Cheap Tesla Auto Insurance in 2024 (Big Savings With These 10 Companies!)
Progressive, State Farm, and Allstate are leading for offering cheap Tesla auto insurance with rates beginning at $85/mo. These highly rated insurers offer a great combination of affordability, best and comprehensive coverage for Tesla drivers. They are recognized for their policies to cater your Tesla needs.
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Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
UPDATED: Aug 28, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Aug 28, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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17,757 reviewsCompany Facts
Min. Coverage for Tesla
A.M. Best Rating
Complaint Level
Pros & Cons
17,757 reviews
11,413 reviewsCompany Facts
Min. Coverage for Tesla
A.M. Best Rating
Complaint Level
Pros & Cons
11,413 reviewsTop choices for cheap Tesla auto insurance include Progressive, State Farm, and Allstate starting at $85 per month to cater your need as a Tesla owner.
Tesla cars have exploded in popularity over the last few years. However, there’s one question that frequently appears online: how much does it cost to insure a Tesla?
The so-called “car of the future” is certainly one of the most expensive cars to insure. Today, we’re going to explain how much it costs to insure a Tesla and how to find affordable Tesla auto insurance quotes.
| Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | $85 | A+ | Qualifying Coverage | Progressive |
 | #2 | $92 | B | Customer Service | State Farm |
 | #3 | $98 | A+ | Infrequent Drivers | Allstate |
 | #4 | $104 | A+ | Widespread Availability | Nationwide |
 | #5 | $110 | A | Occupational Discount | Liberty Mutual |
 | #6 | $116 | A++ | Bundling Policies | Travelers |
 | #7 | $122 | A | Safe Drivers | Farmers |
 | #8 | $128 | A | Costco Members | American Family |
 | #9 | $134 | A+ | Dividend Payments | Amica |
 | #10 | $140 | A++ | Reliability Focused | Auto-Owners |
Enter your ZIP code to get started comparing rates from more than one Tesla insurance company. Use our free tool to compare average rates.
- Tesla insurance costs vary based on your model
- Teslas are more expensive to insure than standard cars due to their price tag
- You should shop around to find the best Tesla insurance quotes available
#1 – Progressive: Top Overall Pick
Pros
- Comprehensive Coverage Options: Progressive offers extensive coverage tailored for Tesla’s advanced technology, ensuring you get the protection you need. This comprehensive coverage makes it a strong choice for those seeking cheap Tesla auto insurance. Find out more through our “Progressive Insurance Review.”
- Competitive Rates: Known for some of the most competitive rates available, Progressive’s pricing structure can make finding affordable Tesla insurance easier. Their rates are designed to be accessible while still offering good coverage.
- Discounts for Safe Drivers: Progressive provides various discounts for safe driving, which can be beneficial for Tesla owners utilizing advanced safety features. These discounts help reduce the overall cost of cheap Tesla auto insurance.
Cons
- Higher Rates for Performance Models: While Progressive offers competitive rates, those with high-performance Tesla models may find premiums to be higher. This can affect your search for cheap Tesla auto insurance if you own a high-end model.
- Complexity of Policy Options: The range of options and add-ons available can be overwhelming for some customers. Navigating through these complexities might make it challenging to secure the most straightforward cheap Tesla auto insurance.
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#2 – State Farm: Best for Customer Service
Pros
- Strong Customer Service: State Farm is highly rated for its customer service, providing a personal touch that enhances the insurance experience. For those seeking cheap Tesla auto insurance with excellent support, State Farm stands out.
- Discounts for Bundling: By bundling auto insurance with other policies, you can enjoy significant savings. This bundling approach helps make cheap Tesla auto insurance even more affordable. Delve more through our “State Farm Insurance Review.”
- Accident Forgiveness: State Farm offers accident forgiveness, which can prevent your premiums from increasing after your first accident. This feature is valuable for those seeking long-term savings on cheap Tesla auto insurance.
Cons
- Higher Base Rates: State Farm’s initial rates can be higher, particularly for newer Tesla models. This can be a drawback if you are specifically looking for the cheapest Tesla auto insurance available.
- Limited Specialized Coverage: The coverage options for Tesla’s advanced technology may not be as extensive as some competitors. This could limit your ability to find specialized cheap Tesla auto insurance
#3 – Allstate: Best for Infrequent Drivers
Pros
- Infrequent Driver Discounts: Allstate offers discounts for low-mileage drivers, which can be advantageous for Tesla owners who primarily drive short distances. This helps in reducing the cost of cheap Tesla auto insurance.
- Roadside Assistance: Comprehensive roadside assistance is available, supporting Tesla’s advanced features and ensuring you are covered in emergencies. This adds value to cheap Tesla auto insurance with added security.
- Strong Mobile App: The user-friendly app allows you to manage your policy and claims efficiently. This tech-savvy approach aligns well with Tesla owners looking for convenient and cheap Tesla auto insurance options. Read more through our “Allstate Insurance Review.”
Cons
- Higher Premiums for Advanced Models: Premiums can be higher for Tesla’s advanced and luxury models, impacting the affordability of insurance. This is a consideration if you’re focused on cheap Tesla auto insurance for high-end models.
- Limited Customization Options: The range of policy customizations may not be as extensive as other providers, which can limit options for cheap Tesla auto insurance.
#4 – Nationwide: Best for Widespread Availability
Pros
- Widespread Availability: Nationwide’s presence in all states ensures you can find coverage no matter where you are. This broad availability supports your search for cheap Tesla auto insurance across the country.
- Flexible Coverage Options: Nationwide offers flexible plans that can be tailored to your Tesla’s unique needs, helping you secure affordable coverage. This flexibility is key to finding cheap Tesla auto insurance that fits your requirements.
- Good Discounts: Discounts for safe driving, multiple vehicles, and bundling policies can make Nationwide’s insurance more affordable. These savings opportunities contribute to achieving cheap Tesla auto insurance. Read more through our “Nationwide Auto Insurance Review.”
Cons
- Average Rates: Nationwide’s rates may not always be the most competitive, particularly for some Tesla models. This could affect your ability to find the absolute cheapest Tesla auto insurance.
- Customer Service Variability: The quality of customer service can vary by region, which may impact your overall experience with cheap Tesla auto insurance.
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#5 – Liberty Mutual Best for Occupational Discount
Pros
- Occupational Discounts: Liberty Mutual offers discounts based on specific professions, which can be beneficial if your occupation qualifies. This can help you find cheap Tesla auto insurance with additional savings.
- Innovative Features: Liberty Mutual includes modern features like accident forgiveness and deductible savings programs. These features add value to cheap Tesla auto insurance by providing financial benefits.
- Competitive Bundling Options: Bundling insurance policies can lead to significant savings, making it easier to find affordable Tesla auto insurance. This approach helps in managing overall insurance costs. Read more through our “Liberty Mutual Auto Insurance Review.”
Cons
- Higher Costs for Luxury Models: Insurance costs for luxury Tesla models can be higher, potentially affecting the affordability of coverage. This could be a concern when searching for cheap Tesla auto insurance.
- Discount Complexity: The range of available discounts can be complex and may require effort to fully understand and apply. This complexity might impact your search for straightforward cheap Tesla auto insurance
#6 – Travelers: Best for Bundling Policies
Pros
- Comprehensive Coverage Options: The coverage options are designed to address Tesla’s unique needs, providing robust protection. This makes Travelers a good option for those seeking affordable and comprehensive Tesla insurance.
- Strong Financial Stability: Travelers is known for its financial stability, ensuring reliable coverage. This stability is important for securing long-term cheap Tesla auto insurance. Look for more details through our “Travelers Insurance Review.”
- Discounts for Newer Vehicles: Offers discounts for newer vehicles, which benefits Tesla owners and helps in finding cost-effective coverage. This can make cheap Tesla auto insurance more accessible.
Cons
- Higher Premiums for Performance Models: Performance and luxury Tesla models may have higher premiums with Travelers. This can impact your search for the most affordable Tesla auto insurance.
- Limited Local Presence: Travelers may not have as extensive a local presence in certain regions, potentially affecting access to cheap Tesla auto insurance in some areas.
#7 – Farmers: Best for Safe Drivers
Pros
- Safe Driver Discounts: Farmers provides discounts for safe driving records, which is advantageous for Tesla owners with advanced safety features. This helps reduce the cost of cheap Tesla auto insurance.
- Comprehensive Coverage Options: Offers extensive coverage tailored to Tesla’s unique components and technology. This comprehensive approach supports finding affordable and effective Tesla insurance.
- Good Customer Support: Positive reviews and customer service enhance the experience for Tesla owners. Good support can be a key factor in finding reliable cheap Tesla auto insurance. Read more through our “Farmers Auto Insurance Review.”
Cons
- Higher Base Rates: Farmers’ initial rates may be higher, especially for newer or luxury Tesla models. This could be a drawback for those seeking the cheapest Tesla auto insurance.
- Complex Policy Structure: The range of options and add-ons can be complex, potentially making it challenging to navigate. This complexity might complicate the process of finding straightforward cheap Tesla auto insurance
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#8 – American Family: Best for Costco Members
Pros
- Flexible Coverage: Provides customizable coverage plans tailored to the unique needs of Tesla vehicles. This flexibility supports finding affordable and effective cheap Tesla auto insurance.
- Strong Customer Satisfaction: High customer satisfaction ratings reflect good service and support. This positive reputation can help in securing reliable and cheap Tesla auto insurance. Learn more through our “American Family Auto Insurance Review.”
- Innovative Tools: Modern tools and resources for managing your policy and claims add convenience. This tech-forward approach is well-suited for Tesla owners looking for cheap auto insurance.
Cons
- Limited Specialized Coverage: American Family’s coverage options may not be as extensive for Tesla’s advanced features. This could impact your ability to find highly specialized cheap Tesla auto insurance.
- Higher Rates for Luxury Models: Premiums for luxury Tesla models can be higher, which may affect affordability. This could be a concern if you’re looking for the cheapest Tesla auto insurance.
#9 – Amica: Best for Dividend Payments
Pros
- Dividend Payments: Amica offers dividend payments to policyholders, which can provide financial benefits over time. This feature helps in finding cheap Tesla auto insurance with potential long-term savings.
- High Customer Satisfaction: Known for high customer satisfaction and excellent service. This positive feedback supports the search for reliable and affordable cheap Tesla auto insurance. It’s important to know the liability auto insurance coverage.
- Discounts for Safe Driving: Provides discounts for safe driving, aligning with Tesla’s advanced safety features. These discounts are beneficial for reducing the cost of cheap Tesla auto insurance.
Cons
- Limited National Presence: Amica may not be available in all states, potentially limiting options for some Tesla owners. This can affect access to cheap Tesla auto insurance in certain regions.
- Higher Costs for Advanced Models: Insurance premiums for advanced Tesla models can be higher. This could impact your search for the most affordable cheap Tesla auto insurance.
#10 – Auto-Owners: Best for Reliability Focused
Pros
- Reliability Focus: Known for reliability and strong financial stability, Auto-Owners provides peace of mind for Tesla owners. This focus on stability supports finding dependable cheap Tesla auto insurance.
- Personalized Service: Provides personalized customer service, focusing on individual needs. This tailored approach enhances the experience of finding cheap Tesla auto insurance. Read more on Auto-Owners auto insurance review.
- Discounts for Safe Driving: Discounts for safe driving align well with Tesla’s advanced safety features. This can help in obtaining cost-effective cheap Tesla auto insurance.
Cons
- Higher Premiums for Luxury Vehicles: Premiums can be higher for Tesla’s luxury models, affecting affordability. This is a consideration when looking for the cheapest Tesla auto insurance.
- Limited Customization: May offer fewer customization options compared to other insurers. This limitation might impact your ability to find cheap Tesla auto insurance that meets all your needs.
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Tesla Model Types
Tesla has released three main vehicles so far. The newest model, the Model 3, is priced at $35,000 USD, making it the cheapest Tesla released to date.
The Model S, meanwhile, is priced at around $70,000 (although the model with the most inclusive trim will cost about $135,000), while the Model X costs between $86,000 and $136,000, depending on your trim.
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $98 | $218 |
| American Family | $128 | $270 |
| Amica | $134 | $280 |
| Auto-Owners | $140 | $295 |
| Farmers | $122 | $260 |
| Liberty Mutual | $110 | $235 |
| Nationwide | $104 | $225 |
| Progressive | $85 | $195 |
| State Farm | $92 | $205 |
| Travelers | $116 | $248 |
Keep in mind that the more you pay for your Tesla, the better its battery life will be, and the faster your car will go. Buying the “most inclusive trim” version isn’t just about aesthetics.
However, cautious vehicle buyers are naturally concerned about average car insurance costs. Affordable Tesla Model 3 insurance quotes can be hard to come by, but it’s not impossible.
Getting Insurance for a Tesla
Does ensuring a Tesla cost more than insuring a car with a similar price tag? Here are some things to consider.
Ensuring a Tesla often costs more than insuring a car of similar price due to higher repair costs, advanced technology, and higher safety ratings.
Many companies offer auto insurance discounts to drivers to help offset costs.
Insurance for Expensive Cars
We don’t need to explain much about this. A $30,000 car is almost always going to cost more to insure than a $20,000 car. If you’re upgrading to a Tesla from a cheaper car, you can expect a significant bump in your insurance policy cost.
Repair costs are more since every part of the vehicle is more expensive to replace. This affects both Tesla Model X insurance costs and Tesla Model 3 insurance costs. Enter your ZIP code now.
Insurance for Luxury Cars
Luxury cars tend to get in more collisions than ordinary vehicles. In fact, five of the ten worst cars for collision insurance are categorized as luxury vehicles (the other five are sports cars). Tesla CEO Elon Musk has famously said, “We don’t make slow cars.”
Even though the Model 3 is priced at a more affordable $35,000, it will still be insured as a luxury car.
Of course, you’ll need more than just collision coverage. For a Tesla, you’ll need to find full coverage auto insurance and additional coverage options.
Even if the EV model you drive is an expensive Tesla, you will likely save more money in the long run compared to a similarly priced gas-powered car.
Tesla Insurance Quotes
Right now, in New York, you can insure the $70,000 version of the Tesla Model S with Geico for approximately $146 per month.
We don’t have specific figures for Tesla 3 insurance in New York. However, the Huffington Post researched insurance quotes for the Kia Soul EV, an electric car that sells for $32,000. Insurance was approximately $121 per month in New York. Obviously, the Kia Soul EV isn’t a luxury car.
Based on the information we know above about luxury cars, the Model 3 should cost about 6% more to insure due to its luxury car status. That puts the Model 3’s coverage at a rate of around $125 to $133 per month in New York.
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To secure cheap Tesla auto insurance, use an insurance comparison tool with your ZIP code to find the best rates.
States with the highest Tesla ownership – Illinois and California – had the lowest average insurance rates for Tesla vehicles. Read more: Affordable Kia Auto Insurance Quotes
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Frequently Asked Questions
What are the three Tesla model types?
Tesla has released three main vehicles so far: the Model 3, Model S, and Model X. The Model 3 is the cheapest Tesla, priced at around $35,000 USD. The Model S ranges from around $70,000 to $135,000, depending on the trim, and the Model X costs between $86,000 and $136,000.
Because of this, Tesla Model X insurance costs are higher.
Can I get insurance coverage while waiting for my Tesla delivery?
Yes, many insurance companies offer coverage options for vehicles that are on order or in the process of being delivered. Contact insurance providers to inquire about coverage options during the waiting period for your Tesla. Enter your ZIP code now.
Can I transfer my existing car insurance policy to cover my new Tesla?
In most cases, you will need to update or obtain a new insurance policy specifically tailored for your Tesla. Transferring an existing policy may not provide adequate coverage for the unique features and value of a Tesla. This makes it an excellent choice for budget-conscious drivers looking for effective budgeting auto insurance strategies in managing their insurance costs.
Learn more on how to budget for auto insurance.
Will modifications to my Tesla affect my insurance rates?
Modifications to your Tesla, such as aftermarket parts or performance upgrades, can impact your insurance rates. It’s important to inform your insurance provider about any modifications made to your vehicle to ensure proper coverage.
Can I choose a higher deductible to lower my Tesla insurance premiums?
Yes, opting for a higher deductible can lower your Tesla insurance premiums. However, keep in mind that in the event of a claim, you would be responsible for paying the higher deductible amount out of pocket before the insurance coverage kicks in. Enter your ZIP code now to begin.
Do Tesla insurance rates decrease over time?
Generally, insurance rates for Teslas can decrease over time as the vehicle gets older and its value depreciates. However, other factors such as changes in driving record, location, and insurance market trends can also affect the rates.
It’s recommended to regularly review and compare insurance quotes to ensure you’re getting the best rates available but also for its efficient handling of auto insurance claims.
What affects the cost of cheap Tesla auto insurance?
Factors include the Tesla model, your driving record, location, and insurer. Luxury models and advanced features usually mean higher premiums. Comparing quotes and seeking discounts can help lower costs.
Are there discounts for Tesla owners?
Yes, discounts may be available for safe driving, low mileage, bundling policies, and Tesla’s advanced safety features. Check with your insurer for applicable savings. Enter your ZIP code now to begin.
Can I use my old insurance policy for a new Tesla?
Typically, you need a new or updated policy to cover a Tesla. Contact your insurer to ensure your coverage matches Tesla’s specific needs. When considering, How much auto insurance coverage do I need? it’s essential to balance cost and protection.
How do I find the cheapest Tesla auto insurance rates?
Compare quotes from multiple providers, look for Tesla-specific discounts, and consider adjusting your deductible or bundling policies to find the lowest rates.
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Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
