Advertiser Disclosure Insurance for Teslas in 2021

Car insurance for Teslas: by model

Teslas are expensive luxury vehicles, and the average Tesla insurance cost reflects that. The table below includes the average annual full coverage car insurance rates for three of Tesla’s most popular models. Keep in mind that these are just average rates and the actual price you will pay depends on your unique circumstances. However, these sample rates can help you compare providers and gauge how much you could pay.

Tesla car insuranceAverage annual full coverage premium
Tesla Model 3$2,283
Tesla Model S$3,802
Tesla Model X$3,324

Cheapest car insurance companies for Tesla Model 3

USAA offers the cheapest Tesla Model 3 insurance, with an average annual full coverage premium of $1,303 and an average annual minimum coverage premium of $326. However, USAA only sells insurance to military members, veterans and their family members — so if you do not qualify, Amica offers the next cheapest average annual rates. Geico is the most expensive provider of the companies we analyzed, with an average annual full coverage rate of $3,199. The table below highlights the average cost of Tesla Model 3 insurance from five of Bankrate’s picks for the best car insurance companies with the largest market share.

Car insurance companyAverage annual premium for minimum coverageAverage annual premium for full coverage
USAA$326$1,303
Geico$397$3,199
State Farm$427$1,622
Erie$430$1,592
Amica$367$1,435

Cheapest car insurance companies for Tesla Model S

Tesla Model S insurance costs significantly more than insurance for the Model 3. Erie is the cheapest provider for full coverage insurance, with an average annual rate of $1,901. Amica is the cheapest provider for a minimum coverage policy, with an annual average rate of $345. For the Model S, Geico is the most expensive provider, with an average annual full coverage premium of $3,378. Below, our editorial team compiled the average rates for Tesla Model S insurance:

Car insurance companyAverage annual premium for minimum coverageAverage annual premium for full coverage
USAA$376$2,248
Geico$417$3,378
State Farm$467$2,761
Erie$348$1,901
Amica$345$2,646

Cheapest car insurance companies for Tesla Model X

Although the Tesla Model X is not technically a sports car, it is the fastest electric car on the market. The Model X is also one of the most expensive Tesla models to insure. Amica offers the most affordable insurance rate of the companies we analyzed, with an average premium of $2,016 per year for full coverage insurance and $345 per year for minimum coverage insurance. Geico has the highest annual full coverage premium, whereas State Farm has the highest annual minimum coverage rate. Here are the cheapest car insurance companies for Tesla Model X insurance.

Car insurance companyAverage annual premium for minimum coverageAverage annual premium for full coverage
USAA$391$2,190
Geico$420$3,557
State Farm$467$2,124
Erie$430$2,303
Amica$345$2,016

Other car insurance coverage for Teslas

Teslas need to be insured like regular gas-powered vehicles. Even if your Tesla features self-driving capabilities, you are still legally required to meet your state’s minimum insurance requirements. Most states require drivers to carry personal liability insurance, but if you live in a no-fault state, you will also likely have to purchase personal liability protection (PIP).

In addition to liability insurance, certain optional coverages may be ideal for Tesla owners. For example, having roadside assistance can come in handy if your vehicle runs out of charge and you get stranded, or if you get a flat tire. If you lease or finance your Tesla, you may want to consider gap insurance, which can help repay your loan if you total your vehicle.

Although optional, you may want to consider accident forgiveness, which may keep your car insurance rate from increasing after your first accident. This coverage is especially useful because Tesla owners already pay high insurance premiums. If your car insurance rate increases after an accident, traffic violation or another incident, keep in mind that you can always consider switching carriers if you find a lower price.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Tesla Model 3, Model S and Model X, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.