Auto insurance for a Tesla Model S

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The Tesla would be the best-selling electric vehicles in the country, with all Tesla models in the top 10. The Tesla S is the company’s luxury sports model. While you can save on gas, there are other costs associated with Tesla ownership that you should keep in mind. According to Bankrate’s 2021 Annual Listed Premiums Study, Tesla Model S auto insurance costs an average of $ 3,802 per year.

Tesla Model S insurance costs may vary based on factors such as vehicle year, equipment upgrades, limits set for coverage, driving record, location, age and other variables specific to each driver. Here’s a closer look at the factors that could affect your premiums.

How much does insurance for a Tesla Model S cost?

The cost of Tesla Model S insurance is $ 3,802 per year for full coverage, based on the annual premiums shown. The rates can be higher or lower depending on the insurer you choose. Tesla are probably more expensive to insure due to the cost of manufacture and the materials used. In addition to the personal factors mentioned that could affect the cost of auto insurance, model-specific items that can have a significant impact on vehicle coverage rates include:

  • Crash rate statistics by make / model: The models exceeded IIHS vehicle safety ratings in 2013, earning 5.4 out of 5 stars. No other vehicle exceeded the agency’s rating system. Since the initial assessment, the model continues to gain upper dimensions of the IIHS, with the exception of headlights which the IIHS says do not provide sufficient visibility when cornering.
  • Parts prices: Parts from manufacturer Tesla can be expensive, with few alternatives available in the aftermarket. The sunroof can be the most expensive part of the S, with a price tag of $ 4,500. Repairing a Tesla offers an additional level of complexity; there are a limited number of repair shops and authorized dealers. Additionally, Tesla are made using monohull casting. Minor damage to part of a front panel, for example, means that an entire main section needs to be replaced. Cast iron frames are safer, but much more expensive if damaged in isolated areas.
  • Safety devices: Tesla Model S vehicles come with a number of standard safety features that can offset the cost of coverage. Several cameras monitor the surroundings to alert the driver of any danger or vehicle in potential blind spots. There are airbags throughout the cabin, including knee and overhead airbags. Traction control keeps the car safely on the road.

Auto insurance for a Tesla Model S

A review of annual premiums quoted by Bankrate indicates that the minimum coverage for a Tesla Model S is not far from the national average for an economy sedan. However, most Tesla drivers will likely opt for full coverage due to the value of the vehicle, which provides comprehensive and collision avoidance coverage. Compared to the national average, the complete coverage of a Tesla Model S is slightly higher than the national average of $ 1,674 (average based on a 2019 Toyota Camry). Since a Tesla Model S is considered a premium luxury vehicle, this difference in coverage cost is to be expected.

Model S car insurance Average annual premium
Minimum coverage $ 525
Full coverage $ 3,802

The cheapest auto insurance companies for a Tesla Model S

Bankrate has collected quotes from some of the top insurance companies to get a better idea of ​​how Tesla Model S auto insurance rates can vary from insurer to insurer. While these averages can be useful for comparison purposes, the actual rates will be different for each Tesla Model S driver.

Average annual premium for full coverage per model

The following five insurance companies have different rates for the same level of coverage, based on the Tesla Model S. Keep in mind that personal factors can affect your premiums, such as your location and your driving record.

Features of the Tesla Model S that impact insurance costs

Some of Tesla’s unique features can help lower the cost of auto insurance, while other aspects can cost more to insure. The characteristics likely to affect the prices the most are:

  • Tesla’s own insurance: Tesla sells its own insurance to keep prices competitive for drivers. Insurance costs may be lower due to increased competition in the field.
  • Higher repair costs: The Model S’s unibody aluminum frame is more expensive to repair. Instead of repairing a small panel or part, a repair shop may need to replace an entire section of the body. While this is great for security reasons, it likely results in more expensive premiums.
  • Autopilot mode: You can get a discount for the autopilot mode, which is similar to driver assistance technology and designed to help you avoid an accident. Availability of this discount and savings may vary by vendor.

Other auto insurance coverage for a Tesla Model S

Few Tesla owners would go for the state’s minimum vehicle insurance policy. The main reason is the cover; most states only require drivers to carry liability insurance. Liability insurance only pays for damages and injuries that you cause to third parties. If you are responsible for an accident, liability coverage does not reimburse you for damage and repairs to your car. Considering the cost of repairing or replacing a Tesla Model S, full coverage is probably the preferred option for Tesla owners. Besides comprehensive coverage, other Tesla auto insurance options are worth considering:

Gap coverage

If you are financing a new Tesla, gap insurance coverage can be useful; it will pay the difference between the outstanding loan amount and the actual cash surrender value of your insurance, if the car is declared a total loss. For new cars that depreciate significantly after leaving the lot, the amount owed can quickly exceed the car’s actual value.

Guaranteed replacement cost

Most carriers will pay you the actual cash value of a vehicle. This means that your insurance company will adjust the payment amount for the vehicle based on the selling price of other similar models in terms of age and mileage. The actual cash value takes into account the depreciation of your car, deducting age, mileage and condition from the final payment amount. This might not be enough to replace your Tesla with a similar new model year, while the guaranteed replacement cost would provide a payment that does not take into account depreciation, ensuring that you can afford to replace with a new vehicle from the same model year as your original Tesla. .

Rent reimbursement

A standard policy can already provide funds for a rental car in the event that your vehicle is in store, following a covered loss. Due to the complexity of repairing and rebuilding a Tesla, you may need to increase rental reimbursement. Otherwise, you could potentially exceed the days included in coverage while you are without your vehicle.

Full glass coverage

The Tesla Model S has quite a few glass surfaces. The glass sunroof is one of the many places besides the large windows. Full window coverage pays the cost of repairing or replacing glass areas of the vehicle, with no deductible. In many cases, repair or replacement is covered by this add-on, and the repair company typically sends a mobile technician to do the work at your site.

Methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, credit and the following comprehensive coverage limits:

  • $ 100,000 liability for bodily injury per person
  • $ 300,000 in civil liability for bodily injury per accident
  • Civil liability for property damage of $ 50,000 per accident
  • $ 100,000 in bodily injury caused by an uninsured motorist per person
  • $ 300,000 in uninsured bodily injury per accident to a motorist
  • $ 500 collision deductible
  • Global deductible of $ 500

To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our basic profile drivers own a 2019 Tesla Model S, commute five days a week, and drive 12,000 miles a year:

These are sample rates and should be used for comparison purposes only.


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