
  5. If you drive less, go with usage-based insurance or pay-per-mile insurance. There are a few insurance company that offers the best services.
  6. Opt for working from home car insurance. Check the unique coverages you get with work from home car insurance, what benefits safe drivers get, and clear your doubts.

How To Apply For Tesla Car Insurance in 2023?

Let Mount Shine help you get a Tesla Insurance quote for 2023; we have a wide network of the best car insurance companies across 50 states of the United States that guide you to the best offers, payment options, auto insurance deals, etc. Check yourself for Tesla insurance cost to get the best and cheapest rates.

Apply For Tesla Car Insurance
Apply For Tesla Car Insurance

This way, you can save money on car insurance. Hurry EMI starts as low as $134 per month in 2023! Our service is free, fast, and simple, so get started today!

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Compare Tesla Car Insurance For All Models [2023]

Tesla car insurance for all models, and analyze yourself. Is the Tesla car model expensive or cheaper to insure? Get the in-depth details for each Tesla model ranging from Tesla Model 3, Model S, Model X, and Tesla Model Y, along with the age of the driver, deductibles, crash test results, safety features, and what other insurers are charging. How auto insurance safety score affects average rate for Tesla.

Also, Tesla is among the first to offer an Autonomous Vehicle Protection Package (though certainly not the last). This package includes liability coverage for autonomous vehicle owners, as well as wall charger coverage, electronic key replacement, and identity fraud expenses. Information on pricing is rather limited, though the company mentions the possibility of insurance discounts for those adding more than one vehicle to their policy.

Compare Tesla Car Insurance Quotes
Compare Tesla Car Insurance Quotes

Tesla Model 3

Tesla Model S

Tesla Model X

Tesla Model Y

Frequently Asked Questions

Is tesla insurance cheaper?

Tesla insurance costs tend to be higher than those of Asian premium brands but are equivalent to German luxury manufacturers. Your Tesla model and the brand it is compared to will also affect the insurance rates. Also, the more you pay for insurance, the more costly your vehicle will be. If your car is involved in a collision that needs to be fixed, it is covered by your auto insurance. And the insurer will spend more on replacing your Tesla than on an expensive car that’s been stolen. This means insurance companies charge more to provide such a policy.

Is tesla insurance expensive for used cars?

No, it is better to own a used Tesla than to get a new one. This way, you can get insurance for tesla at cheaper rates. Plus, you can use the Tesla Insurance program, also known as InsureMyTesla, to check for better deals.

What is the cost of Tesla Insurance in New York?

The average cost of fully insuring a Tesla vehicle in New York is approximately $2,693 per year, and the cheapest insurance rates can go as low as $1,021 per year, depending on the trim level.

What is the cost of Tesla insurance in Illinois?

The average cost to insure a new Tesla is $3,947 per year in 2023.

How much does tesla model 3 insurance cost in California?

The average rate for Tesla Model 3 insurance in California is $1,520, depending on the trim level. Tesla Models can be expensive to insure depending on where you live, so check the most expensive state and compare it with the least costly.

Which is the best car insurance for Tesla Model 3?

We have a wide network of the best insurance companies across 50 states of the United States that guide you to the best offers, payment options, and auto insurance deals. Contact us to know more about the rates in 2023.

How much is Tesla Insurance A Month?

Tesla company average annual rate is $1,602, and depending on Tesla Model you choose, it can go as low as $134 per month in 2023.

How much is insurance on a Tesla Model X?

Insurance on a Tesla Model X is $2,064 per year or $172 a month in 2023.

What is the Tesla Insurance Rates By State?

Insurance experts surveyed more than 12,000 consumers on their insurance applications. Maine, it’s the cheapest state to buy Tesla, and they have an average car insurance rate of $1,827 yearly. Find out what your state costs for full coverage and the cheapest insurance for a tesla. Also, check for tesla’s insurance program cheaper options to get the lowest rates. In states where required, minimum additional coverages were added. Some policies include additional coverages at the insurer’s discretion. These are sample rates generated through Quadrant Information Services. Your rates will be different.

Best Tesla Car Insurance Cost For 2023 [Compare Quotes]
Best Tesla Car Insurance Cost For 2023 [Compare Quotes]
Ankit Dhadwal
Ankit Dhadwal

Ankit Dhadwal: Author @ Mount Shine

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