Does Geico cover Tesla Model Y?

Geico does offer insurance policies for Tesla vehicles, including the Model Y. In Bankrate's research, the average annual Geico premium for a Model Y is $3,520, 7 percent less than the national average but slightly more expensive than some of the cheapest providers in our analysis.

Are Teslas more expensive to insure?

Teslas tend to carry higher insurance premiums than other electric vehicles because they fall into the luxury vehicle segment. Tesla vehicles' high value and abundance of tech features carry financial risk for insurance companies. They may charge higher prices for coverage as a result.

Does a Tesla safety score affect insurance?

If you have insurance for your Tesla Model Y directly through Tesla, the safety score associated with your Model Y can impact the cost of your insurance. Tesla insurance follows a telematics-based model that uses driving data to regularly update insurance pricing. However, if you have insurance through a non-Tesla carrier, your safety score should not have an impact on the premiums you pay.

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Tesla Model Y car insurance: cost and quotes

Written by

R.E. Hawley

Edited by

Jessa Claeys

Edited by

Jessa Claeys

Updated Apr 04, 2025

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

On average, Tesla Model Y insurance costs $3,789 per year for full coverage, roughly 41 percent more than the national average cost of car insurance. A high overall value and numerous tech components make the Model Y more expensive to insure than the average passenger vehicle.

Keep in mind, though, that car insurance rates are highly personalized. The amount you pay to insure a Model Y could be lower or higher than the national average, depending on personal rating factors like your age, location and driving history. You might also pay more for Model Y insurance if you opt for upgrade packages like Tesla's Full Self-Driving system.

$3,789 Avg annual full coverage
insurance premium

$810 Avg annual min coverage
insurance premium

Manufacturer’s suggested retail price (MSRP): From $52,490

Trims available: Launch Series Long Range AWD

Repair costs

Electric vehicles like the Model Y may carry higher repair costs thanks to high-tech components in the battery system. Teslas also tend to contain a higher number of electronic components, including driver assistance tech that can raise the cost of repairs — and, in turn, the cost to cover claims.

Safety features

Tesla's Autopilot driver safety system comes standard with all Model Y vehicles and includes tech like lane-keep assistance, adaptive cruise control, blind spot monitoring and forward collision assistance with automated emergency braking. If you opt for the Full Self-Driving upgrade, you'll get additional driving assistance but may incur higher insurance costs.

Crash ratings

The 2024 Tesla Model Y is an IIHS Top Safety Pick+, the highest safety rating available from the Insurance Institute for Highway Safety. The Model Y also performed well in crash tests conducted by the National Highway Traffic Safety Administration, receiving a 5-star rating in all categories.

Cheapest car insurance companies for a Tesla Model Y

Although Model Y car insurance costs can be higher than the average for most vehicles, not all insurance carriers charge sky-high rates. The cost of insurance for a Tesla Model Y varies based on a given carrier's business model and pricing algorithms, meaning that certain providers may have competitive rates for Model Y owners.

Your own risk profile is another key factor in determining the best provider for Tesla Model Y insurance. If you're under age 25, have accidents or claims on your driving history or have bad credit, you may need to shop around to find the best deals.

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

The carriers listed below were found to have some of the lowest average rates for Tesla Model Y insurance in an analysis of data from Quadrant Information Services. Keep in mind, though, that these averages may not match your personal risk profile.

2023 Tesla Model Y car insurance premium by carrier


USAA	$2,612	- $1,177
Auto-Owners	$2,675	- $1,114
Nationwide	$2,700	- $1,089
Mercury	$3,392	- $397
Travelers	$3,369	- $420

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Other car insurance coverage for a Tesla Model Y

The average rates shown in this article reflect the typical cost of full-coverage car insurance for a Tesla Model Y. Full coverage includes comprehensive and collision insurance required by lenders for financed and leased vehicles on top of the liability and other types of coverage required by state laws.

But the insurance required by your state or your lender might not provide all the coverage you need for your Model Y. To make sure that your car insurance policy meets your Model Y's coverage needs, consider adding endorsements such as:

Gap insurance: If your Model Y is totaled or stolen shortly after purchase, a gap insurance rider can help to cover the difference between your remaining loan balance and the insurance payout.
New car replacement: While gap insurance protects your investment by covering the gap between your outstanding car loan and your totaled car payout, new car replacement can help to replace a new Model Y with a similar new model.
Custom parts and equipment (CPE) coverage: If you choose to add aftermarket upgrades to your Model Y, they may not be covered by a standard insurance policy without a custom parts and equipment endorsement.

How to get a Tesla Model Y 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 the way 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 insurance 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 Y with other similar cars

Tesla Model Y Avg annual full coverage premium $3,789 Read More	Hyundai Ioniq 5 Avg annual full coverage premium $2,974 See more models	Kia EV6 Avg annual full coverage premium $2,930 See more models
Price (MSRP)
$52,490	$42,600	$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.
5 stars	5 stars	5 stars
Gas mileage
117 mpg	78 mpg	83 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	Substantially worse than average	Substantially worse than average

Frequently asked questions

Geico does offer insurance policies for Tesla vehicles, including the Model Y. In Bankrate's research, the average annual Geico premium for a Model Y is $3,520, 7 percent less than the national average but slightly more expensive than some of the cheapest providers in our analysis.
Teslas tend to carry higher insurance premiums than other electric vehicles because they fall into the luxury vehicle segment. Tesla vehicles' high value and abundance of tech features carry financial risk for insurance companies. They may charge higher prices for coverage as a result.
If you have insurance for your Tesla Model Y directly through Tesla, the safety score associated with your Model Y can impact the cost of your insurance. Tesla insurance follows a telematics-based model that uses driving data to regularly update insurance pricing. However, if you have insurance through a non-Tesla carrier, your safety score should not have an impact on the premiums you pay.

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.