Is the Tesla Model S expensive to insure?

Tesla Model S insurance costs are among the highest for any passenger vehicle, thanks to the car's high value and multiple tech-heavy systems. Steep repair costs and risk-bearing performance stats drive up the cost to insurers associated with the Model S.

Why is insurance on Tesla so high?

Tesla produces high-end electric vehicles replete with tech features — in other words, vehicles that are considerably more expensive to repair than standard passenger vehicles. Those high repair costs, paired with the brand's reputation for speed, position Tesla vehicles as high insurance risks compared to other electric cars.

Which Tesla model is the cheapest to insure?

On average, the Model 3 sedan is the cheapest Tesla to insure, at an average rate of $3,515 per year for full coverage. That's 36 percent less than the average cost of insurance for a Model S Plaid.

Is the Model S considered luxury?

With a starting MSRP just short of $80,000, the Tesla Model S is considered a luxury sedan. The high-end Plaid trim pushes into even more costly territory, with a higher starting price and steeper insurance rates to match.

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Tesla Model S car insurance: cost and quotes

Written by

R.E. Hawley

Edited by

Amelia Buckley

Edited by

Amelia Buckley

Updated Apr 04, 2025

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How much does it cost to insure a Tesla Model S?

On average, insurance for the Tesla Model S costs $5,454 per year for the high-performance Plaid model. That's 103 percent more than the national average for passengers cars — but then, the Model S Plaid isn't an average car. With a zero-to-60 time of under two seconds, a top speed of 200 mph and a starting price just shy of $80,000, the Model S is one of Tesla's highest-end models.

$5,454 Avg annual full coverage
insurance premium

$781 Avg annual min coverage
insurance premium

Manufacturer's suggested retail price (MSRP): From $79,990

Trims available: Model S, Model S Plaid

Repair costs

The Model S has tons of high-tech features — great news for anyone in search of a tech-focused driving experience, but potentially bad news for your insurance rates. All of those tech components add to the cost of repairs, which in turn may raise the cost of coverage.

Safety features

All Model S cars come standard with Tesla's Autopilot, a suite of advanced driver assistance that includes a lane-keeping system, blind-spot warnings, forward collision mitigation and adaptive cruise control. For an added fee, you can upgrade to Tesla's Full Self-Driving system.

Crash ratings

Neither the Insurance Institute for Highway Safety (IIHS) nor the National Highway Traffic Safety Administration (NHTSA) have subjected the Model S to thorough crash tests. However, the 2022 model performed well in Euro NCAP crash testing, which could signal a safer driving experience and reduced claim risk.

Cheapest car insurance companies for a Tesla Model S

Because Tesla Model S insurance has to cover a high-value car with unique performance capabilities, not every insurance company will offer competitive rates. It may be necessary to shop around and work with a carrier that's accustomed to insuring high-end vehicles.

You may also find that personal rating factors like your age, location and other factors impact the quotes you receive from different insurers. Comparing rates from a wide range of providers can help you identify the best fit for your insurance needs.

How much does it cost to insure my Tesla Model S?

According to Bankrate's analysis of average quoted premiums from Quadrant Information Services, the insurers listed below offer the cheapest rates on average for Model S owners. However, keep in mind that personal factors could impact your rate, and you may also find affordable rates from smaller regional providers.

2023 Tesla Model S car insurance premium by carrier


Nationwide	$2,885	- $2,569
Auto-Owners	$3,594	- $1,860
USAA	$3,977	- $1,477
Progressive	$3,949	- $1,505
Travelers	$4,169	- $1,285

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Other car insurance coverage for a Tesla Model S

The rates shown in this article reflect the average cost of full coverage insurance for Tesla Model S owners — that is, policies that include comprehensive and collision coverage along with the liability and other types of insurance required by state laws. Full coverage is typically a requirement in auto loan agreements, so you'll likely need it if your Model S is financed.

But meeting your state and lender's requirements might still leave you underinsured. You may want to take the following coverage types and endorsements into consideration:

Gap insurance: If your Model S is totaled or stolen while you still owe more than it's worth following depreciation, gap insurance can help to cover the difference between your loan balance and your insurance payout.
New car replacement: Slightly different from gap insurance, this optional coverage can help you replace a totaled Model S with a brand-new model.
Original equipment manufacturer (OEM) coverage: If you'd prefer to have your Model S repaired with only OEM parts, this coverage applies to repairs after a covered loss.

How to get a Tesla Model S car insurance quote

You can get an insurance quote for your car online, over the phone or in person, depending on the insurer. If you're in the market for a new vehicle, comparing quotes before you sign on the dotted line can help you determine how different models would fit into your budget. Here’s a step-by-step guide to gathering and comparing quotes:

Gather personal details: You’ll likely be asked to provide your name, address, date of birth and driver’s license number, as well as the make, model and year of your car — and potentially the vehicle identification number (VIN). If you haven't purchased a car yet, you may be able to get sample quotes by providing an agent with the make and model.
Use online quote tools: To expedite the process of shopping around, you might consider using comparison websites or apps that allow you to get quotes from multiple insurers at once. Alternatively, go directly to insurance company websites and use their online quote tools to receive personalized quotes.
Provide driver details and mileage: You could be asked for specific details about your vehicle, including add-on features or modifications. You might also need to provide your average annual mileage and how the vehicle is primarily used (e.g., for business purposes or personal use). Additionally, you’ll need to provide accurate information about all drivers who will be covered by the policy, including their driving history, age and relationship to you.
Review quotes: Compare the quotes you receive, paying attention to coverage options, limits, deductibles and overall cost. Insurance experts also recommend reviewing customer service scores, financial strength ratings, digital tools and customer reviews to get a holistic view of how a carrier will meet your needs.
Select carrier and apply: Choose the insurance policy that best fits your needs and budget. Complete the application process by providing any additional required information and making your first premium payment.

Compare Tesla Model S with other similar cars

Tesla Model S Avg annual full coverage premium $5,454 Read More	Ford Mustang Mach-E Avg annual full coverage premium $3,382 See more models	Hyundai Ioniq 5 Avg annual full coverage premium $2,974 See more models
Price (MSRP)
$79,990	$36,495	$42,600
NHTSA Safety rating The NHTSA uses a 5-star rating program to evaluate how vehicles perform in crash tests based on frontal, side and rollover collisions.
Not rated	5 stars	5 stars
Gas mileage
93 mpg	86 mpg	78 mpg
IIHS/HLDI Collision insurance losses The IIHS and HLDI collect data on how insurance losses for specific models compare to the average for all passenger vehicles. These results are adjusted for deductible and specifically for collision claim losses.
Substantially worse than average	Average	Substantially worse than average

Frequently asked questions

Tesla Model S insurance costs are among the highest for any passenger vehicle, thanks to the car's high value and multiple tech-heavy systems. Steep repair costs and risk-bearing performance stats drive up the cost to insurers associated with the Model S.
Tesla produces high-end electric vehicles replete with tech features — in other words, vehicles that are considerably more expensive to repair than standard passenger vehicles. Those high repair costs, paired with the brand's reputation for speed, position Tesla vehicles as high insurance risks compared to other electric cars.
On average, the Model 3 sedan is the cheapest Tesla to insure, at an average rate of $3,515 per year for full coverage. That's 36 percent less than the average cost of insurance for a Model S Plaid.
With a starting MSRP just short of $80,000, the Tesla Model S is considered a luxury sedan. The high-end Plaid trim pushes into even more costly territory, with a higher starting price and steeper insurance rates to match.

Bankrate utilizes Quadrant Information Services to analyze April 2025 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates for our base profile are based on the following characteristics and full coverage limits with bundling and paperless billing discounts applied:

40 year old

Single male and female driver

2023 Toyota Camry

Primary vehicle

Good credit score

Clean driving record

Commutes 5 days

Bodily injury liability

$100,000 per person
$300,000 per accident

Property damage liability

$50,000 per accident

Personal injury protection

$100,000 per accident

Uninsured motorist bodily injury

$100,000 per person
$300,000 per accident

Collision deductible

$500

Comprehensive deductible

$500

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. These are sample rates and should only be used for comparative purposes. Your quotes will differ.

If otherwise specified, the base profile has been modified with the following driver characteristics:

Other profiles

Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.
Rates were calculated by evaluating our base profile with the following differences in mileage: 2K, 5K, 12K (base), 15K and 20K.
Unless otherwise stated, rates are for 2023 vehicle models. For new vs used vehicles, we included the following year in our calculations: 2013.
Rates were calculated by evaluating our base profile with the ages 18-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations. For teen drivers, rates were determined by adding a 16- or 17-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy.
The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
Rates were evaluated based on the following marital/family status: single (base), married, 40-year-old married man and woman. Marital status is not a rating factor in Hawaii and Massachusetts.