Tesla car insurance costs more than other cars partly due to expensive repairs. See rates and model breakdown
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- Teslas cost more to insure than other cars, with the Model 3 being the cheapest to cover.
- The cost to insure the Tesla Model 3 averages $2,503.
- Take a look at how much rates vary across Tesla models compared to an average car.
Teslas can be more expensive to insure than other cars, although it can depend on factors that include the state you live in, the model, your age, and your driving history.
The average cost of car insurance for a state minimum policy in the US is $1,682, but insuring your Tesla can be more expensive compared with other cars. That's because they're produced using expensive materials and tech, which means it can be costly to repair them.
Tesla batteries have a life expectancy of nearly 200,000 miles in the US. Batteries for all four models are covered for up to 8 years under Tesla's warranty.
Tesla CEO Elon Musk said third-party insurance companies' premiums were "unreasonably high" and that it was squeezing those providers by offering its own insurance through Tesla, which was cheaper.
Tesla launched its insurance product in 2019. It lets vehicle owners get insurance directly from the EV maker, although it's only available in 12 states.
Drivers, including non-Tesla owners, can purchase its insurance policy through the Tesla app. Its website details how you can get insured in "as little as one minute" via its app.
Customers in 11 states can also opt in to getting real-time driving-based insurance. This means your premium can be cheaper if you're a safer driver. The higher your Safety Score is, the lower your premium can be.
The Tesla Model 3 costs on average $2,503 a year and the Tesla Model Y can average at $2,599 a year, data shows. The Model X and Model S cost more to insure, at $3,759 and $4,318, respectively.
This works out to monthly payments on average of $209 for Model 3, $217 for Model Y, $313 for Model X and $360 for Model S.
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