Tesla Insurance Quotes

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How much does Tesla insurance cost?

Features such as the aluminum body and high-tech sensors, paired with limited experience or knowledge from many mechanics, can make Tesla insurance rates higher than those of the average vehicle. The average annual cost of Tesla car insurance comes in just above $3,000 ($268 per month). However, insuring a Tesla doesn't necessarily have to be an expensive proposition. 

To save money on car insurance, consider purchasing the more affordable Tesla Model 3 and choosing Allied or Nationwide which offer the lowest average insurance prices for this particular model. Typically, Infinity, State Farm, and Erie are better options for pricier models. 

Instead of waiting for the insurance industry to come to terms with this new technology and the intricacies of insuring electric vehicles, Tesla CEO Elon Musk announced the company would be moving into the business itself. Find below a rundown of the features offered by Tesla Insurance.

 

Getting insurance through Tesla

Tesla is in a unique position to write insurance policies for its vehicles. With a deep understanding of the vehicles' advanced technology, Tesla can adjust its underwriting practices accordingly. For instance, Tesla can better account for advanced safety features and newer technologies such as autopilot, which could give other insurance providers pause.

Owners of the Tesla Model 3, Model X, Model Y and Model S are eligible for Tesla Insurance. The company’s stated goal is to lower the cost of ownership and enhance the overall customer experience. The company says its unique understanding of its own technology and the true costs of repairs can help it bring down insurance costs for many owners. Car insurance through Tesla is currently available in ArizonaCalifornia, Colorado, Illinois, Maryland, Minnesota, Nevada, Ohio, OregonTexas, Utah and Virginia.

 

Tesla Insurance coverage options

Tesla drivers can benefit from a number of unique coverages, but they can also expect the basic options available from other major insurance companies, including liability coverage (bodily injury and property damage), collision and comprehensive coverage, and uninsured/underinsured motorist. Some of the other coverages offered by Tesla include gap insurance, collision deductible buyback, and total loss deductible. At present, Tesla Insurance does not offer rideshare coverage, though this may change in the future.

In another deviation from most standard insurers, 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. Tesla Insurance uses many of the same factors to rate drivers as do other insurance carriers, including driving history and garaging address. It isn’t clear whether the company plans on using its built-in telematics systems to set car insurance rates in the future, but this is an option it could explore.

Currently, it would appear that Tesla Insurance can only be purchased directly through the company. However, there are a number of other great options for those looking to insure a Tesla. Let the Zebra enable you to quickly compare car insurance quotes so you can have the best policy for you at the best price.

Frequently asked questions:

 

1. How much is insurance for a Tesla?

According to our data, the average cost of insurance for a Tesla is $3,000 per year, well above the national average. Tesla insurance costs can vary based on factors like the model, location, driving history, and coverage options. To get accurate estimates, it's best to request personalized quotes from insurance providers.

2. What kind of coverage do I need for my Tesla?

Most states require drivers to carry liability insurance, which covers damages and injuries you may cause to others in an accident. 34% of The Zebra's customers opt for better liability limits at 50/100/50 as well as full coverage included with towing and rental car benefits. This is wise considering the cost of Tesla vehicles and the unique nature of their maintenance and advanced technology.

3. Is Tesla insurance cheaper?

Tesla claims its unique understanding of its product allows them to offer insurance at a lower cost and with unique features such as electronic key replacement coverage. Whether it is actually cheaper will depend upon a variety of factors unique to your vehicle and driving profile. We recommend you get a quote from Tesla and compare it to quotes you get through The Zebra to ensure you are getting the best price and coverage for your unique needs.

Tesla insurance rates by model: