Tesla Model S Insurance Cost for 2023

Does the technology embedded in the Tesla Model S translate into higher insurance rates? We compare Model S insurance cost to the rest of the midsize luxury market to find out.

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How much does Tesla Model S insurance cost?

Tesla Model S car insurance rates average $2,778 annually for full coverage, or around $232 a month. If the average policy is broken down into individual coverages, comprehensive coverage is an estimated $814 a year, liability/medical is around $672, and the remaining collision coverage will cost approximately $1,292.

The chart below details how average Tesla Model S insurance prices changes based on the age of the driver and coverage deductibles. Rates range from $2,048 per year for a driver age 60 with high physical damage deductibles to the most expensive rate of $6,420 annually for a driver age 20 with $250 comprehensive and collision deductibles.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average insurance cost for a 2023 Tesla Model S with safe driver and claim-free discounts applied. Rates are for full-coverage insurance and averaged for all U.S. states and all Tesla Model S trim levels.Data last updated on August 12, 2023
Tesla Model S Car Insurance Cost Summary
2023 Tesla Model S Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$4,530$378
$500$5,452$454
$250$6,420$535
30$1,000$2,426$202
$500$2,948$246
$250$3,492$291
40$1,000$2,298$192
$500$2,778$232
$250$3,276$273
50$1,000$2,088$174
$500$2,518$210
$250$2,964$247
60$1,000$2,048$171
$500$2,468$206
$250$2,906$242

A liability-only policy for a Tesla Model S in the cheapest areas of Maine or Idaho can cost around $208 a year, while a newly-licensed teen driver with a few accidents and violations in specific Detroit, Michigan zip codes could get an insurance bill for $29,382 a year for a full coverage policy.

That is a massive amount of variability and should help illustrate why it’s important to get accurate rate quotes when shopping for insurance on a Model S. Quotes help eliminate the guesswork and can get you on the road to finding the cheapest rates.

The following table shows average Tesla Model S insurance rates for the 2013 to 2023 model years. Average car insurance prices range from $1,912 per year for a 2013 model to $2,778 per year for a 2023 Tesla Model S.

Tesla Model S Insurance Cost for 2013-2023 Models
Model Year and Vehicle Annual Rate 6-month Rate Monthly Rate
2023 Tesla Model S$2,778$1,389$232
2022 Tesla Model S$2,704$1,352$225
2021 Tesla Model S$2,610$1,305$218
2020 Tesla Model S$2,568$1,284$214
2019 Tesla Model S$2,252$1,126$188
2018 Tesla Model S$2,312$1,156$193
2017 Tesla Model S$2,222$1,111$185
2016 Tesla Model S$2,182$1,091$182
2015 Tesla Model S$2,194$1,097$183
2014 Tesla Model S$2,112$1,056$176
2013 Tesla Model S$1,912$956$159

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Table Data Details: Average rates assume clean driving record and no at-fault accidents. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on August 12, 2023
Tesla Model S Insurance Cost by Model Year

Tesla Model S Insurance Price: How does it rank?

The Tesla Model S ranks 35th out of 38 total comparison vehicles in the midsize luxury car class. It costs an estimated $2,778 per year for full coverage insurance and the category average cost is $2,302 per year, a difference of $476 per year.

When compared to other popular midsize luxury cars, Tesla Model S car insurance costs $826 more per year than the Lexus ES 350, $598 more than the BMW 530i, $252 more than the Infiniti Q50, and $746 more than the Mercedes-Benz CLA250.

The table below shows how Tesla Model S insurance prices rank against the entire midsize luxury segment for affordability.

Insurance Cost Comparison: Tesla Model S vs Midsize Luxury Cars
Rank Make/Model Insurance Cost Difference
1Cadillac CT5$1,948-$830
2Lexus ES 350$1,952-$826
3Lexus ES 250$1,966-$812
4Lexus RC 300$1,970-$808
5Mercedes-Benz AMG CLA35$1,974-$804
6Audi A3$1,980-$798
7Mercedes-Benz AMG CLA45$2,018-$760
8Mercedes-Benz CLA250$2,032-$746
9Lexus IS 300$2,040-$738
10Jaguar XF$2,042-$736
11Audi S4$2,084-$694
12BMW i4$2,096-$682
13Mercedes-Benz E350$2,110-$668
14Lexus ES 300h$2,138-$640
15BMW 530i$2,180-$598
16Audi A6$2,222-$556
17Audi S5$2,226-$552
18BMW 540i$2,230-$548
19BMW 430i$2,266-$512
20Lexus IS 500$2,272-$506
21Mercedes-Benz E450$2,292-$486
22Genesis G80$2,298-$480
23Mercedes-Benz CLS450$2,358-$420
24Mercedes-Benz EQE 350$2,374-$404
25Audi RS 5$2,380-$398
26BMW 530e$2,396-$382
27Audi S6$2,416-$362
28Mercedes-Benz AMG C43$2,420-$358
29BMW M440i$2,424-$354
30Mercedes-Benz EQE 500$2,428-$350
31Audi A7$2,522-$256
32Infiniti Q50$2,526-$252
33Lexus LC 500h$2,710-$68
34BMW M550i$2,714-$64
35Tesla Model S$2,778--
36Audi S7$2,796$18
37BMW M5$2,876$98
38BMW M8$3,034$256

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are based on the 2023 model year, with the rated driver being a 40-year-old married male with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to rates, which are averaged for all vehicle trim levels. Full-coverage physical damage deductibles are $500 and rates are also averaged for all U.S. states.Data last updated on August 11, 2023
Insurance Cost Comparison: Tesla Model S vs Midsize Luxury Cars

Model S insurance cost compared to similar models

When average MSRP for every midsize luxury sedan is factored in, we can see how an average car insurance quote compares between the Model S and models with the most similar average purchase price.

With an average MSRP of $112,090, the cost to purchase a 2023 Tesla Model S ranges from $96,590 to $127,590, depending on the model, before delivery charges and documentation fees.

The midsize luxury models that are most similar in purchase price to the Model S for the 2023 model year are the BMW M5, Lexus LC 500h, Audi S7, and Mercedes-Benz EQE 500.

The next list shows how those models compare to a Model S by both average MSRP and the average annual cost of car insurance.

  • Compared to the BMW M5 – The average MSRP for a 2023 Tesla Model S is $1,610 cheaper than the BMW M5, at $112,090 compared to $113,700. The cost to insure a Tesla Model S compared to the BMW M5 is $98 less each year on average.
  • Compared to the Lexus LC 500h – The Lexus LC 500h has an average MSRP of $103,423 ($100,600 to $107,450), which is $8,668 cheaper than the average MSRP for the Tesla Model S. Insuring the Tesla Model S compared to the Lexus LC 500h costs an average of $68 more every 12 months.
  • Compared to the Audi S7 – With an average MSRP of $87,567 ($83,500 to $91,500), the 2023 Audi S7 costs $24,523 less than the MSRP for the Tesla Model S. Insuring a Model S compared to the Audi S7 costs an average of $18 less per year.
  • Compared to the Mercedes-Benz EQE 500 – The Mercedes-Benz EQE 500 retails for an average of $86,895 ($86,895 to $86,895), which is $25,195 cheaper than the average cost for the Tesla Model S. Insuring a 2023 Model S compared to the Mercedes-Benz EQE 500 costs an average of $350 more every 12 months.

Which Model S trim level is cheapest to insure?

The Model S base AWD model is the cheapest to insure at around $2,608 per year, while the most expensive insurance is on the Plaid AWD at $2,950 per year.

The table below displays average Tesla Model S insurance prices for yearly and semi-annual policy terms, in addition to a monthly budget estimate, for the Long Range and Performance models.

2023 Tesla Model S Insurance Cost by Trim Level
Tesla Model S Trim Level Annual Policy Six-Month Policy Per Month
Base AWD$2,608$1,304$217
Plaid AWD$2,950$1,475$246

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2023 Tesla Model S, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on August 12, 2023
Tesla Model S Insurance Cost by Trim Level

Frequently asked questions

Below are some answers to frequently asked questions about Tesla Model S insurance rates.

What if I get a ticket for sleeping while driving?

Sleeping or just inattentive driving in general could get you an careless or reckless driving citation. Either one could increase your Tesla insurance rates by up to 25%, which would be around $695 per year for a 40-year-old driver or up to $1,363 for a 20-year-old driver.

How much does Tesla Model S insurance cost in California?

The estimated annual rate to insure a Tesla Model S for full coverage in the state of California is $3,330, or around $278 per month. California rates are $552 more than the national average rate for Tesla Model S insurance.

Is Tesla Model S or Model X insurance cheaper?

The Tesla Model S has an average car insurance cost of $2,778 and the Model X is $2,242, making the Tesla Model X cheaper by $536 per year for the 2023 model year.