- How much does Tesla Model Y insurance cost?
- Tesla Model Y insurance cost by company
- Tesla Model Y insurance cost by state
- Tesla Model Y insurance cost by driver age
- Tesla Model Y insurance coverage options
- Factors that affect Tesla Model Y insurance costs
- Tesla Model Y vs. other Tesla models
- How to lower Tesla Model Y Insurance cost
- Methodology
- FAQ: Tesla Model Y insurance
How much does Tesla Model Y insurance cost?
The average annual cost of Tesla Model Y car insurance with full coverage is $3,529, while liability-only costs an average of $1,187 a year.
The table below compares costs between a Model Y and a Model 3 with sample coverage limits of $100,000 of bodily injury per person, $300,000 for bodily injury per accident and $100,000 for property damage with $500 deductibles.
| Tesla Model | Liability only (100/300/100)* | Full coverage (100/300/100 with a $500 deductible) |
|---|---|---|
| Model Y | $1,187 | $3,529 |
| Model 3 | $1,173 | $3,466 |
*$100,000 bodily per person, $300,000 total bodily injury per accident, $100,000 property damage
Tesla Model Y insurance cost by company
Nationwide has the best price for the Model Y Long Range at $2,216 per year, and State Farm has the best price for the Model Y Performance at $2,597 per year.
Farmers is the most expensive choice for both the Long Range and Performance models.
These are just average costs; your insurance rate will depend on factors like your driving record, your ZIP code and even your credit score.
| Model | Model Type | Company | Average Annual Premium | Monthly Premium |
|---|---|---|---|---|
| Model Y | Long Range | Allstate | $4,497 | $375 |
| Model Y | Long Range | Farmers | $4,756 | $396 |
| Model Y | Long Range | GEICO | $3,247 | $271 |
| Model Y | Long Range | Nationwide | $2,216 | $185 |
| Model Y | Long Range | Progressive | $3,555 | $296 |
| Model Y | Long Range | State Farm | $2,717 | $226 |
| Model Y | Performance | Allstate | $4,797 | $400 |
| Model Y | Performance | Farmers | $4,829 | $402 |
| Model Y | Performance | GEICO | $3,090 | $258 |
| Model Y | Performance | Nationwide | $2,957 | $246 |
| Model Y | Performance | Progressive | $3,569 | $297 |
| Model Y | Performance | State Farm | $2,597 | $216 |
Tesla Model Y insurance cost by state
Louisiana is the most expensive state for car insurance on a Tesla Model Y, at $5,686 annually, while Hawaii is the cheapest at $1,890 annually.
These rates reflect the overall cost of insurance by state; Louisiana has high rates in general, while car insurance is affordable in Hawaii regardless of the car you own. Location is a major factor in car insurance rates. Compare rates for a Model Y by state below.
| State | Annual premiums | Monthly premiums |
|---|---|---|
| Alaska | $3,441 | $287 |
| Alabama | $3,406 | $284 |
| Arkansas | $4,052 | $338 |
| Arizona | $3,146 | $262 |
| California | $4,616 | $385 |
| Colorado | $4,564 | $380 |
| Connecticut | $3,855 | $321 |
| Washington, D.C. | $4,197 | $350 |
| Delaware | $3,650 | $304 |
| Florida | $3,666 | $306 |
| Georgia | $4,558 | $380 |
| Hawaii | $1,890 | $158 |
| Iowa | $3,573 | $298 |
| Idaho | $2,138 | $178 |
| Illinois | $3,417 | $285 |
| Indiana | $3,000 | $250 |
| Kansas | $4,169 | $347 |
| Kentucky | $4,445 | $370 |
| Louisiana | $5,686 | $474 |
| Massachusetts | $3,222 | $269 |
| Maryland | $3,425 | $285 |
| Maine | $2,420 | $202 |
| Michigan | $4,647 | $387 |
| Minnesota | $3,562 | $297 |
| Missouri | $4,897 | $408 |
| Mississippi | $3,667 | $306 |
| Montana | $3,861 | $322 |
| North Carolina | $2,524 | $210 |
| North Dakota | $3,070 | $256 |
| Nebraska | $4,180 | $348 |
| New Hampshire | $2,645 | $220 |
| New Jersey | $3,174 | $265 |
| New Mexico | $3,450 | $288 |
| Nevada | $3,182 | $265 |
| New York | $2,920 | $243 |
| Ohio | $2,459 | $205 |
| Oklahoma | $3,787 | $316 |
| Oregon | $2,968 | $247 |
| Pennsylvania | $3,799 | $317 |
| Rhode Island | $4,327 | $361 |
| South Carolina | $3,044 | $254 |
| South Dakota | $4,079 | $340 |
| Tennessee | $3,704 | $309 |
| Texas | $4,884 | $407 |
| Utah | $2,736 | $228 |
| Virginia | $2,359 | $197 |
| Vermont | $2,530 | $211 |
| Washington | $2,967 | $247 |
| Wisconsin | $2,912 | $243 |
| West Virginia | $3,510 | $293 |
| Wyoming | $4,717 | $393 |
Tesla Model Y insurance cost by driver age
For a teen driver with full coverage on a Model Y, rates average $8,807 a year with Allstate and up to a whopping $23,885 with Farmers. Teens are the most expensive age group to insure for any vehicle due to their risky driving behaviors, such as distracted driving and speeding.
Adults have much lower rates, with average annual rates on the low side of $2,599 with Nationwide and on the high side at $4,803 with Farmers.
The table below shows the estimated costs of Tesla Model Y insurance for adults and teens by company.
| Model | Age | Insurance company | Average monthly premium | Average annual premium |
|---|---|---|---|---|
| Model Y | Teen | Nationwide | $734 | $8,807 |
| Model Y | Teen | State Farm | $789 | $9,467 |
| Model Y | Teen | GEICO | $838 | $10,056 |
| Model Y | Teen | Progressive | $1,257 | $15,081 |
| Model Y | Teen | Allstate | $1,304 | $15,653 |
| Model Y | Teen | Farmers | $1,990 | $23,885 |
| Model Y | Adult | Nationwide | $217 | $2,599 |
| Model Y | Adult | State Farm | $217 | $2,608 |
| Model Y | Adult | GEICO | $254 | $3,054 |
| Model Y | Adult | Progressive | $297 | $3,564 |
| Model Y | Adult | Allstate | $391 | $4,687 |
| Model Y | Adult | Farmers | $400 | $4,803 |
Tesla Model Y insurance coverage options
Your Tesla Model Y requires the same coverage as any other car. That includes:
- Liability. Covers injuries to other people and damage to their property; your state will determine the minimum amount you can carry
- Collision. Covers damage to your own vehicle caused by an accident on the road with another vehicle or object; required if you have a loan or lease
- Comprehensive. Covers damage to your vehicle caused by non-accident-related things like storms, vandalism and theft; required if you have a loan or lease
- Uninsured/underinsured motorist. Covers injuries and damage if you’re in an accident with someone who doesn’t have insurance; required by law in some states
- Personal injury protection. PIP covers your injuries regardless of who is at fault; required by law in some states
- Rental reimbursement. Covers the cost of a rental car while your Tesla is being repaired after a covered loss
- Roadside assistance. Covers towing and other roadside assistance needs, like jumping a dead battery
You may also want to consider gap insurance if you’ve made a low down payment and are at risk of being upside down on the loan.
Tesla offers its own insurance program, which provides all traditional coverages; it’s currently only available in 12 states: Arizona, California, Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, Oregon, Texas, Utah and Virginia.
Factors that affect Tesla Model Y insurance costs
Tesla insurance is impacted by the higher value of the vehicles and the high cost of parts and repairs.
Teslas are equipped with new technology and advanced features that are expensive to repair.
“Tesla's advanced driver assistant features, such as autopilot, sensors and cameras, likely need calibration, repair or replacement after an accident, which adds to the cost,” says Lauren McKenzie of A Plus Insurance in Liberty, South Carolina.
It’s also affected by all of the standard factors, like:
- Location
- Driving record
- Age and gender
- Credit history
- Safety features and theft risk
“Lastly, some Tesla models show high theft rates and vandalism, which insurers also take into account when determining the premiumThe payment required for an insurance policy to remain in force. Auto insurance premiums are quoted for either 6-month or annual policy periods.,” McKenzie says.
Tesla Model Y vs. other Tesla models
The Model S costs an average of $5,074 a year to insure, compared to the Model 3 at $3,466. The Model X and Model Y are cheaper to insure than the Model S.
Compare rates for Tesla models below, as well as cost trends over the past five years.
| Model | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Model 3 | $2,290 | $2,250 | $2,454 | $3,397 | $3,466 |
| Model S | $3,584 | $3,929 | $3,809 | $4,284 | $5,074 |
| Model X | $3,586 | $3,637 | $3,335 | $4,025 | $4,805 |
| Model Y | $2,710 | $2,210 | $2,377 | $3,115 | $3,529 |
How to lower Tesla Model Y Insurance cost
To lower the cost of your Tesla Model Y insurance, try these tactics:
- Shop around. Comparing rates from multiple companies is the best way to save on car insurance for any vehicle, but a Tesla may take more effort. “For Tesla owners, I would recommend getting quotes with at least five, because it is harder to find affordable insurance than for a standard vehicle,” McKenzie says.
- Ask about all available discounts. This includes asking about green vehicle discounts and considering a usage-based program that rewards you for safe driving. Tesla’s insurance program is usage-based and offers a discount based on self-driving features. “Look into all additional discounts the insurance provider offers, such as bundling, paying the premium in full, shopping early (advanced quote discount), or completing any safety driving courses,” McKenzie says.
- Increase your deductible. The higher your deductible, the cheaper your car insurance will be. Choose the highest deductible you can afford.
- Bundle your coverage. When you buy home and auto insurance together, you'll get a discount on both. Unfortunately, the Tesla Insurance program doesn’t offer bundling.
Methodology
We partnered with Quadrant Information Services to field average car insurance rates for all Tesla models in all 50 states and Washington, D.C.
Unless otherwise indicated, averages are based on our full coverage data set. This data set is based on:
- Bodily injury liability of $100,000 per person and $300,000 per incident
- Property damage liability of $100,000 per incident
- Comprehensive and collision deductibles of $500
- 40-year-old driver
- Good credit
- A clean driving record
- 12-mile commute, 10,000 annual mileage
Learn more about our data and methodology.
FAQ: Tesla Model Y insurance
Is Tesla Model Y insurance cheaper than that of other Teslas?
Based on average rates, Model Y is slightly more expensive than the Model 3 but way cheaper than the Model S and X.
How much is Tesla Model Y insurance a month?
The average monthly cost of Tesla Model Y car insurance is $200-$400, depending on your chosen insurance carrierAn insurance carrier is the company that provides your car insurance policy and pays claims..
Is Tesla’s in-house insurance worth it for Model Y owners?
It might be. Since Tesla uses a usage-based rating system, there’s no way to know how much you will pay compared to other companies. You may be able to get the best deal with a traditional insurer.
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