Best Cheap Car Insurance for Tesla Vehicles
Cheapest Tesla car insurance quotes
How much is Tesla car insurance?
The cost of car insurance for Teslas varies by model. Model Y is the cheapest Tesla to insure at $374 a month, on average. Model X is the most expensive at about $557 a month.
Tesla’s luxury electric vehicles (EVs) cost more to insure than plainer cars like a Honda Accord and electric Kia EV6. However, three of five Tesla models are cheaper to insure than the electric BMW i5.
Tesla insurance rate comparison
| Model | Annual rate | Monthly rate |
|---|---|---|
| Kia EV6 | $3,520 | $293 |
| Honda Civic | $3,553 | $296 |
| Tesla Model Y | $4,483 | $374 |
| Tesla Model 3 | $4,546 | $379 |
| Tesla Cybertruck | $4,613 | $384 |
| BMW i5 | $4,695 | $391 |
| Tesla Model S | $6,659 | $555 |
| Tesla Model X | $6,688 | $557 |
Your actual car insurance rate depends on factors like your driving record, your location and, in most states, your credit. Each company treats these factors differently, and their rates vary by customer. This makes it good to compare car insurance quotes from a few companies to find the cheapest rate.
Cheapest car insurance quotes for Tesla Model Y: Nationwide
Nationwide has the cheapest car insurance for Tesla Model Y at around $196 a month for full coverage Full coverage includes collision and comprehensive, which cover your own car for damage and theft. . This is only slightly cheaper than American Family’s average rate of $205 a month. Of the two companies, American Family has a higher satisfaction rating — in other words, happier customers — from J.D. Power J.D. Power’s satisfaction scores are based on customer surveys rating companies on factors like price, coverage options and problem resolution. .
Best Model Y insurance rates
| Company | Annual rate | Monthly rate | LendingTree score | |
|---|---|---|---|---|
 | Nationwide | $2,349 | $196 |  |
 | American Family | $2,458 | $205 |  |
 | Progressive | $3,958 | $330 | |
 | State Farm | $4,300 | $358 |  |
 | Travelers | $4,673 | $389 | |
 | Geico | $5,245 | $437 |  |
 | Farmers | $5,618 | $468 | |
 | USAA* | $3,060 | $255 | |
Cheapest Tesla Model 3 car insurance quotes: Nationwide
Nationwide has the cheapest car insurance quotes for most Tesla Model 3 drivers at $281 a month. This is 15% less than the next-cheapest rate of $332 a month from Travelers.
USAA has the cheapest overall insurance rate for Model 3s. However, USAA is only available to the military community.
Best Model 3 insurance rates
| Company | Annual rate | Monthly rate |
|---|---|---|
| Nationwide | $3,375 | $281 |
| Travelers | $3,983 | $332 |
| State Farm | $3,993 | $333 |
| Progressive | $4,148 | $346 |
| American Family | $4,710 | $392 |
| Geico | $5,038 | $420 |
| Farmers | $6,462 | $538 |
| USAA* | $2,678 | $223 |
*USAA is only available to current and former military service members and their families.
Best insurance rates for a Tesla Cybertruck: Geico
At $178 a month, Geico has the best insurance rates for Tesla Cybertrucks. Geico’s rate is less than half the average of $384 a month for Cybertruck insurance.
American Family has the next-cheapest Cybertruck insurance at $208 a month. This is 46% less than the average for Tesla’s attention-getting pickup truck.
Cheapest Cybertruck insurance
| Company | Annual rate | Monthly rate |
|---|---|---|
| Geico | $2,138 | $178 |
| American Family | $2,498 | $208 |
| Progressive | $3,632 | $303 |
| Nationwide | $4,191 | $349 |
| Farmers | $4,781 | $398 |
| State Farm | $5,134 | $428 |
| Travelers | $5,250 | $438 |
| USAA* | $4,490 | $374 |
Cheapest Tesla Model S insurance: Nationwide
Most Model S drivers get the cheapest car insurance quotes from Nationwide at $352 a month. This is 20% less than the next-cheapest rate of $442 a month from Progressive. Both companies’ rates are well below the Model S average of $555 a month.
Best Model S insurance rates
| Company | Annual rate | Monthly rate |
|---|---|---|
| Nationwide | $4,225 | $352 |
| Progressive | $5,304 | $442 |
| State Farm | $5,711 | $476 |
| Travelers | $6,296 | $525 |
| Geico | $8,552 | $713 |
| American Family | $8,565 | $714 |
| Farmers | $8,604 | $717 |
| USAA* | $4,143 | $345 |
Cheapest car insurance for Tesla Model X: Nationwide
Nationwide also has the cheapest car insurance for the Tesla Model X at $203 a month. However, this is only slightly cheaper than American Family’s rate of $208 a month. Both companies charge less than half as much as the next-cheapest company, Progressive.
Best Tesla Model X insurance rates
| Company | Annual rate | Monthly rate |
|---|---|---|
| Nationwide | $2,440 | $203 |
| American Family | $2,498 | $208 |
| Progressive | $5,250 | $438 |
| Travelers | $6,019 | $502 |
| State Farm | $6,154 | $513 |
| Geico | $7,833 | $653 |
| Farmers | $7,895 | $658 |
| USAA* | $7,427 | $619 |
Best car insurance companies for Tesla drivers
American Family is the best overall car insurance company for most Tesla drivers. Along with low rates, it has better customer service ratings than many other companies. This includes an excellent complaint rating The NAIC rates companies on confirmed complaints by size. A confirmed complaint is one that leads to a finding of fault. from the National Association of Insurance Commissioners (NAIC).
Nationwide is the best choice for cheap rates on Tesla insurance, while USAA is best for military families.
Best Tesla car insurance
| Company | Monthly rate | Complaint rating | Satisfaction rating | LendingTree score |
|---|---|---|---|---|
| American Family | $345 | 0.5 (Excellent) | 660 (Excellent) | |
| Nationwide | $276 | 0.7 (Good) | 641 (Average) | |
| USAA* | $363 | 1.0 (Average) | 739 (Excellent) | |
Best overall for Teslas: American Family
Excellent customer service ratings
Cheap rates for Model X, Model Y and Cybertrucks
Several discounts make its rates more affordable
Expensive rates for Model 3 and Model S
A high satisfaction rating means customers like the prices, coverage options and service they get from American Family. The company’s excellent complaint score means you can trust it to pay claims.
American Family’s rates are 23% less than the average for all Tesla models. Its rates for Model X, Model Y and Cybertruck are especially low. The company also offers gap insurance Gap insurance covers the difference between your car’s value and your loan balance, if you total the vehicle. , which could come in handy if you finance your Tesla with a low down payment.
Best for cheap rates: Nationwide
Cheapest rates for most Tesla models
Especially cheap for Model X
Good add-on coverages available
Customer satisfaction is slightly worse than average
Nationwide’s rates for Teslas are 39% less than the average. Its Model X rates are especially cheap at 64% less than the average for the vehicle. Nationwide has a good complaint rating, which means you can trust it to follow through on claims. Its satisfaction score is just average.
Like American Family, Nationwide also offers gap insurance. You can add vanishing deductible Reduces your deductible at no extra cost for avoiding claims. and accident forgiveness Accident forgiveness prevents your first accident from making your rates go up. You have to add it to your policy before you crash. to your policy, as well. Both optional coverages can save you money in the future if you ever cause an accident.
Best for military families: USAA
Rates are 19% cheaper than the average for Teslas
Cheapest overall for Model 3 and Model S
Best customer satisfaction rating
Only available to the military community
A sky-high satisfaction score makes USAA a great choice if you or a close family member have military ties. Its complaint rating is just average, which means the company is not perfect.
USAA’s website and smartphone app make it easy to manage your policy and file claims yourself. You can also call the service center or use online chat for live assistance. However, you usually get a different agent each time you contact the company. You can often get more personalized service from a company that lets you regularly work with the same agent.
How does Tesla’s car insurance work?
Cheap rates for Tesla drivers
Convenient full-service smartphone app
Safe driving reduces your rate
Only available in 12 states
Bad complaint rating
Tesla’s own car insurance is another option for Tesla drivers in these states:
- Arizona
- California
- Colorado
- Illinois
- Maryland
- Minnesota
- Nevada
- Ohio
- Oregon
- Texas
- Utah
- Virginia
Tesla Insurance tends to have cheap rates for Tesla drivers. For example, it has the third-cheapest Model S insurance in California, behind Progressive and USAA.
You can get quotes and start your policy through Tesla’s smartphone app. The company pulls data from your Tesla to give you a Safety Score, except in California. You can raise your Safety Score by not speeding, braking hard or displaying other risky driving habits. This, in turn, lowers your rate, which gets updated each month.
Unfortunately, Tesla Insurance has nearly four times as many complaints as average, according to the NAIC. This suggests that Tesla Insurance does not handle claims as well as other car insurance companies do.
Why is Tesla car insurance so expensive?
High repair costs are blamed for making Tesla vehicles expensive to insure. Teslas have advanced sensors and cameras that make them safer and more efficient. Unfortunately, these devices also make Teslas more expensive to repair after an accident.